The Sun.
London, England, 1839-11-20 00:00:00

THE PHILADELPHIA BANKS.

At an adjourned meeting of the Delegates from the
Banks of the City of Philadelphia and adjoining dis-
tricts, held on Wedne,iday evening, October 23, 1839,
the Committee appointed at a previous meeting to pre-
pare and report an address to the citizens of Pennsyl-
vania presented the following, which was read and una-
nimously adopted, and directed to be signed by the
Chairman and Secretaries, and published in all the daily
papers :

" TO THE CITIZENS OF PENNSYLVANIA.
" The Banks of Philadelphia having decided to sus-
pend for a time the payment of their notes in specie,
deem it their duty to explain to the citizens of Penn-
sylvania the reasons of that measure. This they will do
frankly and briefly.
" In May, 1837, the Banks in New York suspended
payments in specie, and the rest of the Union followed
their example. This just and necessary measure was
required by the commercial relations between this
country and Europe ; all the Banks of the United
States immediately directed their efforts to assist the
country in the honourable discharge of its Foreign
debts, and to prepare for the resumption of specie pay-
ments. Tiles,• operations were procecuing in a manner
easy for the country and satisfactory to its Foreign cre-
ditors, when the progress was disturbed by a preinature
effort for a general resumption of specie payments. The
Banks of New York were unfortunately constrained by
law to resume on a given day, whatever might be the
state of the country ; and they naturally end, avoured
to induce all the other Banks to do voluntarily what
they were compelled to do. This purpose was eff.cted,
aided as it was by the impatience of the public, by the
competition of political parties anxious to appropriate
to their re:pective sides the popularity expected from
hastening the resumption, and by feelings of local
pride, which prevented many from declining to do what
in reality they disapproved, and accordingly a day of
resumption was named.

" The banks of Philadelphia were quit:, as ready to
resume as those who were most anxious to be&in, for
they had greatly reduced their r abilities, ,I
,;tig one of
their number had nu less than 7 3,7)7,000 dollars in
its vaults. But they believed teat the country at
large had not yet sufficiently recovered from the violent
shock to be ready for resumption. They recollected
that under similar circums'ances the B..ink of Eneland
had continued her suspension for upwards of twenty
years, and they avowed their apprehension that a re-
sumption in the unprepared state of the country must
be followed by a relapse. Overruled in this judgment,
and obliged, at the hazard of greater evils, to unite
in the resumption, they sincerely co operated in it ;
and, being satisfied that the measure, in order to be
useful or permanent, must be general, they made great
efforts and large advances to the southern and south-
western States, who were thus enabled, almost exclu-
sively by the assistance of the Philadelphia banks, to
unite in the resumption But the inefficacy of the
ea-
sure soon became obvious.
" The southern and south-western states, placed by
the resumption too much in advance of the crops, which
alone could sustain them, gave way at the earliest de-
mand for specie, thus breaking the general line of re-
sumption and weakening the Atlantic banks by the
amount of the advances made to support them. Nor
was this all. The delusive appearance of the resump-
tion worked injuriously on bath sides of the Atlantic.
In this country
it caused the belief that all danger was
over, and individuals rushed into new enterprises, and
states undertook new improvements, relying on the
enjoyment of the old facilities of credit. Abroad, the
extraordinary and honourable efforts made to discharge
its debts exalted the character of the country, and
merchants hastened to sell on credit, and capitalists to
lend on the public securities of a people who had been
thus faithful to their engagements.
"It was then that the anticipations under which the
Philadelphia Banks gave their reluctant assent to the _
measure were realised. And now, after little more than
a year of nominal resumption, the southern and south- foremost in the rank of modern fictions,
_isne7guit.
western states are mere embarrassed than ever. The ! Mrs. Trolope, whose Widow B a rnabY:_s_tuatill;
dire re.
Atlantic banks are weakened by their fruitless ended- ' Alas! what " preposterous conclusions,"and
produce a new novel, quaintly
this single
vouri to aid those states—the commercial debt to I suits, may be attributed to one fault. By
blasted'
Europe is larger than at the resumption—the debt of i defect, virtue may be undermined, happinesse Hod.
the states in Europe much larger, and th • industry wasted,
e specie moans .• temper perverted, charaete n
.°6
„,i9.
designated "O
of the country TAO diminished. The one's friends and relations rendered miserable,oaned ,auat
sumptiou 9.f speoie premature re- made hateful. ,_.....r.„0.„
nosition'full of kindly
payments, therefore ~ has left the
1%1, , greater misery than many Ini"?_,,,, country in a state of exhaustion indeed engender
which has prevented its
that by its very unity it. is more
being able to stand the new feCt3ions, seeing
L. sheelik which forms the more
sins to victim, and more tormenting to his ._ enn
recent and direct ca , use 0,4 the resent suspension—the sing its
her other works Mrs. Trollope has, lu
draw
drain of •
specie t ... 1 a
q itAgianu. tions. In her o
benefited society ; but she can never
or.
11l our. 1 c '•L -7. 1 .N a loos watt Lld h ' 1 gely and slight dc.ree'course a •l • bare the en
tan in laying ng an se is ar
in a better babitatill • i•
, -.Y '1 (4e(- :tor Lik , lal other creditors, she is her Pe" iarisen,, from " one fault."
wil4n, I: i . • L ' . nit i„, frequant y
rulaY'
• r.l "' 4tY more and to lend more while her own '' •. Soltykoff left Mivares Hotel on Mo , 9
%it ' .
•44"a1l Is perfectly eas •b • when she is herself Prince
route ii p.i . . , . . .
,•
.2 a f evi 001
y , IA Q $ pn r ris. Att. r stay in
tor Dace., ...
pie cod she ceases to lend, cczu;.4 to buy, and pro-;
n the French capital, the P • ••••will sauce
rinc..., pr
coeds at once to eJkic.4 payment. Thus, in. or-ditlArY 1 .I___
r tersburg.
times, she ec.eives payment for goods in, our Qwn pro- e
..,.

COMMISSIONER OF THE CITY

POLICE.

—....--. cis
The following communication was sent by the Margo
of Normanby to the Right Hon. the Lord Mayer
or
the appointment of Mr. Daniel Whittle Harvey a 3 C°
missioner of the City Police force : A .
" Whitehall, Nov. 9, 1-3 d 0
"MY Loan,—l have the honour to acknoVile'if'ity
the receipt of a letter of the 2d instant from the onerol`" '
Remembrancer,
intimating that the Mayor, Ald
and Commons of the City of London, iu Comm"' G°ufiri.
el
cil assembled, in pursuance of an Act of the second 9-
g 4,
third year of the r • eign of her present Majesty, caP,-..lty
intituled ' An Act for regulating the Police of the ti
of London,' have appointed Daniel Whittle Harvei,Y;
Esq., of Raleigh-house, Brixton, Commissioner 0f t
._,
Police Force of the City of London, and the Libertte;
thereof, and requesting me to lay the said appointtne°
before the Queen, for her Majesty's approval. at
``l have now the honour to inform your Lordsbi Kittleth
I have submitted the appointment of Danie', SiVlio
Harvey, Esq., to the Queen, and that her DAajestY
there
been graciously pleased to signify her anroval y
in pursuance of the provision of the sairl, Act.
" I have the honour to be, my Lord,
" Your Lordship's obedient Servant.
(Signed) " NORMANDY
" To the Right Hon. the Lord Mayor."