Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-08
MON ICY MARK EFT.

We have letters which state, that in the OF the
State Of Illinois against Delafed, that has been long
pending the Chancellor has length given elaborate
opnioa in favor Of the compliments The will be
carried before the Court of Errors We have not received
the opinion Of the Chancellor but from facts that have
transpire1 within a week two, that il is
strongly tnged with political views and doctrines, and
which will prov injurious 70 the credit Of this country,
as did the conduct OF Pennsy ania last winter We
opposed to too great extension Of the borrowing system
The policy, however, which would seek to prevent fu
ture loans, by destroying the credit OF those which cx
list. cannot be too highly condemned The present
appears to be reputation Of debt underhand way
The contracts of Messrs. Rawlings Oakley last year
with Wright Co. and Thompson s Co. in England, and
John Delaed ofths city, TO the amount of S30o0o0
bona fde bargains made by the agents of the
State, at a time when the market was oppressed
These contracts made the mljcct Of contention
among political parties and the State passed resolutions
regulating them. This conduct outrageous how
ever, with political parssns, and the resolutions
rescinded Fund Commissioner, however,
comes forward and proposes terms to the contracting
parties, other than those by which the State is bound
These of course refused and suits then in
stitutsd to COMPEL the parties to conseR In the
time the securities have passed into the hands Of innocent
third persons no bought with full confidence in the inte
gritty of the state The nets Of the State dcpr ciae their
marketable value 40 per What possible security for
property is there in such state ofthngs' When the T.
Bank failed last year. she owed large of debts
and offered payment In her bills at 10 per dis
count The state Of Pennsy ania instead Of aordng
remedy the defrauded creditor justified the Bank its
wreng aud legslized suspension. Those who ptotes-
ted agsins, this proceeding, denounced by the
bssk organs in all quarters, unprincipled detruc.
tves" This the conduct Of the bank party. The H.
linois proceedings those Of strong Gnibank party
shown ncontesttly that whatever may be the profes
sor, wherever individual rights dsregarde by
Corporation the result is irrc,revabe loss Of credit.
The Stock msrkc, was heavy this morning; United
states Bank declined per cent; Canton Company per
cents stongton 9pcr cent; Delaware and Hudson per
cent Sales Of Indiana per male 7ei IL,
q Improvement Of PER cent.
The question Of resumption the part Of the United
States Bank Of great speculation just The
Philadelphia papers making parade Of the number Of
banks which have not paid their debts for year,
which willing to lend the Uni.ei sIt's Bank enough
to That the bank up TO the list Of Sept went be-
hind hand daily, and at that time in much worse
condition than the period OF her suspension, incones
tiby true Since that period elements have irto
play that have materially bcered the condition OF the
bank and increased the chances Of resumption These
have been the natural operation Of business throughout
the country the crops coming forward in liquidation of
debts economy in purchases and the contraction
southern banks ny which they have ceased prey upon
the public and allow ed commerce equase the exchsng
es This has produced increased trade the north
which has encouraged regular dealers The progress Of
political events has revived the hopes Of the bank party
and Spectators while returning confidence and small
demand for money for business purposes have caused csp
tsss their attention to the aiable securi
ties with view to rising markets The result has been
general rise in the prices Of sorhern and western state
stocks and securities generally In this improved value
of securities is the strength Of the United States Bank In
the and increase OF the present feeling
sss her ability to resume in January next There is,
however but little doubt should circumstances conspire
10 prevent resumption, but that law extending the
PENSION would easily be obtained The banks is evil
dent have complete control and the present requsiton
ofhe governor Tor loan, viii form plea for extending
the law f.