Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-31
Richmond, Saturday, March 81.
SPECIE PAYMENTS.

7rjth YORK DaRiS III NC 'es""P'VN "
ncmn.uts 1t assigns the following reasons for Iii,
course: p,,,
meets The grounds put forth by our Banks in the Ccu
lar of the Sd nst and attempts 10 reiute eTey position
there enforced by Messrs. Gallatin Sagg Ne%Jod a.
20 The Philadelphia Circular denies That the fall Of
The FOREIGN exchanges or the import oil specie from
abroad are sufficient facts on which 10 attempt the
sumpton in the present condition OF Tie country Tho
fl If The foreign exchange hns been produced b lie
c,;on ,f The domestic exchange, and until both are
eounlzed il would be hazardous TO name day. The
Southern South. western and Western panks owe 10 PHI
IadeIpha large balances, probably SlOOuo,OV0 These
balances arc gradually diminishing under The process Of
Iouida,ion based the crops coming no" 10 market
This process is hardly got half through-nor IS there
more than half the crop gone forward GNU I'VE l9ut
daon of these balances Is more nearly competed, lie
PHILADELPHIA Banks deem it their duty IN temselves
their stockholders and 10 The commercial community in
which they exist decline any operation Tor soea'y
a resumption Of specie payments as that designated
The New York Circular. II is even doubtful wErihe:
the present crop. when It all reaches marker, WILL
their opinion, he sufficient To iqudate the deD's or w.
l,nces due the Atlantic hanks The policy OF the Co.
is also referred TO another obstacle 10 tie
measure proposed by New York, and it is believed a:
the bonds and duties, due by New York to the Treasury
would, in the event of resumption, leno 10 cause ano
,h.r SUSPENSION. These believe, are The general
r;ews alluded To in the Philadelphia reply.
nOn this being received, the New York Committee
assembled in haste had consultation ana discussion
The points issue, and agreed further 10 'a private
rs.i;ng o all the bank officers this evening. Several
f our nnuciers re disposed to apply 10 the Legislature
Immediately for renewal Of the Suspension Law which
expires by il limitation. IN The lu'h 81 May iEs
class deem utterly impossible TOR our banks 10 resume
n,vrpn, and maintain them in the face OF the adverse
rvv,.o NJ phiIadeIphia A few, and we believe among
Them MIR Galaln disposed to believe that our banks
can mauain their position backed MS thry will be by
all commercial Europe and New England all events
great commoton and excitement exist III our financial
r .I,o I'D bo ietp n annlr
IN the legislature for suspension law, the Commit
lee for that purpose, will go up the river to-day We
ure on the eve Of great movenients-and greater and
deeper excitement than We have seen Tor months
The Boston Banks, appears lrc'a lie 0IowingaF ar.
tice are prepared TO stand by those OF New York in an
early resumption:
uTbe late Bank Convention ut New York, adjourned
10 meet again in TIM. CITY, on the second WEDNESDAY
APRIL The associated banks Of this city have appointed
the same delegates who attended The former convention
with Instructions believe, which authorize them to
agree to resumption Of specie payments On the parto
the banks of this city at early period as the e2aven
linn NAV deem it expedient We have no doubt thu.
the banks Of this city will be fully prepared to resume at
the earliest date which be named by the convention
We incline to the opinion that majority OF the States
which were represented at the late convention, vii! be
prepared for fixing an early date for simultaneous
sumption, and that nearly all the Atlantic STATES VA!
heartily concur in such deerniinn'lon
The N Y. Herald Of the 9Th, gives the following H.
teresting specualions:
mMonelary affairs are now in their crisis The ele.
mens in every part of the country from ~ orleans 10
| Boston, are in commotion. From Boston we have m
,elIirence that their banks will meet banks IN The
Convention 10 be held on Wednesday, the lE Of April
and will then be ready to agree 10 positive and cisnc
day for the resumption Of specie payments al we"
Orleans, similar preparations are maturing 10 recover
confidence, and TO bring about an early rcaump!on-ne
have no, seen for mouths Pnst, so muck excitement! IN
high financial clrclcsbut II IS lbe excitement oil re-
covcry, not OF depression.
| "Of the nndfcd Sub-Treasury bill, can form
adhesive opinion. 1t varies with the hour. Further
intelligence from Washington must be received before
positive opinion be made up. One thing Is. how.
ever, certain-the divorce of Government from Bank
and The hardmoney policy, have received the entire
coup dc grace Whatever policy may be adopted by The
Government in the collection of the revenue, is cer-
tan that its financial action Will not be ePaTaled lom
that of the banks and redeemabe currency. II the
present BILL as read third time in the Senate. should
be defeated, the Government will be thrown back upon
the law Of 1885, which makes it obligatory TO use the
State Banks and 10 receive their currency as soon as
they resume specie payments. few days will possibly
terminate this state o! uncertainty.
ain the mean tne it is commended that in spite
of the refusal Of the Philadelphia banks TO join ours, IN
favor Of resumption the new position Of the Govern.
ment will Mr. Biddle 10 pause nnd review his past
course. In 1886, in his famous letter 10 Mr.. Adams he
stated that the repeal Of the Specie Circular and the re-.
ceipt Of bank currency for public Dues would restore
repose 10 the money market i'll twenyo hours, and
ceiye that the in the Senate has placed The
Government in the position described by Nh BddIe.
and prepared, therefore, 10 look Tor change oil
policy in the Philadelphia banks.
"On The subject Of resumption, learn that our ablcst
nancers decidedly against any further extension Of
the suspension law believing lhn, they will be eompe
tent, at the Bank Convention 10 meet OIL "Wednesday
after next, to name in conjunction with the Boston Inc
day for positive and unequyoca yesumptlon.-Sucs
the situation of money affairs here The very confusion
and crisis cause excitement and 3gitation.
Events sweeping onward, which seem calculated
10 force Mr. Bidde to do his duty How will he sla"a
at home abroad when the Banks OF r. York md Ne"
England 10 specie payments, and his institution
fingers behind? 1t will be attributed either TO It's weos.
10 sinister motive. IL Will shake ils creo'
in the commercial word-n Europe as well as in AG'e.
RIGA. All his bold declarations about having suspended
in courtesy to other Banks will be considered nsin.
and idle yaporings.
The Maryland House of Delegates doing their
duty They have passed currency bill, which pre-
scribes the first Monday in January next if the New
York, Pennsylvania and Virginia Banks resume before
that PERIOD then within thirty days after such resumP
ton Of payment by the said banks o' all The banks oil
The State 10 resume specie payments; and upon one ne
gecting 10 d. the Chancellor shall order proceedings
and appoint trustees 10 take charge OF such deiaulhG
Bank Tor the benefit oft creditors"
RELIEF B5NK BILL.
The House Of Delegates were occupied for consider.
able time yesterday, in discussing the amendments from
the Senate to their bill "concernns the Banks OF I,
Commonwealth, and for other purposes ne Dill VS.
again gone up the Senate, with some of their amend
ments, amended by the House. The Senate had nj, mol
passed upon them when this article was written we
understand, it is laid over until today we sna"
publish the whole act Us it passes. II su'.
pends until the first of April 1885, $50 much Of any act
or acts as may subject any Bank OF Banking Company
incorporated BY law, and in actual operation as
Bank 10 the forfeiture Of its charter for failing to pay OF
redeem lis notes or debts in SPECIE and which may sub
iect such Bank or Blinking Company 10 the payment OF
any damages or rate Of interest exceeding six cent
per annum, for falling or refusing to pay or redeem
Banking Company shall have forfeited it's charter by
falling or refusing pay redeem its notes debts as
aforesaid the forfeiture thereby incurred shall be remit.
ted and The charlar Of the Bank with all The rights and
powers therein conferred shall be- and the here
b. declared to be in full force and effect, to all intens
L ~. rnoIenf