Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-09
RESUMPTION-AND A STRIKING
FACT.
Correspondence of the Albany August


NEw-YoRK, April "a, 1888.
My dear sir-Lct me congratulate you
upon the auspi,ious change which is rapidly
taking place in our business concerns
The late arrival of specie, and the conse-
quent revival of confidence in our monied
institutions, have had most excellent eff.
feet upon the general interests OF trade
There is now considerable demand for
goods, and moderate impor,ations, daily
coming to hand, will enable our merchants
to meet their customers with the usual ia.
cilities. Specie is daily offered in deposit TO
our city banks, and its reception is no lon-
ger considered desirable by them. In fact
il is known that two of the Wall.street
banks yesterday declined taking consider.
able sums.
A circumstance occurred yesterday,
connected with our financial affairs, which
is well calculated TO revive confidence in
the ability of our own Institutions, and also
to evince the liberality Of their conduct
towards others. 1t is said, and place i'm.
plict confidence in the correctness of the
rumor, that leading capitalist in Wall.
street was authorized, on the part ofthe as
ssciated banks, to offer the President of the
United States Bank of Philadelphia, any
portion of the specie lately received from
Europe, which he might require to enable
him to resume at the same time with our
banks. Tho report further states that if
Mr.. Biddle's necessities should require an
amount equal TO the aggregate Of our late
importations of coin, he can be supplied ID
that extent,-and further, that in regard to
the unsettled balances against the Philadel.
phia banks, in favor of ours, it has been
proposed to extend the time six months be.
fore drafts shall be made.
Surely the great Autocrat, who was to
give laws TO our business communities,
and under the shadow Of whose august
power, were to rest all the great financial
interests of the nation, will not now shrink
from redeeming his own violated obliga.
tons, when the petty institutions of Wall.
street kindly offer TO lend him the means,
upon his own terms, and for any length of
time he may desire. How will the mighty
be fallen when these things come to be
known in England! How will the inan.
ciers Of London smile at the grandiloquence
of the late Philadelphia manifesto, and its
patronizing tone, when taken in connec.
ton with the relative position of these in.
stitutions at the present moment! Seri.
ously, if the Philadelphia bank declines this
overture, it cannot escape the obloquy of
persisiing to issue an irredeemable curren-
cy for mere purposes Of profit, regardless
of all moral obligations, and in defiance of
the known sentiments Of the people. Let
Mr.. Biddle take his position boldly them
and let the party that has heretofore sus.
tanned him in all his acts, and which now
covertly sanctions his movements, shrink
not from the moral contamination which
springs from the connection. The banks
OF New. York can and will resume alone, if
needs be. and they will receive in their hon.
orable efforts all the encouragement that
can with propriety be extended to them by
the national administration. The policy Of
the government at Washington has been
distinctly marked out, and cannot he mista.
kent is to foster and encourage the state
institutions in maintaining a currency Of
the legal standard. Banks which redeem
all their obligations in specie on demand.
have nothing to fear from the administration
or the party which sustains it. All candid
men are now satisfied of this fact, and the
attempt will be vainly made to spread dis.
trust and doubt on the subject.
Our city banks commenced yesterday
TO issue their own notes, and all that are
returned to them for specie are redeemed
unhesitatingly. This single feature in our
banking business has given great relief, and
has gone far 10 restore confidence for the
future. For many months the circulation
has been so much contracted that serious
difficulty has often been experienced in the
ordinary transaction of business, the en-
the circulation being made up Of certified
checks and the notes of country banks
We have now reached new and auspi.
cious era, and could not forego the pleas.
ure of rendering you my congratulations
upon the change