The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-24

he Banks OF Virginia have resumed successfully,
tier Of course 1t was only for the people to will that
ker' like all those individuals engaged in any other
ness should pay their debts and honor their paper at
senaton or cease to do business and the thing was
Look back at the hundreds Of mercantile firms that
pended in 1887 Suppose that those houses had under
to continue to issue their notes of hand and never
hem when presented how long would their Gus
ners have submitted to the operation Not day. Yet
ir affected only the small circle of their in
idual correspondents The banks whose issues have
rped the place Of the constitutional currency affect
! whole community at home and its credit abroad and
they have been tolerated in their dscraceful con-
let.
Alabama the only point of dshonor land the dc
Mites that exist there depend entirely upon the will of
people At the --latest dates the prospect had little
proved. The Alabama river has been in fine
Ter, and cotton of the crop is finding its way to
rket Bill drawers avail themselves of the high rates
Exchange by entering the cotton market as purchasers
draw against the shipment Rates for bills and specie
Iddecned from to per cent, the tendency is still
wnwards, and the great staple reaching the market will
her accelerate the approximation of Alabama funds to
specie standard Actual operations in bank checks Oh
w York 81; checks on New Orleans sSas7; specie IS
per cent premium. Sterling bills, 60 days, 40; New
|rk 60 day bills 80 IS per cent. prem.
ou"S INC season winch mas passed, the DIS oil the
Bank and branches have been received at their face
nominal value, notwithstanding their progressive de-
,ciaon from specie or corresponding advance in the
yments made for exchange, in that medium. In rela
to this the circular of Messrs Bull Files Merchants
Mobile, remarks as foows:-
will such be the case hereafter7 We be,;eve i, i;
admitted that 1t cannot be- unless the banks
cie payments and the legislature adopt such measures
ard 10 them as will create and sustain n sound cyc
ion. The depreciation in the currency is nou 5o m eo
cent, and daily becoming worse. The public have
identity lost confidence in it. Can that con6denca H.
cuate freely the representative of property At even
cent discount IL possible to impro Thorn On
ch without resumption Of specie payments. Even II
be practicable, might not its expediency well be
.estioned as it would still leave a currency lacking
primary ingredient OF stability in value and of course
|uring that all transactions predcatcd upon It's rercp.
in payment, should be taxed with increased profits 10
yer the risks Of iuctuation7'
In singular fact, however that while under the use
this deprecated currency, the prices of articles of
assumption rise 1877 per cent above the value in specie
price cotton does not advance but in comparatively
mall degree, thereby putting the planters much d.
lily out of pocket That such will continue to be the
Things under irredesmabc currency there can
doubt; and have, in the table OF comparative
ices published yesterday shown that the planters pay
an average than double the pro advance on
supplies than they receive for their cotton is evil
Int that they above all other classes in the community
directly interested in having sound redeemable cir
ation and il that is not furnished, in promptly adopting
L specie standard OF value for the sale ofther crops
Sales nj the Stock Exchange.