Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-24
E;ic.,rsaOnd, Saturday, Feb. "a.
RESUMPTION OF SPECIE PAYMENTS.


Mayi,ns from the pen Of "Senex." They 10 Us
all to be they are PLAIN IN iact taey appear
10 MS almost 10 the character OF trusns We com
mend them 10 the attention OF all parties concerned
The l0hh Marlin is, in ocr opinion, unquestlonabIy
correct We have preached Up this proposition, from
the very commencement Of the discussion. First re-
store things The satu qHo ante trtum FIRST, bring
back the cnunty where it was Restore The banks tc
spece paymen,s Throw difficulty in the way Of the
resumption but on the contrary, lend every facility &c
it, snoath the way it restore the confidence OF the
country in the solvent institutions; increase instead
of shaking their credit--9nd Mcn-0ye thcR sit down
calmly and consult and discuss and devise the best per
manen, mode for administering the finances Of the nation
bringing il in by guarded degrees, and by wise cxpe
dents This was our folicy; and therefore, We orlg.
na!ly and especially objected al this crisis 10 such great
Innovation the Sub Treasury sysicn-or to even Tie
agitation such system. Senex speaks upon this point
with oil The wisdom Of experience, and The sasacIty OF
oracle.
We have appended to his Paragraphs very i'm
porlant Extracts from slip os the n Y. Herald office
of Wednesday last. The facts very important
Things are ut most interesting crisis in ~ York. We
hope it will all work we'll We also suGjoin very Ju'
licious article from the ~ York American, whose course
upon this subject is beyond ulfpraise.
PARAGRAPHS by SENEX
l. The real par Of Exchange between the Gold cur
rcncy o: the u. States, and that OF Great Britain, IS com
puled at 40 per cent.-Say , IL
Q Bills on London, at sixty days sight, are now at g
per cent. in n. York paper currency, and American
Gold al premium there of 3 per cent: Bills then,
nrrat2IG per cent. in American Gold. This leaves
difference of ! per cent. Allow per cent for four
~ n,hs interest and per cent for commission nsur.
unce and freight, and the gain in importing Gold is )
per Cent.
=, When what is called The bolamcc Of trgdc is in favor
Of the country there be no motive TO rrpo't specie,
but n strong one 10 import it.
j. The rate Of Foreign Exchange being in favor Of the
country there he danger 10 solvent Banks IN re-
sumng specie payments at an early day, provided the
action he simultaneous and general.
s. The Bank Convention which adjourned TO assem-
be again in April ought not to hesitate to appoint an
early dav for the resumption Of specie payments when
that annunciaon woud give temporary rrposc 10 the
county and promote permanent confidence in the
Banks
e. The credit system, with sangune and encrpriz'
ing people, will naturally lead 10 frequent occasional re-
yusons that ob<truct their onwaI 10. short
space oil lime The moral, like the physical world, Is
liable TO storms which often tremendous in their du
ration. while they serve to purify The atmosphere,
T. The tendency 10 orer.ttadng and speculation,
which was first the cause and subsequently the ELECT,
of excessive Bank loans, has, in great measure been
corrected by the distressing lessons The country has re-
Gently had.
S Under the existing laws Of Congress the Govern
mcnt is bound 10 receive the notes oil spcclepayih9
banks and dcposile the public revenue in The Stale
Banks upon the resumption before the suspension OF
specie payments.
o. Let the State Banks resume specie payments spec
div and they will suspend the angry debates OF our pn
liiicians both great and small, about The mode oil COL
Letting keeping and discussing the public money.
TO- As in a time of peace nation should prepare Tor
of war; should Congress take season oil tran
guilty 10 decide financial system best adapted to
The nature Of our Government.
II. Government, whether State or FEDERAL, win all
its precautions has not the power 10 keep The monetary
machine at al! times in regular motion Were gold and
silver even The only circulating medium, overirnding
would in Of prosperity in spite OF any laws
Il
aure depends the temperament OF the people than
the laws. (JPitncss ScoudadD
- There good to believe, that there is now
sufficient basis Of specie in the country To sustain all
the pa pcr nj present in circulation Were The Banks 10
open their vaults generally and pay out coin, confidence
would soon be restored and large proportion Of that
specie which is boarded would come into circulation
from Lhc Nctc Yorh Hcraid Of the 2Ist)
For some days past learn there have been several
deep and long consultations among The leading nancers
of Wall street. relative the state of the foreign ex
changes the condition of the currency. and the policy
of an immediate resumption OF specie payments. There
strong feeling in certain quarters in favor OF re-
sumption at an early day-at day coiemporaneous
with the opening Of the Spring trade. We believe the
Phcnix Bank, the National, The Nlanhaan,'an the
Bank of America are, more less in favor of adopting
steps Immediately on this highly important question.
IA reply has been received from Philadelphia, posi-.
lively declining any union or co operation IN snch
movement previous 10 the Bank Convention which is
H.
banks ard nancers have determined TO carry their mer
chants through the Spring trade undc their present ex
handed and irredeemable system. Now as this system
converges all the facilities Of bank credits towards these
two cities and wilhdraws them from New York, our
Wall street liuancers have very nearly TO the de-
termination to quit their present ppsilion and 10 begin
the great healing movement oil resumption OF specie pay
menls md expansion Of discounts at and the
time. This highly important subject is now under de.
liberation and if il should be adopted as it is likely at
nj / " bp
and on all The elements Of industry, will be most i'm.
porant and most desirable.
"rhis disposition among our financeVs has been pro-
duced principally, by the state Of the foreign exchanges
3y the last several packets it is calculated that the prin
cpa banks have purchased foreign exchange equal 10
SS0000G if not 81 100000 In seventy or ninety days,
they realize this exchange in specie in New York,
and make a handsome profit by the operation. They
will possess, therefore, within reasonable period of
timc every necessary material 10 ory the position they
intend 10 assume.
"But better STILL The natural influx Of specie TO this
country from every part Of the world is great, as al
preclude the necessity Of requiring the returns of
the cotton bills in specie from England During the
last month"; probably 81 1000 of specie have been
tered into The ports Of The u States md going out
A few days ago had about S250,OOO at New Orleans
here from Jamaica this week, nearly $l2O 900, be-
sides various other coming and II is proba.
BILE, therefore, that the specie will not be wanted from
England.
BE this as il may our banks and fnancers are in ve
ry interesting position, and single wrong step may re-
suit most fatally to the spring rnde It time TO make
STEP is time to acl it is time be decided and deter
mined. The PhGnx Bank, and many other banks, have
been paying specie for some time. Why not give sys
tenn and form to their own isolated conduct 1t would
create confidence in week-in day. Specie to-day
is only or per cent premium, and almost unsafe.
able at that"
(Erou, the Nt,o York .qmcriean)
"OuR BANKS We have for some days been waiting
an opportunity present the annexed abstract Of the
condition of city banks showing conclusivey their
strength and unqueslionabe ability 10 resume payment.
"Ths abstract freed from all details and techncai
ties, presents this simple and single fact that meet
cen millions Of liabilities there thirty ius millions Of
nssets-as the table subjoned will establish:
.Nt,0 York City Banks.
Capital ,00O
Surplus profits, 3,0OO,0 UC
Due the stu,e in 1889, and available till