The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-18
From B,ekneirs Reporter, July 10.
PHILADELPHIA MONEY MARK EFT.
THE PROSPECT FRIGHTENING.

We advert to the subject of the Money Market to-day
with more than ordinary pleasure the intelligence
ccyed since our last being Of the most agreeable cha
racter and greatly calculated to inspire confidence
Congress adjourned on Monday; and among its final
acts were the rejection Of the Subtreasury bill
proposed By Mr. Wright, and the adoption Of snbst-
tue, which, If be not al that the friends Of sound
currency could have desired is calculated to remove
many Of the difficulties in the way Of resumption Of
specie payments, and thus by revival Of confidence
to give new impulse to trade commerce and enter
prise. The news was received in this city on Thurs
day. and produced the most pleasurable sensation One
OF the hrst effects was meeting Of the Delegates Of
the various Philadelphia banks, and the adoption Of
resolution-ayes TO- nays 4, recommending resump-
ton Of specie payments the first Of August The
nays were the Bank Of the United States the Bank Of
Pennsylvania, the Bank Of North America, and the
Schuykil Bank-thc three first supposed TO be among
the soundest and Atheist If not the soundest and ablest
Of our Banking Institutions. The policy Of the course
adopted by these Institutions, will not attempt
TO anayze. The result. is to highly gratifying for
believe that the great Of the people Of both poi-
cal parties, would have expressed great
had the general suspension been proacted much longer
II is possible that little pressure will be felt for
short time prior and subsequent TO the LIST Of August
the banks may think necessary to be less liberal in
their discounts This restrictive feeling will however
prove but momenary for money in very little demand
just now, and is not likely TO be, until towards the
fall. Our merchants and wholesale Dealers moreover,
have for some time past, been engaged in the audabe
work Of curtailng their business, and getting their af
fairs into manageable condition. The present mo-
ment, therefore, strikes being particularly oppor
tune for general resumption and we doubt not that
the resolution alluded to above, will speedily be
sponded 10 by every solvent institution in the State
Indeed many Of the opinion that. notwithstanding
the Of the Bank Of the United States against the
LIST Of Augus-that bank, now that the first has been
recommended will take the lead and proceed to the
payment Of specie forthwith.
1t is under these circumstances that regard the
prospect frightening The storm has swept by land
is once more visible The crops full Of promise,
and confidence is gradually but certainly reviving
We understand that the delegates Of our City and
County banks will hold meeting this evening, when a
committee, recently appointed for the purpose will make
a report in relation TO the propriety Of holding Bank
Convention in this city. We learn that the 23d inst
will be suggested the proper time for holding such
Convention, and that the banks of the neghboring
States--Vrgina, Maryland, Massachusetts,, Ohio and
the District of Columbia will be invited send dele
gates the proposed Convention It is impression
that this Convention will recommend the LIST of Au-
gust the proper time to resume specie payments in
fnll ".