Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-19
MONEY MARKET.
Monday. NAV IS--6 p. MI.

| Monday, May Is--6 II. M.
The from abroad has relieved the apguor Of the
markets The prospect recovery Europe only
the almost rrrevabe arrangement Of financial az
fairs this market The great weight which hangs
neck Of commercial enterprise this country the ssced
and unmanageab condition Of the IT, Bank and its train Of
nsolyen institutions. The only element OF recovery which
those concerns the possibility that the markets
would become active enable them realize their
dead assets The condition of the markets abroad such
TO preclude the possibility of The eyes
Of the European capitalists open the position Of
ofsecures offering the market and the caution
observable in their American has been
rcat the policy of the New York capitalists and banks for the
past The discrimination apparent in
chasing American stocks there here The only element of
support to its credit which the u s. Bank in
England the influence Of those interested in it. and their
willingness TO dscredt it, Unless the legislature Of Pennsy
vanis at its session authorizes taxation Of
nesting the interest and coslpes resumption few weeks
will witness the dscred other stocks London we'll here
The conviction Of this state of things has prevented
material improvement in stocks today Notwithstanding the
otherwise favorable state Of the markets. L. s. Bank de-
clined per N. A. T. Banking Co improved per cent
Harlem per cent Stonington per cent; Boston Prov
dencs per cent; Delaware Il Hudson percent
The market for domestic bills without much change The
rate Of discount red back and safety fund has
creased bought per cent and sold at par dis
count This owing to the increased supply in the market
Many country banks attempting to deprecate their
bills and employ agents buy them from the brokers'
This Of the increased discount at this moment
when, five into consideration the small business which
has been done and the quantity of produce forward
change should be against the city, least at par
The wing members Of the legislature Of this state have made
address to their the business of the
session. The document Of course wholesale endorse
OF the financial policy of the Governor and Canal Board
The late report il referred unanswerabe ia
favor of the debts contracted They have however, for
soento state that the report 6Sed the amount Of 81
yearly the extreme which would be safe to issue stock
while than $4,000 has actually been authorised The
necessity for these issues charged in the address
the e,traragonce eecedng administration. Thss from
party of who refused aid the on, work in the state
any real importance the trade Of New York; refer
the New York and Albany Railroad and squandered
on the Erie Railroad in the proportion Of 81 for fifty
cents expended by the The last report o the
showed expenditure of S4oOsi Of which S2l
for grading the road and the balance for
salaries agencies Sc. The company not required to give
account OF their expenditures except in general terms and
there il doubt but that of the $500 granted by the
state two-thirds will be spent for agencies salaries
SC. In reference to the law requiring the banks to
redeem their issues in New York Albany per cent dis
count the address states trust that that will
eee at pace where issued until wiser counses shall
prevail ia the general government This rather singular
for deprecating the currency per cent BY law
The disastrous effect Of the of the South
banks upon the business of the country apparent
the banks will be able Withstand much longer the
of public opinion The suspension Of 1897. commencing
New York universally acknow lodged be matter of
necessity growing out Of the actual foreign demand for coin
pay goods which had been consumed ia this country The
natural remedy for that the pursued by
the New York banks that is sment and resumption al
the earliest possible iod which effected twelve months
from of suspension, opposition to all the influence
Of the L. s. Bank and the whole south The given to
public opinion BY that forced the u s. Bank and the
whole south into resumption the following January. The
Bank was, however in much condition than was
and she failed finally ia October The
Southern Banks oowedin the course
they Acknowledged but because the s. Bank did The e
which that institution used raise spec send to E
tnn here will
doubleday have forced contraction upon the banks Of
south the moment they required expand upon
the crops Anaempt to sustain themselves then would
had the effect the market effort Of
would have had bad they previously suspended.
The crop Of cotton comes to market in November and
the purchase it furnished by the banks
This done by dseounng the bills Of the merchant drawn
against the cosn at soor 20 days Before these bills
TO maturity the bills would have been returned upon the
banks for specie. The agents Of the United States Bank
were watching banks in all directions To effect thu These
facts in some warranted the banks In
during the winter heavy purchases Of supplies
made the NORTH inset which the bills Of the banks
upon them in the purchase Of Northern funds This
the purchases have been made but small
the proceeds Of the large nearly all forward
have applied the payment of debts and in the
tagrant condition OF trade the banks not called to
tie proceeds OF their maurd bills in making fesh ad-
IT. therefore, they resume immedi the
LIST June the increased pressure will scarcely be felt In the
four succeeding months but little will be required
by planters the banhs will collected the Of
past crop, and will be prepared to expand the
October specie basis, which will restore credit and bus
activity The objection to this that the banks
will great profits they making the deprc
citation Of their paper The pretenee that they remain
pended the benefit Of the public cannot be sustained much
| longer: the enormous fraud is too giarng
The Charleston Banks show indie alton Of wish
10 return TO specie paynents-they deferred how
from making the attempt b threats that their specie will
be drawn frcm by the broken banks fher affairs have
well conducted hope they have been there ia
| in They collect
ed their funds enable 20 fulfill all OBJ
advances either prudeai
their northern may applied pveuraon ospecie
they do appear like the Georgia banks employ in
buying up their paper The following the return,
| comtared with former dates.
p.... or sorru C.HolrA on rpx isr Nov 1880 COM