The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-30
TIE CONVENTION OF BANKS.


copy of the Circular, which has been address,
cd to the banks OF Richmond, by the banks
Of New York We are happy to announce
this invitation-as one of the decided signs
of an approaching amclioration Of the cur
rcncy. The committee OF ,hcbanks Of New
York, frankly state the difficulties which stand
in the way Of resunp,lon-hut express their
confident belief, that they will be able to re-
sumo their specie payments at as early a day
as " between the lst Of January and the mid
die Of March," at farthest We understand
that the committee have requested the Presi-
den, of the Bank Of Virginia to address their
invitation 10 the other banks of the State.
We cannot doubt their disposition to accedc
to the arrangement. We learn with pleasure,
that the Bank Of Virginia has already deter
mined to Join the Convention: The board Of
the Farmers Bank of Virginia yesterday laid
the Circular on the tulle, for further action
! We. chceriully subscribe to the following SEN
tincnts of the " Hartford Patriot :"
"That something must be done in relation
to our monetary affairs, and that quickly, is
apparent to every discerning man. The peo-
pic will not much longer submit TO an ire
decmablc paper circulation. II the banks, in
the language Of The Richmond Enquirer, add
to the sins they have already committed, the
sin Of refusing to adopt the proper means Of
an carly resumption, they will rue the consc
uucnces' The vengeance of an offended
people will fall upon ihcm-thcy will be ire
>isibly imprllcd to pay spccle-thcr privi-
lcges will be cut off by the l.egislaturc-no
dividends will be made, and their days will
be numbered. II IS our strong conviction OF
this, that has disposed US to do all in our pow
er to awaken public sentiment to the subject,
and IL force the banks to resume specie pay
mcnls as soon as possible to redeem the coun-
try from the nconvcr1iblc paper with which
it is scourged. The subject of the currency
is an all-absorbing and moncnous subject,
and one in relation to which there is 4 great
diversity Of opinion. For ourselves, however,
we cannot think that the banks ought to be
permitted to enjoy their privileges, ~hiLM Mfy
Stund 0ut IN opcn rioiai,on 1T their obHgutions
We cannot believe that they ought to be per-
mittcd to issue paper and make dividends (al-
ter reasonable tm") "htIM they poy mt a
cent We feel as if these transgrcssiols could
be pardoncd only upon the express condition
tina, they conform 10 the law--to such other
and further restrictions as their past abuses
have proven 10 be necessary; and resume
Sp"cic pdYmcnks as S3On as poysihh. We are
ready and willing to admit that the interests
Of tn" country demand thorough reform Of
our banking systrm--hat it is 'wrctchcdly
defective We 90 Tor al entirely new organ
izitlon Of it. We shy huo 10 that, also y
But it cannot bc'done in a day or year. The
situation and interest Of the country iothid it;
they forhil all sudden tran>ions all violent
measures and To this voice We are ready 10
yield ohedicncc.'
The Madisonian" would have preferred
New York or Philadelphia, a, the place Of
meeting and the time to be as early as the
lSt Of October, and that the first movement
Should be made 1t The North, in The oil Cra-
die Of Liberty Nirginl first made the call
let MaSsao hns"trs first respond to it. The
North should BE- the first to respond 10 the
South" But after recrIvln. the y. Y. cir
rular, the Ma'lisonan" "assrns I, It's
proposition, and shall support il, If generally
agreed upon" For our own parts, We should
have also preferred IN carl,'r duy, and Btlt-
more, to either New York or Philadelphia
among other rcasonS for the purpos" Of beng
more directly in communication with Con
grcss. Bat we would take almost any place
or time. We would yield our wishes in de-
tails-lVc 60 far tie MAN oycci We pre-
sumo the Presidents Of our banks will not
sickle for minu,iT. -R,rhmoad Enquirer.
That there are evils connected with or banking sys-
tenn no man w deny bat that these evils Of such
magnitude render the destruction of the whole
tenn necessary is By no means established or conceded,