Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-31

Resunptisn or Specie Paynsnts.
Ma. BENnnrr-A modest sroaker, &C" having In
ms lengthfal communication given birth 70 one new
oea or rather suggestion on the subject OF immediate
specie payments BY the New York Banks, VIZ; an ap-
phcaten to the Legislature for an extension for one
year, merits the attention. only OF practical IMAM
GERS, bstof every individual having the public veal
In vew or IN other words the value OF their real es-
tate, bank stock &c. &c.
It will be conceded that the drawing of conclusions
from ones own premises, is no difficult matter; but
facts as well as logic will be required 10 convince me
that the City Banks of New York cannot resume
specie payments. The suppostlon OF "C," that the
Mississippi banks have large amounts OF funds IN
New York, ready to be made available by pouncing
upon the specie when the banks shall have resumed
does not establish the fact neither does the possess
SION OF available funds here by the Msslssipp and
other southern and western banks establish feeling
sine inrdd towards our banking interests further
more, should specie be drawn from our banks Dy the
southern banks ere il could have found It's tardy way
TO their vaults, the facility with which claims against
them could be produced for tenfold the amount
would occasion its immediate return. Bllls On
New York in all the southern and western cities are
readily purchased at an advance Of one to two per
cent more premium than specie will command IN their
respective cities; why then shosd the banks OF Inc
south and west covet our specie, when tnelr own
checks on New York at home will command an ad-
vance of to per cent more than specie, payable IN
like currency Is IL any evidence OF Messrs. uai-
latin d Co.'S folly, or pice persa OF Mr. Blddles WIS
which he Presdes in situation to pay It's honest Gre
ditor while the latter allows his notes TO be only con-
vertble into specie at loss to the holder OF ve per
cent?
IL will be difficult to distress our banks, SO long as
the balance of trade Is SO prominently IN their FAVOR
1t true merchants may suffer; commerce may be
paralyzed and all classes of the community more
less distressed but will it not be but for season 7
Does not the resumption of specie payments establish
for virtue which Philadelphia although she may
bas Ia EurODp
placed upon footing Of currency of uniform and
acknowledged value" while that of Philadelphia IS
"wavering and uncertain" consequent upon exPan-
sion or retraction of bank issues? Is not our city
measurably dependent for It's prosperity upon large
consignmens of foreign fabrics made direct to agents
of manufacur ng establishments here Will not
more confidence be enjoyed where bank faith is pre-
served, than where is smohered to enable an ins
tuition to apply its means to speculate in cotton and
domestic exchanges2 Have not our lobbing houses
suffered most seriously in the rulnous rates at which
the southern AID western currency has been convert
BILE into New York funds2 Has not the co opera
ton of Mr.. Biddc with the southern banks diverted
the staple product of the country from its legitimate
channels2 Have not those banks monopelized (by
means of immense paper the cotton which 9TH
erwise would have found its way TO New York to qui
date the debts due here but sold for the
of the banks, and the receivers OF their issues compel
led to lose 25 per cent on their notes But were the
southern banks more particularly forced to resume
specie payments would their notes be at discount
Of 20 to % per cent? Has not the accommodating
legislature of Alabama virtually said to her citizens
we will give our "ttle monsters three years TO
sumo specie payments, in order not to inconvenience
you to pay your debts, or force the sale of cotton;
and although our bank 20 per discount
in New York, still the necessities of your creditors
there will compel them to take then at par value
About 500 600 bales of cotton still remain unshp-
ped from Alabama but that is not to be sent to
ket to redeem bank fath-a " sounding brass and
tinkng cymbal, in Mississippi and Alabama at least
Ga 10 70 Aouyt inf% Ma Vnrk
and in my opinion its progress will not be retarded
by the willingness of our banks to make il a stan
dard to regulate their engagements.
PEARL STREET.