Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-21

Monday, Nov. 40, p. M.
The banks Philadelphia have at length come into the
by the banks city, for the purpose of
aeniag the resumption Of specie payments On Saturday
last The Bask Committee of Wall consisting Msrs
Gallatn Lawrence and White reply their Cir
cuar nom the Philadelphia banks agreeing the PROPOSE
ton and designating OF delegates represent them the
convention 10 be held here next Mon lay.
Various have been assigned for this change the
policy of the Ph Philadelphia banks
The New York Circular dated in October was transmitted
TO the Philadelphia banks the period witt
the other institutions No received however till
the close of last week. During this interval Of silence, the
Philadelphia banks not idle inactive We learn
The best authority that they held frequent among
themselves and that the United States every OCCASION
was decidedly against the proposed by the New
York banks
II was supposed, during these deliberations that the
fnsa of the Philadelphia banks proposition,
would have the effect prevent the convention meeting
at all The object Of Mr. Bidae and the Philadelphia banks
undoubtedly, prevent any being taken,
towards resumption unless should be accompanied with
charter from Congress to his bank, for period of twenty
years The suspension FASTENED in May last and adopted
ia order teput that institution in position compel Congress
to his terms ANY Convention held in New York. and
emakang from New York have he effect Of leading Csn
believe that National ank be created,
this city iSht be its eligible position. To prevent New
York from ava gi,elfofthe gradual revolution taking place
IL public opn on been Mr. Bde great policy object
ore last six months Accordingly previous session
OF Congress- he conved by studied refusal the New York
Bank Circular of last SUMNER entirely break
meat and adoption by The banks When second
effort made last month assemble Conve nton here
the 9th, the policy determined upon by the Phia
depha hankso put down and discounenance the Conven
teni New York.
In the me the moral the community and the
correct principles banhag had into action and
produced healthy tone Of mind The Virginia banks
the FIRST to reply TO the Circular and to come into the
on. Then the Maine bankthen the Boston, then the Geor
gia then the WESTERN all followed Baltimore also oized
movemenbut yet the Philadelphia banks ung back and
discounenanced the movement.
Things went usnl The sui jet agitated ia the
public prints and became topic of general conversation
in every mercantile circle. II confidently believed and
that the resumption Of specie payments identical
with the OF healthy action in all the elements Of trade.
The Of the times the disruption CONNER
confidence could alone be corrected by vigorous effort
banks towards that able result Noned would
their CAPT in enterprises till harmony
action principles of honor and integrity restored
among banking Institutions These ideas from pou
and obscure hints, gradually, ill they became the
firm and enduring sentiments OF the community.
this Of the public mind the CT the
rapidly ahead, against all opposition II also
began perceived that citing Of all the leading banks
in the in New York. might lead TO the formation Of
general system oexchange with its centre in New York. that
would all the OF organized Naonalank
for he equalization Of the The complaint al
the the Of exchange running
excessively against them Atths these are 10
per against the sou, and to IS the west-bo
Of New York. Now il very easy leading
banks in the several districts country general ys-
exchange and deposit snch viii give equal
zatien the curency nearly which exists
New York and the interior banks a this between Bos
and the other banks Of New England BY skfn adjust
various parts ofour mnlarious systems Of
cy possible give Justly and wheIe
and, method could this be effected through
medium Of bank Convention, representing all moned
interests of the country.
This being therefore, the probable result Convention in
New York. the Philadelphia IT, s. Bank has taken the sarn
and Mr. Bdde having sraciously taken off the
which he had placed their free agency,
them accedng that they survey still
the keeue jealousy and fear For this and jealousy they
have abunden With the sPec liberal
monetary by legislature hink
difficulty before the Convention attempting and
ing in complete publication OF the currency and the
shment Of system, the in this city, tend TO
bind country and its cal in
dssoube ties for long time The ba ks that will
be- in Convention will probably control elements
ia the following amount:
Capital, $i5oO00,C00
Circulation, sO,0co,0o0
Specie, e0.00e,O00
BY placing only half OF this specie SoOeoeo
Calculations revo've about system could be adjusted
that would be OF incalcuabe benefit the monetary interests
OF the whole nation
We shall enlarge these views another occasion Stocks
today closed in anruor particularly IT, Bank shares About
100000 specie arrived today the Phillip Hone from Africa
Sales at the Stock Exchange.
NovERteER 20, I'm.
L. Bank 1914 al2l3 ~ ITtica