Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-23
fsicmnllurld, Tuesday, sam. sss.
Tie .H0ncy MARKET.

Tie .Honcy MARKET.
The ~ Y. Gazette Of the 18th inst states That ihe
Committee (of The N. Y. City Banks lett Yesterday
morning for Philadelphia 10 confer with the officers OF
tho Ranks in that city, the subject o specifying
dsy when they will be ready to resume specie payments
Oar banks are for vesuming at an early gay ana
ps The PENNSYLVANIA Legislature have reported OIL To
compel the Banks Of that Commonwealth IN ie"eFm
,ar no,cs in specie on and after the LIST OF May II
possible that the Philadelphia institutions VIII De Wiling
To- anticipate the action OF the LeSislalure.-he ra'h
by n letter in the Star, that the aIddlesex Bank, al
Cambridge had obiuined Il loan which would enable It
10 90 and that the bills were received again al Tia
banks in Boston.
nSome singular and extraordinary movements. indIca.
tive of snne singular and extraordinary purposes have
recently developed themselves in the exchanges bullion
and money markets. lew days az" foreign pScnanse
advanced from to 10 l.2-the United STATES Dunk De-
ing buyer: and to-day have 10 record Use IN Tie
two prr cent Treasury notes as well as IN bulon stocks
remaining rather ater than usual The causes "' these
nheno.nrnu in the markets, are iracfaoe 10 Tue rn"
~ and conflicting movements Of the banks ut New
York and philadelphia respecting The kno''y question
Of n resumption Of specie payments The New YORK
and other banks in favor OF resumption, are IN the
market, through the agency oil several Du"" o'oEe,
purchasing specie in anticipation of that event They
actually bid On each other, and tlns without k"o"-
nr it, raise the OF specie. There is no other de-
nand for specie but that created by the banks, and
their own competition is the almost sole cause OF IT'S rIse
The ris. OF foreign exchange grows out ot mixed causes
Mr. Biddle of Philadelphia, &C. &c, is supported, at
every point by all the banks in Philadelphia Their po-
Icv is union-not distraction, as IN New YORK laKeh,
ihep in connection with the six seven banks, seat
tered throughout Tie country IN New orleans hoo,'',
Charleston Cincinnati, TO which he sold MS branches
and which act with him. and the great Jaudon
London Agency Mr. BiddIe wields, as distinct pow
pr \ capi,a of 100000 O00-a specie basis OF
O0O and paper circulation OF S2ooooooo embracing
his notes both in Europe and AmerIca-lhiS naA'ns an
nugreoac of nearly $50 600 900 at the nod OF one man,
and that man in possession of head cool as II long
With this immense capital welded us single r'nrnl-
re- power Mr. Bddic Jairecs, and confidently drr"rrs m
no resumption If specie payments can t"Hs P"ce ~ S
cOnAtry tHl IL ne~ '"stonat ban" 0c f''H0'ts"e- ~ E
grass. -
.Under this view he is beginning grand move
mcnt in the foreign exchanges: and has recently pur'
chased probably 81 coo 900, more and VIII continue
TO purchase giving in exchange his OLD ana new h'es,
and poslponng any action on resumption foF hHhS 10
come. But In consequence oil Inc movements
apparent the foreign trade there Is s'T"n! P'"oaO-
~ thu foreign exchange will gradually rise in the course
Of the ensuing months TO ILL., III, liz. TO lIO lmpor-
taons beginning already, and preparations are max
ing in England to send TO this country several mi!
lions in value during the approaching spring "elHrc
some reason believe that such is the tenor Of Mr..
Jauduns recent communications TO his respected pEncl-
pals in Pladep hia, and that his advice to buy tx.
change in January 10 sell in June ny lie purchase ut
exchange now, AIR. BiddIe will possess himself OF
complete control of the fore ign exchange nnrket Tor
months to come In order TO facilitate this magnificent
operation the resumption Of specie payments Will be de-
layed under the influence OF Philadelphia anu Boston,
for an indefinite period
If these specualiuns true, they would indeed
exhibit singular state Of ings-A free people subject.
ed to the will of man-wlth their CURRENCY and con-
Germs so much under his contro-one Banh so strong
as 10 be able to prevent others from dscarging their
Tenn engagements and resumng specie paymrnIs-And
what is still more extraordinary phenon.non. that the
great design Of this movement Of powerful institution,
is to make it still more power'ui-and 10 exior CHAR
from the Federal Government in defiance OF The Con-
stilutun, and the calm spirit OF the Feope-But 1t 10
possible, that the Herald may have exagg rated, and
a.. Nnrb rptnr iffpa ma he %
some arrungcme with the Banks OF PliiadraphIa Tor
the concurrent resumption Of payments We scarcely
dare however to hope for such consummation here
is yet another anchor OF hope. Governor Rner (Nhig
as he is) has earnestly pressed on the Legislature 10
compel all the Banks of Pennsylvania to resume pay
nrns at early day-And the Bank Committee Of The
House OF Assembly of Pennsyv has actually
ported in favor oil compelling the Banks OF that State 10
resume specie payment on the first of May; and from
and after the fist OF January, lol no bank note under
the denomination Of ten dollars TO be issued IEe,hll
is made the order OF the day Tor Wednesday, the 24h
inst.
We find the ~ York Herald (of later date, viz
Thursday lasj holding the following language:
At the private meeting OF The Wall street ilnanciers
the great subject Of discussion the resumption OF
specie payments-the new sub.,reasury scheme-and
the proposed special mission to Philadelphia IN order 10
open a negotiation with Mr.. Bidde for the accomplish
ment of some general plan of action confidence
in the currency. The leading banks here are now in
position 10 begin the new movement and they are I"h
longer in their present position, hanging be-
tween the past and the future, without moving step
In few weeks the business will begin-lf tho
banks TO not avail themselves Of the present movement
such favorable opportunity may not return SO sopn-
There is evident disposition 10 make every effort TO
change their policy, but the hes!lancy Of the PuIuGrl.
pa banks is the principal obstacle in the way.
"Some Of lnancies believe and say that the re.
sumption %. specie payments, and the expansion Of
loans identical, aud ought to begin together. The
naturally aids the other The spring business IL
just hand and unless efforts be made to change
the policy Of the banks, the result will be highly lru.
the interests Of trade. The banks have reduced
their discounts, very generally, oslhe lowest point
They ready not only 10 resume but to enlarge Their
discounts Both these movements are indispensable 10
each other An expansion Of discounts naturally besris
confidence, and energy 10 trade This lessons Tie
demand Tor specie required for the payment Of balances
No resumption Of specie payments ever lie
effected without gradual expansion Of discounts and
issues at one and the same moment
The Reform Convention of Pennsylvania have again
before them Tie question Of Negro Suffrage. The De.
bate has been ardent and the result yet nscertaned
The proposition seriously pressed to extend tie right
Of suffrage 10 all persons, whether black or white
The following occurred at the last annual Ecc-
ton in Pennsy lYana. In the county Of Bucks the
groes by exercising the right Of suffrage controlled the
election Exceptions filed against their right, the case
argued and the opinion OF Judge Fox, at the Court
Of Quarter Sessions of Bucks county, decided aganSt
their right uoe The present Constitution IN the
following terms: " In elections by the cdi-eas, ever