Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-10


full frsightsioaooo in spscie7o passengersa letter
bag yielding sleo the Exchange and probably sl+os
at the agents Office She could not wait longer for the
Presidents Message will be seen therefore, that the
in specie still goes forward in the face Of
sumption here By the steamer and the other packets,
this week. nearly 100000 specie has gone to Europe.
This fact at the beginning of the winter season. when
steam navigation will be nearly closed for three months
begins to alarm bankers in connection with the subject
of specie pay ments at Philadelphia Ia summer ready
supply could be imported from Europe but this is not 80
easily eiiecled in mid winter.
The resumption of the Philadelphia basks the 18th
Of January if not sooner which is generally an
nounced and believed does not to give any animation
to the markets generay-indsed the reverse is felt In
the stock market general fall has taken place. varying
from to per cent Money is also scarce and dcarer.
Narrowly examining the process of this resumption,
and anslyzng the elements of which the movement is
composed it could not be that the
men could exert great effect any branch Of the
kets. The Philadelphia ia banks alone comprehend mo-
MED movement of about 500 100000 to say nothing Of
the southern and south western bon which may be put
down at $50 100000 more How then could nego,a-
ton for equal to s25Oocoo with the CAPITALISTS. of
Philadelphia lift, from state of degradation and to.por
moned movement OF S250O0o O007 The thing is ludi-
srousand leads the shrewd inquirer TO infer, that the
whole negotiation intended either for the benefit ofsome
small Spectators to be made the basis Of future
movement. having wider prospect Of advantage 20 all
the interests concerned
The United States Bank like any other knave who will
pay his debts except compulson has benefited by
the depreciation of;s paper and the continuance
resumption probably several millions, which may be IL
kened to much black.mail from the public. Its Gus
and all those connected with its morals and its des
tiny have reaped similar advantages and their appropr
quotas Of backma is not to be supposed that these
institutions would forget their punlerng propen
stiles resume merely restore the currency and to
the public, while they have to sustain positive
losses by the operation There is e.her object in
view. The laws Of Pennsy and the opinion Of the
Governor be referred to the coercve ofa
resumption. But know too well how large bank, or
combination obanks WELD governors and legisla
their WILL gamblers do their cards. believe
that they could infese such spirit they choose
into the Councils of the State.
Such be n the akcd the case stripped of
bas. and verbage there be doubt but portion Of
the moned interests ofour large Atlantic cities at this
moment organising to operate in shape, upon
the administration when it comes into power the
4.h of March next-and also upon the next Congress-
which may meet in September next Coalitions and
bnations developing themselves AMONG those
interests that heretofore rivals and bitterly opposed
each other What shape they may take, before few
months have elapsed, it is difficult to TELL predict
the outward drsPery ofs pckpocke after he has runder
ed enough in one dress.
The regular business Of the country forw
a settled system Immediately after the revulsisn of
1897 Of merchants, bankers, and brokers, ap
peared in Now York. whose mode Of business was found
ed right rincipes-eusk short credits This
and this system have been spreading every large
city throughout the country They have risen and -four
ished like honest house breakers, side by side
with the revvers of the bosering and credit systems Of
1885, In Boston and New York, in spite Of bad water
this more humorous and powerful than in
Philadelphia in spite Of their good waicr-but already
their influence felt in the commercial relations Of
trade In Wall street. nearly all the foreign and domes
tic exchanges in the hands Of these men; and for the
last three years the exchanges have been regulated bet
ter than they done by the United States Bank
under a similar state circumstances
There will be a vigorous effort made in the opening Of
the approaching business season, by the old monied in
tere take the general business of the country cut OF
the hands Of the Of bankers, commission mer-
chants and dealers and resusae the dry bones Of the
wears 1895 and SO and believe the resumption osthe
U s. Bank is of the means to accomplish that doubt
full purpose They forward like Paul Clifford, in the
the costume of men, in order the better 20 sue
ceed We will their further NOV emens IS the season
opens.
In the mean time every seems to be seeking some
prime Ile-to be devissg plaR-,o be framing
general preserve the currency intact ia all its
future msvem,nts-and to prevent undue expansion Of
the credit This is the yrea: desderatum zntea
the philosophers stone all pant after both by rcgues
and honest According TO view OF the ocmliea-
ted relations Of of society, this purpose would be better
attained by General Bankrupt System, embracing ndi
viiuais and corporations by any other species OF le
si.iioa whatever. II il were the fate Of LsnL hout
the possibility Of escape to wind up cad go into Lguda
ton as soon as Il could meet its engagements in sTe
Gle would have absnking system seireguiatet n IT.
self that would be abs to suspension OF fraud 1t
is generally expected that bankrupt system viii occupy
the attention OF he present session Of Congress- but they
conGne this pr5cc, the debtors alone will no; be Of
much USE have material bearing uIon the sound COM
mercia action ofh. country Abanhrup, law to be per-
manently usea opght recognise the rights creditors
and deb;ors-and by nc permit banking ether
corporations under the pary plea Of being state ns.itu-
TONS escape the principles Of honerty wh>h are
enforced uron individuals.