The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-07
BANNING MovrMryr.-srA OF New YonE.

The variation in the of loans nd discounts from
March 4th to June oath is trifing to what We antic
pated from the scarcity Of money and the steadiness
and determination with which the banks refused the
offerings made for discount. The contraction in the
circulation of So 800 001 without any dminution in
the amount Of specie hand, is favorable feature
and one which we cannot too highly commend.
These departments are in healthier condition
than they were last November, and it exhibits
determination on the part Of the banks gene
rally to place themselves in position to meet
any emergency. Since last week the amount
specie hand has increased 500 012 while the cir
culation has decreased nearly two and half millions
Of dollars. This contraction has been produced pro-
badly by the apprehension experienced relative to
the expectation of the precious metals the ship
ments which have been going for the past six
months, Of a character calculated to alarm all
connected with financial and commercial affairs in
this country. It was not much from the amount
which had, up to the close of June been shipped,
from the mystery that existed relative to the
and probable extent of the expectation At that time
nearly n million of dollars were going abroad every
week, and no one pretended to know when the out
ward current would cease, how long the drain
would continue. The movement almost entirely
artificial and unnatural, and consequently created
much alarm among the banks Of this city.
Thus far the specie shipments have had a mate
banks Of this State the reduction since tho cxporta
ton commenced to the oath of June, having been
but 1907 800 This Is very extraordinary circum-
stance when take into consideration the fact that
the shipments of specie in that PERIOD from this port
amounted to more than millions of dollars 1t
cannot be denied, but that portion of this amount
drawn from the banks of this city, but it has been
nearly made good again by drafts upon the South and
and West. much larger portion of the specie ship.
fbo
been drawn directly from immigrants than general
ly imagined. The amount of specie which these peo-
pie have brought into the country has lattery been
large much larger than usual, and they have supplied
the principal specie brokers in the street with such
coins rs were most in demand for shipment. We have
received any official Of this specie COM
ing into the country-but every guder, every franc
that goes out reported On account of the immense
quantity of specie brought into the country by mm
grants, comparative statement Of tho imports
and exports of the precious metals from custom
bouse returns, does not give n fair exhibit of
the amount Of foreign coin remaining in
hands or extracted from Us. The banks appear
to be little benefited by large importation by a
large expectation The receipts go into general
circulation, ana the shipments drawn from
sources of supply little known in the financial world
than realized many years ago We have no means of
asctf.anipg, with any degree of correctness, the
circulation. (uolu.
ding that boarded up by individually but i. IL our inn
preston that it is than double what 1t was ten or
twelve years ago At that time the banks of this
country had an immense circulation Ind paper MONEY!
exceedingly abundant. Specie was very scarce,
and shinpastors supplied the place of small change
Now the circulation of the banks is comparatively
limited and gold and silver coins, of every description
are plenty enough. The currency has materially i'm
proved and under the operations of the existing nan
cal policy CT tho every year will increase
its value until 1t finally settles down upon pure spe
Gle basis The adoption of the Independent treasury
tystem has done more to improve tho currcncy--to in
crease tho circulation Of gold and silverto increase
the coinage Of American godo restrict the specula
lions of banks in every section of the country-to
cheek populations. and to keep within proper limits
individual creditsthan any public private measure
ever perfected within The history Of the government.
u is impossible to tell what would have bosn the re-
'ult OF this or that measure, had 1t been adopted We
60 not pretend to say the country might not for
time have, apparently been prosperous than IL
has within the past eighteen months had the indie