South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1837-05-20

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much more danger is to be feared from
the disrepute and alarm of this event,
than from the event itself, bad as 1t is.
THE PHILADELPHIA BANKS.
THURSDAY, IL o'clock A. NJ.
At a meeting of the Officers and Directors
of the several banks of the city and county OF
Philadelphia, held at the Exchange on We'd
nesday evening, May 10, 1887,
THOMAS SHARKS, Esq, was called to the
Chair, and JACOB FIRTH was appointed sec
rotary.
The proceedings ofthe meeting ofthe Mer-
chants and Citizens, held at the Exchange, In
relation to the suspension OF specie payments
having been presented and read, a committee
of ONE officer from each bank was appoint
ed to prepare preamble and resolutions who
retired, and after some time reported the lol-
lowing, which was adopted:
Whereas, under the peculiar circumstances
in which this community finds itself placed
by the suspension of specie payments by our
sister city of New York; and whereas, IN the
existing state of the balances between the CT
ties, which would cause certain abstraction
the chief part of our specie basis, much OF
which could never be reclaimed; and where
as, the measure has been recommended by
large meetings of citizens, to the proceedings
of which publicity will be given in the morn
ing: therefore
RESOLVED, That this meeting recon-
Z mend temporary suspension Of specie pay
ments as measure which, however painful,
will be less disastrous to the community and
institutions of this city and county,thaf avaln
attempt to continue its payment in the pres
emit state of things.
RESOLVED, That, in the mean time, the
notes of all the banks will be received at the
different banks as usual, in payment of debts
On motion, RESOLVED, That the pro-
ceedings be published andsigned.-lnquirer.
BALTIMORE, May IL, 1887.
At meeting Of the officers of the
several Banks Of the City of Baltimore,
and Delegations ofDirectors appointed
for that purpose, representatives from
all these institutions appeared. Robert
Smith was called to the chair, & Rob-
ert Mickle appointed Secretary. Mr..
Speed after briefly explaining the OBJ
iects of the meeting, submitted the fol-
lowing resolutions, which were unani-
mously adopted -
ResoUed, That in consequences ofthe
information received this day, that the
Banks of New York and Philadelphia
have suspended specie payments, it is
expedient and necessary for the Banks
in this city, for their own protection &
the interests of the whole community,
to pursue, for limited period, the same
course.
Reso1ved, That while the measure is
recommended from belief in its i'm
perative necessity, every assurance is
felt in the stability Of the moneyed in
stitutions of this city.
From the Baltimore Chronicle, May 8.
The notes of the Farmers Bank of
Virginia, a depository of the public
funds, have been, for the last week,ut-
terly worthless in the Baltimore mar
ket. BY this we mean TO say that they
could not, for several days, be turned
into such funds as would answer to
pay debts due at bank, at any price
Whatsoever; and we may add that they
have, for three months, been only avail
able at sacrifice Of from two to four
per cent.
The notes Of the deposite banks in all
the Western and Southern States are
now and have been at discount in
this market of from three to ten per
cent. and are scarcely available, even
at those rates.
The notes Of other Western s. South
ern banks are, in many instances, alto
gether unsaleable, and answer the usu-
al purposes Of money scarcely better
than the products of the lead mines of
Galcna.
There is at this hour, in the United
States NO bank, except the Bank Of
the United States, chartered by the
State of Pennsylvania, whose notes are
at par in all parts of the Union, or con-
stitute general circulating medium"
There is, in fact and in truth, in the
United States no currency at all which
answers the purposes of business, and
that it is in consequence ofthe want of
this currency; rather than from any
absolute insolvency, that merchants are
falling, banks are obliged to curtail their
discounts, and ruin and desolation are
usurping the places of prosperity and
improvement.
The Hagers-town Torch Light says
we have just been shown letter
from gentleman in Baltimore dated
Monday the Sth inst, which says
"Last Saturday was an awful day here.
We had three large failures, and to-day