Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-08-31
DOMESTIC ANTELLxGNECE.
BANK GIRO ULAR.

NV YORK. Aug Is.
Sn--At general meeting Of the officers Of IN,
Banks Of the cry ri Now YorL. hcd on The 18th Of
tina mouth, the following resolution was unanl,i.ous-
IL adopted. VIZ:
Resolved, That committee DO appnif,.i /. cor
respond With such Banks in the several States a.
thy ihlhk proper, in order 10 ascertain at what
tln1e aud place a convention If the principal
Bants should be held for the purpose agreeing on
the tune when specie payments should be resumed.
aud 81 the measures, necessary 10 e1ert that pu,-
pase."
slayue teon appointed committee in confor-
mu, wh lint resolution, bcs Leave 10 call Your
attention TO lhc important sobJec, to which II
irts,
The suspension ofspccic payments forced mp
the Bank, immedalcly by pane md by ean@ea
uofsnndef their eonnol, remotely by the unfor,u-
uale coincidence of extraordinary events aud ue,-
dents. the ultimate result Of Which vas anticipated
neiher by heGoyeranept Of by an, pant OF tire com
nnanty.
Bul II is nevertheless undeniAhlc. that, By accept.
lng lher eha,.cr the Banls had contracted The OBJ
aaatcu OF redrcmus thcir issues at all times and I'M
Ae amy circumstances whatever; that they have not
been able Ia perform that engagement; aud ths, "a
deprecated paper, differing III value III different pin,
ces. and subject 10 daily fluctuations IN the same
place has thus bern substituted Tor the currency E..
qulsalru 10 eo or SILVER, Which. aud 10 other they
were authorized aud bad the exclusive n. hi to issue
Snch stpc or'lhiugs cannot aud ought no, to be
tolerated lny longer than absolute uetes sity re-
quteB IT, Ne ar very certain, thai YOU unite with
is III he opinion that II is the paramount and most sa-
cied duty oihe BACKS to exert every cliur,,n adapt
every measure WITHIN lhcit power, winch may pro-
moe and accelerate tle desired result; aud TINT they
must b. prepared 10 resume sprcIe payments with
in tn shortest possible notice, Whenever favorable
traton 5Aall occur IN the oi foreign OK
changes.
We are quito aware of the difficulties which must
BIZ surmounted, aud ofthc mpfarurty OF any pre-
lunut atempl. No Banking system could, indeed,
hr tolerated. which mas not able 10 withstand the
binary aud unavoidable nnctuaiions of exe hangc. Bns
the difference IA great between continuing and resun-
ing aprcr paNmcuts, and wedo not believe that tho
lanhs IN The United States can, without running tho
imminent daabcr OF anoihcf speedy and aral taias-
trophe. resume such payments before the foreign
debt shall have been iar lesscncd Or adjusted.
tednce the rae OF exelag"s 10 true speoie par. and
the ris, of immediate expectation Vi lhc precious
metals shall have thus hccn removed.
The appearances in hat respect have become mora
nauetng, uni IT IS not improbable that the
peeted chnae may taxi place shortly after The neN
crop principal article of exports shall begin
operate. ei arc scnSihle that VIC must not rely
on eoncc,mes, aud that the Banks comet designate
tae time when lhcy may resume, before the ability
.r,in spnefst pa tucnts SHAH have been usceiiin-
ci hS The actual reduction IN the olibo cN,haD-
gea.
ir even WHEN the apprehension Of ioreig n drain
OF specie -hill have ceased the great object in view
etnne be effected without concert al the Banks in
the cvrrp sections oflhc Unon. Those OF tins ci.
" hal the misfortune 0Nf, Will lew exceptions, tho
FIRST that were compelled To declare their inability to
.lisain loI The time specie payments Happcars that
II became absolutely necessary for the other Banks
pursue the salnc course aud II would be likrwss
uptacclbc ior those OF any particular section
sumo without general co operation of al least tho
nnelpal Banks of the greater part OF the country.
4 mutual and htc communication OF their resp~c-
ave situation, prospects and opinions, seems 10 no
necessary preliminary step, 10 be followed by a
convention at such time and place ~ may be agreed
upon.
u relates Ia the BANKS Of tins city Of opin-
un fi1 prUylrd the cooperation OF the other Banks
obtained, thry may, and on-h 10, We should
'fehaps saY. that Hey must resume specie pay
ments bcl'le next SpnuG or, 10 be more precise be-
wcrn rhc Gtsl ol JIuuary and the middle Of March,.
le32
Both lhe tanc aud place of meeting in convention
must Of cun1se be- determined IN conformity with tho
p en- al Wi tes of the Banks In order bring the
,u5jeet IN i inlc shape before you, we merely
,uegc. the latter end OF Dctoher as the proper time.
,nd lhls city the most eligible place for the pro-
posed convention.
\ sufficient Zinc will have then elapsed TO enable
s 10 iodge oi the measures which Congress may
lopt M ference to HE subject. Whatever may be its
lclfon on the cHey, the duty of resumng remahs
.csa,ue * mn the perform e by the Banks. II any
lunglHjced can ptodnce an effect favorable TO ther
lew. viii BE- the knowledge OF Iheirbelng sincere
!, and earnestly engaged in eliectng that purpose.
early indication OF the determination of the banks
v III have beneficial Influence. by making them all
lwuc fhe necessity Of adopting the requisite p,eli-
iitnay measures and the information is also due To
III The varied interests OF the county.
We addte tins letter To other Bank in YOUR ci-
y State, tiant those herein designated aud mrpray
10 collect x ascertain the opinions ofthc others,
Tad 10 communicate the general result early as
We have The honor be respectfully, Sir, your
most obcdleut servants.
ALBERT GALLATIN.
GEO. NEWBOLD,
G w. IAWRENCE