Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-15
Money MARKET.
Monday. Dec. Ito r. NJ.

There is among the nero antile community both here
end at the most saluary want OF confidence in
the ability Of the SOUTH sustain the resumption about TO
take place The experience of the past has last taught
the manufacturers and dealers lesson, which trust
will be forgotten. The south has repeatedly
failed and the north and have frequently incurred
losses subsequently have the northern dealers
renewed generous confidence in southern honesty, and
in every instance have they again been deceived The
losses they suffered by the failure Of 1889 have been i'm
but they not only consent to forgive and forget
but have forward with truly christian spr' and
loaned their money banks to enable them to
go on in order that Uniformity of the currency may be
restored, and their outstanding southern funds eoeeed
without further loss Not content with this, however,
the United States Bank through organs in this city, par
cuary that most prohigate prnt he Express endes-
voring again to inspire the mercantile community with
blind confidence in order that failure may be pro-
ftable when southern Indebtedness is sufficiently large
The only way the designs the banks and
its associates let the import crs manufactures ana dealers,
adhere the principle OF making all notes payable IN
New York. This is the principle acted uroi through
Europe and safeguard TO tao uniformity Of the
currency The practice heretofore existing OF sell
ling goods long credits, for notes payable in every
section OF the country, and every description OF pa
per has been the great cause of loss The planters
and farmers visit the Atlantic cities AM buy enormous
amounts goods beyond their Of payment giving
their notes, payable at their home, the northern
dealer placing confidence in the stability Of the hank
When the day Of arrvesAe bank has failed and
the northern creditor b subjected to loss of 10 per cent
while the broken banks with ludcrous gravity say
they are obliged to suspend because exchanges were so
heavily against them The practical result Is thai 10 per
cent deducted from the debt the balance settled The
banks resume confidence restored trade Is good ard Sc
eond failure the result In 1872 general bankruptcy
:ourrsd in Boston, growing out Of their inability 10 col
lect south. The probable loss at that time
al bvt Inn r.ev AZ IN
south from the proceeds of northern Industry In 1897
an outright failure Of the south again caused failure Of
New York alone AT that time, the stsnl
Of requiring all notes to be male payable in New York.
adopted by the te, dealers aud ny other large
interests Confidence was, however, restored among the
latter and petition carried them back 70 the old
system although the tea dealers have perssveret 10 this
dsy in the wholesome regulation. What the resut1
Why in 1892 scarcely year after the resumption the
south again failed and again the New York and Esrern
lost 10 per cent OF their southern debts The
Banks now say they resume; but they have
6denee restored to them Let them first saow the New
York aud eastern merchants that they worthy Of IT,
before they make the impuden, dtmsnd through their
hired presses. That the New York merchants and
err manufacturers anxious for a resumption, IL sun
GENTLY stested n their unceasng endca,ors to bring
about that event is, however, by means 90 clear
that they will again any risk Of loss by another Sos
pension.
Asa mass tue banks, dealers, ana esp"ssts, Aa" o'
ell confidence in the permsnency Of specie payments
south OF New York The banks Of this city have earned
q reputation which places them above suspicion and
future revival OF business will be the basis OF making
all note. pay able in New York city This Is the last ssf
z isrd against the expansions ofthe south
At the board this morning stocks were heavy United
states Bank declined per cents Harlem rer cent Sales
Of bills on Phsdelphi at pei cent Savannah % per
cent discount will be recoected that the Board Of
Brokers' few weeks since, raised the commission from
Of per cent on the market price OF stock TO ps'
cen, on the par value Of stocks To-day this
diaed TO op mission OF Of per cent the par
ue on all sales stock brokers' The practical effect 10
TO reduce the commission half, from Of one per
| cent 10 Of one per cent.
there is slargc amount Of counterfeit sSs
bills othe United States BANK Of Philadelphia in crculs
ton the Canadas. The following Is facsimile OF one
| received as remittance from Montreal, l.. CT