Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1825-05-11
GDnrceGttr:
WEDNESDAY, MAY IL, 1926.
THE ALLIED BANKS.

parts of the country, in consequence of meas
urcs which have been adopted by five OF the
Boston Banks, who have combined to compel
the other Banks in New-England to keep de-
posts in Boston, for the redemption of their
bills at that place, as fast as they are receiv-
ed. Most of the country Banks have, hereto
fore, been in the practice of redeeming their
bills, in that city, once week, through the
hands of agents there. But it seems this sys-
TEN will not satisfy the allied Banks'' any
longer, and that nothing, short of permanent
deposit, will appease their hostility. The
measures which they pursue have been de-
Tended by some, on the ground of It's necessity,
in order to preserve a sound circulating cur
rehcy, and toprevent the danger of public loss
by insolvent Banks. But, if this be the OBJ
sect, why are their principal efforts directed "a
gainst Banks whose standing is, and ever has
been, unquestoned and unquestionable-
banks, which, as will appear by the returns,
have much larger amount of specie, in pro-
portion to the debts they owe, than the Boston
Banks.
1t is easy TO perceive that the system, pro-
posed by the Boston Banks, is calculated, if
carried into effect, to destroy the income and
usefulness OF other Banks. IF they succumb to
Boston, they may next be compelled to make
deposits in Providence, in Salem, in Hartford,
or wherever else their bills may be picked up,
and thus, while their funds are scattered to
the four winds Of heaven, they must with
draw their bills from circulation, or be depriv-
ed of the means OF rehceming them, at the
only place required or contemplated by their
charters-at their own counters.
Should retaliatory measures be adopted
should the other Banks combine against those
in Boston, and collect all the Boston bills they
could, and make simultaneous demand for
specie, refusing, as the Boston Banks do, to
receive their own paper in exchange, it would
most probably compel them to suspend specie
payments, and cause greater embarrassment
and distress in the commercial community
than has ever before been experienced.
But greater and more permanent evil to
Boston is to be apprchended in the loss of
trade which must be the consequence of the
hostility engendered by these operations. 1t
may be said that trade will go where the fa-
ciities for it are the greatest. We grant it,
hut there are many places SO situated that
there is but little choice between Boston and
hot ~ ~ IL
Al the former place without something of this
knd 10 divert it, because it is already trans
acted :bcre, and there the dealers have their
business connexions and acquaintance. But in
these places tritiing excitement of this kind
is sufficient to turn the course of trade. The
discussion of the subject induces one and an
other 10 try the New-York market, who, 9TH
erwise, would not have thought of it, till they
get in the way of going there, and, when that
once becomes the case, they never return.
The enterprise and the liberal spirit of the
NewYorkers is every day extending the cir
Gle of their trade, and encroaching on that of
Boston, while the latter, instead of the spirit
of accommodation and Cancellation which
would secure to them their old friends, which
is manifestly their true policy, seem resolved
to drive them away, and to throw them into
the arms of their great rival.
We have made these desultory remarks
more in sorrow than in anger" We feel a
deep interest in the welfare Of the Metropolis,
and, heretofore, the emporium Of our State,
and Of New-England, and wish TO see her pros
porous and fourishing. On herself, it must
depend, whether she continues so or not. II
the present suicidal course is pursued, por-
ton Of their trade must be lost, and, when it is
gone, it will be but poor consolation, to know
that, in exchange for it, something has been
added to the Golfers of an overbsaring monied
aristocracy.
FIRE.
On the morning of the 18th inst. between
the hours Of l and Q, the inhabitants of this
tewn were alarmed by the cry of Fire. II
was found to proceed from the large Black
smith Shop, owned and occupied by Levi
Howe, few rods east of Capt. Thomas's
Coffee-House, which was entirely consumed
with all its contents. Several buildings were,
for a time, in imminent danger. but being favor
ed by the stiffness Of the night, and the damp
ness occasioncd by the recent rain. the citi-
7cns were enabled to prevent any further dam
age. We think we have, at no time, wit
messed more promptitude and zeal than was
displayed on this occasion. The people as
sembled very quickly after the alarm was CIV
er, and every one seemed willing to use his
best endeavors to stay the ravages of the
flames.
The loss, we understand, is estimated at
from six TO eight hundred dollars, exclusive