The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26

siye purpose Of considering the resumption Of specie
payments. The deliberations Of such q convention
should spPeran solely to this object and other general
and disconnected TOPICS Of course, would be irrelevant
and extrinsic But whether measures may be adopted
TO favor such desirable and Indispensable result wo
OF the opinion, that should oil heartily unite in
favor Of that reform Of the system which was for several
years past the iavone policy Of the late administration,
and particularly recommended in General Jsckson's
Message Of 1885, advocated by Mr.. Van Buren, in his
letter to Sherod Williams, and more empha,icay de-
veoped in the currency bill Of last session"
BANK CoNvEsrloN.-Wc are happy to learn, that
the banks Of New York are about holding meeting 10
consider the proprey Of issuing circulars the banks
throughout the Union, suggesting the plan OF calling
convention OF bank delegates to deliberate
preparatory to the resumption Of specie payments, at
some practicable period Let them 90 forward. They
have support, and intending give the subject early
and serious attention. they will find Of disposition
to resist the mpoten efforts, made by some, 70 direct
public Indignation against body Of innocent, and gene
rally high minded individuals, who have become in
yolved in the vortex Of widespread commercial and
financial calamity whose violence no less unforeseen
than irresistible OF August l6-(ie nsto
paper just esiablished al Washiagtoa.)
"CoNvEsTIoN OF BANKs.-Tbe more we reflect
this subject, the better satisfied with the cxped-
ency and utility OF the measure II is called for by
every consideration OF duty and patrotism-duty which
eight thousand Presidents and Directors owe 10 them
selves, TO clear their characters from the mputatons OF
dishonesty and dishonor; and PATRIOTISM which they
the country to relieve public anxiety--restore
public confidence public tranquility and national pros
perlty.
"l there is any thing wrong, rotten in the condi-
ton and conduct of the Banks, let it be examined,
probed, and made public-punshed or remed,ed
convention do harm at least, il it does good
and It cannot fail Of doing this good, namely, showing
to the public that those who snaigned before the
tribunal Of its opinion, will ever shun investigation and
trial
i" But those who are unfriendy TO the Banks oppose
convention. But why If the banks cannot justify
their conduct, their foes will indeed have them tho
hip and they ought not therefore to object to conven
ton if they justify they will restore public conf
dence and renoyate the pasied energies Of the country
And who, aud where, the miserable being that would
dare refuse TO rejoice at such contamination
"Suppose the convention should bring rs much
odium on itself as that Of Hartord-could its fees
object to this! But suppose it should obtain much
honor, as that Of Baltmore-could they as patriots
object to it The Importance Of this convention Is far
greater than that Of either Of the others party spirit and
party purposes, called for them patriotism alone for
this
:" 1t is only BY convention that information be
concentrated, opinions compared, and Simultaneous
union Of action be produced, without the concurrence
Of all Of which, it is in vain 10 look for relief from the
calamity, that has cloven down the prosperity Of the
country We shall to the subject at length
-Madisoaidn Of The l9h.
we agree perfectly with the MaulSOnan no
more reflect it, the better satisfied with tho
expcdency and utility Of the measure" Will even the
friends Of the Sub Treasury System dspassonatey read
the mastery assigned by the Correspondent
from Washington in this days paper-and then say,
how it is possible for their machinery to work well with
out the previous resumption OF specie payments! You
may call for specie, Glendower called for spirits from
the vastly deep; but will it come when you do call for
n-And if it does come, who is TO pay the expense Of
it You depreciate the State bank paper, and the
merchant who pays tho premium Of ten or more per
cent, by purchasing the specie in order to pay his
duties, will recover il back in the price Of his goods
Thus, you lay tax upon the PEOPLE, to the
amount Of the premium--for the purpose Of paying
Uncle Sans Officers civil, diplomatic, military and
naval
thing straight is the resumption OF specie payments
The first great measure Of such contamination, is
convention Of the banks
We no,c happy TO announce, that The first No1c TO-
rdrds The contention has been struck We understand
that meeting Of the Presidents and Cashiers OF the
banks of New York held on the 18th inst. They
appointed committee to correspond with the principal
banks in the United States al least such Of them as
the committee shall think proper TO address. The OBJ
cct to ascertain their respective views OF the proper
and place for holding convention, to determine
npon the time for resumption Of specie payments and
upon the measures necessary for that purpose. 1t IS
expected that the committee will proceed without delay
to the discharge Of their duties We understand, that
the New York banks deemed it cxpsdent to adopt this
Of consultation in the first instance rather than
take upon themselves this time, either to call
venton the place and time for it to be held
We confess, should have preferred more efficient
and prompter movement The crisis demands energy
the part Of the banks Their character and
dearest interests at stake, well as the good
OF the whole community. We should have preferred
earlier convention. The precautionary arrangements
proposed may postpone it for month-Bm better late,
than ncccr