Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-25
MONEY MARKET.

4huTsuuys DcCs SH-o
The stock market presented the same general features
for the las, few days Vicksburg declined per cent,
and N. A. Trust Banking Co. improved d Delaware
Hudson Ii Harlem /; Long Island J. In domestic bills
there material change. The market is heavy
Sales Philadelphia IT discount; Baltimore per cent;
Mobile o.; New Orleans a2 Savannah a% Sales of
Indiana stock were made at 73 which, iprov ement
of per cent II is stated that Of the Fund Commits
soners now here, has succeeded in making such
rangemens for the payment Of the January interests
the debt will place the necessary funds in the
Merchants Bank, in this city in season to meet it, Some
thing than this is however necessary for the per-
manent cred, of the state. The matter be left
in doubt to the last moment.
Atea sale this morning well attended, and the bid.
ding went of undiminshed spirit at prices what
in Of the rates surrent at the last sale With the
stock in the country, which is prsbaby not far from
$50 900 chests prices may rise still 20 per cent before
spring IL nothing change the present aspect Of
affairs in China.
sale OF OIL shares Port Gibson Miss stock was made at
auction, at s25 per share all round.
We yesterday published the special message OF the Co
vernon of Georgia, recommending the adoption OF
measures Of relief in consequence Of the prevailing dis
trcs The Legislature passed resolutions desiring him
pon, out some plan Of relief This was answered in
message, of which the following is an extract -
The suspension Of the operations of the law would in
fringe a wholesome provision OF the constituon and yo
late the private contracts The sale ofnate bonds
adequate to the purpose and the deposite Of
the eeds in the Central Bank by which that insttu
ton would be enabled TO afford the necessary relief under
such restrictions the Legislature may prescribe
be liable TO fewer objections than any which suggs
As the measure proposed Of relief and intend
ed 10 aaord fssos for speculation, the is should e
ss,b.s to those dion. r.qrs they
paying interest equal to that paid on the bonds giving
snquestionable security to save me Ha's from the
raised upon the credit OF the state TO supply the dehseney
Of the CROP the borrower should be required to re-
inn he nm
prescribe
This most extraordinary proposition supported by re.
rring to the relief given to the Charleston sufferers by
south Carolns instance Of success in similar mea-
sure n the Governor had pointed to the ruin which
oyershadows growing out Of precisely similar faseous
measures Of relief his slusion would have bees apt
In the Senate the message referred TO Committee
who reported bill in accordance with IT, The principal
FEATURES Of the bill as follovs;-
THAT the Government execute the bonds Of this
state 20 an amount to exceed two millions Of dollars,
the end of six years, bearing an interest o.
,er cent pay any place in this state or the United
states The proceeds n the sale OF the bonds 10 De places
In che a. to be loaned out to the citizens Of this
state 10 sums not exceeding 81 900 to any individual com
pany or corporation at Of interest equal to that paid
On he bonds The loans to be made for than
three and when such loans become due II not pune
,ually paid suits TO sonmsn.e ,o.. o.ss',ed IN
| the Central Bank"
repetition ofthat miserable reIsfsysen which
ha. so long cursed the south with iredemabe paper and
i inevitably lead 10 new ulWcuihtss u III
Georgia are embarrassed and pay their debts
how can IL be supposed that they win be able to do
within three ysars7 Alabama tried the same PLAN and
the amount so leaned will be total loss. The cause Of
ruin in Georgia has undoubtedly been supersbundancs
| Of Bank loans and the mismanagement Of the banks
These causes slsne have produced the present distress
In south Carolina where better management has existed
the resources Of the state being nearly the same, Duch
less distress prevails The credit of the state Of Georgia
has long been much than her neghbors owing 10
her miserable snancal legislation THEY'VE per cent Law
was cvadsd by the banks which KEEP, their agents In TINS
city last spring buying their paper at 10 psr CENT
discount crisis in her affairs then evident at no
| distant day.
IN our article Of April aa,h, we had the folowns'
aTbe s,st. Of affairs at the south Is daily becoming
500 aeorga and Alabama fast approximating the
condi,ion Of Mississippi. The whole state oil ceorgia
inn,d.ted with Central Bank bills, which now ths
state Bank and ,riu prors to Georgia "ha' inc UNIV" '
uas 10 Msassippi" -
| Av.in IN our article Of May I, as follows
affairs Of Georgia are nearly as bad as
a.. n and but short time nasi eispss scor,
| crisis
| May 10 we stated a. follsws-
GA n the Georgia banks have, msch 10 their credit
sreoie payments This fact only renders more
i.,ng the monsrous ant Of principle exhibited ~ the
| cher banks Their agents are now m thn CITY puylng
% ,b.r funds Al from per cent discounts and - far
from preparing TO resume, they ere making every e,er
ion 10 deprec their paper in order TO heece e
nubc iaoe Of the state stock lies dishonored IN the
vaults Of the Phenx Bank In this city, and the neNt ets
which will follow Mississippi TO ruin will be Georgs, IN.
less some measures immediately taken TO recover their
| credit"
these statements We were attacked BY some Of the