Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-29

These figures show pspable improvement in every
section except that Immediately within the influence ofhe
United States Bank which institution is preparing
for its last struggle. shattered credit Withstand
another renewal of its obligations maturing within few
weeks " 1t wavers 1t is down forcyer but if it gets
through its payments its ere lit will be partially restored
only with its return to specie payments
The position of the whole country is peculiar Mer-
camille and Gnsacai affairs have undoubtedly reached
their lowest point. Capital is accommodating, and the
shrewd capitalists, who guided by sound principles have
remained mistaken through the late revulson are
casting about for the OF directing the restless ensr
ges country channels which shall reconstruct
mercantile prosperity rmer basis amid the ruins OF
the hch cover the country rs ar
as the capital of New York concerned the United States
Bank ceases have any great influence she sinks or
swims business cash basis must recover slowly but
inevitably The assets oour merchants are due them from
South The OF payment possessed by that sec
ton consists in its crops To make them available -
necessary have redesmable and steady currency This
large section the richie and most fertile section the
Southwest has never had Tho planters Of Mississippi
particularly been made the victims Of bank specu
Iators by the fundamentally Of an inflated currency
Irredeemabe paper has in that state been carried TO It's
height and exploded leaving the citizens almost without
crcr aiing medium and covered with debts although the
yield Of their crop, msnGceny great In this state
the active minds northern capitalists prompt
to come forward the planters the means Of rem
dering their available and by doing furnish Mis-
tisspp with currency, at the same time thst the, piac"
the assets Of the northern dealers In train to DC realized
This is however not done rredeemable basis like
similar attempts the object by the United States
Bank but on the firm foundation OF gold and silver.
when the Union Bank Of Mississippi ceased to pay her
notes in specie, the whole currency Of Mississippi tel
into dsrepue the depreciation extending TO 70 per cent
discount on the paper Of mos, of the hanks Among
the Banks that maintained their standing 10 the latest
date was the Real Bank OF Kinds County which
General Cowles Mead and the President and i's
directors arc among the wealthy and substantial planters
State The Bank. for several seasons Proteeied IN"
planting interest by Moderate advances, and the crops
went orw the great benefit Of that section snd with
less expense than encountered by the South gene
rally the charges and losses the movements Of the
United States Bank swallowing up neerly all the means
| Of the planters The Kinds County Bank ehected
an arrangement in this city, under the guidance OF
| Mr.. Delafed, who has long been fsvorshy known
in Mississippi from the fact that the three FIRST loans
ever made BY that State successfully eSecutea
| by him, giving him only the domestic out me
foreign exchanges arising from the cotton snirmen's
when the suspension fell Mississippi the aoo'e'"nk
had circulation of $4,000. With large though not IN
s,anflv convertible assets she compelled to yield TO
the and ceased TO redeem ia specie Since then
her Efforts have been conservative and unremed to re
turn TO her scnness and We are advised that under
from the Board and ssockhohcis, an arrange
nen has been perfected by which she VIII be afe IN me
coming 20 aid the people III se"'"s tnc" Pio-"0o
TO market hay ing redeemed provided for all her
obligations This has been Effected by arrangements
again made with Mr.. do lased end European houss par
,ng with him securities to large amount and lien On
the cotton crops placed under his control reimburse the
asccptances issued BY him. Here have She first step
towards return TO sound condition in that rich cotton
state by easy course rendering tho 'orth
coming crops readily available s the payment OF
the southern debt u this srrangemeat u confined TO the
circulation ofhe above named bank only, but mite,
nevertheless points the way, and indicates returning
health.
tits profound and Gar sighted policy in the capitalists