Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-05-16

thing 10 much to be regretted in ITSELF bu, eaneo,
and ought no, 10 be sny longer deferred. II !.
better that the banks should suspend while W, the,
hsvc considerable amount of specie in their vsuh,
than waii,,ll II IL all drawn out as " weuld 4,
from mos, of the bank. IN tie course Of three DIV,
perhaps in one. They will be the .oonet p,,.
pared To resume specie payments. and the psbl,e
will bo in, avery respect well of II they had
stripped she banks Of the last specie dollar the,
possess. The bills of the city banks will be III,
'currcns iaoney" "A before aud II will pay - man,
notes, or buy as many goods a. before. They s,
in tao, worth just as much as before Tor the DOL.
rency of bank does no, depend upon the amour,
Of specie in it's vaults, but upon the amount Of il,
property generally, As compared with ito indsbl.
cdncss.
There is another reason why We think the sus
pension of specie payments under existing citcum.
stances 10 wise aid proper, viz that II will save
great many apuses Who must inevitably have atop.
ped had the banss continued to pay specie few
weeks longer. The only way IN which they eoaId
have hoped 10 continue specie paymcnts,while DIS.
position TO run for specie extensively prevails, Mod
be by ceosing entirely to gran, any new discount,
aud by calling in their circulation as fast ss possible
even this would net have prevented tho present /.
sue, unless they had ALEC declined receiving dspc,
M, current money aaout aud of course no note.
could be paid.
The effect Of the suspension will be 10 relieve
the community from the intensity Of the pressur.
under which they groan for although the bank,
will, as they ought TO do, exercise a suitable eau
ton in regard to the paper ofsred for discount,
they will be enabled to do more for the communiiy
tlnn they have done of late and so save most 9th
houses which remain.
The determination to which tho banks have been
brought has not been forced upon them by al
lndiscreion on their part, but by concurrence
circumstances beyond their control which have she.
ken public confidence in oil our institutions, and
caused demands for specie 10 be made to snch an
extent which no banks any where could sustsin.--
Until yesterday the demand for specie was confined
chiefly to bill holders. For this the banke were
prepared, and their specie ample. Yesterday their
deposits called for in specie to very consd-
cradle extent. and for this they were NOT prepared
for their deposits were equal to more than half the
amount of their aggregate capitals.
Notice to the Pab'ir in relation TO he Bank.
Alta meeting last evening Of tho officers Of oil the bsns
IN cry except Three wa, resolved .ns snocr s,'n.
apece. In the time tho noos Of AL the baak
will be received the different banks usual in payment
OF debts and in depovt and the indebtedness Of the
munty to the banks exceeds ~ three times the amount,
their liabilities to the public, is hoped and ezpectsd TIL,
the Of the different banks will pass current usual
and that the Of the times will be such 10
der the resumption Of specie payments practicable
May 10, 1887.
On these proceedings being made known to III.
common coupciL who were then in session,hs hon
or the Mayor, just indicted into office, took tho
most efficient measures TO preserve the rn0fic r>s~
in any possible event. We trust, however. that
the good sense and love Of order among all our fol-
low citizens, will proven, the necessity ofrssor'iHg
to any other motive. A riot about this suspension
Of specie payments would be a. ridiculous ss it
would be dangerous. II has boen brought about
by the people, and now that it 10 accomplished no
ono loses, for there ID not a merchant in the city
who will not be very glad to take the bills Of the
city banks in payment for his goods. and for all The
purposes for which money 10 wanted.