Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-09

About the latter part November il appears the
ton at its height in all the cities specie being
highest premium for the local bank paper At that time
pretty evident that resumption would be
Pennsylvania and matter of throughout the south
The Bank consequently contracted at all points, and the value
OF specie diminished gradually until March, when the and
temper Of the State Legislatures pretty well
tanned and produce also began The Banks
to expandn their redeemabe paper and the specie
sgain rising at New Orleans Mobile and Charleston will
do Baltimore and If the present
trees the fall when those obligations from the again fall
que The prices Of all descriptions Of produce still pro-
GEES sf depreciation and the debts contracted by the south
west have be paid when the prices Of prouc.
lions are al least 40 per cent lower than now M
hast IL will be rscoectsd, the PhladeIp hians
Boosting Of the superiority Of their trade that Of New
York This arose from the Of her banks which aca
ted the credits by the the south
We predicted at that time that few months would witness
- explosion overlook them in October what was the
excuse for notying their debs Why that they had bought
Of eastern manufacturers and Importers trusted out
the goods to souhe who could pay and therefore they
could not their eastern debts Experience does not ap
peer to have taught them wisdom, and they pursuing
the same course merely because the Legislature has allowed
the banks TO continue their suspension II the southern
vs the main Of the failure Of banks continuation
o. that trsde 10 not likely to enable them resume
forh from her position geographical and
point at which two thds Of the foreign imports
y are made and rs the point to which foreigners all look
payment but at the time small proportion Of the
ports 20 directly from this port The following table will
show the proportion Of the whole exports imports
United States, which are made to and from New York.:
Whole imports, s,nsss.sse sss'sos1sc
In this table We perceive that the balance Of trade
asNns New FORK was ssoseos Of which s4socoooo
have been sosd on credit 10 the SOUTH southwest and
About half Of this been paid in bis drawn
against southern produce shipped TO Europe and An actual
shipments ofprodoce to this port IT -
The mens made abroad in spc;e ar i'm
due the prices Of which by currency Of E
rope New York cannot afford specie imports and
receive The irrdcemabe Of the in
Nor the eastern manufacturers southern paper for
thesrgoods fall the sound banks return 10 sp>c;e
paymeutshe products Of the soil sucent
ese amply en for all the real Thu
-'ncss but not sufficient the wants Of the bsr
ro~ers that towering the make and may be scanned
w folows-~
The T. Government will this year. 80 100000
he state Of secrcary report 100000
va" 'ors siy a 900 600
MT, state 900
Total amount TO be borrowed this year So,
THIS amount is wanted absolute necessities without
which the governments 70 on the present
me European markets for stock IL Is highly probable that
WI" oe raised 10 New York city. In this amount not
c"ded The vast sums wanted by corporations and institutions
and which would swell the whole TO near $50 900 ooo with
% prospect ahead there's that money will be soon
esy Tor business purposes The proceeds OF the large exports
rom the south viii be applied mostly 10 Of the old
tregn cefs Of tbs Bark and and
'sy NIUE OF w'l' come into the regular channels ofrade
ot the stockholders IN. Bank of Kentucky was
hea on the 7h ui at which resolved that, In the opp
''e meeting the Bank Of Kentucky under obgatn s