The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-23
CONVENTION OF BANKS.

of the forcible arguments with which il was
presented to the public. The Editor Of the
Richmond Engairer is certainly one Of the
earliest and ablest supporters Of the principles
which governed the last administration, and
which the present one is pledged to preserve
and carry out he is at least an elder, j not
a better soldier" than the Globe; and though
the latter is opposed to the project of con-
vention, we doubt very much whether il be
shy authority"
But we need not waste our time in trying
to convince friends or foes, Of the propriety
nay urgent necessity, Of a Convention Of
Banks, as preliminary step to the resumption
Of specie payments. But if any argument were
necessary, it would be quite sufficient simply
to state the fact that the two parties, or ciques,
who are hostile TO the Banks, and opposed to
Convention, are the advocates Of Sub-Trea-
suries, and United States Bank and
though they are opposed to each other, they
will unite against the State Banks.
TO the Banks themselves we have but
passing remark to make: The eyes Of the
whole country are fixed upon you You are
arraigned at the bar Of Public Opinion, charged
with high crimes and misdemeanors and
you are called upon to plead to the charge.
We advise you to ask no postponement Of
your trial, but to join issue at once, and put
yourselves upon the country.
The next consideration will be, where,
and when this important trial is to take place,
and who shall make the first movements
We think the PLACE, should be either New
York or Philadelphia That the time should
be, at least, as early as the first Of Oc-
tober, if not the middle Of September; and
that the first movement should be made at the
North in the Old " Cradle Of Liberty !" Vir-
GINA first made the call let Massachusetts
first respond to it. The North should be the
first to respond to the South.
Since writing the above we have received
Circular from the Banks of New York,
which has been sent to the principal Banks
of the United States, with the view of calling
their attention to this important subject. The
resolution adopted by meeting of the officers
Of the Banks Of New York, authorized Com
mittee to be appointed to correspond with the
Banks in the several States, /" in order to as
certain at what time and place Convention
Of the principal Banks should be held, for the
purpose Of agreeing on the time when specie
payments should be resumed and on the
measures necessary to effect the purpose"
The Committee very truly represent the ne
cessity Of paying off the foreign debt and re-
ducing the rate of exchange before any attempt
is made to resume specie payments. The
Circular is written in very proper spirit, and
states that the Banks Of New York mu"t re-
sumo, between the first of January and the
middle Of March next. They suggest the lat
ter end Of October as the proper time, and
New York city as the most eligible place for
the proposed Convention. We assent to this
proposition, and shall suppor. it, il. generally
agreed upon We are happy to perceive that
the sentiments of the Committee, concur with
our own, in other respects. The following is
copy Of their
CIRCULAR.
New York, August 10, 1887.
Sir-At a general meeting Of the officers
of the Banks Of the City of New York, held
on the 18th of this month, the following reso-
luton was unanimously adopted-viz.
Resolred-" That committee be appoint
ed TO correspond with such Banks in the seye-
raj States as may think proper, in order to
ascertain at what time and place convention
Of the principal Banks should be held, for the
purpose of agreeing on the time when specie
payments should be resumed, and on the mea-
surrs necessary to effect that purpose"
Having been appointed Committee in
conformity with that resolution, we beg leave
to call your attention to the important subject
TO which it refers.
| The suspension of specie payments were
forced upon the Banks, Immediately by
panic and by causes not under their control,
remotely by the unfortunate coincidence Of
extraordinary events and incidents, the ulti-
mate result of which was anticipated neither
by Government, nor by any par. of the commu-
nifty.
But it is nevertheless undenable, that, by
accepting their charters, the Banks had con
tracted the obligation of redecming their issues
at all times and under any circumstances what
ever; that they have not been able to perform
that engagement and that deprecated paper,
different in value in different places, and sub
ect TO daily fluctuations in the same place,
has thus been substituted for the currency,