Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-09

i.- sunday, Nov. SIC n. NJ.

MONEY MARKET. IS
s.'i.- sunday, Nov. SIC n. NJ. ~
The stock market yesterday presented little reaction
from ths heavy decline of the previous days. United
States Bank improved per sent vicksburg per cent;
North American Trust s. Bank per cent; Delaware per
cent stonington per cent; Long Island per cent.
The recent movements Of the board of brokers is cacu
lated have great upon the future business
Wall street Ia the operation Of the brokers' board
has been hitherto conducted there many highly OBJ
5econable features and great and radical reform is
highly necessary One of the practices that of
secret sessions whore they meet and deal with the pro-
perty Of other people in way, which mild phrse
leads to grossest imposition We believe this is the
only business where secrecy considered essential Iii
also business in which the uninitiated are most liable
imposition. If the proceedings had been public, such
huctuaion has taken pasc in sonington during the
pastweek, could have been brought about in the
course oeight days il has fallen twenty per cent we
xhaltake to the of the board
generally and in regard to the large fund formerly held
I aud its recent division particularly. ~ no
The elections having and the result being with
doubt adverse the present aton the public
mind will begin to look forward to the probable poll
ey OF the new government Financial affairs have for
years been the question which the politics OF this
try For the last few years the opposing par
ties have earnetricaly variance with
each Each party has gradually become radical
its views opposition has strengthened until exclu-
specie currency has been advocated side
unlimited paper the other Ii has been the fate
o. each party, until within the last year. to by
its the position of its opponents Thus the
federal government in affecting TO check spec ulaon by
its deposte law did to promote speculation than
effort opponents could do. When that state Of things
led to explosion the opposing banking interest instead
OF taking Of its crelt, and allowing prices
their natural level after the fictitious rise and allow
Ing the depreciation in values have its full effect among
the Of the people, the popularity Of the govern
meut, they threw their whole energies into bosteiing
prices and values thereby continuing their embarrass
and shielding their opponents from the natural e
fects events They hare themselves broken down.
aud the inevitable laws Of commerce have reduced values
and turned the tide sgainst the government s
The adminsr alton goes Of power leaving its favo
rite scheme ola Sub Treasury law partially matured and
business slowly accommodating itself its operation and
growing healthy and esily in all its branches On tie
other hand they leave the of the Banking neres,
nsolven condition The Spectators and those unfor-
tunate persons who ruined through their
tally clamorous for Bankrupt Law. The revenue
for the year deficient 100000 and American credit
abroad in avery shattered condition. The triumphant
party have sscrbed whatever ofev they have experien
ce not 10 the effects ofher former conduct but to
the presence Of the subTrcassry AMI the absence OF
National Bank The hopes Of the mass are va
guoy directed to the establish OF new Bank some.
thing the nature thst shsdow cd forth by Daniel Web
s,er in his Wall street Speech and look forward great
and beneficial changes Thers are, however, many
Cor doubling tina, any great change will ever tals
place. The establishment OF National Baak is fraught
with many and insupeable obiec,ions One Of the great
&c, Of ths revaon Of 1887 redundancy of
Bank Capital which had been increased 5000 eeoon0
aud much faster than the OF business required Tho
result was failure An attempt made TO resume be-
fore any material reduction nj taken place either in tho
liabilities Of individuals basks The resumption was
followed with second failure disastrous lie
frs because the banks had uron tho so
vent institutions until all involved in one common
ruin and large portion OF the banking system les hell
less wreck The true remedy curisient and liquids.
uon. Bat proposed 70 more bank CAPITAL 10 m
medy the difficulties caused by redundancy This 10
not The only objection a bank Many rival eal
ousss have been called into existence during the ra few
years, which VIII ehec,ualy prevent any unsnimity on
the subject New York, Philadelphis, and thc direct
fEae interest Of the South, all violently opposed 10
each other on this subjeci and alton for such an IN
Hiution could rot he sgrccc upon It's stock would Gnd
bat little FAVOR abroad sfer the ssson taught foreign csI
tlists iy the v. :. Bank -. o
The natural course Of also initiate against ire
probability Of National Bank being again created We
have stated that the Sub Treasury law is but
anl thAs business has been gradually accommodating
isef to H. aud steadily increasing This must
10 % e Ease for al least eighteen months befre an sc
ton can be by the government. Trade will then
have 80 increased that any attempt to ohaare s eorse
" ihFVdHcea new system WI produce rcvnsor.
Al ihe sane time how stands nc government They have
transmit 10 thrn the Sab Treasury Law with ,e,, f
$4,000 sjscocco o. Treasury Note. andina with
arigh, ofreisirc and osi,es Of specie o. Boston New
York. HhiiaaslThs. Charleston, New ofleshs and al
L7uis Hrv ell the outline of National B,ns maid,
their hand They have only 10 remove the On
the amount ofbilis outstanding the limit ID which Il nov
se1eoo and make them pay able demand at eitherot
ther siS derosories, and they have government Bank
Of issue This undoubtedly tho ultimate ria. az ths
Ia administrator, AMI wiz IN all prcbslrr De- pefs.
ed and EXTENDED by the one spite or al the clan
against ihg SUB Treasury here aniehewhere ii'lff
The esct Of tho israiis elections have taken on ,,,
mfkct,hlc value Of oursocks abroa is vsrv st,.f,i
oneef The greatest causes cf cier dcprc aion .ro,l
Isstyca was tn great and Increasing suprIy rho an,
ply has been checked BY the adverse state OF lie nst
The asccniency Of the rarty which raost srcpyoa.l
vD,a,ed uie creation Of stock s cafe gla n ,tst
abe IsVscut h,iers fjr tis fiturc value Of trer ,
The same parry which 10 thc state Of New York st,b,
peaieee iell u 500 oSooco aui the plcsrc Of bc ~
sernment lands to pay the interest now -r,s,i ia
executive power Of the Uaion, with The fjrql,i,, &c
haiions dcd hid u is sier4ore but naarai % i,at ~,
ward 10 an exieason even Of tsi gigatc plan Sr
ming in ishL Taa sirocatcs Of the ban ot
70 the fourshns state Of the coastry as Il was IN tsgs
evidences Of the hcncii derived fros, the credit svs
ten They fail, however, 20 state tl9i all he r, H.
crease u property u tts proscbls Of 500 oOoooo Tor
rowed in Errcpc, AMI which must be pail The sho OF