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

E-5s.7EgsssE Co.,
E ;EH'!;!: ;:.!|GI A.. IL.
ilsslIl#iNNa--. i!:.!E vE. ,..=z..zys
IN:
ssich1nond, Tuesday, ApriA 10.
B.q.NK CONVENTIO.N-Bank Of the u States
The monster has again shown its cloVen ioot'-!t Is
atinr evety exeriion to defeat The Bank Convention;
- nreTent the resumption of specie payments and 10
make "confusion worse conoundcd We spread Tue
following very interesting series OF facts before ou'
us (Fvom he Ns;o York Herald cf the 5fa.)
"The struggle between the opposing monetary Inte'
es,s ia widening every day Up to few days since, 1t
,vas generally believed that the Boston hanks would unle
with those of New York in resumption next month.
The Suffolk bank of that city, oil the lending lnstl.
Unions in New Engand has, under the influence OIL
Philadelphia, secedcdircm the movement and now tres
10 prcvent resumption at the time designated 1t Is
hGhly probabe that other banks IN that region VIII unite
in opposing the policy of our banks
mThe question then recurs, banks resume spe-
Gle payments, and maintain their position How VIII
the State and General Government act: What policy
will the United States Bank pursue The agitation on
this subject increases every day II Is very evident,
that from the directly opposite opinions held by able
tinanciers, the whole course of monetary affairs is at
present curious experiment in finance. What may be
the result few can tell. The probability, however, is,
that Mr. Biddle will triumph in the end His financial
projects are gigantic His credit is great III Europe
his credit is great in America. An addition oi J,OOO,
GOO to his apal will give him element OF power
But in addition TO that flesh power-to the issues OF post
no.es-of his bonds--or of his old uncancecd notes. he
has made fresh issue of paper currency, OF which The
:: 9a99====o
90 =, vis"G n,,, % &C
30 OF me baHk' ~
n The Bank cf;hc United Statrs promises 10 pay
April 10, 1887
Tor y. EiopLE, rrcst.
fors, Jsrp %;,,1 Cash. wv fA'H"4S'
u,-ee- GO
OF this description Of currency, we learn that large
amnnt arc in circulation payable at every distant point
of The counlythus giving the bank the power and ca
pacity of national institutions, with only Stale char
ter In bless itself wilhal.
"The confusion and excitement here SET on foot by the
Board Of Trade aids the policy Of Mr. BIddle IN ihwart.
ing our banks. 1t is confidently stated that HE
Phaniz Bank 'r p0siiircy lose It's charter According
w. the stock Of that institution has fallen to-day TO CO
being nearly 10 per cent. in ten days We learn also
that charges preparing TO be sent 10 Albany against
several of The other banks, and the Commercial is nam
cd rs one Of the obnoxious. IL this spirit goes on, we
will wind up all our banks, and reduce them 10
mere repositories Of money, without possessing any ca.
pacity aid trade by issuing currency or dealing IN
exchanges ,
.Sppcie continues 10 arrive at every leading port of
ONO-and during the last week, probably $780, 600 have
Hnwpd into the country With such influx Of specie
into New York we can be strongly fortified against all
runs or hostile operations from the irfd2emabie cities
(Fr0m tie same paper Gt The 9th
nInteicence was received this morning in Wall
street that ut the recent meeting Of the Philadelphia
Banks, resolution was passed declaring II lnexpeo'ent
10 send delegation To the Bank Contention about to
assemble here next week. This created considerable
sensation in some quarters On The contrary, from Pro-
whence we learn that Tuesday last The Banks OF that
city passed the following
M was Rcsoiosd That delegation which attended tho
late convention in York c.appoue attend the adjourn
cd convention Ith Of April inst. Moses b. Ives Jas F.
to tho Jenkins VIM Richmond 3D. VIM Butler
Rsoyred Tha, it is cxpedcn, for the banks Of This city to
specie payments simultaneously with the b"S OIL Boston,
Thc refusal of the Phadclp hd Banks will most like
" operate in similar form upon many other institutions
The Southern and South western banks are equally I'M
prepared for resumption. They may, therefore, decline
meeting ours and those of New England in the proposed
Convention ~
nOn the reception Of the intelligence from Phadel-
|. phia private meeting, learn, Immediately call.
ed Of our Bank Committee at which it was proposed to
send dapuation 10 Philadelphia this evening with Sc.
vera propositions for Mr. BIddes consideration
One Of these propositions is an offer TO receive all the
balances due BY Philadelphia 10 New York in post notes
at six, nne or twelve dates, provided the Philadelphia
banks will agree 10 into Convention and to resume
spccic payments along with n. York and New England
The issue is not yet known
portance The New England and New York banks, to-
gser with those Of Ohio Illinois, Indiana and perhaps
Canada will turn conederacy, conducted on one set
of principles-tose of Philadelphia the South, and
South west forming the counterpart The practical e
feet of this separation Of financial measures will soon de-
veope itself in the rates Of exchange. The discount on
PHILADELPHIA is per cent-hat Nachez 80 per cent
These are the exremes-and these extremes Will oil
course be increased, rather than diminished
"The position and policy of our banks cannot be
changed During the last three weeks great efforts and
many negotiations have been made TO pro ong the sus'
pension-but all have been unavailable IT Is not BE-
cycd that the legislature will grant another days de.
law The banks in the face OF the hostility
of Philadelphia per- fas am neas. For many months they
may be able 10 do any business in inland exchange
or in discounts but il is highly probable. they may turn
their attention 10 foreign exchange. In the Assembly
application pending, requesting Tie legislature TO grant
m issue of State Bonds in order TO furnish the means
in aid of their position in May and subsequently. his
1aay pass, but no proloEgatlon can.
q In this state Of things, considerable alarm begins
10 prevail among certain interests. In the next three
months So 100000 of old observation-disclosures,
&c-become due. The Cusomhouse finds consIdera
bic difficulty in collecting the payment Of suspended
bonds and notice has been issued that all bonds re.
| naming unpaid will instantly be put in suit The ex-
cessive high Of discount on inland exchange in
The scarcity of money as they increase the d'
fcuy of collecting Some persons expect relief from
the General Banking Law which has passed to third
reading in the Assembly Whether this will grant the
requisite relief seems doubtful. By this law persons
may associate for banking purposes by deposnF IN lhe
hands of The Stale Comptroller half in Stale stocks, and
halt in good mortgages, DC. On this depose they are
authorized to equal amount in redeemabe paper
Very contradictory opinions entertained Of this law
in Wall street. One point is cerain-f the legislature
take away the charter Of The Phenix Bank, Mr.. Dclahed
can re organize the capital in day two on the
new law, and place it on fmer footing than under the
old charter
(Nr. Delafeld has resigned President Of the Pho
nix Bank, which will molly The Glamour against that
lnstitulion)
From the South and Southwest orr accounts repre-
sent singular of things going forward in Mobile,
New Orleans, and the towns up the Mississippi Banks
are expanding their mabe issues in every drec.
linn In Mississnpi ne bank is iust going into 0pe.