The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-08-14
MONEY MARKET.

MONEY MARKET.
Sunday, August I3-0 r. M
On late occasion, we mentioned the fact Of having
within our graspIa circular Of the English government
directed to all its agents in this country and signed BY
Lord Aberdeen requiring the minute and extensive
In relation to the blacks IN the United States
The announcement has created great deal of interest,"
and we have been called upon to publish the circular,
which Is very voluminous. We are not at liberty do
SO at present but may mention that only that crcu
lar but many others pointing same result are
tanned in SLAVE TRADE" DocumKNr No. g." dated
May 3d. s3 forming part Of the instructions of Mr. Fox
the British minister at Washington.
The southern trade is rapidly improving and many
mercantile visitors city sgreeably
find the terms which goods offered much more
liberal than those to which they nave been accustomed
for some seasons back Instead Of demanding draft or
acceptance individual responsibility in many is
sufficient procure the required amount of goods This
is particularly the with the Mobile merchants.
Alabama has long suffered by the presence Of most
nicious deprecated paper which, although is taken and
passed Alabama for currency, really commands no
than its specie value all are proportonsly
high. The of this paper outstanding has been
greatly diminished by large CONGREGATIONS, and it p
stated that of ali the bills called in for the purpose Of
destroying have been detected which have not
been regularly registered when issued This would
seem 10 put at rest the popular suspicion that more had
accounted
der of the paper outstanding Is gradually absorbed by
payments of State and of debts due the banks An
to be made the LIST Of October to take from this
paper its character Of currency and let pass at dig
count for specie, instead Of quoting specie at premium
For this purpose II is understood that the Let October
the bills will he rejected by the Bank Of Mobile which
institution will receive and pay only its bills
payable demand II Is stated that the president Of that
institution has been at the Merchants of this city
Mobile The effect of this movement Of the Bank of
Mobile will be to deprecate the Alabama bills which
this time of year seek the north in large in the
hands of travellers further depreciation will
them to be absorbed with greater rnpidy by the credit
tors of the hanks from whom there 10 little de-
mand in this city The prospect of getting specie pay
ments for individual notes made payable the Bank of
Mobile has induced the dealers here to sell goods for
them without endorsement This 10 not description of
paper that be used in banks, yet it encourages
the demand for goods and tends to that increase Of
tivity apparent in the markets.
The ability of the south to purchase and pay for goods
is constantly increasing and the cash business growing
out of that section Of the country year be large
and profitable This based the low prices which here
and in England have touched their lowest Cotton, low
its price been during the past year in consequence
of the difficulties in England, and the enormous CROP
yield this year better proportion to the cost of
production than in some former years. when the prices
in England were so per cent higher than new. The
cheapnes of supplies and baggng and bale rope and the
increased industry Of the planters in putting in and
other crops in connection with their cotton has produced
this result They have borne the depression of price in
client upon crop SO per greater than that Of the
previous year with much less injury than could have
been expected The low prices of cotton have usual,
immensely increased its consumption has been applied
to other uses and the prospects of the coming
that the English supplies from India will be very small
the demand of goods for foreign markets much increased
the home trade ways diminished-and money
applicable TO the stimulation of the trade in all its
branches extraordinarily abundant. In such state Of
affairs, prices would rise, with asuppy great
that of this year about closing; but the probabilities
that the supply will fall off at least per cent
that instead of crop of 900 bales It will not
exceed 900 bales. crop brought into market with
such prospects for cash. and produced in cheaD
cannot ut yield greater amount of clear profit to
the southern section than before. This is basis
for commercial prosperity dependant upon bankor
any other paper ugge The crop must be had and must
be paid for large part Of those paper machines, by
the hocus pocus of which the proceeds Of industry
vanished from the planters hands, leaving them filled
with pieces of paper, destroyed, and broad field
is open to individual enterprise In all that fertile and
rich section ofthe United States which discharges its
produce the bosom Of tho Mississippi, its way to
New Orleans, great want of capital prevails. Not
bank capta-for of all parts Of the world the devasta
tons of paper credit apparent in that fertile
valley than any other. But what il wanted Is fair
for the rich and abundant proceeds Of their
industry. We will take a section-say that which
rounds and centres in vcksburg planter having to
800 bales choice cotton going into Vicksburg finds
with capital sufficient to purchase it, at very
lew prices It is then put board Of boat, exposed
without attention to the vcsstudes OF the river
navigation, arrives at New Orleans in Damaged state,
and perhaps part OF the invoice lost It is then sold by
factor Eastern foreign egents in lists" at
rage price, and the proceeds credited to the planter dom
reach by 80 per cent what they should have DONE And
the Eastern agent pays much because he chose
to remain at luxurious hotel in New Orleans, instead
exposing himself the hsrdshps Of passage up the
river to attend the details Of his business The
waseful process gone through in selling to planters
the goods they purchase. If foreign agents. and those of
Eastern manufacturers, would exert Themselves, and
seek for their ooons themselves among the planters.
attend to ts shipment and that bales ripped up
and filled with water their passage down the river.
they would get better Gotten for less money, and the
planters receive better remuneration or late years tie
Incidence, extravaganza, and waste attendant bsnk
credits have superseded that industry and atty with
which it is necessary conduct business in order to
profit by it.
The following is q return Of the Banks of South Caro-
lina:-
BANKS OF sourH CAnoLrsA Auousr l, 4Sp July l.
July l. august
Bank of State $685. $685. s a, sisse s sss
Birch atColumbia 178288 1920 TT7,528 9,400
S:%dsf SsS ,,5 s .s,s s
Panters,S Mechs 905 7es 1885 1886 1857