The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-23
From The ~ Y. Courier q. EsqKireY.
ny THE EASTERN MAU.

The Bank Commissioners OF Rhode Island have
issued IRON Providence, circular 10 all The ncor-
pofae banks OF that state, consequent on the sus-
pension ~ specie payments BY many OF those insli-
tntions Tbs circular enIoins IL upon the banks TO
fofbear from any considerable extension Of their
liabilities and from dsposing Of their specie for any
other purpose than the redemption Of their own bills
iuriher requires them 10 refrain from the issue Of
fractional bills and advises them 10 paw OUT freely
the smaller denominations Of coin.
The banks are also advised, in all their transac-
lions, TO hold In view early resumption of specie
payments, and to do nothing that shall peril desi-
| rable event
Torestrain any immoderale issues OF bank paper
and TO preserve an uniformity In its value, II Is
commended that such an arrangement be entered
into by the Banks generally will provide pr the
reception by each Bank of It's bills from other banks
weekly or ofener, and for the payment of a suitable
rate OF interest on the balances which may be found
against IT,
The banks are required to report Immediately to
the Commissioners al Providence statement ofheir
condition al the close Of business hours the 18th
instant and similar report Is required for The 22d
inst During The suspension a monthly report will
be made, commencing with the FIRST Monday Of No
vember.
From Boston we learn that at a meeting of Dele
gates from The different banks held on Thursday, at
which 81 out Of % of the city banks represent
ed, the following resolution, offered BY G. w. Cart
wright Esq and seconded by Ephalet Williams
Esq. was unanimously adopted.
Resolved, That after an interchange Of opinions
and statement Of facts In regard TO the present
dlion Of the Boston Banks are fully satisfied that
they are in sound condition, and in the possession
OF an unusual amount Of specie-and that without
the occurrence of some unan,icipaled event, have
the utmost confidence in being able to maintain spe-
Gle payments. and at the same time Continue, or
even moderately increase, their present line of dis
counts.
The Atlas Of Friday morning says that "the IA +.
vorable import o. the intelligence from New York,
received with great satisfaction here and there
~ Of a ri pif han
tor some days past. The condition of money affairs,
however, Is by no means easy; and there is still
pressing demand Tor money on prime, business pa
per, even at very high prices. There has been some
call for specie the different banks Oar mer-
chants thus far, with but few exceptions have me,
all their engagements. There is but ittle business
doing Of any description"
We find, ~ The Boston Daily Advertiser the fol-
lowing letter from the agent of Messrs Barring to
the President OF the Merchants Bank OF Boston
New Yoak October l6, 1922
Franklin Haren, Esq.
Dear Sir:-Mr. Winchester called on me this
morning in behalf Of your bank 10 inquire if
would authorize the bank 10 draw on Messrs Barring
Brothers d Co. il il should have occasion 10 do So
In reply, beg to say, that shall be in Boston soon
and will have the pleasure see you on the subject
but ! conceive no occasion can arise inasmuch as
Mr. Quincy is drawing in Boston on Messrs. Bar
ing, and the banks here also against stocks for
large amount-and on other houses also; and think
the amount OF bills offered will prevent any export
of specie Of any consequence and be more than sui-
cient TO meet the demand.
The banks here generally are in position of
great strength, and their engagements so reduced
that nothing can touch them without their con-
sent-and they may not only continue but increase
| their discounls-and have more specie than is de-
srable for them to keep; as understand the posi-
tion of the Boston Banks, they equally strong,
and with good understanding between them may
give The necessary relief 10 The community. Boston,
too is getting 10 be creditor city, and need feel un
der apprehension Understanding can touch
her. Be assured that New York will not only con-
tinue to pay specie, but that there will be gradual
relief 10 the money market.
Dear sir, very truly and respectfully yours,
T. w. WARD.