The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-27
MONEY MARKET.
Tuesday, July 26-8 p.

Tuesday, July 26-6 r. M.
Sales at the Stock Board have been very small but prices
are generally better Delaware and Hudson per
cent Illinois 6s 4; Harlem per cent.
1t is stated the Cashier of the Atlantic Insurance Com
pany has resigned. What is the matter now 2
We stated yesterday, that rumor existed in re-
laon to the appointment of agent for the ne
gotiaton of the Government loan in Europe. 1t is
stated that Mr.. Robinson has actually departed with
his credentials in his pocket, which prepared
co days SINCE and that he will in cooperation with
Mr.. C. McAster, broker of Philadelphia, who went
out in the packet ship Britannia of July lst business
connected with the Amboy Railroad. Mr. Robinson is
said to be of wealth, and of good judgment, but
without experience the advantage of being known in
the financial world He owes his appointment to the per.
sonal friendship Of the Secretary Mr. Forward is to
be hoped that he will be well received abroad 1t upon
the whole, perhaps better than the appointment of Mr..
Haven, proposed by Wall street clique of brokers.
In the matter between MessrsJ acob Little Co. and the
firm Of Boorman, Johnston Co., appears Mcssrs. James
Brown and p Per forward and named Messrs.
Newbold Daniel Lord and James s. King arbratc the
affair." This is right. The former gentlemen will no
doubt do that which for the honor the mercantile
community in this city Mr. Newbod was one of the first
to the torrent of suspension in 1885, and declare
the assembled the City Hotel that the honor
and welfare of the city every other con-
sideration.
The last named person is always thrust upon commit
probably for the that elderly madens
keep parrots The affair u.s. however, in fair train of
Element. Messrs Boorman s. Johnston in the long
high-minded and honorable firm, and understand
doubtless that which belongs to the morale of business
reputation. The matter only wants to be placed before
them in true light to meet their appreciation.
At New Orleans the currency specie, and in pas
sing drafts that city it is recommended to make them
payable in SPECIE The words payable in currency a
fords pretext for paying in the deprecated paper the
suspended banks which has heretofore been the
cy.
The people of St. Louis have at last struck upon the
right course to pursue in regard their currency The
notes OF all suspended and doubtful banks rejected in
trade The currency therefore reduced TO the few spe
Gle bills in circulation and the constitutional
This latter ofcourse rapidly accommodating and as fast
the deprecated notes leave the channels of circulation
vacuum becomes mme lately filled with the precious me.
ais This an immuabe law OF trade andthe victims
OF paper currency have only to "have confidence" and
moral courase suhcien to renounce the deprecated
rency and Immediately gold coins will flow UP the Mis-
sissippir While New Orleans tolerated denrecio,ed No
per currency specie flowed to New York Now III AZ nh,
ter dscred has overwhelmed the rotten banks and pr;
both Of goods and exchange, regulated by the
specie standard the current already setting the other
way The vast agricultural wealth of the valley of the
Mississippi andYs tributary streams, collects rolls on
ward and accumuates in prodgious quantities the le-
of New Orleans at the mouth Of that noble stream
where is distributed to all quarters of the world The
of that wealth command the specie of the world
and by the exercise of the WILL New
leans to overflow with the precious metals until it flows
up the Mississippi and in its path fills all the minor chan
nels of circulation in the proportion to which they
tributed to its procurement. The volume will diminish
as it progresses until the remotest markets of the head
waters Of the mighty streams repetc with sound
rency The currency thus furnished is the machine by
which the interchanges to be effected The amount
necessary complete these exchanges will regulat" it.
SELF and the fitness of the currency will Indicate itse
first in the cessation Of the influx Of specie next in the in
creased imports Of consumabc goods and fhe currency
too full export Of the excess of specie This
matter which cannot be regulated by human wisdom Its
progress is only to be pointed out and followed.