The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-04-11
EXTRACTS
From the remarks Of Mr.. WRrcur, OF New
York, in reply to Mn. TALLMADcE, in
the u. States Senate, March Sth, 1888.

FROM the remarks OF MIR. WRIGHT, OF NEW
York, in reply to Mn. TALLMADGE, in
the u. States Senate, March Sth, 1888.
His honorable colleague had assumed,
in the broadest terms, that the present
arrangement of business aud distresscs in
the country had nrisen from the acts of
this government. This, in his opinion, was
a mistaken assumption. The immediate
cause of the arrangement and distresses
was the present condition of the banks of
the country their inability to meet their
Obligations and perform their chartered
duties in short, their universal suspension
Of specie payments. Was there member
of this body, was there person within the
hearing of his voice, who would deny this
proposition? He could not suppose there
was. He knew well, however, that there
was wide difference, and great variety
of opinion, about the causes which had
produced the suspension by the banks. 1t
was not now his intention to go into that
discussion. He had, upon n former occa-
sion given to the senate, briefly and par
TALLY, his views upon that subject, and 9th
ers had given theirs. He was satisfied that
the causes assigned upon all sides had their
influence upon that result, but in very un-
equal proportions, and that any acts, Of
any department Of this government, were
among the secondary of those causes. All
this, however, was not very material to his
present purpose, which was to compare the
declarations of the banks and their friends,
at the time Of the suspension, with subse-
quent events and present representations.
M al. al,
suspension, as given by the banks and
bankers, ut the time it took place Not,
as all will recoIlect, the ulierior inability of
the banks to pay their debts F! No, this
was strenuously denied, and the banks de-
clared as perfectly sound and solvent .os
they had ever been: but it was said that
we had overtraded, had imported beyond
the proceeds Of our exports, nnd had thus
accumulated, in the hands of foreigners,
n fearful amount of debt against our mer-
chants that this foreign debt was making
pressing and insupportable demands upon
our banks for specie for expectation and
that the bapks were forced to suspend spe
Gle payments, tn prevent an entire drain Iof
the specie from the country, and give time
for the crop of 1887 To be applied to the
reduction of that foreign debt A resump-
ton was promised So soon as the foreign
demand for specie should cease.
What results have time aud the health
ful action ofa prudent business produced
How are foreisu exchanges at this amount,
and how have they been for about month
nov las, passl Bills on England are ac-
lually belo'o par in Ihc principal CONNER
cial cities. They have been at aud below
this point for some weeks. Will it, then,
be pretended that there is yet foreign de-
mand for specie that if the banks unclose
their vaults, the specie will be exported ard
The country drained of it No: the ind- !
cations are strong and universal of large
Influx of specie, growing out Of the present
state of the exchanges. Such was the in- |
formation he derived from the public press,
and especially from the several commercial
papers opposed to him in politics. Still
tie banks had not resumed specie pay
nents; and were they soon to resume 7
This was question of the highest interest,
Of the most vital importance, to the busi-
ness and prosperity of the county. He
was most happy TO v able to say he had
new hope upon this point. lie had seen
within the last few days, that the banks in
the city of New York had resolved to re-
sume and make the attempt to sustain
themselves in the full and perfect discharge
Of oil their corporate duties aud Obligations