Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-26

PUsLlC OPINION ON THE SusPENsIoN.-The indie
pendent newspapers, far and wide, are speaking IN
undsguised Of the recent general suspension OF
specie payments by the banks.
The Charleston Mercury says -
1t may be asked whether the suspension OF the
banks in other places will not have the same effect 70
depreclute their paper and raise prices Wherever me
solvency of banks is doubtful II certainly WILL Sut
their is ofmere self defence, not against their
own commIaity, but against New York. They sus-
pend not because they are unable TO MAINTAIN their
natural position but because they will not allow
themselves to be pillaged in the unnatural position
into which they are thrown by the action of New
York. Whether therefore the suspension OF the New
York Banks be approved or condemned their act has
left choice for other banks, and the responsibility
bank which has been prudenty and honestly conduct
ed need now lear TO take this STEP The public are
fully aware of the necessity of it, and will we believe,
universally justify and approveh.
The Baltimore Sun says:
The whole game of suspension has been managed
very adroitly. New York set the example. AS soon
as the hanks of,ha city arrived at the conclusion that
they must suspend they, for the purpose OF .tlfng
popular clamor and duping still further the already
duped, got their dependents and undersrappers to
call meeting in Wall sneet-that common reato for
swndlers, blacklegs, and desperadoes il was
solved that for the sake of the peope-not Tor the
sake of the banks, mind ye-that they should stop
payment! Instantly, as by common consent, 1t
was paraQeu IN tHOSc newspapers uepcHucHt OH lie
banks that the deed was done in obedience to the
public will and not in obedience to the wishes Of the
banks And what was the fact? Not one man in
ten thousand in the city of New York, wished for the
measure or gave it his appreciation
Instantly the policy of the New York banks was
sent off, with all the velocity of railroads and steam
boats to every section Of the counry and soon as
it was received in the towns and cities meetings Of
the people were called at the instance of the banks,
at which it was universally recommended that they
ought to suspend specie payments. The gag was
kept up all parts of the Uson and the banks thus
adroitly threw the responsibility of their conduct
the people, The thing to say nothing about its mora
lity was managed with an adroitness that would have
reflected credit the cunning of Talleyrand or
Metternch. The people have been guled and bam-
boszled.
One word in conclusion. 1t is not our object to cre
ate excitement, or to get up tiltingmatch with the
banks; and we shall, with all the ability we possess
dscountenance every thing like disorder. The laws Of
the land afford remedy for ALI let them be resored
to- and if they fail, go to the ballot box and find III
that source of ultimate justice ample reparation re
peaceable be manly, and do not disturb the public
reposc. The country is in a bad estate; little fire
from the flint" they said at Faneuil Hall the other
day, would Great an explosion.
The state is out of tune; distracng fears
Aud jealous doubts jar in our public councils.
Amid the wealthy cities murmurs rise,
Loud walings and reproach on those that rule,
With open scorn OF government; hence credit
And public trust tween and man are broke.
The golden stores of commerce are Withheld,
And lowering clouds betoke the coming Storm"