The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-26
MONEY MARKET.
Monday, Dec. ass


This being Christmas Day, the banks closed and
the brokers relieved from their usual exciting routine of
speculation the movements in Wall street rather
quiet The condition of the stock market at the close on
Saturday, crisis, attendant upon too great an extern
sion of prices and the result of heightened period of
speculation The that created the high rates that
all securities have reached still exists and reaction must
he experienced long the banks pursue the course
adopted by them at the of the
They still deeply involved with the brokers, and $50
long the coalition continues stocks must maintain pri-
much above their value. The fluctuations that have
characterised this species speculation for time past
arencdenta TO the business and every week OF
two, when quotations have reached very inflated point
Money as abundant and the banks loan as ee
y to the brokers at any time; consequently there Is no
foundation for the panic that generally pervaded wan
street at the close Of the week Present prices or all de-
scrptons great per cent higher thans they were
six weeks since Long Island, for instance is twenty
per cent higher than when the corner commenced ;
Paterson about twenty and all the fancy stocks nearly
as much Bank and insurance stocks have sustain
ed very uniform quotations. as the operations in these
have been principally for investment The late advance in
State stocks benefited very much the banks established
under the free banking law their securities have in
vera instances reached price nearly double the first cost
The Bank of Commerce. and Mechanics Banking Associa
ton of this city, have been particularly benefited by the
movements IN the STOCK Market ola
Banks have not been fortunate, but the contrary
have endangered their very existence by their connection
with the speculations in every stock that had name.
Josiah B. Plumb has been elected cashier of the State
Bank in place of A. d. Patchin resigned Mr. has re-
moved to Buffalo, to establish banking institution.
The sale of the real estate belonging to the Branch
Bank of Mobile Alabama has been again postponed to the
second Monday of February next The great value of
the property belonging to this institution and the impor
lance of obtaining large amount possible from this
source has induced the Governor to postpone the sale
from time time receive every advantage that
may arise from the improvement in the times that the dis
posal of the great staple of the State will create
We learn that official intelligence has been received by
the Treasury Department that the second nstament of
the Mexican indemnity paid at Mexico, but was not
orwaded Immediately in consequence of an instruction
in the south An escorwas expectedo proceed with the
money Vera Cruz about the latter part of November
twill be shipped on boardthe Anahuac Vera Cruz, for
New York. The A. to sail early in December
By recent advices from Illinois, learn that Governor
Davis and the engineer employed by him, satisfied
with the work thus far the canal and that ST. 900
will complete it, 1t is also stated that Gov Davishas
favorable opinion of the work that he advises our bond
holders advance the money to finish it, especially
he believes the securities for the proposed advance
ample and that the bond holders will be protec-
ted in their acquired rights by the courts Of the United
States. Not single individual can for moment enter
tain adoub but that the canal running througha State
like Illinois, will prove productive enough to repay the adj
dtonal outlay required to complete it. The amounnt
pended in the work thus far useless though thrown
into the The amount necessary to bring the whole
line into operation, will create dividend the whole
outlay besides adding the internal wealth of the State
by making her soil valuable and if possible more
productive The tax that the bondhoders require to be
raised simultaneous with the advancement from them,
will be willingly submitted to if judicously created Gov.
Ford urged the Legislature of the State for
the purpose Of laying before them the subject and for the
purpose Of evyng the necessary tax to fulfil the terms
negotiated by the commissioners There exists quite
difference in the opinions of those friendly to the
cessul termination of this great work. to the policy Of
calling the assembly together for this purpose The regu
lar session of the Legislature comes round next winter
and that would be the proper time to introduce the sub
ect the representatives of the people 1t would also
be good policy to the work; bring the hun
dreds of aborers settle them the lne market
for the produce the farmers the spot give the people
the best proofs that there is eanesness about the
business give them time 20 think the business and
receive the first fruits of the enterprise in the sale OF
bushel Of wheat or peck Of potatoes, and there will
be much doubt of the ultimate of the whole
undertaking. Obtain all the money the bondholders are
willing advances go the ground and go to work,
commence in the middle and work both ways, Clinton
did on our own Erie canal make your money go far
possible and the people Of Illinois will the work fin
ished There sufficient to induce the Govern
to call special session of the Legislature, and we
trust he will do The second sober thought Of the
people is invariably the wisest The people have evil
dence present that the bond holders of Europe will
tuay carry out the conditions required Before they
saddled with an additional tax with their present heavy
expenses they demand occular demonstration that they
foI
taxable property in the State reaches nearly thirty mil
ions of dollars very trinng this will produce
the amount necessary finish the canal with what the
bondholder advance The citizens Of Illinois know their
interest sufficiently well to do all in their power to
protect it They only require sufficient time to inform
themselves of the why and wherefore. Governor Ford
knows the of his State, and left to his
good judgment and not harrassed and, run down by q
host Of land Spectators whose advice is governed by the
wants of their pockets will in good time act the
gencies Of the require There has been circulated
quite extensively in this city circular for the signatures
Of those owning land in Illinois, to Ford call
ing him to the Legislature speedily as pos
sble as to settle the question at the earliest moment
This document will pass for what is in the Cpl
Mon of the executive of the State and feel confident
he will be swayed by its tenor premature hasy
step this moment may destroy the whole business and
annul the efforts of the commissioners, who have spent
months in bringing 10 periecton their INSTRUCTIONS Co
oakley is at present in this city, devoting his whole time
this subject and in furtherng the best interest of the
State in every possible The arguments used in
favor of an immediate session of the Legislature that
the present members intimately acquainted with
the history of the question, and that the plan to CON-
plee the canal and pay off the public debt which was
introduced by the. members that would compose any as
sembly called before next winter. This view of the sub
ec is sound, but the population of Illinois alone the
Judges whas expedient and what not fthey the
consequences fall their heads They have laid before
them the most feasible and economical pan TO enable
them to pay off the bulk of their public debt and to re-
ceve the full benefit of their internal improvements By
submitting to triAng tax to do this they throwing
from their shoulders heavy debt and the stain of repud
alton By adopting the proposed plan they place them
sacs in the rank Of