The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-06
! PHILADELPHIA BANKS.

was presented TO them, and have returned the
following answer:
Whereas, proposition has been submitted
to this meeting, on behalf Of the officers OF
the banks Of the city Of New York, for calling
convention Of delegates from the principal
banks in the United States, TO be held i'm New
York, in the month Of October next, for the
purpose Of adopting measures for the rcsump-
ton OF payment In specie by the banks. After
mature reflection upon the proposal, and the
reasons assigned for it, this meeting has not
been able TO adopt the views presented in the
communication, and they deem it proper to
state briefly and without reserve.the reasons Of
their dissent.
The banks Of Philadelphia fully concur
with the banks Of New York, in their anxiety
for general resumption Of specie payments
with the least practicable delay, and they
would cordially unite in the proposed con-
vention, if they thought it at all adapted to
promote that object. But they believe that
the general resumption Of specie payments,
depends mainly, if not exclusively, on the
action of Congress, the body charged with
the general power over Commerce, and the
exclusive power over the coinage; and with
out whose cooperation, all attempts at a
general system of payments in coin through
out this extensive country, must be partial
and temporary. That body is on the point of
assembling, being expressly convened to de-
liberate on this very subject.
Now the banks Of Philadelphia are of OPT
Mon, that at such moment a convention Of
the banks Of the United States would be SUI
perAuous at least, if not injurious II seems
superfuous, because the banks can do nothing,
and ought to promise nothing, until they know
what the action of Congress will be.
The communication from New York, men,
tons precise period when the banks of New
York may and ought to and must resume
specie payments With every respectful de-
ference to the better judgment of the signers
of the communication, the banks Of Philadel-
phia are not prepared to make any pledges,
nor to name any time for the resumption,
because they think that the whole matter
depends much more on Congress than on
themselves. They do not wish to excite ex-
pectations which they may not be able to
realize, and they believe that premature
effort might be followed by relapse, which
would be permanently fatal to the credit Of
our banking institutions.
If, moreover, such convention, composed
of delegates from sections Of the country, of
very unequal resources, and in very different
stages of preparation, should not agree upon
any general system of action, their very dis
sention would weaken confidence in the con-
vention. While if they could agree, their
union upon any course of measures, might not
recommend that course to public favor, be-
cause it would be considered as one specially
favorable to the interests of the banks them
selves.
1t is thus, that the convention might prove not
merely useless but injurious. The mere assem-
blage of body more numerous probably than
Congress ITSELF meeting at the same time-de-
iberatng on the same subject-might easily
be made to wear the appearance of an attempt
to interfere with, or to influence the move
ments of that body. The avowed object of
the convention TOTO resume specie pay
ments independent of Congress, might have
the effect Of misleading both Congress and
the country. If the resumption be practical
Bile by the banks alone, Congress might con-
slider itself under no obligation to interpose-
a very erroneous and dangerous conclusion.
If the banks confidently name a day when
they not only may but must resume, whatever
be the action of Congress, or the state of the
country, or the condition of foreign exchange,
they promise what they may not be able to per-
form, and so lose, rather than gain credit, by
the effort. A more prudent course in the de-
liberate judgment Of this meeting, would be
for the banks in the United States to continue
steadily, their present preparations for resum-
ing specie payments to wait quietly the &C
ton of Congress without interference of any
kind and be ready to give an immediate and
jealous cooperation, in any measure which
that body may adopt for the common benefit
Of the country.
Under these Impressions, they are con-
strained to adopt the following resolutions:
RESOLVED, That in the opinion Of the banks
of Philadelphia, it is inexpedient at this time,
to appoint Delegates to the proposed Con-
vcntion.
Resolved, That copy of these resolutions,
certified by the President. and Secretary of
this meeting be forwarded to the banks of
New York, with assurance, that while the
banks of Philadelphia, reluctantly differ from
those of New York, as to the specific measure
proposed, they do ample justice to the zeal
and patriotism, which have dictated it-that
they are not the less anxious to accomplish
the common object-and that if the proposed
convention should suggest any thing, which
promises to be useful to the country, the banks
of Philadelphia will as cordially cooperate
in executing it, as if they had been fully re-
presented in the convention.
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