Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1837-06-03
VOLUME WILL
From the National Gszciiee

wepresent to our readers to-day third letter.
Mr.. Adams from the President Of the Bank Of I,
limited States, which will 0e read with not less Il
Aesese and advantage than the preceding ones.
= q oesfecsIy clear and satisfactory exposition
ths existing state Of things, and cannot fail to ca
~ CONVICTION to the minds Of all, shows tb'
lie course adopted ny the banks Of Pn'ladeIPh
49, imperaiively demanded Ivy circumstances b
vo,d their control, and that il will be most condo
e;,e "a the Ultimate benefit Of the community an
eountsy,-,hat the Bank Of the United States b.
Aees sctustcd in this measure by the same sp'r
n oa:ruissu and wisdom which has guided all u
eeccecdinRs, and that il will be ready At q moment
warning to do its part in restoring matters to ihe'
fsussr conditions Of pace and prosperity.
P"lLADELrHrA, May 18th, 1897.
Mr. DEAF SIs: You were good enough 10 ez
,sess . wish to know my own views Of the Presen
state Of ,hings, and hasten TO give them wi'hou
Ssresve.
Won NAV perhaps remember that in my letter 4
vou n the llih Vi September last, ! stated wha
seemed the real cause Of the embarassaDents ibe'
existing, and the appropriate remedies for them
adding that by their adoption coincidence wpuIt
be restored in twenty four hours, and rePose tIeas
+. n MANY ys"-S,x months further experience
has only confirmed my opinion. believe now, $
believed thec, that the events ofihis week mig'
| have been readily prevented-aDd that the unh'"
n
bss reduced the county to- its present cOnd''n.
| Bot have ND leisure TO discuss the subJed,
sad no disposition indulge unavail'Dg regret
h will be more profitable look distinctly at IT.
,eesent position Of the banks and the country, an
suQgc st their sespe ctivc duties themselves am
b each other.
All the depositc banks fthe Government ofth'|
ppiial Ds,cs; n The city Of New York. suspended
N sDeci pB menis this veek-the deposite bank,
L g. 0hpip Clo vgnsl
l Of eosne adepted by the date banks not connect
| ed viii lie Government. sly IS course, becausel
\ il sreaia that when the Government banks cess|
ssDpay specie, all the other baD;s must cease, III
Il Ms clear reason. The great :rediiOr in the VI
ised States is the Government. Z receives for d".l
- the s,trs of various banks, which placed
e collection IN certain GOven :Dcnt banks ani
~ paid To those Government baks IN specie, III
sluested.
MN m these Government bans, the depOsfOries
II e ,he,,,tlc revenue, will not py specie, for the
l verv warrants aSawn DpOn them the Treasury
10 Gsc,nmcn Of the United Ss,es from that mo-
ment seases 10 pay SPECIE IL thsCi'izens Of the U
! oi,ed states. rs moreover TN Government re-
+es ST duties only specie and he notes Of sPe-
;,ry B,Dis, the instant t. own deposie
cease To lay specie. the Government must
- to receive the notes Gifts deposit B,nks
and can rcceivenO notes excep. those Of Banks
) MT depOsite EhIks- On the hand then the
Government is bound 10 pay its d1is in specie, and
! has NO means Of procuring spcie excep, from
The Banks no connected with THE Treasury, so that
tsesc Banks find all heir notes olIecied and paid
nto the Treasury fs duties. converted Immediate
into specie for the sse Of the Gwernne TT while /
De deposit Banks wi not pay their debts to the
lsahes Banks - specie nor pay the Treasury war
tanis in specie- Takafo instance this example,
The claimant under the French indemnity had GER
IN Wpn'es q" ." h"1'" Francs-'The Govern
Yen, imported it N gold for ht-and when the
lhy of d,svibu,on arrived he osined an order for
bic portion. But instead If receeg his own share
ID his own prpeT identical goldbe has received
ei,her gold nss silver, bat the noA Of the deposit
anks-which very notes the Gernment itself
MUD refuse to receive from d yery claim
=, for any deb which he might Ow 10 the Govern 7
Dcnt.
So long therefore, rs the COVE uncnt and the
Government Banks will not pay sc,c to other
Banks, IL Willie rasbness in those anks to pay
sseie to then, as they cannot make d.crinina-
tn in those ,hom they " III pay, thsely alterna-
I've is to cou,ar With tto Gov ernmenl3 nks in the
eeseral snspe,sion. Our Philadelph Banks saw
Nh They bought ], useless to car. on 50 unc
@al IN intercourse, in which they 10 pay to
New Yosh, shile New York rrfusesA, pay 10
resasy Ivanss for IL the Pennsylvania inks paid
chile those oNew York did not, the soe reve-
ne woGld i've been TUNED INTO Pasylvania
eses, and spcie demanded.
10 The midi cf these disorders the Bk Of the
United State occupies peculiar Posi,is, and has
Qecial duiie. Had it consulted mere Its ow n
aeneth, il tsoud have continued its syments
without veseSe. But
lss. Ikclll other Pennsylvania Banks owed a
: uj1ay TO the aizens ofOur State; and isss,s no,
dspOsed to And aloof from a general rSement
of the other Ate institutions. which hoover il
night ve2resf could not censuTc.
= ID. II vast inclined, moreover to dcredn,
y refusal ideceive u, the paper Of tn U,her
hate Banks 4ich had ceased to pay spec, still
~ to force il Pennsylvania dcbtors to pstheirl
ssss IN speed when other citizens in oshehsa,esI
nee allowed pay IN a less costly medurr thus
q 0akIBg dowhor the benefit of other State, the
y nsehants andlnanufacturcrs and mcchanD of
1aasy Ivsnia.
a. While II vaults Of all the other bank ssere
zee I'D, the GovSnment Of she United States sO!d
- lve no resuurdto procure specie, but the Blk OF
> United Stat, which ought not to assumelhe