Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-18
ss5is7s


In looking forward TO the probable extent Of the 81
business there is every probability that large and
erasve business will be transacted. The only mpedin
in the way OF large business this fall has been the
whereby large capitals have been loo
up in the SOUTH and the old system of business enii
broken up, ny the refusal OF the specie paying bank
countcnance the paper Of the suspended districts
neral resump ton will now in all probability, restore
Gdencs assisted By the moral effect of the change m
administration, in those Institutions which actually
sumo many will be unable to do and will be dscrec
The crors ofthe south which constitute its means OF
chase, have, during the past year, been unusually
and those about to come to market are nearly as sps
The purchases the south have, in the same period
very limited, and that section OF the country mu'
greatly in want Of good, The actual debt of the 900
the north is really small, although the derreeiau
southern bank notes makes the apparent balance in
ofNsw York large On New Orleans exchanges act
q, par and on Mobile less than the cost Of transro
specie This is at the commencement Of the year,
the fall trade 10 nearly ROUTE over, ard but very
proportion of the crops have come forward For 4
urchascs II is very evident both the means and IN
position OF the south will be large. The west has eS
20 fair extent but vet the exchanges have eontinu
fall The Instant that the banks feel assured tina
falling due at distant points will be paid in specie
rency. confidence will extend to the mass OF indi'
notes which, ansr all, make up the largest portion
currency Of the country. Avery large PORTION OF =
tusl business done, is by means Of notes OF inii'i
without the nicrv enton Of bank paper in any shai
wholesale dealer sells bill Of goods to country
aud receives his mote al short date which Is lodged
acity bank Cor collection; IL Is then sent on by tbs
for collection and when paid at the country bank is
cd TO the credit Of the city bank which on nosihca
the fact masses Il to the credit OF the dealer, who
out the amount in favor OF some creditor other mo-
a.co,p,sd s,d the amount passed TO them IN the
w,v and checked out. The dealer thss sells his
receives pay, and pays away the amount in disch'
nj. own debts entirely through the agency oiindi'
nils and his own check as Tar as the banks ore CO
Cd "A. transaction under the hcnd of depositc
These constitute the medium by which large por
bu.i.css is done and this class paper is more
lariy influenced by a wan, Of confidence The .
more cautious whom he trusts or in other words,
note hetakes-he is more disposed to take only
bank notes i'm medstcly convertible 1.-THE notes
able at a dis,snce, the standing and general r.
the bank in the notes of which II Is probable payne
be made becomes a matter Of solicitude. The b.
pands too much, and deprociates its paper TO the i
incony enience Of the creditor city. The general
ter Of the banks therefore, affects confidence IN the
dual notes A. seen as this is the case, business mus
or be conducted for cash only. finishes becs the
the rast two years Matters, however, seem 10 be-
ing an appearance Of recovery, and trade csnno
large -indivdua notes again command their wen
6aence. The enormous amornt Of this class oftii'
lated is not generally known-and the means do
to form any exact estimate. In England, howe
means Of the stamp duty, very close approSim
the truth may he reached. Mr.. Lathem, 20
banker, recently made a calculation for the nv
from 1898 to 1892 lie FIRST took the oihosal ~
stamps for each year, and then sscertained the
-. III Zach hill GA strict enquiry among tn
~ Nx@E1W w xsrsrtsinss che average Gaie VI
ws txuA sou<hs. ard shn me Ascign tils eil
snswn&1x y s~>fNh. o. these GAIA he arrives
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