Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-08-31
BANK CIRCULAR.
Wv YoRK, August IL, le

s's-At . general nesiing Of The officers
OF The Denks Of The Guy Of N. York. hsld on
the isth of this noath, the following rssoiu-
ton we unanimously sdopsed-vix.
Rssoired--" That Q committee be
appointed TO correspond with such
Banks in the several States ~ may
think proper. IN order 10 ascertain at
VIA, time and place convention Of
the principal Banks should be held,
for the purpose Of agreeing on the
time when specie payments should be
resumed. and the measures necessary
to effect that purpose"
Having been appointed Q Commit
tee in conformity with that resolution.
We beg leave to call your attention 10
the important subject to which il re-
fers.
Tho suspension Of specie payments
was forced upon the Banks, immedi-
ately by . panic and by causes not un-
der their control. remotely by tho un-
fortunate coincidence OF extraordinary
events and incidents, the ultimate re-
suit OF which was anticipated neither
by Government. nor by any part Of
the community.
But II is nevertheless undeninble.
:hat by accepting their charters, the
Banks had contracted the oblig alton Of
redeeming their issues at all times.
and under any circumstances whatever;
that they have not been able 20 per-
form that engagement and that a de-
preciated paper. different in value in
different places. and subject 10 daily
fluctuations in the same place has thus
been substituted for the currency.
equivalent to gold and silver, which.
and no other. they were authorized
and bad the exclusive right TO issue.
Such state Of things cannot aad
ought rot TO BE- tolerated any longer
than absolute necessity requires i'll
We are very certain that you unite
with US in the opinion that il is the
paramount and most sacred duty of
the Banks TO exert every effort, 20
adopt every measure within their DOW.
err which may promote and accelerate
The desired result. and that they must
be prepared TO resume specie payments
within the shortest possible notice
whenever favorable alteration shall
occur in the rate Of foreign exchanges.
We are quite aware Of the Difficult.
ties which must be surmounted, and of
the improperly of any premature Al.
tempt No Banking system could in.
deed be tolerated. which was not able
to withstand the ordinary and unavoid
able fluctuations Of exchange. Blu,
the difference is great between contin.
uns and resuming specie payments /:
and We do not believe, that the Banks
IN The United States can without run.
aing the imminent danger of another
speedy and fatal catastrophe, resume
such payments before the foreign debt
shall have been so far lessencd or ad.
Jusied. as 10 reduce the rate Of ex.
change to true specie par. and the
risk OF an Immediate expectation Of the
precious metals shall have thus been
removed.
The appearances in that respect
nave become more Aattering; and il
Is not improbable that the expected
change may take place shortly after
The next crop Of our principal article
ri export shall begin TO operate. Yet
We are sensible that we must no, reIv
on conJectures; and that the Banks
cannot designate the time when thew
may resume. before the ability 10 sus.
tam specie payments shall have been
ascertsined by the actual reduction in
the rate Of the exchange.
But even when the apprehension of
a foreign drain Of specie shall have
ceased. the great object in view can.
not be effected without q concert Of
The Banks in the several sections of
The Union. Those Of this city had The
misfortune to be. with fe W execution,
the FIRST that were compelled 10 de.
clare their inability to sustain for the
lime specie pay ments. II appears tina,
IL became absolutely necessary for the
o'her Banks 10 pursue the same course
and would be likewise imprac,icable
Tor those Of any particular section 10
resume without general explanation
OF at least the principal Banks Of the
greater part Of the Country. A muiu.
al and free communication Of ,be;,
respective situations. prospects and
opinions, seems TO be necessary pre.
l'm'nary step to be followed by a con.
ventIon at such tine and place as NAV
be agreed upon.
As relates to the Banks OF this CITY |
we are Of opinion. that provided the co.
operation Of the other Banks is Obtain.
ed they may and ought 70, we should
perhaps say. that they must resume
specie payments before nsxt spring or
70 De more precise, between the frat
~ January and the middle Of March
Both the time and place Of meeting
n convention. must Of course be de.
erm'ned IN conformity Ei,h the gene.
al wishes Of the Banks. In order 10
'fng The subject 10 a definite shane
'eiore you. We merely suggest the
after end Of October as the prope,
'me' ADD this city as the most eligible
lace Tor the proposed Convention
n sufficient lime will have then
laPsed. TO enable us 10 nudge Of the
peaHnFna a itsrh ra--