The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-08-23

I
and believing that an arrangement Of The bin,
night ultimately prove very beneficial to IN
Banking interest of this State. it has hos,
,nonSht advisable TO address the diferen
banks upon the subject; aud if the measur,
IS generally approved of by them, and tn,
terms We can offer are such as will indnc,
them to redeem their bills in Providence. I,
accept of their proposal without DELAY, ant
make immediate. arrangements to carry tn,
same into effect.
1t must be readily admitted that the course
] no" pursued by the associated Banks in Ros
ION mas q direct tendency TO curtail the circu
lation OF our bills in the other New-EnsIand
0'a'es' W hiie the notes Of foreign Banks are
permitted to pass freely with US, and constitute
9 very considerable portion of the circulaiio,
to which we are Justly entitled. An opbortp.
nifty now offers of correcting in some measure
THIS evil by concentration of such mean. as
are within our reach, as will enable us at all
times to meet the demands from other States.
without the aid of specie, and to obtain an
| addl'lonal circulation in our own State. now
taken up by the notes Of foreign Banks. We
therefore propose, that if your Bank will keen
permanent deposit with US of s we will
| receive from the Suffolk Bank the bills of your
Barr, and allow you TO redeem them once a
week, or oftener II desired, in current Bills OF
The Banks IN the States of Maine, New Hamp-
snIre' vermont, Massachusetts, Connecticut,
New DIRK city, or Providence, or drafts on
New York, Philadelphia, and Boston, at sight
or on time with interest off. Every other ac-
COMMUNICATION will be afforded, that our means
WIZ admit OF, either by collections or occasion
al discounts.
should you prefer making arrangements
with some other Bank IN Providence, TO re-
dcem your bills with Providence money, they
VIII be left at the Bank designated by YOU.
You will be pleased to submit this commu-
nIcatIon to your Board, for their consideration.
ana give me their decision at your earliest
convenience.
Upon which no order was taken, until july.
when the proposition was repeated, and ac.
ceded to, as will appear by the following lei
ter, dated
Fail Ravsr Bank, Jatly 10, 1926.
Jos. WHEELocK, Esq, Cashier,
Notwithstanding from conversation our
PRESIDENT had with you, that an arrangement
might be effected through your Bank for the
redemption OF our bills from Boston, and that
you would effect such an arrangement, proyid-
ed we would redeem our bills of Won. or an.
point some one in Providence for thatpurpose.
we have, therefore, agreed with the Union
may receive them from Boston, or as Won wish
Should such an arrangement meet vour
views, you will please direct the Suffolk Bank
to send our bills 10 You. Respectfully. &c.
M. c. DIRFEE, Cashier.
BY this it will appear, that three several
propositions had been made by the Fall River
Bank 20 the Suffolk Bank, and the Merchants
bank IN Providence, for the redemption of its
oliIs; the last OF which il was believed by the
Directors OF the Fall River Bank. being in ac-
corodnce with terms prescribed, was satisfsc
tory, 2:.isu no Doubt was entertained by them ofr
its being accepted.
A we will now be given Of the means
which haze been adopted by the Suffolk Bank
to coerce the Fall River Bank into CO opera
ton with them, ''an the process of restoring
icholeSone circulation" previous to the trans
action which has called forth this statement.
In November, 1925, a messenger from the
Suffolk Bank, on his way to Newport, passed
through this village on Tuesday, with bills
on the Fall River Bank TO the amount of about
$ll 900. On Thursday following he returned,
and presented the bills between the hours of
ten and eleven, A. M. and wished to be ac-
commodated with specie the same day, which
was done and the Bank was not closed until
O'Clock, ?. Nj. in order that lie might be
served. The Cashier observed 10 the mes
| songer, that had he manifested an accommo-
dating disposition, he would have left the bills
the Tuesday previous. To which he replied.
IN substance. that he was in hopes of finding
the Bauk short OF specie, and did not intend to
! give any warning.
| This was soon after the attempt at neeotia.
ton through the New-England Bank. before
| alluded 10. In December following, S8, 900
In bills were sent by the Boston and Newport
wagon from the Suffolk Bank, for which specie
was demanded and paid on Thursday, the
| 18Th. BY the return wagon, 900 were or
dered from Boston, which would be received
| on Tuesday following. On Saturday. the
wagner being in Boston, was inquired of at
the Suffolk Bank, where the specie was going?
He replied, to Fall River. Upon which,
! $1,000 more in Fall River bills were sent by
another wagner by way of New Bedford, who
would arrive before the $4,000 on the road.
with orders to present the bills immediately.
4 and If they were not redeemed on presenta-
j ton, TO cause them TO be protested The
| wagner left Boston late on Saturday, drove
INTO Bedford on Sunday, and on Monday morn
ing, between and O'clock, arrived here
The Bank was opened some time before bank.
ing hours; and, as so much haste had been
manifested in forwarding the bills, that no one
ne'S"' SoUeF OY any detdy on lie part of tn,
Bank here, exertion was made to expedit,
INN, and by 10 o'clock, A. M. the specie 70
the bills was loaded in his wagon.
After this, bills were usuallyreceiyed bv th,
boston apd Newport wagon, once in two O
three weeks, and between a and G, 900 dollar
at time, for which specie was demanded an.
paid, although checks on Boston were fire.
quently offered, but as often refused.
In the first three weeks after Nav rnfurY
enuhg Nay u, there was received S., 10t
~ .ne three weeks, ending June II, 5,40t
In the two weeks, ending July l., 4.7O(
In the two weeks, ending July Is, 400
on honday, July "a, 400
and on Friday, July 90, about half past tie,
o'clock, A. M. person presented S18, OOt
more, mentioning they were from The Snfinil