The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-04

The past week closed without producing any new iea
ture in commercial affairs Those of speculative
nature have ceased and things progress quietly
and regularly than for sometime past Money continues
very abundant and the rate OF interest is limited to Al
per cent The domestic trade Of the country is daily in
creasing without creating any demand for money from
the banks, or any great excitement among mercantile
classes Their business is conne to the extent of their
own resources and very heavy amount may be trans.
acted without requiring the slightest MD from the banks
Ihere is more money circulating among business
than ever before larger proportion of their operations
are Tor cash than before Instead of apply ing
discounts at the banks Wall street. they loan money
each other The country merchants bring large amounts
with them, and promptly pay their liabilities, or make
their purchases for cash There is active capital
poyed in business than BEFORE and is kept out Of
and Independent Of banks every way possible Those
engaged In speculaons dependant banks and such
is the nature of their operations that they do not hesitate
to submit to any and every sacrifice to obtain facilities
sufficient to carry out their object Those engaged in
speculative transactions much less scrupuous about
paying discounts than when transactions Legitimate
and bonade and the risk less proportion Consequent.
every description furnish the banks with
set Of customers whose demands and necessities SUI
icent to enable them by loans at high per make
good their regular semannua dividends. This conclu
sion arrived at from the the banks have pursued
for the past few months Had their business been confined
exclusively to the regular merchant they could have
netted profits sufficient pay their current expenses to
say nothing about dividends their immense capitals
There always exists in every community class men
whose operations purely speculative whose
limited and who depend upon the banks for
in whatever movement they may commence. 1t is this
class that the stockholders banks derive their income
from this class that finds employm for most of the
immense capital OF the banks.
During the existence OF the late speculation in cotton
several operators paid high two per cent month
for money when the current rate in Wall street ruled
Three and four per per Good commercial bills
would readily discount for four per cent but spectators
in cotton willing to submit to three per cent
month for the purpose Of holding to their stocks
This often the in such movements There must be
good and substantial to induce merchant in
gular business TO submit to large per cent. npe
RODS of general speculation. when all classes have be
involved in the maelsrom of excitement enormous
rates have been paid, with the hope Of getting out OF
trouble but these rates submitted by those
engaged in trade to enable them to get into trouble
During the great revulson of 1887 many houses paid
three and four per cent month for money in their
struggles to get through their difficulties but were de-
stroyed in the midst of their efforts.
After using up their substance in this way they were
finally compelled to go down, without assets enough left
to pay Ave cents the dollar. Had they stopped pay
ment at first and husbanded their resources many Of
those that paid five cents the dollar could
have paid more than fifty. We do not anticipate another
such period for many years. The spirit of speculation
will not in all probability seize all classes generally
as has before 1t will conne its periodical attacks to
certain classes, who always prepared The currency
OF the country cannot very become sufficiently in
ated to produce another such revusion for many years
AMI without such an imitation speculation must be con
fined to very limited circle Every thing in existence
he imea If and lint
one and that makes poweless all others This the
state OF the currency. SO long circulating me-
dunn rests the present basis long the issues OF
paper restricted TO the present limits
fear revulsion, anticipate any in specu
aon that will produce ruin and disaster any but those
Immediately engaged in the operations.
The stock market during the past week has very
much depressed On packet day prices revived little
but they could not be sustained Several fancy stocks
on the books of both boards have taken start while
the good sterling stocks remain at the lowest quotations
PRICES o SToCKs THE Nrw YoRK MARxrr