The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-30
MONEY MARKET.


There fair amount of State securities sold at the
Board, but prices heavy. showing downward ten
dency. Long Island fell I 4; Harlem stonington J.
The Long Island Railroad closed at 4s4, which is $3.50
per share This company struggling for want of funds
and whenever there suspicion that instalment will
called in the stock the price shrnks if touched
with the frost.
free bank called the Farmers Bank, at Malone
Franklin Co.. has been put in operation-an individual
concern. These things will shortly be nuisance.
There is fair demand for foreign bills, but their
being t~o packets this week. it is divided-the
are very firm and do vary materially from our quota
ons of yesterday Money is exceedingly plenty for all le
climate purposes and the advances for the
ment othe great crops, will undoubtedly spread itself
over the face the country producing healthy action
Specie, from all quarters is now finding its way New
Orleans, where the first great movement commences.
Large sums amounting to 81 100000 in specie have
arrived there from every point north, south east
since thedscred of the suspended banks From New Or
leans will travel the river in payment produce The
planters of those countries have got their open to the
Importance Of retaining the proceeds ofer labor under
their control A large convention Of planters and
others held at vcksburg the 9TH and 9th instant
to take for the establishment Of home market
for cotton and other products OF the State Of Mississippi
and avoids payment of the bank tax paid to
and planters pledged themselves keep at yicksburg,
for sale in December next large part of their crops
say 10000 bales. The Bank paper facilities at New Or
leans. have heretofore been presented strong argu
men in favor Of shipping produce to that point Planter
now begin 10 perceive that their interest to sell at
nominaly lower price for specie and that they can as
well do that home, send to New Orleans The N.
Orleans Banks do redeem the circulation in specie
and there but two existing Banks in Mississippi,
one at Manchester and the other the Commercial Bank at
Nstchez. The notes of this latter institution known
as the blue backs" and at discount Of 80 per cent
They will fall still lower when the holders of her bonds
of which 81 held abroad shall be thrown into
the market The interest these bonds payable in
Amsterdam the LIST of August last The Bank Man
chester has circulation. This is the state Of affairs
now in Mississippi, point where few years ago
banking was driven to extent beyond that of
any other State of the Unon and produced its inevitable
results viz debt dishonor ruin and Reputation. The
revolution Is complete The planters have aroused
themselves and shaken off the whole paper system with
ts attendant train Of taxation oppression, and ruin
They have redoubled their industry and have resolved
not to part with its proceeds but for equivalent They
hold in their hands the material, which is
founded the welfare, and almost the political exis
t,nce OF the itish empire, and they de-
termined to part with ii only for equivalent.
Being thus relieved from the oppression of the
banks they will grow rich, and becoming wealthy, they
WILL with the hgh-soued independence natural to them,
pay the debts which they csoled by the fund
mongcrs laugh at the trick and consider useful lesson
chcaply purchased.
This state Of affairs in Mississippi in degree describes
the state Of affairs In all those sections whose fair
Jane temporary cloud passing The determination to