Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-06
Richmond, Tuesday, March 6.
RfsumptiOn If Specie Paymrn,s

on v lmy
are assuming strong and decided ground ths spb.c
we hail their resolutions with the greatest sa>fapp
1bn following interesting information this uJc,
is from the New York Herald Of Friday last;
MONEY MARKET.
uThe elements are in motion. We verify believe ,i,,
the bottom has now been reached-nnh that from III.
day hencpfnrlh, money matters and business wi! t!kc
new and fresh departure. The small note bill has become
law-the banks in deep consnta'lnn-,ha SPIN,
business is in full caeerthe opening OF the rivers u!,
soon he at hand-and general: though sI"w, ecun,:r,
lion of the commercial ediice must ensue. On We'd
nesdav evening the Banks had meeting. and aie,
long and interesting consultation, they nearly raa- +
the resolution publish manifesto in few DAYS; cal
culated alay excitement, and to give an encugraga,
aspect Of their future movements
Al this meeting the question OF immediate reSurn,
ton was propounded and debated at length II
cedrd By all that the banks Of New York, both in r~i
ence 10 the foreign and inland exchanges could H.
sumo specie payments and begin gradual eaja;t.r
necessary 10 meet the wants Of trade The only o5.
Gle in taking This step The position in which tie?
stand TO the adjourned Bank Convention which NEE
here next month In courtesy and honor the \ ios
banks feel themselves bound To take step towards r.
SUMPTION ill that Convention shall have met, and Gr
ded either way or the other, what policy they m.;
pursue When it does meet and when II shall begin a,
deliberations, doubt great difference Of opinion
exist and il is possible that 1t may again adjourn with.
oul ouv final or decided action. But should II d. The
Y banks will find themselves released from all :-.
Their ties md will then take their measures with te:e,.
ence alone their own position, honor aud views.
..The u s Bank, and large portion Of the bank!r,
interest throughout the country, arc opposed 10
sumn,ou from the belief, very honestly entertained Tie,
the measure will be unavailable without the favorable
action of the General Government either IN the SHAPE
of new National Bank, order to receive the puts
dues in bank paper at the Custom House On ih' Pca
our banks and large portion OF the commercial Iacres,
entertain decidedly different opinions, and these opE,a:
our hanks may ca plain and illustrate III their maI.@.J
now preparing for publication
son another highly important point OF ro.Icg. oG:
hanks have aprsed Under the understanding TINT r.
sumutiou will not be delayed longer than May, Tie
banks intend to begin, from this month forward, 10 eI
uand their issues and TO increase their loans lhePha
nix Bank bryan to-day 10 pay It's dividends ana 10 H.
crease lis loans This process will Of course be s'o@
and only move part PaSsu with 'he Indispensable vans
of the spring trade; but its effects however moderate
will soon be felt in the recovery Of confidence, sis
and good feeling in every department OF business
at will he seen that large amount of the bank bus,
ness has been done on country bank paper Our GIns'
will therefore, issue their own paper. and ii Is hG
probabe that several Of them will make arrangement:
for an immediate issue Of small bills, permitted
by the law passed in Albany. II is true, these Sma
bills are n0tc rcdeemable in specie but such is the siu
lion Of our currency and the state OF the public mnl
That if our CITY banks were 10 issue 50 900 900 in ones:
wos and hrees, this week we DO mt believe That SOL
600 would be returned Cor redemption for month
come The community will clutch the money Ise
furnished men, and Immediately Set the wheels Of bus.
agong.
"Tbrre is another meeting OF the Banks to be he'll, t.
nirlt and il is not impossible but they may agre -
make m immediate issue Of small bls rcdeenab!c IA
specie, on the terms offered by the legislature
The following is the important Circular which h1i
lust been issued BY the Banks of New York
TIT At meeting Of the officers OF the Banks q
the c,ty of New York. held the 2Slh OF February? lr'
the Committee " the resumption ofspccie payGirns
submitted the following report, in part, VIZ
Gin contemplation Of the resumption Of specie plr
IT, u, IS h. ~ NnIv fnrL DU d
before the 10Th Of May next and under the uncena
contingency of simultaneous or emily resumption b.
tho Banks of some of the other great commercial CT
ties it is incumbent those Of New York TO atop!
all the measures within the limits of their resources,
which may enable them not only 10 resume, but also 70
maintain specie payments.
"Much has already been done in TINT respect the r.
suit, well oil causes moi under the control OF he
Banks as Of positive action on their part
al Il appears by The annual returns OF the Bank
Commissioners that exclusively of the Dry Dock Bans
which is not included in the returns OF this year, he
gross amount Of all the liabilities OF the Cny BANKS
payable Oh demand, deducmg thererom line notes AMI
checks Of other banks held by them, and The balance,
due to them by other banks amounted
on the lst January, lS36, TO ~
on do. do. 1897, 10 214ro!>I
on do. do 1885, 10 l2,:aOuH
mokino n dininulion in The liabilities of more than !:
millions ard half during the year le37.
"2 The detailed statements for the LIST January ~
rendered by the several City Banks TO their Standi
Committee, show balance 10 their credit OF more lhaa
four millions due to them By the banks out Of the Stat
and of more than two millions in account with all TX
banks Of the city. Ample means, as asn appears I
those statements have been provided by the cou"'r
banks Of the State for the redemption OF Their no'
which circulate in the city.
'.On view of The whole subject we may coniIcehr
ssy that the relative strength OF the banks Isl and
time of the resumption will be greater than It was u
ring the last years and probably at any former linz
'The fall in The rate of foreign exchanges no" coz
sderaLly below par in city paper, renders II as;
lulcy certain, that expectation OF specie can isA
place and more than probable that considerable iuA
may be expected. This fact, ind;spnabe, mV'
have an effect public opinion and ought 10 ret"'
the appreheEsons of those who may have believed @
Efforts for an early resumption premature. Secure
all the banks in the United States row are, against
reign demands, justified in expecting Their {
operation If this is obtained, do not perceive S
obstacle 10 early, easy and safe resumption Oh sP'
payments. ISL
"A continued suspension, the part Of some oil '
other great commercial cities alone render The ri
sumption part difficult, and may prevent in;
application Of the Legitimate resources OF Ne" YORK
Yet such is the favorable relative state ot the 6alon
between this and the other paris Of the Union, that II
the present at least, but little difficulty need be app
hended from the effect of natural causes. VI debea
acts of hostility, there could be no motive ior sucE
there should be apprehension of them on our part
We trust that supported by the community of this ct
and bv the State the banks will be able 10 surmOun!
Obstacles and before the 10Th Of May, 10 resua:I
and maintain specie payments.
"The preparatory measures their part appear I" o.
/ reduction Of their liabilities out Of the State ~
dra wing in their foreign funds = equalization OF
balances due from and to each other, and mutual
turn Of notes, which may enable all to resume on
equal footing and with equal safety s. suihc'".
crease of their specie. On those points the Con'"'
will submit separate report
ALBERT GALLATlA
PETER stage,
GEO NEWBOLD. I
CORNELIUS HEYER, I
JOHN j. PALMER,
E.. W. LAWRENCE,
+ w EDNOTDS.