Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-26


just Issued by the banks Of this city, requesting general
venop for the purpose Of maturing early resumption OF
specie payments The following the official document
CIRCULAR.
New YoRK, August Is, 1887.
the city ofNew York. held on the 18th Of this MONTH the
y % 70
with such Banks the several States may think proper in
principal osnks should be held purpose agreeing on
the time when specie payments should be esumed and on the
Having been apponteda Committee conformity with ba!
resolution We beg leave to call attention to the important
The suspension Of specie payments forced upon the
control remotely BY lie unfortunate Of extraord
nary events and incidents tie ultimate es. q gie uas aac
But nevertheless undenia5le, that, By accepting their
their issues at all tines and any
and that deprecated paper different ID value IN different
thus been substituted for the equivalent to geld and
silver which, and other they were authorized ana had the
Such state Of things and ought tolerated any
longer than absolute necessity requires We certain
that you unite with in the opinion that is paramount
and sacred duty Of tue banks every effort
and accelerate desired result and that they must be pre-
70 w s s % ls
OF foreign exchanges
No banking system indeed be tolerated. which was not
ofexchange But the difference great between continuing
asa IN ea AND Es DO e
danger speedy and fatal catastrophe resume
essened adjusted reduce exchanges to true
specie and the risk Of mme late expectation pre-
eicns metals shall have thus been removed
The Appearances IN that re'".ct hare become aering
% s et spr ns sa, e. rpsa sGs @ ss
shall begin operate Yet we must not re-
they may resume before the ability to sustain
shall have been asceraned the actual reduction
Buteven the apprehension of foreign drain Of specie
a. the great object in view cannot be effected
in he tho
Union Those Of this city had the misfortune to be- with few
ability susta the time specie payments appearstbat
became absolutely for the other banks the
efany particular section without general expana
Sn =. s s%s Of the
e. and 70 be % pre-
relates Inc banks this city Of opinion tina.
may, and ought to, SHOULD perhaps say that they
s ss5" ssss a "s rss ss s .s'
Both the Time and place Of meeting in convention Of
the banks In order bring the subject definite shape be
tore YOU NE merely suggest the sr Ed Of Ocossr as TIE pro-
sufficient time win have then elapsed to enable us to Judge
of the which adopt in reference the
subject Whatever may be its action the the duty
their views will be the knowledge Of their being sincerely
e e s snd s
also due to all the varied interests Of the country
We address this letter other bank city state
than those herein desgnaed pray you collect and
ascertain the opinions Of the Others and to communicate the
The intensity moral sentiment has driven the banks into
this Yet must not be believed that all the banks
stimulated by the motives Among the New York banks
there great Of harmony unity of acsn. The pre-
sent only proceeds from few, the State r.
National Bank Of America and few others The Manhattan
Bank has already resumed specie payments redeems
notes daily at its counter.
The resumption ofspecis payments graduate quaza.
ton of the foreign and domestic exchanges absolutely
cessary for the healthy action of trade and
irredeemabe paper currency IN time of peace will
stand-yet do not believe that smethird Of the
banks throughout the country Be-
1914 and 1917, like suspension Of specie payments
existed and the banks, in these days. could have
resumed unless they had made profits equal seny millions
of the by trading in treasury drafts The
Enlistment Of the United State Bank in 1917, had
effect In restoring specie payments than abroken reed was
the profits that the State banks made Of the
that enabled the banks sound principles BY the
fluctuations OF value produced by the and the drain Of
specie they reduced redeemabe paper Institutions
The great overradng and ovcracon of 1885, 36 has pro-
duced catastrophe similar that Of the OF l82a like
depreciation in values like huctuaticn in prices The
results have followed and will Nothing the state
banking system but general cutalmen and restoration OF
sosnd banking principles That such policy win crush
progress there doubt-bu how TO be avoid
ed how the banks continue the edeemable paper
ten, Let then issue much paper they please
later, they must curtail TO pieces.
great opposition will however be made 10 this policy by
the Philadelphia banks those favor Of that moned cene
New Orleans and New York will however, proceed in the
teeth Of all opposition specie payments AT early
day. Aresdy symptoms OF early organization Of
internal exchanges elea from the best authority that
exchange several parts Of the south, have fallen, asa remit
beginning be received On Charleston, exchange
fallen per cent and several other points in like
proportion The foreign exchange up and specie has rsen