Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-17
POLITICS..
(rrom Tie PennSyiean'nn }

,,,n,sa hr;,av To examine Mr.. Bldd!es reasons,
why in his opinion, specie payments ouSht NOT W o
resumed I shall not enter into The queSnn, no" lar
il ia possble that his opinions may be bassed oy p"llti
ca, feeling by the interest OF himself ana Inc "Ge'
s,ockholders Of the bank contra distinguished IRON
those Of the people at large Will take up his posi-
tons and without resort 10 personalities, calmly eSa-
mine them.
lowing: 1.-The suspension is wholly conventional BE-
tween The banks and the community, arising rom ',e
mutual conviction that it is for their mutual benefit!
Let US take it for granted that this is correct slate
ment far it relates to the original act Il" susprh
son-lhat the people at that time approved OF Tue "c'
then this question viii Immediately asIse-do the penpe
desire the continuance Of the suspension? Ii not Then
upon Mr.. BiGde's position the banks are oonnd 10
resume Now what evidence have we ct the pe"pir
opnions on the subject? We have the fact, that the
House of Representatives. chosen at The last erctr"
contains majority elected as The av""ed Trends 81
prompt resumption; that that House has passed bill
intended to produce prompt resumption, ana ha' ne
bank directors vino do not wish 10 resume rely upon hP
votes of Senators chosen years 10 defeat The nfpa
rent will of the people suppose it Will moi br pre-
tended that any other community than that which
chartered our banks viz the people of Pennsylvania
10 determine when those banks should esnme-Do thai
Mississippi Mexico France is 10 settle the question
for us what institutions shal! do No~,'f "r
Bdde doubts that the present House o' Representatives.
correctly represents the people, let him and those dec
tors who agree with him. propose the submission Of the
question of immediate resumption 20 vote ct The poo
pie to be taken in May mex, Then be will kn"w wfa
the community desire lnliy OeltVt mat Hle '"lt
wcrild he two to one in favor OF resumption
Again, Mr. Bldd!e says: "Tlle inquiry whether The
banks are ready resume is only another form OF ask
ing whether the people ready to pay Their debts !"
the banks by the people, presume ne means sm; ns
part of the people. For every person that 10 noehed
to the ns thirty 10 whom the banks
are indebted they are indebted To f%ery nuVnuna WI"
holds one of their Now t'e doctrine OF 'r INA
die when practically applied, amounts To tins: BANK Is
not TO pay thirty persons to whom 1t IS Indroea nn'
one person who the bank, IS ''Teady 10 pay Inc
bank IF he does choose TO make ready to then
the bank is to compel him, and 1t Is to refuse TO
paw the thirty, whose property has got and loaned 70
the one receiving nteres, ITSELF but paying no interest
to its creditors How does this tally with the doctrine
of the obligation Of contracts: IL The banks never pay
until those who owe them ready to psy, then they
will never paw at all for those who have borrowed OF
them will certainly prefer never to paythey will never
become ready, if it be left to them to fix the time
&c then the position be- correct that the banks cannot
nav without collecting what is due 10 them, that IL
no Justification Of delay collect and pay as tAs, RS
possble IL is no Justification of retaining specie IN
their vaults which their creditors desire il, nsh.
cation Of their failing to curai their discounts, such
curtauent be- necessary to enable them TO meet theft
Wsiyinp however the question of rnorolity, and tax
ing for granted that the fact that the debtors of bank
are not sreudy to pay, is justification OF the bank IN
not making them pay for the purpose Of paying It's own
debs still dissent from the main question OF taef on
which this excuse is founded do most uneqnv"chIy
debts or in words reduce the total amount OF their
loans order specie payments The banks ar"
established for the purpose Of loanng capital and paying
specie for their engagements and that II necessa
nv to reduce the loans il specie b. paid point which
has not been established and think, cannot be- Inc
banks, by their own statements, have mnch larger
amount specie in proportion other liabilities lan ey
had during the preceding the suspension, ana
larger than they have cusomnrily had in former times
Wby then is cutailmenl necessary IN order TO esump
ton. II is utterly impossible TO show any reasonable
ground to believe that the present circulation OF the
banks will be diminished If specie he paid u il be not
diminished then the banks by resuming could not only
continue their present loans but they might with perfect
safety them by oanins oue'thd OF the specie
now in their vaults
If il he fact that the community would refuse to cir
cula,e bank notes when they could obtain specie for
them then it cannot be fact that the community approve
of the continued suspension Thus the position that the
banks must cuail if they is cOntradicsd by
the position that the people do not wish them to pay their
notes.
If there were mere possibility remote probability
that the people would contrary all former usage still
that mere possibility is Justification of the continued
suspension is the duty of the banks to try the expe
rnent it is their duty to presume that the people will
act as heretofore that the customary quantity OF specie
will sustain the customary circulation II they should
afterwards find that the laws Of trade have changed then
it will be time enough 10 adopt new system for them
selves.
The United States Gazette Of yesterday contained
letter without signature purpurng 10 have been adopt
ed at the meeting of the Bank Committees Of this city,
on the 9TH inst II addressed TO the President Of the
Bank CONVEX tion which is about to meet in New York.
and states that 49, have been requested 10 give the
sons of the philadelphia banks for not being represented
in that body, which a. accordingly does, repeating the
old assertion that the interference OF Congress is
seIy, &c. Who"l' u.s. does not appear.
(Fronn tile u S. Gazene)
BANK CORRESPONDENCE.
We publish below letter addressed to the President
of the New York Bank Convention 10 be held 10 NOR
row. 1t transmitted by the Chairman OF the Com
rpees for the banks Of this city and DISTRICTS by their
decton,to explain the of the absence of
delegates.
PHILADELPuIA, April 4, 1888.
Strata meeting held this day. Of committees from
all the banks of The city and Liberties Of Philadelphia
notice was received from you Of the adjourned meet
ing of the Convention Of Banks, to be held N York
on the ilih of this month The banks of philade pha
having declined 10 send delegates 10 that adjourned
meeting have been instructed to apprse you of their
determination and as just mark of respect the Con
yeution rs we'll to yourself personally, to state
the reasons of their absence. This duty hasten 10
perform.
On the 18th of August. 1887 invitation given
to the banks of Pbiladelpha behu Of the banks Of
r. Noc, y,rk IN in nj In