Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-22

value? What guarantee do they offer the cemmuni.,
tnat they kave not resorted to this measure for tn
Purpcss 81 speculation, by buying up, through the
agents the Shyocks, land sharks and brokeIc, thei
own promises 70 pay" at a discount Of ff'y PEI
CEN! One OF the great maxims Of common law 10
And! re man shall laks adrantage ofhis oca lcrong
ana tne banks Of this city may be assured that w
snail Keep an Argus eye upon them, TO that they
90 not IN the present instance violate with impuniy
lno g,olaCas maxim Of the law Let the suspendet
lar OF their paper at discount, and pledge our
selves to sound the tocsin thai shall make then
trembe with their i'll gotten gains, and expose such
wickedness TO the rerbution of the unmirigaied in
dlgnation Of an injured and insued people.-Ibid.
SPECIE PAYMENrs.-Common honesty would die
tate that SO long the banks had dollar in theil
vaults or property which they could dispose of fol
cash. they should continue to pay specie. But these
devlaons from the rules OF right defended oa the
om the e h.re
YER perhaps, more superficial argument advanced in
defence OF bad cause Specie, like any other article
OF commerce, will 60 where il can command the high
est price, and every effort made by corporations GO
vernmens to reverse this universal law will be partial
and injurious in its operations If the owners OF spe-
che can sell il for more in New York England than
they can here II will most certainly be sent to those
places. And no surer course can be pursued to de-
crease its value at homs and relatively increase it
abroad, than to substitute paper currency in its
stead For specie being useful principally curren-
cy TO disp!ace II by paper would be to deprive ofis
utility and Of course its value. If wish retain
the specie, make its use necessary to the ordinary
transactions Of business and it will not be exported,
for the palpable reason that the community will have
no surplus.
1t was rumored last night that the Legion was to
be ordered Out, and cannon placed so to rake the
principal thoroughfares of the city for the protection
Of the banks!! Words cannot express our ndigna-
ton at the insult, or our contempt for the men who
would resort to such means to support rotten sys-
will not modest you llegally-lhey will use but the
strong power of public opinion, and what little re-
dress the law has left them: Do not urge them to
desperation by an attempt 10 bully them into submis-
sion for you and your force would be to them
than were the troops of Charles X to the patriotic
citizens of Paris But they mean not to resort 10 VIC
lence; do not therefore, lose your senses We know
the feelings of our citizens too well to suppose for
instant, that they would violate the peace; they are
rather inclined, notwithstanding their losses laugh
at the folly Of those who would attempt to deceive
them farther. But we do not wonder at the precau-
tionary measures which have been taken suspicion
always haunts the guilty mind. Ibid
MosILE, May l3.-The Agricultural Bank of Nat
chez, (Mss) suspended specie payments on the 4th
inst, and on the 6th commenced the issue of two and
three dollar notes. being the first of the kind issued
by any bank in that state.-Com. Register.
Last evening another public meeting was held at
the Court House, in reference to the suspension Of
specie payments by he banks. II was called ano-
nymousy, but showed on its face that it proceeded
from some of the dissentent minority Of the meeting
of the 10Th, whose proceedings we published on
Thursday In the notice it stated that the public
meeting OF the 10th convened for the purpose of
calling the banks for this suspension-that il ap-
appeared that taoo-tirds of the people were believed
TO be opposed to such a call A meeting was then
requested rescue the character of the city of Mo-
bile from the odlum Of the call upon the banks made
on Wednesday last"
The intent othe meeting under this notice was then
plainly avowed to be- the obtaining of reversal TO
Of n nj af AZ, ma pu
favorable to the suspension of specie payments when
deemed necessary by thebanks, and public censure
OF this recommendation. Yesterday morning the
banks suspended. Last night the meeting was held
and the proceedings which we publish below, show
satisfactorily, that the views which prevailed in sum-
moning IT. had changed materially. No attempt was
made 10 impeach the correctness of the decision of
the meeting of Wednesday, 10 affix any odiu1R to
these recommendations, the contrary, il was ex-
prcssly admitted that the banks have followed the
Indication of public sentiment in the city" In this,
think there is still looseness Of expression, not
favorable 10 full understanding OF the matter In
this suspension Of specie payments, we have not been
able to any following any leading in the sense
that either the community or the banks, induced or
originated the measure. In the order of time the
public meeting led-but the measure has been the SUBJ
lect Of general conversation among the merchants
and Bank Directors, as an emergency likely to be
forced upoH by the increasing pressure of the
times. The suspension was accordingly more the
result of concurrent movement OF the banks and
the community than of any indication from either
But the declaration of the meeting that the banks did
| follow such an indication of popular sentiment, is q
contradiction to The lmputation that tc0-hirds Of the
people would be found 10 disopprove of the call
| Ibid.
CHARLESTON, May l6, 5P. M.-ADJoURSED MEET
ING OF THE CITIz ans OF CHARLIE ToN.-A most nu
merous and highly respectable Meeting of the citizens
of Charleston took place at the City Hail. this day
pursuant to the Resolution Of yesterday.
The Hon. Robert Y. Hnyne, Mayor of the city
| acted as Chairman, and A. q. Magrath, Esq. O,
| Secretary.
| BAR. David Alexander, from the committee Of sever
then presented in behalf Of the committee, the fol
| lowing:-
| lst. That the notes Of each Bank should be freel,
received by every other in dcposlte and in payment
| debts.
| 3D. That each bank should lay before the othel
banks, weekly statement Of thin transactions.
| 81. That weekly adjustments take place of thu
| balances due by the banks TO each other.
/ 4ih. That during the suspension Of specie payments
the issues of thu banks be confined within the narrow
est limits consistent with the welfare and the want,
| Of the community, and that the whole business O
the banks be conducted with view TO the resumption
Of specie payments al an carly day.-Diercury.
BALTImoRE, May 20-Commodere Dallas com
mander ofou naval squadron in the gulf of Mexico
has thought it his duty, on examining into the cir
cumstan ofthe capture of the Mexican national bri
Gen Urea, by the u. s. ship Natchez, TO give order
for the immediate release of the captured vessel
Patriot.