Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-13

Nv
Z ct rex Aritu in its means, and audacious In
II he' &C that Institution is, we scarcely expected
eesE-d,uary an expose OF its movements IL con. |
fEunssIf-The letter will be thoroughly scanned and
= f~.,seS as il deserves 10 oe'
IS ''''" pOsrSCRIPT-By Yesterdays Nal.
"a h,rs a variety Of interesting articles upon the |
Isl We ,sson Of resumption. which we lay before our
81 ti The exclusion Of some Of our Correspondents
n ranials, &c, &C .u,on,
= ,-rypr,os OF SPECIE PAYaESrs-Returned this
~ from Albany, We think il right to say, at once,
81 49, LEGISLATURE is resoiue, and in our Judgment,
sA ,sson,e not ertrnd instant the time Of re.
& 49,; ,rc;, posacnts Jy our Banks They know the
on OF the Banks TO be now good ana ahie nnu they
= ~, CONSENT from any consideration oil temporary
~ I,,cv-f indeed, it were fur more certain than It
81 a., even temporary expediency would sanction SUCH
e-o hazard present, absolute ability, for the pos
III Nav of greater ability hereafter
s. 10 support from the Legislature, the community
IN II no ask n vain. We say the community, because
81 t,nhs cuu at any rate, and certainly, resume ana
.,iu their resumption. But the pablo confidence
I'D be increased By the certainty OF the Stale sup
- and tina, will not be withheld.
81 The Assembly probably passed, in the afternoon SEES
If Yesterday, the provision in the bill introduced
al sv, Willis hail. for aiding the resumption OF specie
81 .msrs-authorzing the issue hy the banks OF post
w pzyable al not exceeding six months after date
~, .aoher provision authorizing the oanSs 70
Il 90 socks-which they cannot now do-to be issneo
w.; State these two provisions will Of themselves
,sendan,ly fottify the BANKS
"TuE GESsRaL GOVERNMENT is pledged, emphau-
elr by the annexed letter, not 10 interfere inuous'y
9TH the resumption by the banks This letter has BEEN
y would SEEM in this city, and before our banks Tor
early month Why has it not before been MADE pup
6c in order 10 calm the public mind: Still, IN connec
n non with Mr. Hamers resolution in the House Oh heP
Il ,ssentatiSes, il IS yet opportune: 800
"WAsutserox, 18th March, 1888.
Dear S;r-in reply to yours fthe 10th instant mas
sn TO remove any erroneous inerences from the unos
,.t.A, IS snaC ~
s yhch it makes known to all enquiries is, TO promote
I assumption of specie payments by the banks, SO lar
II "a ;,s limited powers may. permit.
aConseouen,ly il has not and will not hereafter, pur.
s.s specie beyoad what may be needed for immediate
s.bvemen and in that way will neither hoard it nor
l ,moe,e wnh others for lis possession.
ali we receive in any way, will Immediately be paid
an, ,goln to defray the appropriations.
81 make these statements explicitly and promptly, and
have forwarded similar ones to Boston, ia order that no
n;u,ous appIehensons need be entertained as to the
4 fnanc;,l operaions Of the Government
Respectfully, yosrs, LEVI WOODBURY.
punsen, Correspondent Of the American deaounces
Mr. BiddIe's letter in the following terms. The Ame.
,ican SAYS '' is from gentleman not likely 10 be mis-
'A'''"'S MIR BIpDLE's LETTER.
III, Editor Of the &e1o Yorh .7merfcan:
This letter csps the climax of all Mr.. Biddfes mis-.
takes Its principles most dangerous its reasonings
Elacious, its facts distorted. Were not Its weakness
and sophstry so apparent, should be alarmed AS it
is cannot doubt that il will stand condemned before
the American people, and The writer regret its pubca
ten have time ont Tor few remarks.
l. Mr.. B6dle invites the banks throughout the u b
10 make common cause, and not to be decoyed from
their present postioa 10 lay down ee nrms in the
presence of the enemy to reesn'e until they shall
S,ys clear understanding with the Government OF the
Us. What is this bot recommendation and example
10 the banks throughout the country not to 'ui teir
just obligations, but to continue in course which must
result in general confusion and destruction:
a Al lta he NJ hIs nrn
circulation six millions and says that he kas added three
millions more TO his specie. What evidence is this OF
strength when the liabilities Of the Bank were, IN
derstand the stateaen the Legislature Of Pennsylva
MIA one hundred and twenty eight mlioas-when the
Bank has millions of post notes out, and daily under
proes-and if he has large funds abroad ne has also
large amounts TO provide for!
8 he saws our cash. stocks, and produce are depre
ced in value By the artificial scarcity Of money; when
every knows chat the prices OF our stocks and cot
and ,bacco depend the demand for them abroad
and their vaise IN foreign markets.
He assumes, virtually that the inflated values of real
estate STOCKS tands mines improvements are to be sus'
tanned BY 6eprecateS currency which in the nature
Of things, impossibe-they must find their level on the
basis Of acurency redeemab!e in specie and earthly
power can prevent it.
4 He says the Southern and South Western Banks
strainng every to pay their debts every
one knows that with more cotton than they owe debts,
they still increase their issues and depreciate their cur
rency and pay their debts, if at ALL at % per cent dis.
count.
s. He would imply that have realized oaly the pro-
ceeds of the cotton shipped the last year. when by the
published statements twohirds of the crop shipped
and three quarters OF received at the shipping ports
and the money received n advance if required at the
tine Of receipt or shipment.
g. He speaks Of considerable debt to Europe when
the whole debt that is owed by solvent houses is paid
and the neraantile debt never small as now.
= He would imply that New York owes ten million:
10 Philadelphia. What is the fact, The suspended
NYors houses owe the Bank Of the~G. s. several mil
lions Of dollars for the Bonds sad Pos, noesit sold them
last year This debt deferred debt, also is the debt
owing To the Bank Of England which sent for COL
lection to the Bank Of the United States and forms
part Of the ten millions Neither of these deferred debts
weakens the Benks Of New York-t is MIR. Bidde that
sweaksned the actual convertible debt is owed to New
York from Philadelphia, aud is between one and two
millions of dollars
"These remarks might be multiplied indefinitely, and
the aacies and dangerous principles Of this
letter exposed, bat leave this for future communica
,ion regret That the power and influence OF this insii
tuition should be used prevent the return Of Banks
TO sound currency but am glad to know Mr.. Bidde'
views, and have full confidence that the publication OF
his letter will show the people their danger from
tnued suspension and lead ovgosoas measures for an
early and general resumption TRUTH.
The New York Post declares that "Slr. Bddies letter
will not have the effect he intended. The New York
banks Will pa ynent Of their notes without ask
ing Mr.. Bddles leave and if he does not follow their
example, ne must bear the consequences. Bankrupt
NOW, his bank will then be insovent His letter is in
deed regarded BY many pitiable confession Of in
soTency. 1t is inferred that, unable 10 pay.
ment HIMSELF he is intriguing to divide the shame and
notification Of his failure with others, and TO keep him
sell in countenance by procuring companions in disgrace
ave have alluded to the missatements in Mr. Bidde's
letter. One OF them is the assertion that New York
owes Philadelphia Ten Millions Of Dollars If this be
true, how happens il that the notes of Mr. Bddles bank
are at from three and euarer foar per cent below par
IN this market live owed Philadelphia so much, these
notes would be geediy sought for, and the rate Of
change would be in favor of Philadelphia instead of
against it. An intelligen: commercial correspondent
Mr. Bide has lent millions doFreciasd s,oc soch Ston
ins'oa Morris Canal Haem Delaware and Hudson &c., nod the
market Pce Of these stocks far below tho Lent that he
cannot fcaisc Them lie borrowed yesr millions Of the
in