The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-09-25
8Y THE SOUTHERN MAIL.
- No papers were received this morning.
MONEY MARKET.

Sunday, Sept. 24-6 II. M.
All the indications from abroad by the late packet
those OF the rapid approach Of the great specu
iation consequent upon the paper naaton and in
prices, which will ensure large and profitable export of
our produce. In former years. when paper expansions
place in England its beneficial effects this country
were destroyed by corresponding ination which raised
prices checked exports fast orster than prices
rose there. This cannot he the Happily, the
pank machinery is crippled and producers i'll have
tue whole benefit OF the imitation Of England. The bull
lion in the Bank of England approaching its maxmum
rs soon little animation is impaired to trade the
English currency will rise above the level OF that OF this
country the accumuating mass Of specie will set In
current hitherward, until the western country exhibits
as great an exuberanco OF money, does now the At
lantic The necessity to invest in stocks which has
hitherto been confined to the Atlantic Banks, will
gradually extend all the banks The quantity Of money
will probably increase much faster than the develope
ment of the cash business doing will absorb it.
All the outstanding Treasury notes. Of which there are
large amount which matured before the 3lst August
last ceased bearing interest that date according TO the
notice of the department published 2Sth Of June. All
other bearing interest year from their date
Under these circumstances it is singular that they are
not returned for redemption.
In article of Friday stated the fact that the de-
parment is about to the issue of $4,000 600
nomination OF $50 and upward payable specie on de-
msnd in the city of New York. and receivable for all
government dues We then pointed The necessity of
THIS movement, as means of supplying the Treasury
lhe issuing oil the notes on demand, without interest
instead OF MS before payable in twelve months with inte
rest akes from them their character object Of in
vesment and besoWs them that OF paper currency
That is to say, instead of furnishing mode Of employ
ment for money which should be employ mercantile
pursuits it adds s5O0OOcO to the amount of money aaoat
seeking investment These notes will be paid in all
sections of the Union, where the gov has lab
ties to contractors army agents. &c. and through them
hqulate long series of commercial obligations and
gradually find their to the great commercial centre
New York, where they redeemable specie adding
SO much to the amount of money here. At the date OF
the last Bank reports, August t there the credit
of the government in the New York Banks 3sS in
specie. That amount has been somewhat dim. nshed
but more than sufficient for basis these notes is con-
SANITY flowing in to the government credit On reach
ing New York. these bills applicable to the payment
of customs, and form admirable means of remittance
to allponts of the Union, particularly to the west by
purchasers of public lands The value of the bills as
currency in all parts Of the Union will be as uniform as
the rates OF exchanges THAT to say beng New York
funds they will command premium perhaps slightly in
avanceof sight checks at all points These some Of
the advantages that grow out of the evil of borrowing
which has been forced upon the by congress
sional legislation.
In considering these notes permanent national cur
rency there are many considerations which might make
them desirable 1t is of importance the public and TO
the department. that while banks as the medium
for the transaction of individual business that notes is
sued by the government currency, should generally
be received in payment of individual debts to the banks
as well al to government The operation of this might
be- in several years. to dsplace proportion Of the New
York Bank notes equal in amount to the government
notes circulating here. This, however. to the New
York City Banks is scarcely objection because their
circulation is already confined within small compass by
the cheap currency Of the interior State Banks The
city circulation far exceeds the specie on hand
a to afford Duch if any profit above the actual expense
OF the circulation The following is atabe of the circu-
lon end specie of the city banks series of years