Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-21
sCuRKENr RATES BANK NorEs AND Domestic BILL
Bank Notes. Erchange.

One Of the worst features developed by the news from
England is the desperate attempts making by the u 81
Bank so TO represent its affairs as to induce the Londo
capitalists to make loans = it. The taken I'd
do this OF such nature to induce the belief that
the bank in condition than has been sup
posed The London Morning Chronicle has made
publications Of absurd nature, bat evidently ema
mating from this sde letter writer from Philadelphia
states that loan Of SaOeoo state stock had been rro
ferrcd the bank aud declined Ths used evidence
of the high credit Of the bank here In another column
will be found article from the paper which state
that the Boston and other banks had exchanged
of the u s. Bank circulating notes for her post
twelve months The absurdy Of these statements is
parent and the stock fell los the on the strength
it. While these statements making in London, III
banks organs here busy endeavoring to convey th
idea that she wants no assistance The Express OF thi
morning has long absurd statement in contI adicon
its article Monday last in which is stated that,
Propositions have been made by banks in this city,
loan them very largely, but these offers have been d
clined with tie assurance that the Philadelphia bank
had ample funds perfectly easy and neither require
wished to avail themselves Of the offers made Tn
plain of the hole affair which has been
nifod and distorted into variety Of shapes The result
pretty apparent that the banks in that city will resume
the 10th January.
This impudent statement is made in the face OF th
banks own circular the other banks, stating, that viii
the assistance asked she could not The ES
press then goes with the old arguments Of the srecn
that the New ork banks ruined the merchants
being honest and that the Philadelphia banks saved the
merchants by being dishonest The article is not worth
of notice only bears evidence Of being PARTICULAR
ordered.
The movements OF the United States Bank indicate TIL
will be able to at the oppoined time, and
dcvongb all means in its power to remove the imPre
that actually required any assistance The ey
dent scheme OF the is to bring abos goner
resurtioo with view TO regain it's power, and exert
10 compel restoration Of its functions national ban
by causing another suspension. Under these ciTcur
stances We hold prcjudcia to the commercial nteres
that the Institution is able to That event mu
compel our banks the defensive and in so
ing they will be unable to grant facilities to the M
chants n on the occasion Of the first resumption
banks had departed from cautious policy they eou
not have avoided suspension last fall II wssonly by II
srccst system of curailmen that they withdrew the
ely ss from the charmed circle OF Philadelphia bshkru
ey The experience OF the past will ensure caution
thefuture II the United States Bank resumes bore
ed money, who will ensure the payment Of her bon
when they fall due. She has dshonorcd them at peasu
twice before and may do SO again. The institution
undoubtedly insovent, whether she resumes not,
the sound banks will be unable to extend themselves
to be useful to the community. mighty struggle
seemingly about to commence, not only for nation
Bank 10 that position. The remaining strength and en
gies that nsntion will be directed solely TO the
tainmcnt Of that object The commercial unity
not look orward any stoadisess in the currency
that question is decided.