Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-17

y
line when specie payments should be resumed, ano on
,hs ,ea.nYps to ef.c, that purpose" The reason as
SIGNED for the invitation was, ,hst would oe uP'ao
tcabe for those of any particular sccil"n TO tesu
without general explanation OF al least Inc P'in'pa
banks Of the great pct,s Of The country 'uo'u"'
free communication OF their respective situations pr
poets and opinions seems 10 be necessary P'e'"'''
step A., oc,h
To this the banks of Philadelphia answered on Tue Io,
of August, ct ting their helet that "the genE''' ,
lion of specie payments depends manly NV i,h
svely on the action of Congress line "ouy Gus" tive
the general power over commerce, anu 'he '"N
power over The coinage and without WINS. I'm
ton, all attempts general system OF pay NV I and
throughout this extensive country, "u - -: ..,h =,
i, :. NJ This time to appoint delegates to The
proposed convention o,h- 1907
At subsequent period the 2lst OF oc'ooor' lo3'
second invitation was r'cetvro rom n n .,1, -,
civ of New York for q similar meeting on the .h Of
Noyembsr Although entertaining precisely uie same
opinions as to the expedency o' any resumption "'.""'
previously understanding the intentions Of the Oo'''"
men,, the banks of Philadelphia were yet uh"''''s "
do .nv ,b,o which might tu be discourte"us '" he
bonk Tho ci,v of New York and accordingly sent &c
sce,es IN the Convention After remaining IN session
for week that body was unable 10 name any "1y M
the RESUMPTION bu; adjourned 10 meet again on ,''e
Of aur for the purpose Of CONSIDERING ana IL P'"o''
c,bIa ,,minnp upon the day when Specie payments
mnv be resumed; at the same time resolving, Inn" ''
banks in those States not now erresrhieo oe eanee'
requested 10 send delegates to the acurned meeting ~
This Conventions and that the several drfghfs rom a
b S,,es he desired 10 procure all such information IN
eoaTd to the condnn Of the banks in their respective
States as may BE- desirable
On the 2Gih nf January, delegation from the BANKS
:, the CITY of New York visited Philadelphia, and while
,ba,e addressed letter to the Philadelphia banks, slHt-
np that they DESTROYS OF ascerianng III the fi'
adelpbia banks will agree with them 10 name day, mol
la,er than the period mentioned, alay.I when th"y VIII
simultaneously adop, the same measure.
,bi tho dol =
Of January stating thGt iii is undoubtedly true thatnny
resumption 10 be easy must be simultaneous, anu 10 be
tfrclual, must be generals nor is 1t less true mat par.
tial resumption ny any party I" The ConT'h'lon' mus,
deange the relations If the whole to each other ana
disturb tie preparations which all making to produce
uniform result at The period fixed by the Convention
The banks Of Philadelphia therefore CONSIDER scarcely
Just respectful! 10 the banks OF other STATES whose
cooperation was in the first instance invited, 70 ta~e
any steps opposition 10 wha, was settled by the on
yenOn without full concert with Inc DINER mehloers
Of that body, who separated under convcti"n That u"
action would take place on matter SO imPntiah, l"
their interests until they were re assembled j." th's,
was also added ION d careful consdern ion of all these
circumstances, the banks OF Philadelphia think II pre-
mature TO name any day for the RESUMPTION "i specie
payments, until The adjourned meeting OF lhe CohVen
ton.
Soon after The return Of TINT delegation. the hanks OF
the civ of New York published The 2Sh of Frhrua
ry declaration that lin contemplation at The Trsnmp
tim Of specie payments by the banks ot The city OF New
uncertain contingency Of simultaneous or early resup
tim by the banks Of Of the other great c"m'nerc'a
cities il is incumbent those OF New York to adopt all
the measures within the limits of their resources which
may enable them not only TO resume but nIso to main
tain specie PAYMENTS" and Immediately general meet
ing of the citizens of New York adopted the following
resolution: That this meeting halls with great salIsiac
on; the declaration on the part of the New York city
banks Of their purpose to resume specie payments on nr
before the 10Th Of May next
From this review il is manifest that the Convention
contemplated was one embracing Delegates irnm every
par, Of the Unicn. meeting in good faith TO confer on
subjects Of equal interest 10 them ALL exchanging OPT
Mons frankly, and giving information rs to the cord
ton the respective sections they nPd rs
to fix scheme of action which mi ght unite oil IN
lcrests and combine oil efforts That was the design {"
the original meeting Of the Convcnon-that ought ;c
be the object Of the adjourned mepiing 1, there
fare with equal surprise and regret that the banks
of New York announced their determination To resume
OIL day named This done without waiting fnr
the meeting Of the delegates, which they had themselves
invited 10 New York Ii done in Obvious nppns
,i"n to the spirit Of consultation and inquiry. hct
were presumed be the whole purpose of the Conyrn
ton Ii done in disregard of the friendly, hut de
cded opinion Of the Philadelphia banks. that II woulc
be neither Just courteous n act mill The C"nventnt
were assembled OF the prnpri"y "i this determine
ton by the hanks of the city Of New York the banks
Philadep hia will here presume 10 offer an opinion
Blu, is manifest that this decision gives entirely new
character the Convention The party who conVoket
The assembly 10 confer with the other banks IN the So
eralneres,s of ALL has, without waiting for their arr'
val decided the question exclusively, in reference
his own peculiar interests II meets, then to discus
what is already settled; and the only point which re
MAINS will BE-, not whether the hanks of New York
and the hanks Of all the other States. should resum
specie ravments hut simply whether, the banks Of h'
city of New York having decided to resume specie pay
Inents day named the banks of the other State
must do the same In that question the banks in PhIa
dolphin desire take part They do not wish TO Civ
any advice in regard to the course which the banks
the city of New York have resolved to pursue; and the
dn not wish 10 receive any from those banks, touching
their own course Accordingly, they deem it better
abstain altogether from meeting in which their dele
gates longer find appropriate place.
need scarcely add. that this determination OF IN
banks of Philadelphia implies the slightest want
respec, The convention to its highly respectable
presiding officer but founded Exclusively IN consider
utions Of duty themselves and to the general interest
Of the country.
have the honor TO be,
With great respect, sir,
Your obedieul servant.
! SAMUEL HUBBARD, Esq,