Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-12-07
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From tie Mac YORK lmrricaa. Nor. q.


Tnr BANK CoNvfNrioS--Rrsumrr or SRI
Gle PAYMErrs-Dury OF rnE WH,as.--Ths il
the day on which delegates from the Banks IN
tious States assemble here. on the inyitatio,
Of the New \ ork Bnnks, To discuss aud as va pre-
sumo and expect, to determine period Tor the re
sumption OF specie payments.
II is conceded that duty, honor and interest, al
alike, require that the earliest day, n which suCl
resumption can be surely and permanently accom-
pliShed, should be numcd--aud ii Is specially obi
gatory upon the Wings party, 10 aid IN has
,ening such 4 result, aud thereby furnish the most
conclusive rciutaou OF the SANDER that they n,
the friends OF IN expanded aud iredecmable cur
rrncv.
The main question thea, before tie Con.catop,
will. we suppose. kr. whether. ~ ihs mencnt, iact
enough are asecrlaned to the amount Of our
foreign mercantile debt, the probable value ni the
crops going aud TO 90 forward, the state .: the
domestic exchanges. thu condition OF the Bank
generally, aud nj tho oomnerclal communIly-lo
warrant thai body in drsgnatln, II time, when all
the Banks represented shall resume specie pay
mcnis.
Having taken pains to ,atorm ourselves on these
points. and sought among those WHOSE pursuits
cessarily render them ftniia, with the whole sub.
Iret, lor such details night guide own lndg
mcnt. we have come 10 the conclusion thai the
question abn,- stated should be answered in the
affirmative. aud that the Convention may safely
pledge themselves TO resumption some gwen
day before the lst Of Nav next.
We propose 10 offer At some length, our reasons
FOR this opinion. The first aud essential condition
OF return 10 spetic payments, is. that the foreign
exchanges should be in onr favor 81 a, 10 put an
end 10 any export of cor. Bu this can only lake
place where the freign mercantile debt Shlll have
been so far pad, or relutcd, as 10 make II clear
that our present resources adequate 10 the
liquidation OF all that Is Immediately available OF
that debt. and still leave large surplus 10 our
credit abroad. Let us examine tins matter IN de.
tai.
The Foreign Mercantile Debt il composed OF
balances due aud coming due to Mercantile Houses
in london, Liverpool, Manchester, &c. and IN
France. The amount due to the suspended Lon
don Houses has brcn officially published, aud that
due To Others his been ascer aimed by inquiry aud
~ estimate, and also What IL due 10 France. The
r-iuiltancrs ehca lave been made since the su1reu-
sion of the London houses have been 50 lar ascrr-
tanned as to shew concln.,cly thai a;'"' dcduclnS
the amount necessarily postponed by failure, ana
cinhaIrassmenfs, the balance Of the Foreign Debt
which debtors have now the aby 10 pay must be
very small. Il probably doris not exceed one mil
lion ol pounds sterling nj the most. More of the
debt will become payable as collections are made.
hnt the Whole balance of tie Mercantile debt To
be paid, AID Of whIch large part is necessarily
postponed for more than year. does not exceed FIVE
millions pounds Stocks advanced upon are not
considered debt, because they will be Sold abroad,
or held there: neither are the Bonds of the Bank
OF the Unitrd STATES considered because tcy can
be renew CT. and increased.
All thus viii appear more clearly from the follow
ing, which is the Substance 81 stnepirut sent TO
an eminent Landnn House, abeuf the lst August
last. showing approximation To the amonnt OF
the debt after the su~IcrsGn OF the London lapket4,
and making il shout nine millions oil poumis hen
collected The House 10 whom II was srut. eousid-
cred the deb, - he;ng less thtn this amount.
FROM the published STATEMENTS oi the concerns
OF several Of the suspended London Houses, il APP
pears that there was due and coming due to tn EN-