Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-07
MONEY MARKET.

| Sunday. Dee. "a p. NJ.
| The stock msrke, yessrAg| Vas heavy. Sales were
no, large, and prices aucuste good deal some fancy
stock fell heavily United Bank declined per cent,
Paterson "A per cents Canton Co. per cent Delaware
| Hudson per cent North American Trust Bank psr
cent; s,oninston improved per cent, New YOrh Rail
road per cent Sales Of bills were made Of 70.
The Resumption ssestion has not yet been definitely
settled although IL fully understood that the reqass, Of
the Philadelphia banks will be granted the
val of the COMMITTEES in this city Thursday last the
rsngement had been considered closed. The COMMITTEES
opened anew, without however being able 10 give any
additional light the novsmsnts Of the insolven banks
II H. however considered certain, that the resumption
will take place. and exchanges every point have i'm
proved sales on Philadelphia ts2 dis Mobile 3.sst dis
Baltimore n; New Orleans lss dis. The demsnd for
southern funds 10 good one Of the greatest difficulties
has stood in the way Of the assent Of the banks hero
to the Philadelphia proposition has been the inability of
the committee to show tina, the resumption will Ger
ainy take place In such ease the saving Of spsr
cent discount hich is now lost Philadelphia bills or
the 10 per cent which will be in case efnonresumpion,
will be chesply purchased by the loan. IT, however, the
post of the banks taken and the insolvent banks
do not resume, the increased premium will still have to
be paid Estimating the exchanges Philadelphia at no
than $2O0oo 900 weekly, the loss now is $Sosoo
weekly and if Of nonresunpon il rises TO 10 per
cent the loss will to 100000, and in Ave weeks will as
sorb the whole loan asked fer.
Al the coming session Of Congress the question OF new
Of Treasury notes the creation of National debt
will undoubtedly be celled up order to supply the def
cheney in the government means The experience ofthe
past the present position Of the country, and its future
prospects all conspire urge the utility ofereang deb.
to procure the money regular way in preference TO
tho of the Treasury note system which has
now three years In order to understand the
present OF the country and the condition OF the
finances will take brief retrospect Of its hnanses
and operations back to the commencement of
the government
Aer the close of the revolution the country was mPo-
vershed burdened with public debts, without regular
markets for nport and drained of its specie in ymen
the immense influx offorogn goods which poured on
the declaration OF peace Jsaousies had sprung up De-
tween the different and every hand the prospect
exceedingly gloomy the interest OF the public debt
unpaid, and sold in many instances at roper
cent the dollar; private credit was also imParea; the
collection of debts nearly suspended and tho courts
tice filled with delinquent debtors Some of the States
levied uties on imports the expense ofothers and some
had to paper In this state OF TINS
of the then federal government became apps
rent and the necessity Of investing Congress with the
regulate trade and commerce. and alone to levy
duties Acknowledged an on he +h Of March 1852
new constitution went into operation Measures were
Immediately taken to the public credit the 9th
ofJanuary l7ss the Secretary Of the Treasury General
Hamilton made his celebrated report, which became the
basis of laws passed subsequently, by Congress- Tor
funding and paying ths public debt By this report the
foreign and domestic debt estimated at s6@,iA,ae<-
The debts States including interest," amounted
to SOS 900 0oo The Secretary in his report
ed to Congress assumption ofhe State debts on terms
similar TO the original contracts with various modhea
on, suited the present and prospective means OF the
country Pursuant these suggestions on the l@h oil
August 1890 Congress passed an act making provision
for The whole debt, The Secretary in his report laid
Down as fundamental maxim that the creation OF debt
should always be accompanied with the means OF its ex
tngushment accordingly funds were appropriated Tor
the payment and reimbursement Of the prin
cps out the dates imports spirits, etc. AT the same
time that these taken for the OF
the public credit the plan of the old United States Bank
projected by AloI ander Hamilton Esq Ii was ineorpo
rated in 1921 with capital Of sloooooos to continue ior
90 wears Most capital of this Bank was subscribed
abroad the capital thus imported went easily and De
neacially into operation, operating in support OF tbs
ofths federal government and assisting greatly
L. facilitate that rapidly extending commerce which was
furnishing the mean, carrying the funding system into
operation This Bank had opposing interests, Goa
ho,ed with other institution being the hrst OF its Kind
n the starting of this Bank in 1871 the sPecuations in
il became very great. The late Nathaniel Prime in Bos
ton William Duer this city, and others In Philadelphia
were the large operators and kept up relays OF horses
from Boston through to as. their operations SO great
Vas tho that in one year the price from
sa5 paid in to SIS when explosion took place Malta
MEL Prime failed in Boston, and Mr. Duer here The lat
ter al been among small class OF dealers by
giving his obligation at u per cent per month, the
then current rate OF interest The excitement was SO
great against him when he failed that he was obliged to
90 into the common jail for protection In Lendon, ths
stock Of the Bank also rapidly We have in our pos
session letter from Rafus King, dated London, March,
l.p7 10 men Of the government here, which qsstes
L. Bank stock at los III. From this time the pro-
xrsss asonsl and individual wealth, rapidly advanced
up 10 the declaration of war against Great Britain
Tae following table will show the progress oftrsde and
the revenues Of she government during the sxsenes OF
the old United states Bank.
fs-a.-. IN Fxrosr. AND tn, RsoSfPrs AND ErrEspI
Trs,s al, rus NIrpp STATES PHos Ito To "a