The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-11-04
From the N. Y. Herald, Oct. 22.
MONEY MARKET.

utEluS SChelai Aosu'' Pt'"i III 'V
next highly probable, if not certain, have
been calculated 10 increase the buoyancy
in the stock market, and give new impulse
to the previous disposition to speculate.
The Philadelphia banks, in rendering the
required assistance to the United States
Bank, are themselves in want Of the same
assistance from their eastern creditors,
and in consenling to take the post notes
Of the United States Bank for what is due
them, it is in the hope Of making those
post notes available in the settlement Of
their own eastern Indebtedness, or in the
London market. This they will be scarce
ly able to effect without additional securi-
ty. The credit of the United States Bank
is too far shattered, to permit her accom-
mediation paper 10 be marketable without
! undoublcd security. Nearly the same ar
rangemenl which is now effected, was
distinctly proposed last March, and the
eastern banks at the same time expressed
( themselves willing to take the bonds OF
the solvent Philadelphia banks at twelve
months. but refused to take the bonds oi
| the United States Bank for that indebted
ness. Mr.. Jaudon, tits understood, has
undertaken 10 bring about some arrange
ment with the eastern banks; for the ne
gotiation of their bonds prior to his dePar-
turc for England. to make the bonds
available in England, would be an easy
matter, provided such security could be
offered as would satisfy the English capi-
talists, and friends of the suffering stock
holders there. But The bank is apparent
ly without such securities. Her title to
those securities, consisting of Michigan,
illinois, and Mississippi stocks that are
now in pledge for her London debentures,
is disputed, and her port folio contains
among its mass Of fancy stocks, few that
can be offered, notwithstanding that their
speculative values are daily increasing.
The resumption then, ii it takes place,
will be based on tile increased fictitious
values of fancy stocks, and will be bosi-
tered by borrowing. This is not state
Of things calculated to give confidence in
The permanency Of. the rise in stocks.
The English news, increasing the proba-
bility OF war, is valiously regarded, and
exerts contradictory influences upon stock,
and prices have greatly huctuated.
The City Bank has declareda dividend
of four per cent for The last six months,
payable on the 3lst inst. The Union
Bank, four per cent for the last six months,
PAYABLE on the 3lsl inst. The notes of the
Farmers and Millers' Bank Of llagers-
ton, Nd, cannot now be soil in phla-
delplia. This institution has been Ill
operation only few months.
The Commercial Bank of Millington,
Nd, has stopped payment. Immediately
after this had become known, the people
Of the ncighbourhood took possession OF
the banking house-opencd the vaults
took what valuable funds they could lay
their hands upon, and adjourned from there
10 tavern opposite, and then redeemed
the notes of the bank to the amount OF
funds taken from the vaults of the con.
cern-S565. 1t is said the circulation OF
the institution amounts to 100000
Within the last 60 days the rate of ex-
change on France has fallen, so as to rem
der specie the best remittance, and about
SSOO,OOO in silver have been shipped By
the Havre packets, while S600,0OO in sill
yer have arrived here from the West In
dies and South America, S50O,OJO in goi1
from England. The balance in favor OF
this country from England, has been about
the same as in favor Of France and against
England-,hat is, the premium on French
bills in London is about the same as the
discount on sterling bills here, while ex-
change on France has been about IL per
cent in favor of shipping coin from this
side. This operation is but temporary IN
regard to France, and is Of but little I'M
portancc as long as the influx of the pre-
cious metals, from other quarters, exceeus
! the dcmhnd from that quarter. An un-
priucipled and ignorant party paper, IN
Wall street, has the folly to ascrlbe tins
movement to the operation of the gold
bin of I3l, in the following classic Ian
guage:
Ever since the Gold Bill was passed,
the tide has been setting of the export of
silver, and the import Of gold. This will,
in The end, produce great Inconvenience
TO this country"
This is one Of those Wholesale and rcck-
less assertions made by those in the ha--
bit of making pompous assurance pass for
truth. In the Ace of this statement the
official table Of the import and export OF
gold and silver for series of years pre-:
s,,,s tb. E,ct that tho ynarly iInD0rt of