Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-11
MONEY MARK EFT.
Sunday. lyay lO--3 70, M.

The weather yesterday being incement had its effect
upon the market The sales the stock board of fancy
rites about usual and without material change in
North American Trust and Banking Co mrrov'
per cent; Delaware Hudson declined Dry Dock improved
per cent.
The supply Of money fosener purposes remains about the
The banks son,nue the prudent line Of
they have heretofore marked for themselves thos.
which fell into dsrepue in consequence of bad management,
striving their sending The Phenx Bank
der the efficient Management of Mr. Tslon the
ground lost under the coaro Of the spectators who guided
its after Mr. Deah-ld LEFT it, Much of the bad
management in the banks arisss from the incompetency OF
who either by political influence, other gt
into the direction Under such circumstances grossly gno
and needy persons may infinite mischief unless
fcient and firm hand ia a the head.
The canal commissioners have advertised proposals
certain loans authorized BY the act Of April as ls.o fol-
lows:
For the Erie Canal enlargement, ......... saoco0ce
s;enes,se Valley Canal. ..,....,.. $4,000
Local improvements. ............... $1,000
Total, sqsco oss
The commissioners give notice that sealed proposals will h
received until the 18th of July nest o'clock OF
81 600 for The Erie canal and separate proposals for
Tor Gencssee Valley canal which loans transferable
certificates Of State Stock bearing per interest," and
dcemsbe at time AFTER July st sSs. Further proposals
will be received until the 18th October for the remaining
soooooo for the Erie canal s2oooo r the opssee canal
and for the BlacA River canal The interest pay
bic ia the city Of New York The wing conditions
annexed
rg sIe. sum which mag offered BY any person or
Baak th ohrs not in their opinion to the TO-
"Ths anosp !c The commission shall to borro~
lion ofa Ter IN such bank banking assoc,t,on the city
lance. Of stock win be Immediately issued
such amount"
The plain English Of hi. that the term. are already .er..s
upon with the Wall street clique, aud any offers from any 9TH
parties l in the opinion Of the commss b. Coz
the benefit Of the State The Law authorizes stock
whereas per stock is advertised Proposals will
n. snerr star
per stock will be made privately with the ire puers
Should money 'cry abundant that favorable ofv
made Cor the per stock small sGer aoc,p
ell 10 the amount must be Immediately dsr
.i,ed In the Bank Commerce For all this shutting geo
pie Of this state yet 10 be- severely tared.
The extra session IL the Pennsylvania Lysiaur,
place on Tuesday The object of 10 spp~o
pirate for the $4,000 authorized ts be borrow
"a from the banks at the late The law leases
the suspension e the bants until february the
doa oftheir making hale This Law the res~l, &C he
influence of the insolvent banks the State
~hsse necessities ea~ssa them yield the temptations hsid
by the banks The majority Of the banks I'm PhadepAs
sound condition and very crcumsebed ereuru
They have sndeavored pursue proper and
prepare for resumption Experience has taught them ths
every day they remain in their present the Thy -
behind hand and the point ofrsupton becomes more distant
The indebtedness sf the u bank sld Gi-sd bans 10 the"
ns aud every day increasing and they have been 'c'ns
weeks 10 bring their affairs into tras ~h'ehN
enable them independently Of the u ~ bs"s The
policy has tits we'll UNDERSTOOD caused them TO rt 20 %N"
ne any part Of the socooo The bills Of the insA'en
ban. eonst,ut. the whole circulating mediums they oennet
therefore take whole loan, because the great depreciation
IL would create would spesion AZ the coming see
sion therefore, the Of the banks w be IN th negative
Al the time address to the Democracy Of fennJi
v,n; signed w the prominent locofoec has been cir
cs,es uruia an Immediate reps Al Of tAe late law e sus
.,se, Meetings have bcen held on the same sahisc and
the stroug which viii be made TO effect 'h OBJECT 40
,mraued BY a.. negative Of The banks, will probably
\, .,cccs.f,l and Immediate resumption enforced
The belief , the u. = Bank v utterly insolvent h.
coming every day generally entertained; her repeated
ac,s hsakrupy the great accumn alton Of protested poet
pors az her the rates e paying money
both in Europe and the Umc3 States, AID the 81
worthless stocks she is known % possess cts hch,
with movements o but convince the
wiluly blind Other Inability to diyii. any Thing among her
s,ocLhodcrs after dschagi'g hlbities Accordng 10