The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-12

market
MONRY MARKET.
Thursday, Nov. u-6 p. M.
The stock market, to- day. very much UNSETTLED
At the first board Long Island Railroad advanced per
cent Norwich and Worcester u, Pennsylvania SIS u.
Harlem fell of ~ Illinois 6's a. Canton Farmers Loan,
Morris Canal Reading closed at prices current yes
terday The transactions were only to moderate ex
tent, and the market closed heavy
At the second board th ere very few sales, but
prices were tending downward.
The auditors appointed to make distribution Of the
in tho hands of the trustees under deed Of assign
ment made by the Bank of the United States, May
ls4l have reported further dividend Of sixteen per
cent upon the balance of principal and interest to June
l S47 the post notes provided for by that assign
ment Holders requested to call at the Office of the
trustees in Philadelphia and receive said per csntsge
The notes entitled to the benefit of this assignment
all dated in December ls4o and each is numbered with
one of the numbers series from 754a to 9644 both
inclusive.
In less than sixty days from the present time-that
on the first of January next-ths State OF Maryland
will resume the payment in cash. Of the interest the
funded debt and continue its quarterly payments regu
larly thereafter In anticipation Of this proceeding, so
acceptable tho States creditors and credabe to
the State herself the commissioner of looms gives notice
that the holders of Maryland sterling bonds residing in
this may now receive the interest due in London
the LIST January next tho presentation of the cou
pons at the Loan ONCE at 81 "a to the pound sterling
The money will be RENTED to London for those who do
not wish to receive 1t here.
The Wall street banks are sbaking in the wind They
are extremely frightened at the prospect OF heavy
drain Of specie and well they may be- They feel at pre-
sent demand for gold and silver from two and
thew are looking about for ways and to stop the
current from flowing out. Their organs already in
full blast various schemes have been proposed for
the purpose Of enabling these institutions to carry
their Independent Of specie deposits 1t Is
proposed to establish paper currency upon paper
ourites and initiate public and private credit that
the channels OF trade and commerce will have greater
supply of rial to increase the current In the
minds Of these modern and model Hnanciers, specie
is humbug they imagine that their promises
to pay are better than gold and silver. To
certain extent they not far out Of the way; for
convenience they have their advantages; ind when
Hdence Is firmly established and prosperity exists in
every department Of business, they all the pur
poses Of q circulating medium but when confidence be-
shaxn and when credits become der anged there
is nothing but the real gold and silver which will
all the purposes of cy. 1t is then that specie
regulates the balances Of trade prevents confidence
from going entirely out of sight
The drain Of bullion from the Bank OF England was
the prime of the present crisis in Great Britain
We do not to say that the drain produced the
vusion had not the drain taken place. the revusion
would have been puto it would not have been brought
to crisis early but 1t would have been extern
sive in Its effects when it did The drain, there
FORE merely hastened the explosion The currency Of
Great Britain has not been reduced in value fraction
by this DRAIN but the effect upon public credit has been
immense. An increase in the supply of bullion in the
bank would rapidly restore confidence without ncreas
ing the value the volume of the currency an iota
The wonderful influence the movement of specie has
upon the public mind the banks trembe when
drain upon them commences 1t is avoid this ipu
rious effect that induces these institutions to make
movement at any early day to bring into existence if
possible currency which will take the place Of specie
in all payments due the government, SO that the
drain for that purpose will be arrested The government
securities market in the shape of stocks
Treasury notes the banks hold large amounts of these
securities which they wish to make available than
they now The only way to make them Is throw
them into the form Of circulating medium and 1t has
suggested that the receive these evil
denoes Of and issue bills of such denomina
tons may convenient for the purposes trade
or in other words, establish system Of banking upon
the securities Of general government similar that
In operation in this State.
To arrive this the Independent Treasury act must
be thrown overheard body and SOUL 1t would be
petsy powerless with the system proposed The only
way In which the Independent Treasury act could be
preserved in all its purity specie clauses and all and
currency created similar to that proposed by the bank
organs, adopted, would be by an issue Of Treasury
notes. direct from the Treasury department such de
nominations as would answer all the purposes Of
meroe This would not be violating any Of the provi
sons Of the Sub Treasury act and would give circu
lating medium Of equal value In every section tf
the country The banks would suffer in their own
circulation by the appearance Of these notes to
anv amount and hence the attempt to forestall public
opinion in the proposals made through their organs
The issue of circulating notes by the government
through the banks upon its security would have
very injurious effect upon commercial matters II would
have tendency to initiate credits aad prices aad forA
time we should have what might be called good times
The imitation would result all mutations do aud the
greater the tension the greater the collapse On the
other hand the Issue Of asury notes In small denom
nations from the Treasury Department would be per.
city Legitimate, stop the demand for specie for pay
meDs due the government enable the Secretary of the
Treasury to raise any amount Of money upon nomna!
rate Of interest aud bring out millions Of dollars In
specie at present in the possession
| OF the producing classes
The banks evidently aware that the money market
going to be very tight that going to have hard
times and that the commercial classes generally must
experience vast deal Of embarrassment before another
seasons business rolls round and they wish to
prepare themselves for the crisis Much depends upon
the course pursued by the banks and BY those engaged
IN commercial pursuits and they may by contraction
In their operations reduce the effect Of the collapse
very much. The revulsion in England will have an in
direct influence upon this country and it may be exceed
ingy DISASTROUS 1t true that have not bsen very
heavy by the failures the other side but these
failures will have such effect upon prices for our
staple productions that holders in this country must In
the event Of their being compelled 70 realise suffer ss