Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-10

own making. g. by adjournment ii the Legislature
and people Of Pennsylvania submit to ms tcy VIII oe
fairly served BY being compelled to endure long pro-
tracted reign Of rrcdeemable paper. They as,en JUS
ease upon Themselves. Their bloaied visnge will indi
cate neither health strength, but echeness aEd n's
solution. However, wish them well, nnd nope they
may lave 4 thousand years.
The Ppnnsv lyapian announces sthat the Philadelphia
Banks will operate with The hanks OF n York IN
the proposed resumption of specie payments on Inc lu
OF May, and that they will not be represented IN lie
coming Bank Convention in New York. The reign Oh
shirpaserIsm, The eiore continue at least IN tn!S
part of the country, indefinite extent, and as there
is disposition in this quarter now TO effect rcsump'
ton when circumstances far favorable that New
York would with Us, il is Impossible 10 form even
the renIotes conjecture to The time when that event
will take place Is it intended that years shall e!apse
before il is effected or is il 10 wait the result OF political
movements
The Wing Senate of Pennsylvania too is bending be-
fore the blast, and allowing Mr.. Bidde TO brave Tie
whole country. The following the last proceedings
have from that Body Of Tic 5,h inst receive
them in The Philadelphia Advertiser. (Iihig:)
"On motion Of Mr.. Burden, the Senate wen, into the
consideration Of the Bank bill When the first section
had been rend, Alr Fray City moved that the bill be
indefinitely postponed. ue said, that al the commence
ment of bA session of the Legislature lie of opin-
ion that act should be passed Tor the better Tegu
laon of the banking system bat further reflections up
the subject had convinced him that the time was IN
suspicious for the undertaking.
destroyed all confidence between and man. and IN
between the public and the banks This con.
tdence must be restored for if the banks should be COM
PEELED resume, they in their turn must call upon their
debtors for specie payments But he now saw The me-
cessty Of decided action by the General Govern.
before The banks could resume. That Government
must not only its upon the currency but must
lend its hand in assistance before the banks could re.
lie believed any State action at present would
be useless.
'sMr. Burden also supported The motion. He sad both
parties had attempted To stca the story Of down with
The banks and all had been trying to make the most Of
tie kuRJyg. lie believed it about time now TO quit
it was humbug which would not last.
"Mr. Barclay was opposed 10 the motion. Tie qucs-
ton rot taken.
What fine spectacle is here before us Bank OF
the IT, $50 ca!cd is chartered in evil hour, by The
State Of Pennsy lvania-by Wing ority, spt in IN
consequence Of an unfortunate scism Of the Republican
Party. This Institution has All enormous capital OF 50
millions. II threatens and braves the whole country.
II is guilty of ransgreSsons, whc. ought TO damn 1t IN
the eyes of the whole world. 1t specuIaes in trade,
and nterteres with private merchants. 1t purchases
cotton very large amount and pays for ii in the old
notes of The former Bank. Tie act itself involves a
gross fraud, and violates its charter; because re-
notes of So whilst its charter restricts it 10 notes
of mol less Than $40 1t professes 10 be regulator Of the
other Banks; yet in May last il is compelled TO suspend
specie payments 1t is guilty Of dupicity in the face
of the whole country, in pretending suspend payment
only in compliment 10 The other Banks, " hills, vas OBJ
vious that its GYer-deallngs had compelled It TO
adopt this course-t promises 10 resume payment, as
any Of thcm-and get when the Banks OF New
York oil New England, Of Virginia, Of North Carolina,
and the North Banks anxious to resume, and
going into Convention for that purpose this same nsii.
tuition adopting every measure can employ 10 ba''
ilc their wishes and TO defeat 4 resumption. With a
view Of preventing the meeting, is dispachng agents
New York and Boston, TO operate upon some Banks;
and sending the resolutions of tie Bank Meeting OF
PhadeI rha, TO other Banks 10 paralyze their move
mens: aud proven, them from sending Delegates TO the
Convention.
1t makes the blood Of Republican boil, to witness
the outrageous conduct Of such an lnsuon--to see
the only free people the globe at all dependant upon
nstitGtion, powerful, and so coHupt-to So 10
millions Of people bending the feet Of the President oil
q monied coporaton.-M Bdde is striving for victory
over the Government of the II. States. He IS srug
Cling TO obtain chartcr and Tor that purpose, he Is
keeping the commerce. and circulating medium OF
whole country, embarrassed and deraDged, To eItort
charter from agtated community, and 10 advance The
political purposes Of the leaders Of party leis stry.
ing checkma,e not only the State Banks, but the
whole people Shall we submit to vassaige OF thus
description, If Pennsylvania will not relieve u.s. can
not look for assistance 10 the constitutional powers
Of The General Government?
Mr. lanier is nobly stepping forward 10 60 all in his
power 10 give relief TO suffering people, and to coun.
leract the sinister designs Of oil the most mischief
Institutions, which ever outraged free people
We commend his patriotism. We thank him tor the et
forts. We wait with great Impotence the development
of his plans. But for the design alone we thank him,
in the name Of the Administrations Of the Republican
party, Of The American people
POSTSCRIPT.
Yesterdays mail brings US further accounts-The n
York Herald Of Saturday says:
To-day being foreign bill day, exchange on England
began 10 be offered and inquired after The Bank Of
America came into market with considerable offering
of sterling exchange drawn by the Citizens Bank Of
New Orleans on cotton shipments TO Europe. They
were offered at I04 2, but few buyers-private bills
may be quoted l04 No business, up to The close, had
been done-The favorable rate of exchange is causing
predictions infur Of specie into this mart At this time,
is estimated that City Banks have nearly $3o0O
600 hand; last month they had 403S7-and 1t is
calculated that before the 10th of May, they may reach
at least s. 100000, if not Sc 0C0 Large contracts
have been recently made for fresh imports OF specie
Yesterday nearly 100000 arrived here The position
Of The market--the state Of the ezchanges-and the
great influx, have reduced specie this day TO 5 2
per cent premium New York Bank paper. Our pa
per and specie calculations nearly equaIlzed-
In our city, during the present month the payments at
the Custom House will be nearly SI3O00O, OF which
S3S000O renewals under the law, and Sl0OO00 pro-
tests Of old renewals. Great distress will arise from
these things. Yet that there is large and increasing
business clustering round The specepaying banks and
the capital recently imported from Europe is undenia
BILE. If our banks in May they must do, and
those of Philadelphia and other cities continue their pre-
sent system doubt exist but all the foreign trade
that may have been directed 10 other pors will come to
H. York During the last suspension OF specie payments,
between 1914 and H. Boston maintained the faith Of her
banks invioate What was the consequence; When N.
Y. and every other city agaled by series OF con-
WILSON'S which destroyed their trade and impaired their
credit, Boston, BY adherence 10 financial principle mo-
noposed the best part Of the foreign trade Of the nation
If Philadelphia and the South refuse to join in the
SUMPTION they must prepare for series Of fluctuations
and revulsons such marked the currency and trade
of the South aud West, during The years 1916, IL, Is,
49, Already the seeds The inland exchanges
these points daily getting worseand The foreign
trade is more and more couverging TO New York 1t is
idle to talk of the power of the u s. Bank The pnwcr
and steadress Of convertible currency arise not from
the form in which it is organised-t is the principle of
action that regulates, and no, the form shape Our
banks by acting the sound principle of currency,
convertible on demand, will acquire more credit, power
under the principle of refusing to pay in specie. By
pursuing the right principles, can in one year, attract