The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-11-25
Glove Fight VIII take place This EVEN
MONEY MARKET.
Monday. November AL p. M.


Railroad, Reading, Morris Canal, Illinois,
Norwich and Worcester declined Long Island, Far.
mers Loan and Pennsylvania SIS closed firm at Saturdays
pricos
The bulls and bears OF Wall street have been very qui
ct during the past few days There appears to be dspo
ston to wait until something is known of the move
msnts of Congress in relation to the important political
questions before the country Most Of the fancy stocks
are In the hands Of parties able to hold and from the
movements in the street, think that the market will
BE- very heavy for the next fortnight Quotations
for many Of the fancy railroad stocks rule very low
wthstandng the recent speculation in them and there
large margin for improvement, which will be "a
pdly filed if nothing occurs at Washington likely
destroy confidence in stock investments generally
Should the doings in Congress be Of peaceful cha
acer than anticipated there will be- without doubt in
this market, before many weeks eapse greater specu
laton in stocks than have had since the session of
l54 and OF course explosion similar the that
followed the speculation of that time. Within the past
week there has been Improvements in quotations for
Safe stocks, particularly that of delinquent States. lii
n'is and Indiana 6s have advanced three and four per
cant, with sales to some extent at the improvement
Sometime since, bill presented to the Grand Jury
Of this county, for indictment against the Mechanics
Bank upon charge Of compromising felony, in com
promising transaction with Chas. Higgins now under
arrest for forgery This Higgins obtained discounts from
the bank, amounting TO about five thousand dollars upon
his own paper, with forged endorsement endorse
ments When the bank made the discovery, that the
notes discounted valueless and that the endorse
ments were forgeries compromise made with Hig
gins upon condition that he would Immediately take up
the notes, which he did, by manufacturing and passing
npon Mr.. VIM Warner broker in Wall street, more
notes of similar character, and for similar amount
the proceeds Of which paid into the bank, and
tho others taken up. criminal suit was institu-
ted against the bank upon the aledged compound.
ing Of felony, and civil suit also commenced
against the bank by Mr. Warner for the recovery Of the
amount represented having been taken from him. in
consequence of the compromise between tho bank and
Higgins. The grand jury refused to find bill of indict
mens against the bank for compounding a felony and
the civil suit has since been withdrawn by the payment
Of the full amount Owe thousand dollars) to Mr. Warner
claimed by him. All proceedings against the bank have
therefore, been quashed but the fact of its reunding the
full amount to Mr. Warner, is equal an acknowledge
ment of the compromise with Higgins.
This is emphat caly an ago of improvements. more
liberal policy has found its way the councils of all
nations, and very rapid advancement be made in
the commercial intercourse Of tho world The restrc.
tions which have hitherto checked the be-
tween this and the European countries being re-
moved and our resources must therefore, become more
rapidly developed We have been compelled to place
high rate of duties upon imports for the purpose o.
and for the protection Of our domestic
in consequence of the deprecated value of our circua
ting medium, and the inflated state Of prices An ex.
panded paper currency invariably produces high prices
which enables foreign manufac to fill our markets
with their fabrics under the highest duty
have found highly protective tariff insufficient to check
the importation of foreign manufactures we farther
that many of the restrictions upon our import trade
must be removed Nispretty generally conceded that
average duty about twenty per cent be adopted
and that the transfer oresrcons must be made from our
import trade to our currency BY bringing
cy down to a strict gold and silver value, we would
stand on level with any country in the worll and
world soon, by the reduction in price of merchandise
both foreign and domestic, in markets. shut out the
foreign article and increase the consumption and expor
taon of the domestic article. By reducing the volume
aud increasing the value of the currency prices of our
~oducts and manufactures would be proporonably
sed, supply and demand being confined TO legitimate
annes; but the producers and manufacturers would
De as much remunc ated for their labor during the
most inflated condition of the country. Wages for labor
rise and fall with the currency in proportion the
and fall in prices Of all articles OF merchandisethe Ia
horer would be well of with fifty cents per day. in
1ecie with dollar in paper if the value OF the ne
cessariss &c. of life in proportion. When there
mutual and steady supply and demand, prices for all
things regulated by the currency great reduction
in the circulating dum would increase the value of
that in existence sufficient to fill the vacuum 1t does
not require such an immense amount of capital to carry
on the commercial operations of tho country; have
already too great VOLUMES and until very great part
of II is destroys ed, cannot expect sufficient
in the value OF the currency TO give that position
a commercial nation desire much to reach The
reestabshment Of a subtreasury system to regulate
the finances of the general government, would soon
bring about the required change in currency. 1t
would have avery great influence upon the banking sys
of the Staes upon the operations Of the banks in
existencc and serve to check the increase going
the banking capital Of almost every State in the Onion
We have doubt but that the Legislature of every
State WILL the ensuing winter have plenty of petitions
before them for bank charters and the probability OF the
subtreasury being again established WILL without
doubt have very great influence upon these bodies
and arrest many of these petitions at the outset.
The times getting ripe for great expansion IN the
banking of the country, unless some re-
strctons put upon the operations Of the thousand
banks distributed all over the Union very there
must be imitation ocredits, Of bank issues and of pri
for all staple products that will lead to results as
ruinous and deplorabe yet experienced Moth.
ing perhaps would eectually prevent such crisis in
commercial affairs as measure emanang from the gov
eminent something similar to the Sub. Treasury.
We on the high road to prosperity Every
element Of trade is in sound healthy condition. and
position is becoming daily more important Immense
markets for the consumption offoregn manufactures are
found in ctiesand exports foreign countries
ars almost daily increasing in quantity and variety
About three quarters Of the principal staple of the South
are consumed by the manufacturers of Europe and the
increasing foreign demand for great Northern staple
--wheat-must soon make it very important and per.
manent article Of export. Our Importations must
tinuc large; but, with uniform and settled value
in the currency, shall not be subject to those
mendous fluctuations in the extent Of imports have,
in past years. suffered severely from. Our markets
will not be flooded with tho surplus manufactures of Eu
rope as in former years, because with restricted cur
rency and reduced prices, the market would bear
such weight, a. when the banks could with impu.
nifty, increase their issues to meet any demand from
the commercial olasses An importation. regulated