Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-21
Sims nj I,J;r;fu

Signs Of .1c,ieify
we extract the following articles from the n. York
papers:
| " GionE SrEcIE.-Ihe packet shin Gladiator from
London yesterday brings the of s. $50 900 in spe
Gle II is computed that So 000 600 in specie has
ed at this port within The current week
" The Mediator another packet on lis wav is said 10
have on board overs million in specie
letter in the Albany Evening Journal from J. G.
| King, Esq dated at London, 10 s B Rugglcs, Esq =,
states that he has made arrangements for the shipment
OF one million OF sovereigns by The four or five first
ships for New York ~. Y. Posi- of Saturday.
" Several sales of specie have been made at pre-
mum; large sale OF soveregns made at this rate
yesterday 10000 dollars was received by the J w.
Cater, from Jamaica, and at New Orleans the l0lh
l50,OOO dollars arrived from Tampco and Metamorus-
Bills on Englan for The packet Of to-day, per
cent" RI Y Ga.eus
"a great number and variety of communications were
READ 10 The Bank Convention and among them several
letters from the Secretary of the Treasury giving the
strongest and cearest assurances of the favorable feeling
OF the Government towards such banks should decide
upon the redemption of their obligation in specie.
communication was also read yesterday from hleSSrs
Prme Ward Il King, relative very large amount OF
specie, q 100000 pounds slcrling) which that house
has made arrangements for bringing aid of the great
obect-a portion of which has already been received
On the whole, though the day appointed Tor the Banks
represented in this Convention TO the healtiu
objects OF Banking institutions, is later than we can see
any necessity Tor, 1t gaining point perhaps to INK on
day certain, a, ALL In the time, there is good
ground for believing that specie will be paid for their bills
by all the sound banks long before the first Monday OF ia
nuary Our own banks must commence almost mmedi'
aiey and they feel not the slightest wish 10 avoid It,
When their day Of resumption arrives, the good example
will we trust be followed extensively throughout the
| country ". y Gazette.
"Under the belief that the General Bank Law has
passed. arrangements already made in Wall street
for the organization of a new bank with capital OF
20000 900. About 100 subscribers have been obtained
This week. 1t will 90 into eralon possible.
| nj ri
"The feeling OF confidence rises higher and higher
The adjournment of the Legislature, the passage of the
General Bank Law, the creation Of $7,15U QUO OF canal
slocksthe arrival OF large masses OF specie aP
proach Of specie payments, are some OF the elements OF
recovery spite of the loss Of the relief loan to The
banks, or that of the power to issue post notes
Foreign exchange for the London packet to sail TO-.
morrow, (20th insl closed at lOG with tendency 10
rise. This is advance of 10 l2 per cent IN ten
days Exchange on England is inquired after
and the probability s that it will rise to par in few
weeks or at least two months The United States ugen'
CIV asks lOSbut no buyers yet at that PRICE although
nlr. Bidde has ample funds in Europe.
"a good deal of trouble is created 10 Mr. BIdde by
his post notes In Boston, hear that suits, II not III
functions, his effects THERE resorled to- In some
instances he has arranged for his post notes ana bonds
by fresh ssue-in Others he stands suits 1t Is pro-
bable, however, that he will terminate all these annoy
ances by equalizing the exchange between Philadelphia
and New York, resuming specie payments and moving
pan pasSu with banks which will begin expansions
The moment they begin resumption.
"The specie market is completely glutted. To-Day
the Gladiator announced from Liverpool with an
aggregate amount Of $500 O0O-' and more 10 morrow
We actually threatened with sort OF specie panic
The banks are frightened at t-and know not what 10
do Large quantities. offered 10 the banks on deposite al
par have been refused, because compeS them to cura
their discounts!
"There is little alteration in the inland exchanges
Accounts from Mobile state that no an,eoraon is vIsi
BILE there In New Orleans, things begin to look better
"rhe great topic of the day in Wall street, is the Ge.
neral Bank Law The loss OF The relief law is consld'
cred matter Of little moment among hnancers The
organization Of the currency, under the new Bank Law,
will remedy every evil By this law, learn add
ton 10 what stated yesterday, that banking assoca-
tons under it, allowed to issue small or large bills
from 81 to Sl0U0to receive depos,es on interest or not
and to deal in foreign and inland exchanges to The ex.
tent Of their means ~ Y Herald, Of The 1911 inst.
THE Associated Banks of Boston for the week end.
ing Saturday. 14lh April increased their specie 81 OOO
decreased their circulation $4,000, and their loans
$3.50 600. special committee OF the Legislature made
report on Wednesday in favor Of the suspension OF the
2Dh section of the revised statutes (Which fixes pc.
naity of - per bills not redeemed IN specie)
until the first Of January next, provided that the Banks
in Boston shall redeem their bills Of the denomination
of five dollars and under in gold and silver demand,
and that the Banks out OF the city shall redeem all bills
of less denomination than five dollars.
"The transactions Stocks extensive yesei Jay,
and notwithstanding the loss of the relief bill in the LIE.
gsIature, prices very firm. In some instances an
advance was obtained. TO- 600 Mexican dollars sold al
the Board of Brokers at PREMIUM and Treasury notes
Is Id discount. The Gladiator, from London brings
very large amount OF specie report says 2oOOuU COL
lars Large deposes Of it being made in the banks
at par one Of the Wall street banks received 3OUOOO
dollars in foreign gold yesterday from one firm
[.N Y. Gasete Of Saturday.
II is evident, that spring has been communicat.
ed to business in New York The markets are bsker /;
and better times appear TO be at hand
THE NEW BANKING EXPERIMENT.
Tho faa b,n bill which has lust passed the LIE.
pisla,ure of New York. seems to have been hailed by
both parties in that State with great satisfaction We
shall cast Ian anxious eye upon the game and duly re-.
port the result to our readers They already talk Of
capital perhaps higher. They say, the field is opened
Companies being upon the taps, OF TO- 10, and ~ millions
to Mr. Biddle who may nov establish an agency IN New
York. They speculate even upon Banking Houses to
be established by foreign captals,s-the Rothsclds, the
Barings &c, &c. Curiosity is alive; and speculation
already appears TO be busy-The n Y. Herald gives the
leading features Of the new system:
"By this law any number of persons foreigners
tiyes residents or otherwise can establish bank with q
capital not under 100000 but 10 extend beyond, by
putting in trust under the State Comptroller, United
States or Stale Stocks, 10 half the amount-ihe other
half in good mortgages on real estate The association
then authorised 10 equal amount IN paper
new retaining always as basis II 9 per cent in spe-
Gle of its issues The paper signed by The Complrol
er and the original capa-half stocks, half good mort
pages-remains always in trust fund TO redeem the
issues in case of revusion, accident or msmanagement
"These are the leading points OF the new system, as it
differs from the old.
The pesen. poraed bank, loan all their ca.
pi,a and credit in exchange for mercantile paper retain
ing per cenage for specie basis In the new system,
the capital can never be diverted from its purpose and
nothing but the credits Of the bank be issued at all
deducng from the amount of these credits the
tanned in the shape Of specie To put this in palmer
language, give the following analysis Of bank on
each system:
Old Ba,lk system. .Ns,o Bank system.
Capital $lOO,OOO liked lOOO0O
L,oans-authorzed 25O,000 do. $500