The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-08
JA,ou woncrsrER. Secretary.

Alta meeting of the Banks Of the city OF New York,
held on the 2Sh February 1888, the COMM lee on
The resumption Of specie payments submitted
the following report, in part, viz
In contemplation Of he resumption Of specie pay
menls by the banks of the city Of New York. ON, or
before the tenth Of May next, and under The uneer-
tain contingency of a simultaneous or early reSump-
ton by the banks of some OF the other great CONNER
cal cities /, Is incumbent on those OF New YORK TO
adont all the measures within the limits Of their re-
sources which may emf bic them not only TO resume,
bat also 10 mainla in The specie payments.
Much has already been done in that respect the
result as well Of causes not under the control OF The
banks, as of positive action on their part.
1 II appears b. the annual returns OF the Bank
Com nissioncrs, that exclusively OF the Dry Dock
Bank which Is mol included in the return OF this
year the gross amount Of The liabi les OF the city
banks PAYABLE on demand, deduc ing lherefrum the
notes and checks of other banks held by them end
the balances due TO them by other b nkS amounted
on the Isl Of January, 1886 10 S26,9lS, los on The
lst January, 1887, 10 $26 1855 2S7; nd on the Isl
January 1888, to S12, 920 604-making a diTinuton
in the Ii bi!iies of more than twelve millions and
half during the year 1887.
q The detailed statement Tor the Isl January,
1888, rendered by he several city b INKS to their
stlnding committee shows balance 10 their credit
of than four millions due to them by the banks
out of the State, and of more then TWO millions IN
account with all the nks out Of the city. Ample
means MS also appears by those statements have been
provided By the country banks Of the State, for the
redemption OF their notes, which circulate in the
civ.
On view of the whole subject we may confident
" say that the relativ. rengih Of the binks is and
at the time Of The resumption will be. greater than
was during the last two years, and probably at any
former time.
The r II in the rate of foreign exchanges, now
considerably below par in our ely paper, renders It
absolutely certain that no expectation OF specie e IN
take place and more than probable that conSde-
raj Bile influx m1y be expected. This fact, NV in
dispua BILE, must have an effect on public opinion,
and trsrht 10 thp 10 S
may have believed our efor.s for an efrly resump-
ton premature. Secure, as all the banks in the
United States are ag inst foreign demands, we are
justified in expecting their cooperation. lfthis is
ub.ained, we do not perceive any obstacle to an
early, easy, and safe resumption OF specie pay
ments.
A continued suspension. on the part of some ofthe
other great commercial cities, can alone render the
RESUMPTION on orr part difficult, and may prevent
a free application of the legi i'm e resources oil New
York Yet, such is the favor bic relative state oil
the balances between this and the other parts OF The
Union that for the present at least but little need
b, apprehended from the fleet OF natural causes OF
deliberate acts of hostility, there could be
tive for such, there should be no apprehension on
our part. We trust that, supported bv The commu-
nifty OF this city and BY the State, the INKS will be
able 10 suymount all obstacles and on or before the
tenth of Nay, to resume and maintain specie pay
ments.
The preparatory measures on their part appear TO
be- irst a reduction of their Liabilities out of tn
State, and drawing in their foreign funds; second,
an equalization OF the balances due from and 10 each
other, and mutual return Of their notes, which mfy
enable all TO resume on an equal toating and viii
equal safety third, sufficient increase OF their
specie On these points the committee will submit
separate report
PETER stage,
GEO. NEWBOLD,
CORN'S. HEYER,
JOHN l. PALMER,
c. w. LAWRENCE,
F. w. EDMONDS
Whereupon, the report was unanimously adopted
by the meeting.
On MOTION
,Resoired That the same be published.
BFNJ. M BROWN, Chairman
VIM NJ FERMILYE Secretary