Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-07

The Bank OF Missouri has continued to pay specie The
large accumulation of specie which it exhibits are tbs
Government deposes. The other banks issue irredee-
able paper Their circulation is S576,26O greater
than the time of suspension while their specie has in
creased but 1861, and yet they talk Of resumng
January One things certain either that they had
no excuse for suspcndng that they cannot resume If
they were really obliged to suspend it follows, their
count with the public being than at that time.
that they cannot resume. Indeed is beginning to be
very apparent that the United States Bank has nten
ton whatever of allowing a resumption to take place.
they talk oil resumption in order to humor the public
until alter the election The bank is undoubtedly nso
vent and must out Of existence altogether unless tho
suspension law can be extended to another year. Move
ments to that effect already foot it remains
be seen whether the community will submit
The stocks Of the Western States the the
market particularly those Of Illinois. This princi
pay owing to the bad conduct Of the State ITSELF tho
msmanagemen of its Fund Commissioners but the credit
Of the State has been, like that of Pennsy vana
y injured by the suspension Of the banks The European
public make distinction betw the fraudulent suspen-
sion OF bank owned by tho State, and the failure the
State itself 100000 of the capital of the Bank
Illinois is owned by the State The Bank holds S2,-
20 900 Of the stock Of the State which present prices
worth but 81 500 in the Market being discount Of
per This stock would stand probably per
better, if the bank paid specie. The bank itself would
thereby be benefited 100000. The very genius
NOR Fund Commissioners negotiated the stock of that
state with the United States Bank house in this city, and
two firms in London, to the amount altogether ofthree
four Millions terms equal to those obtained by
any other State, and which yielded small premium ON
the face of the bonds in Illinois For party purposes
last winter, the Legislature of that State, only
authorised unnecessary suspension of the State Bank
but impeached the Fund Commissioners, and
far pass resolutions repudiang the Al
though these resolutions repealed it has left stain
upon the honor of the state which the continued suspen-
sion of her bank is by likely Finding
impossible to borrow money after these shameful proceed
ngs, the State obliged to issue its deprecated
scrip pay Of arrearages to its wokmen for labor
done These persons order to obtain any money!
obliged to employ Col Thornton to go London, and sell
the bonds received from the state at any price The sale
made 10y him in London represented in the letter Of
eminent house. the ouea made in that market.
The loss l5to 20 per cent borne by the workmen.
To cap the climax ofher financial plumbers, they
rcpudiatng their debts in another That is, the
Commissioners have cautioned the public against
buy ing certain of the bonds and have suits
against the holders compel them the bonds
the state and throw themselves upon her ccmency and
justice the damages they may have sustained The
next steamboat is looked for 18th great anxiety, to know
the effect which this proceeding may have in London,
where large amount of the stock is held