The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-12


even previous to that to which the Conven-
ton adjourned.
PROGRESS TOWARDS A RESUMPTION OF
SPECIE PAYMENTS.
The following we take from the Journal Of
Commerce, of the 9th inst
ExcH.NGE-The quantity of Exchange which lay
over from packet day was large and the anxiety Of
sellers to dispose of their bills before the sailing of
the packets was such, that the price was depressed
yesterday morning to 10 81 per cent premium or
only one per cent above par Specie also declined,
though we are sorry say that Banks still
in the market buying. The operation as financial
one is ridiculous in the extreme for the specie
never redeem the currency which IS put out TO OBJ
tain it, and it is injurious TO the public interest," 1t
keeps up fictitious premium on, specie not caused
by the state of trade. and retards improperly the
natural tendency of the currency to return to sound
stale. The fact is specie would in little time go
below the par OF bank bills 1t not sustained by
being a legal tender Specie is coming in from all
directions, and going out in none. A schooner from
Havana yesterday brought $28 900 the bark Ann
Eliza from Vera Cruz 1886 600. The last packets
for Liverpool London and Havre, have taken none,
and beyond all question current of coin will soon
set in upon us from all those ports.
There can be no doubt, but exchange will
continue to decline, as the cotton crop goes
forward to market and is drawn for and the
bills come in--and we confidently predict
that before the lst day of July next, exchange
will fall so low, that specie can be imported
from abroad at profit.
We fully believe the time is near at hand
when the sound banks in most of the States
will resume payments in specie without the
least inconvenience to themselves or to the
community. 1t must be apparent to all saga
cious observers, that soon after specie ceases
to be called for to send abroad, it will cease
to bear premium, and be demanded
1t gives us great pleasure to see the advance.
which the banks in Pennsylvania and Ohio,
have made towards returning again to solid
condition.
The Governor of Ohio in his late Message
makes the following statement
Official returns from thirty Banks (no returns hav-
ing been received from the Bank OF Cleveland, or
the Bank of Canton,) show the following results
The capital stock paid in is 49, 9i7Ols so On the
lIth of May Bank circulation - 0S3, 36l So
On the 9th of November it mas SS5, 7S6,073 80; ma
king reduction, in less than six months of 80 297
2S7 TO- On the llth of May, the specie in
Banks was 81, 1886, 22l 96 and on the 9Th OF Novem-
Der it 50 SIS 800 IL giving an increase of spe
Gle for the last six months Of S27s,99S 81. On The
llth of May, the debt due the Banks, amounted to
Sl704l, 764 "a and on the 9th of November, the
debt due was $l3, 1872, 257 G3-showng reduction
of debs in less than six months OF $3 $40 5O7 10
This statement shows that the circulation Of our
banks is about So / on each dollar in specie. The
amount of eastern funds sold by Banks from the llth
of May TO the 9th of November, is $4,2s3, 437 SO;
and the amount sold by individuals and brokers dur
ing the same time, is 600 90, We cahnot
vouch for the entire accuracy of the last statement
but believe will fall short of, rather than exceed
the true amount
The Governor of Pennsylvania has the fol-
lowing; -.
Returns had been received on yesterday from all
the banks in the State except the Northampton Bank
the Lumbsrmans' Bank at Warren, the Honesdale
Bank, and the Columbia Bridge Company, the whole
number in the State being fifty.
Their circulation, specie, discounts, and deposits,
stood as follows in the beginning of May and No
vember 1887.
Nav. November
Circulation, 1868 ,5i3 o5 | is, I64, $50 81
Specie, 1891 ,073 % 6,906. $40 SS
Discounts Sc 4O77l3 43 60 9i2 1856 90
Deposits, l249l ,00S Is ll936,2T9 81
Hence it appears that there has b,en decrease of
circulation, to the amount of 81 S99 DOB 81,
amount Of SIC AGA S5S 43-or about fifth, and of
deposits to the amount of 1851 72S "a, about
twentieth-and that specie has increased more than
one-half or S24 So 1873 S. The returns yet to be re-
ceived will not materially vary the result.
We are not only gratiied, but are truly sur
prised at the results which these statements
exhibit The contraction, both in discounts
and circulation are extraordinarily extensive,
when it is borne in mind, that they have ia
ken place principally in the season between
two crops but more particularly under the
increased difficulties, created by the official
organ and other "by authority" presses. As
an evidence OF the means resorted to by the for
mer to prejudice the banks,-we give the fol-
lowing extract Of pricate letter, evidently
written under feelings of excitement, publish
ed in the Globe in August last "The histo-
~ of the world never has recorded such base
treachery and perfdy as has been committed
by the Opposite Banks against the Govern
ment, and purely with view to crafty Biddle
and the Earrings, and by the suspension Of
specie payments degrade, embarrass, and ru-
in ifthey could their own country, for the
selfish views of making large profits, by
throwing out millions of deprecated paper
upon the people-selling their specie at large