Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-08

RICHMOND, Thursday, March 9.
Resumption Of Specie Payments.
L E-o., Tho hnrI Il,n

We understand, from the best authority that The ad
journed Contention Of Canks will take place in the city
Of New York, the llIh April-lhat the Banks of ~
York are most anxious to resume specie paymens-that
thew will press the st May the day OF resumption
that they count confidently the cooperation Of the
Boston BaDks-and that they think the resumption
safely and etctuay brought about by the specified
day. They do not despair of the Banks OF Phi.
ladelpha falling in.-We hope, under such circum-
stances, that no step will be taken by own LIE.
psatu,e in relation to Banks, by Congress in
regard to the Sub Treasury system, which may be cal.
cnlaied to obstruct tins most momentous movement
Il is oil! important to The monetary Of the Banks,
the Government and the People. II will renovate the
confidence Of the cnunlry-glyc great relief To
bsrrassed community the efforts of industry
brighten the prospects OF The captalists-pury our
currency, and improve our domestic exchanges.
When this resumption takes place. We shall hear no
more of those tremendous rates of exchange which
quoted by the n. Y Herald, and requotPd by Com
mercia neirhbor The Herald tells u.s. that finland ex
change on the South is rising. On Alabama, bank
checks of that State sell at as high discount as - 10
ii per cent About three weeks ago exchange on the
same district readily bought and sold at 10 per
cent. discount. The inland exchange on Georgia is
higher-so is that on Mississippi and Louisiana than it
was month since" The Herald hints, That GO during
the existence of the United States Bank these causes
of fluctuations did rxisior If they did, that hS
tuition and branches, drawing and redrnwlng on The
different parts of The country in anticipation oil the mo-
nen,um Of trade and the crops could always regulate
the exchanges and prevents huciuaton IN period OF
several wears beyond TO per cent. The inuendo
then is il is owing to the want of National Bunk, that
these enormous exchanges run up But the Herald
ovellooks the true cause viz The suspension OF specie
ayrnens Bring The banks back, aud the consequence
will he to lower exchange directly in every State winch
resumes. 1t will down 10 or ~ per cent that
to say the risk and expence simply OF transporting
specie from one point TO another Who would give
or per cent for bill Of exchange bank note, or bank
check when lie could pay his debt by sending the specie
for between and per cent: What is wanting is mol
a. D. Stutn EoVkg
tina. draw upon each other furnish The specie Tor Its
transportation to distant places
The great object, then is bring back the Banks 10
specie pnymenlsand in order 10 effect this destcatnn
every thing ought be done which can be legtImarlY
and properly effected and difficulty thrown in tue
way By either the Federal or State Governments lie.
store confdencc-Re-eslab credit The Banks OF n
York, &c, themselves doing so very rapidly. by
the decided course they taking. What the ir!cd OF
the country has now to hope is that nothing may be
done 10 mar their good designs.
In addition these remarks. suh"in the following
extracts from the Correspondent Of the \. lntsgcncer
(NcIc York. .Harch 81
he proposition Of our city banks 10 resume specie
payment, compelled by law May 10. will strike your
eve Three arguments forced this conclusion first the
favorable rate OF foreg n exchange next, (he state OF
the u. States Treasury "and then the law. Looking
at our imports, observing the fact that six and!a
half millions Of Treasury notes afoat, under paper
par New York that the land sales cannot be great in
the existing condition of the currency, and that The war
expenses OF Government IN FLORIDA must DC enormous,
our Financers think that the Government WILL anon,
after issuing their S000O000 of Treasury notes, be IN.
der the necessity Of dealing largely The CREDIT sys.
TEN, the re.es,abiishment of which is all need for
the purposes Of resumption.
':The Of property aaoat packet ships is
estimated be so 00O O0G There is now but one
packet in port All the packets sailed this morning. but
one md we have no arrival yet. The amount ofhs
offered was rather moderate, for these packets. The
sales on England commenced at per cent. The pre-
make it good business for drawers 10 draw
back specie.