Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-10-04
HERALD THE TIMES.

SpEcIE PAYMENTS IN New ORLEANS.
The Presidents of the Banks Of New
Orleans, at a meeting held the 18th inst.
resolved TO agree on the first Monday
in January next as the day Of general
and unconditional resumption Of specie
payments, of all their obligations. This
resolution is published, together with a
communication addressed on the 18th
Of June to Mr.. Biddle, the president of
the Bank of the United States, and his
answer dated the 9th Of September inst.
This answer they say "fully meets the
view Of the board Of Presidents Of the
banks Of New Orleans, and confirms
their exalted opinions Of the enlightened
and patriotic policy, for which that in
stitution is SO justly distinguished"
The following is the letter referred
to -
Dear Sir-I have had the honor of receiy-
| ing your favor Of the 10Th ult. with copy oi
vic iSt'Ot boui AiCSsbss otoiy, huSSi SuS uhu
yourself, on the subject of the resumption oI
specie payments by the Banks of New Or
leans.-As that letter contained no specific
information as to the extent to which the CO.
operation Of this bank was desired,it has been
held under consideration until similar arrange
ments were made in other quarters Of much
greater pecuniary embarrassment, and until
the approach Of the season Of business should
shnW hicfipcflu xvhnt M naadoI nj
New Orleans, and how the bank could be
most useful there. That time has arrived
The object of this bank for year past has
been to defer the resumption OF specie pay
ments until it could be safe and general
throughout the Union,-and for that purpose
not to commence before the Southern and
South Western States had reached so near
to their coming crops rs TO be sustained by
them in resuming, either directly, or with
the aid of short anticipation. The period
fixed by the Your late convention seems
adapted for that purpose which this Bank
has eDdeavored to facilitate by two measures
first, by large loans to Banks in those
States where the difficulty of resumption was
greatest and second, by advance to the Co.
vernrnent, whose disbursements are spread
mainly over the South and West 10 these
must be added the habitual business and is
sues Of the Bank, in those sections, which
combined with the ex.raneous issues just
mentioned, will supply demand on the north
ern Atlantic cities Of many millions furnish
ed by this bank alone, besides similar resour-
ces from other parts Of the Union as well as
from Europe, and the great mass of claims
which your exports are already beginning to
accumulate there. New Orleans is in the
midst Of oil these operations, and will have
an ample share Of them.
The improvement in the currency around
her, will lessen the labor Of rectifying her
own: and without presuming to offer an
opinion upon subject of which the Commit
tee OF Presidents have SO much more means,
and more ability to judge than have, 1t ap-
pears to me that you have now reached a Pc
riod of the season, when, with the extraor-
binary advantages which nature and industry
have bestowed on New Orleans, a resump.
ton Of specie payments would soon be safe
easy and beneficial. In that good work, the
Incorporation Of this bank will be cheerfully
given. In addition to the indirect facilities
which have Just stated, we are preparing q
large amount Of the issues Of the bank, which
will be sent TO New Orleans, with instructions
to use them freely, not only in the imined diate
business Of the bank, but whenever they car
be made to contribute to the defence Of tho
banks of New Orleans. This effort, pray
you to believe, will be as cordial, as, trust
it may be effectual. The Bank Of the United
States has, in some forms OF it's existence
been connected with New Orleans from al
most its first introduction into the American
family, aud feels deep interest in its pros
perity, which we shall always be reudy ant
willing to promote.
With great respect, you're,
N. BIDDLE, President.
SAM'L. J. PETERS, Esq, Chairman,
| Committee Of Banks Of New Orleans, La.