The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-19
From the Albany Argus, Extra, Of
THURSDAY, April l2-4 P. NJ.
MESSAGE.
To he Senate and Assembly:

To he Senate and assembly:
Fellow citizens--The time is not far distant when
the banks of this State will specie payments
and it be anticipated with tolcrable certainty,
what will be the situation of things when this event
shall take place. The period of resumption has been
looked for with much anxiety, and strong hopes have
been INDUCED that would be attended with highly
important Improvement in the business OF the
country.
Since the general suspension of specie payments in
the month OF May last the banks which have furnished
their monthly statements TO the commissioners have
made commendable efforts to put themselves in con
dItion to resume. On the first OF June last their LA
bes amounted to about sixty -four millions of dollars,
while the debt due 10 them for loans and discounts
cccdcd sixty seven millions. From that period to the
present time, course Of rapid curtalmont has been
steadily pursued, that their liabilities the first of
the present mouth but ffty-threc millions, and
their loans and discounts less than ffy-six mil
lions. BY this process OF reduction the condition OF
our hanks has been greatly improved, and their ability
to meet and sustain specie payments is fully equal
TO what II has been any former period This remark
is particularly applicable to the banks in the city of New
York. where amidst the general depression Of business
the most rigorous and pralseworthy efforts have been
put forth to prepare for early and successful Tesump
ton. The institutions in that city have, during the
suspensions Of specie payments, reduced their liabilities
more than six and a-hat millions of dollars. Their
specie during the period has increased from about
81 800 600 to than S 500 600 to which, in est.
mating their ability to meet their engagements, should
be added about million and a-half OF dollars purchas
ed aud ordered from abroad and expected arrive ear
~ in the ensuing month. The banks throughout the
State which have made reports to tho commissioners
have reduced their liabilities more than eleven millions
Of dollars their loans and discounts about the same
amount, and their circulation from about nine millions
Of dollars to about four millions
The banking institutions Of this state are therefore in
he best condition for return 10 the payment of specie,
and appear TO be determined they certainly should be
that no effort their part shall be wanting place the
state aud It's business interests in the desirable po
sition.
The reduction Of discounts the contraction Of circu
atton, and the employed to procure supply Of
special rendered necessary IN preparing for resump
uon-have borne heavily upon almost all classes of
citizens, and been particularly injurious TO those branch
cs ofbnsncss which require the Of large capitals
depend upon credit for success
Owing TO alluded 10 in my message at the
opening of the present session. orr constituents in all
parts Of the state shared largely in the dscsses which
preceded and immediately followed the suspension Of
specie payments Slch the ease IN an especial
manner with the citizens Of DOR great commercial EN-.
porum. The loss Of about fifteen millions of capital
by the fire OF December, ls35--he interruption OF bu.