The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-06-02
TO TIE STOCKHOLDERS

Ofht Baak Of Tia State Of N2Y't Carolina.
The foregoing resolutions, adopted by the Dl-
reclnrs of the Bank, VIII lntorm you that they
have determined for the prescott, and under exist
inp circumstances, 10 suspend tuc payment OF
,-.cIo. This determination was adopted on dc
Is,rltr consideration, under deep sense oil hea-
w responsibility, with painful reluctance, and not
uu,H general suspension OF AL the banks IN the
commercial Union, and Ia the adjoining states
An imperative sense OF duty to you aud tie peo-
ple of the state impcllcd them 10 the adoption OF
ihe measure. They lec justified in the motives
by which they were Influenced, and for their APP
prnyal. rely on your caudor aud libcrahty.
Before fesortlng to a measure, the defence OF
which can be- placed only on lr1 ground Of dbs0.
hIie necessity they adopted all the means IN their
,.,,er Ia reduce the liabilities OF the Bank and 10
STRENGTHEN It's resources tor maintaining the cred.
1t il bas sustained from It's organization
During the past fall aud winter, they brought
tr.,n abroad large amount IN con-theV have
transferred specie from the stronger to the weaker
pDlnts of the Institution to sustain It against all
ptubablo demands they have reduced the out
standing debt during the last six moths, nearly
haIfa million of dollars, and would have reduced
II sill further, but Tor the inability of their debt
srs, produced by unavoidable causes, and the unit
ycrs.l nrosttatlon OF commercial credits anu tuey
have, IN the same period, reduced the amount OF
notes in circulation upwards o. halt million o.
dollars. After the adoption OF all the means WIN
in their control, To sustain the Bank IN the anlc.
ualud season ofdllficulty, and feeling reasonable
confidence in their ability 10 bear their faIr pro-
portion of the general pressure, they found them
selves surrounded on all sides, by Banks several
of which are indebted to this Bank,) which have
determined to suspend their payment III Specie
and exposed TO the demands of all, who NAY
choose to hoard up coin, and the exacons OF Those
" hose business is 10 make all the profit they can
by selling il at premium for expectation.
Fully satisfied that, under such circumstances,
they would very soon be compelled by the rapid
demands for coin, aud the consequent eNhaus.
ion of their vaults, to decline the payment of sPe-
Gle they believed II TO be their duty not to post
ponc suspension to later period, hut 10 suspend
at once, and, by so doing, preserve the means OF
enabling the Bank to resume efficiently the pay
mcrt of specie at future day.
The Directors did not feel themselves at liberty
to contend for the point of honor" Involved IN
the contest, at the expense of the stockholders and
debtors Of the Bank. No possIbl. benefit could
accrue TO the people Of thus state, by their adopt
ing u coufsc, which would have transferred the
,pecc from this to other states or foreign parts
while, hy retaining ii here, 1t would afford ample
means for the resumption Of specie payments.
You will perceive by Que Of the foregoing reso-
lu,ons, that it is not intended to extend the bust
ness Of the Baak, but 10 curtal its operations as