Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-01
RcsY,nytiOn of SDccie Payments.


The Philadelphia Herald announces. that The Com.
mt,ee appointed by The New York Banks 10 visit The
PHILADELPHIA Banks for the purpose I" consulting wal!
them upon the cxpcdiency OF raining DAY tof H." F..
Sumption Of specie payments, arrived IN Philadelphia
Friday afternoon
We cleruly award the praise which is dne t' lie y.
York Banks Tor their strenuous efforts 10 tnT G""G: i
resumption They have been curtaling ard indeed Gs
tressng their Customers 10 enable them "a NAH" Ne IT,"
crssury arrangements. The y Herald .! Fr.ay ilst
gives US the following interesting information upo; tbs
subject:
We understand, positively tina, Mr. Palmer, with
two three other bankers aud merchants proceeded
"Wednesday TO Philadelphia for The purpose Of consult
ing with MIR. Bidde and the iinuncirrS uf That city, OH
the present posture of affairs. certain influence pr.
vailed 10 such degree 10 prevent the other gentle.
man from accepting Tie mission. We learn further,
that twn plans will be proposed to Mr. Bidle fox the re-.
cnrery @! that confidence of which much in
want. The first IS 4 resumption OF specie payments At
early perind If this should be accedct TO- then
il is proposed that the four large Atlantic cities New
York, B"ston, Philadelphia uDd Baltimore. should enter
into an arrangement to make the bank currency Of each
ct par, in all the others, al and the point Of
time. This could be effected by the various banks Of all
these Cities agreeing 10 receive each other at par
paying interest Tor tie balances the plan which
exists between the city and country banks Of the State
Whether the latter project will meet the views Of MIR.
3. know not bat it seems good first step towards
the resumption Of specie payments. I, would a, least
give good currency in the Atlantic cities, whatever
effect it might have in the exchanges.
'As part Of The plan TO be proposed for the acccp
lance of Mr. Bidle the following resolutions haze been
passed By the Bank committee:
"CoMMirrEE Room, Jan. 25lL 1888 AT n meeting Of
the officers Of the City Banks, held the 2Oh instant,
the following resolutions were adopted
;sRcsOrcd, That the report Of the committee, OF which
John j. Palmer is chairman. made the l2,h instant
in relation the withdrawal of the circulation Of tic
banks in This city, be adopted; and that the Suggestions
contained in the said report be submitted TO the c0Se
ration of the different Boards Of Directors.
,R g q
mtlec that the banks in this city should use their
notes of the Dr. nominations OF fifty dollars and upwards
in their daily business, and that the same be Adopted II
the Boards agree.
"The following extract from the report Of the
mee on circulation contains the suggestions referred
to in the first of the foregoing reso!nons
Your committee therefore, respectfully suggest 10
the general! committee the expedency OF adopting such
measures shall induce The several banks III tie cay
TO pay their notes exclusively, connimg their
issues present to tie denomination ri fifty do!ars AID
upwards. By order Of the committee.
(Signed) A. DrnnLE C'crt
awe learn that the Merchants, New York, City, aud
several other Banks have agreed TO this plan The
s,ricon Of the issues 10 $50 bills is TO keep them Of
the hands Of the LGcn Focos, who might bring suits
against The banks. No business man would! do sucA L
thing. We shall see how it works.
Boston, has taken the alarm. about the condition Of
the Danks; and they said % be scrior bent "n
curtaing their discounts, and preparing tor resumption"
The Associated Banks Of Boston, which have agreed 10
tae others notes and pay interest the balances
they fall due each other, have lately been Consulted
about The extent of the obligation they under 10
ceive one anoihrrs bills. The Standing Committee have
given the following explanation which adapted By
vote OF the Commissioners Of the Associated Banks,
nj a meeting held on Wednesday evening. The follow.
ing extract embraces the only nacril portion OF the
reply
AT meeting Of the Commissioners, such represnn-
taons were made of the liabilities OF the COMMERCIAL
Fulton and Hancock Banks rendered it necessary /"
decide whether those institutions should receive aid u
III nt.,t
delay and consequently great Inconvenience, and many
who could not submit TO delay might be exposed to loss
Under these circumstances it was judged eSpedent TO
afford relief those banks and 10 that portion oil the
public who held their bills. The Associated BANKS
cordingy agreed receive and withdraw from cigcu
ton the bills of those banks, 10 amount not exceed
ing wa, then represented by them to be IN c!rcula
ton including in that amount tie free dePosites which
were Immediately convertible into circulation upon
condition of receiving from them adequate security 10
the amount Of their existing liabilities. TO this extent
the Associated Banks faithfully intend to go. They
have atsained from ressning my OF the balls q the
said banks then held subsequently received Bat tie
Associated Banks cannot receive, under that arrange
nent any such bills beyond the amount then represent
ed TO be the aggregate OF circulation and free deposes,
nor unless such bills should be presented within lea
sonaJe timc-hose banks have agreed 10 make no new
discounts anal from the character of their dlrectcrs
that pledge will doubt be adhered TO- their circulation
will soon be withdrawn. In fact large pTop"r'i ~
already in the possession OF the Associated Banks am
no considerable sums find their way into the hands
Of any holder, consistently with the good faith IN Which
all banks presumed TO ACT"
But will the Banks Of Philadelphia come into the
Views Of New York We suspect and fear Motive ap.
preen that Mr. Btdle who sways the money sceptre q
tie city, is yet willing ready to resume payments
H." attempting to strengthen himself and anlones.
other measures, said to be throwing into the English
markc; tie millions Of stock, which lately belonged
the u States but which supposed not yet TO have
been sold other subscribers. These millions
will put him in possession of available funds, and among
Others Of additional amount Of specie. The follow
ing letter in the New York Anew Era, from its Loncon
Core spondpnt, OF December l6, shows how abundant
money is in England, and what cacu!atio formed
about bringing back some Of our fugitive specie
Money, both here and al Paris, has been abundant
for months and that combined with the high prices
of the European securities, has been producing an IN.
peceplibe demand for Investments that benr higher
OF profit, though attended with increased risk -
Among oiier speculative CONCERNS, your Bank and Ia
nal shares State stocks and Railroad Scrip, belonging
to the various Joint Stock Companies in the United
States, quietly coming into circulation. In Tact,
without any effort their part, the work proposed /"
be done by Mr.. Jandon and his colleague Mr. Bddr ID
in gradual Of accomplishment. The prn"
in it seems, in the mean time, TO be almost lost
sight Of and forgotten. In Liverpool, The cotton mar
ket s dnas the thing for them the Consul Mar
CONTROL is impossible to scy how stock Of Lu
lion may he AT their marcy Il niton or 50 may pOssby
Saiisfy them, but your country cen take oTe, nI Ie
useless to sag that Mey shalt not Larsh
II the Bank of the S. should still reject the
lures of New York-and refuse to discharge its solemn
engagements to the Public, il is hoped, that the Lpgs.a
iure of Pennsylvania will put the upon it
They will deserve mercy, and hey ought 10 receive
But ace shalt SsrS
MR. CLAT IS Mr.. WEBSTER.
The Globe speaks of Mr. Clay as being the great an.
lagonist of the Prcempti0:' Lamd Ed II says thai she
spared effort Of am kind 10 deSat IL :: That among
other inducements, he stimulated by political cos-
deIaons-,hat tMr. Van Buren, had recommended the