Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-10
Richmond, Saturday: march 10.
PFSIUPTYON of Sylcic PAYMENTS.

York Banks resume specie Piyhe"lS.
seems sanrune in the opinion, that hlr hiddIe BANK
(ns Mr. Cahoun calls ) will be compelled W the io'ce
of public opinion TO initiate the example.
In connection with this Letter, we rStract inc follow
inc remarks from the slip OF the New loih etaa oAce
OF Tuesday last:
uTbe moyeme nj in favor Of revival of confidence nc
celro,cs and gathers force every day-evey hour To-
day stocks generally rose, varying from 10
and embracing all SORTS In this stale OF thhss, with
such lalering prospect before them' the mr'chah'-
particularly the large Dealers shippers and ohers-are
not satisfied with the movements already taken towards
resTn;,:rr by the banks. requisl''on was IN ccua'
ton on Change, to-day ing Tpo" VIZ ss ss"rs,iv
assemble in public meeting, the sd,..- s2 seeieuv
did in Boston, and to call upon The banks 10 accelerate
their movements. an immediate esun ption and an I'M
mediate expansion considered Idenueai. ne banks
q few of them-who have issued small o''s n9o re.
decmabe in specie may be said to have resumed de uTe
-bu, n bare naked resumption, pnaccomPan!cd win nm
expansion is considered extremely bad policy and highly
cesuabe a. the present stage Of the season Specie Is
now freely sold at 2 10 per cent and on some &C.
casons posles Of specie have been made in The banks
YET the banks hang back and feel reluctance 10 eI-
pand their loans. In consequence OF THIS
the merchants becoming very urgent tor an nmed'
n,e resump tiun, publicly announced and meaning the
commencement of the new system, or ne" movement
towards the full revival Of confidence
ain furtherance of this position, 1t 10 s'ateo 'at 'ne
specie and circulation " Inc DahAs "ese vi 'ne i'' '
OF equal amounts.
sin addition to this singular position, The banks are
now acting under general arrangement, each 10 IN
* 900 600 on the lJ,h May. TIE following are the sa
Gus sources Of supply: .,oooo
Sales of the Canal stocksin Europe, S''oo',Vn
Purchases of Bills Of Exchange, 3U"'OW"
Las, lnstalmcnl Of the French indemnity, 'ooo'"
Aggregate increase Of specie by May loth S3o'ouoV
Wh this prospect for The next ~ days, II is argued
that the banks ought, at once 10 resume speee 10
DAYS paper so as 10 meet the wants oil the Spring llade
This certainly is very orcble view, and ought 10
be imperative on The Banks il hrre were no III
the way This obstacle exists in The posioh anu PuFpo
scs of the u S. Bank. The action Of the Government
in its present condition. is rather more favorable 70 re-
sumption than other arising from Inc TACT a they
are al this trading on borrowed cnpla', aho
pro tanto furlherng and extending lhe cred system
while they are vociteratlng about hard money me
urea, difficulty is with Mr. Hddle. 1t seems that the
Pennsylvania Senate has rejected the resumption "I''
and thus the action Of the Banks Of that State IS cntieY
left in the power Of the Great EInsncler Now IL IS
we'll known that he enleriains very opposite opinion
on the resumption OF specie payments 10 that encouraged
and entertained in this City. When The BANK Commit
tee waited on him during the course OF last nonth AZ
Philadelphia he was very precise and candid, IN deciar
ing il to be his opinion, thai tc Neg YORK. benhs c"u3
no, resume and manian tint postum. m less nan 'r1
YearS He doubted whether the Custom house "ouIu
not in less than sixty days after the resumption sweep
away every dollar Of their specie in order 10 pay inc
extended bonds, the duties accrung from esh I'M
portatons This certainly is plausible ooIec'!oh, ana
may involve Banks in struggle 10 maintain lheIr
position If the merchants, however, nre resolved 10
call upon the Banks to resume Immediately, they must
support them in their course per aS aM nc"s, ara mus
come in conflict with Mr.. Dddle and his coniederacy
No doubt can exist Of The ample ability, at this time, OF
the Philadelphia Banks to resume specie payments
Correspondence Of the albany 7rgus ,so,
NV York, Feb. %, 1888.
"Dcar Sir-Thc hope expressed in my last letter, IS
about being realized The banks are taking additional
and efTecua measures specie payments, in The
most enlarged sense, the 10Th Of May. They mis-.
Judge, however, very much in one respect lhey are
not frank and communicative enough to the public The
day has gone by, when banking was mystery: The
frequent reports required from them, and the Toll nspec-
ton 10 which they subjected render their condition.
of too much noorley Tor Them any longer 10 en-
joy that very natural feeling of knowing something
themselves which is secret from all Others connect
ed as they are: with the business and prosperity Of lhe
whole country, and having powerful inhuehce over
the mercantile interests Of this city, they owe II 10
themselves and the community 10 avow to The woric
what they intend to do, and what are the measures OF
relief which they mean TO adopt A paper from 'hem,
showing what their past conduct has been ana tile ea-
ns-demonsra,ing that was the inevitable co"se
ouence of legislation which they were not al hery 70
disregard and disclosing that they have all along taKen
and steadily pursuing measures 10 Orins aoou'S
speedy resumption OF Gle payments at great sacrces
themselves, would not only remove some OF the pIcu
dces existing against Them hut would very much Ia
ciIitae their operaonsby renewing the public confidence
in them. BY some, they now condemned tor Their
conacons Others complain Of their intended resunp-
lion because will oblge them 10 make still iatlhcrcoh
fractions. They could show that in The one case was
the result of law and Of necessity that II was lie only
mode of reganiDg their position by return 10 specie "
nens within the period allowed BY law: and in the o'he
that il is for the interest Of the merchants TO assist ana
sustain them in the speedest resumption; and so on
But fear such paper will be forthcoming. They love
their mysteries too much; if they do say any thne
it will be- apprehend like all their papers, too eafheu
and grand and diplomatic for the common apprehenson
and So while it nny be atterng enough TO some ones
capabilty Of writings will lose It's great merit OIL sa
flying the public
"ihe public ought to know their intended measure.
at once and for the want Of some such expose must
give you such information as | can procure ptemsner
however, that though Official it can be relied upon
"Cur banks the Eth inst were, in one respect IN
position very unusual Their circulation and specie
">'' Circulation, s2,e42,133 %
Specie, 1888 O62 u
So here is specie enough. and spare redeem al their
paper They not, however, content W th that lhe'
900 900 by the 10Th of May. Each bank is 10 have ~
per Of its capital in SPECIE except the six who TOOK
the canal loan, and they 10 have 80 per cent Iha'
State stock was, believe S. 100000 and is all TO Ue
converted into specie and the balance viz: $50 ecu"
to be procured in other principally, howeyer,b'
purchasing bills Of exchange. Some such purchases
have already been made. Indeed the banks a.
most the only buyers, and but for them, exchange on
England would have gone down TO par, or nenry So
RI, is now below what is denoninaed par But Their
purchases you will not be very great, not exceeding
5000 000 and exchange will soon be down again
ave may therefore expect large mporntions OF co"
within the next GO days One bank has already taSsa
such measures that it will have 81 100000 in that u''
$500 600 Of which is expected in The next Ten Gays
This will, of course, subject the banks to more or &c"
expense; but it shows al least that they are dspoeo
do their duty, regardless OF the cost to themselves
ssThese facts are important, and the knowledge
them will only enable the business public 10 NnV
upon what they can rely, but will pu. it in The power
eyery man 10 understand the safe grounds upon wms
he can repose the confidence required Of him. II ~lHf
farther Il will tend to disabuse the public nina a. -
the conduct of the banks You know that am no r'I
| man hui the 1eyerse And winr as | have been 6