Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-29
MONEY MARKET.
Wednesday, Oct 20.-G n. NJ

The stock market has given way to-day, before the in.
creasing indisposon to loan stocks and the suspi
con excited by the mysterious movements Of the United
States Bank the stocks of which fell per cent; Vcks
burg per cent North American Trust and Banking Co.
per cent; Delaware Hudson per cent Harlem per
cents Stoningon per cents Long Island per cent; Can
ton Co. per Sales ofb Philadelphia were made
at 81 a $4,000 Illinois per cents, 1870, sold at a. The
prices Of all western scrip ana most southern funds are
worse day. The amount in the market has been in
creased from various principally the demand for
money The probability of resumption in Philadelphia,
which rumored short time since, is operating
upon the southern markets. and reducing the rates upon
the north lille the renewed doubts the subject
having contrary tendency here.
The amount received for tolls the New York State
Canals during the third week in October, is ninety thou
sand hundred and forty dollars and fwo cents
Baltimore paper that Tuesday evening last,
j. C. H. Ellis the President of this swindling institution,
committed to the Jail of that He charged with
having been concerned with Weed Adams and others
in the management of the Commercial Bank Of Mngton,
and for conspring with said Weed Adams and others to
cheat and defaud the public by issuing and crc ulatng
divers notes Of said bank and receiving for said
luable consideration, when they the said C. H. Ellis
Weed Adams and others well knew the said notes to be
of no value"
tits stated that persons connected with this
employed among the laborers along the line of the
Baltimore and Ohio Railroad and represent to them that
the bills Of the Railroad Company OF no value and
Undue them exchange the bills for those of the Bank
of Millngton shortly before the concern exploded By
this number of the poor laborers have been
utterly ruined Proceedings similar to the above should
be Instituted in this state, against the many swndng
shops which have been started under color Of the
law.
The experience Of the pas, few years has shown that
principal of the unsteadness of the currency he
Union has been the want OF uniformity of the movement
ofthe standard specie The absence of demand for spe
Gle for short time arising from the favorable state ofthe
exchanges has uniformly caused the banks to be less
their guard and to extend their operations until demand
for specie sprn IS up, when failure is the unavoidable
result This OF specie has its origin
in the quantity Of paper issued BY the banks filing all the
domestic channels of circulation, and stopping every
nue. by which domestic demand may be created. The
whole fabric Of credits then depends upon the foreign de-
mand which cases the result Of the overaction
banks and in others is the result Of abroad
whish capitalists neither have have any
troll This being the OF revulsions the remedy is il
banks be allow cd to furnish the currency create
domestic demand for the precious metals which shall keep
them active prevent the banks from sinking into
such feeling ofsecury will proven, their overscon
and oblige them keep their affairs in such position
that they always all demands upon them in
specie For their sake they will extend as Ear they
can safely the activity oispecie will prevent their
going beyond that mark; steady currency will thereby
be Appropriated and the safety Of individual property
sured The question is how is the demand be created
Experience in the operation of the specie circular points
the suhtreasury law by which all the government, dues
in gold and silver, as powerful and effective
| regulator"
The operation of the specie circular in the latter part
1885, Illustrative of the operation which the subTrea
sury law will have hereafter. For many years previous
tina, event the wastern banks had experienced de-
man, for specie whatever They had specie
snty accommodating in their vaults that their efforts had
been directed to find out convenient opportunities for
transmitting such portions oft to such points the
Of roIe indie ted the convenient to the public,
for the redemption Of their paper Specie absolutely
dead weight; and is well known, to what dangerous
height bank credits drove speculation at that time The
first check given this the simple order ofhe
ment nothing but gold and silver shoad be received
In payment public lands During the absence OF
any demand for specie the banking movement ofhe West
as indicated by the Ohio bank, increased as follows