Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-29

, ,,, . ne,,v along y i'll the rick lhcy have so
long chung 10 y ho G'es nmi khH:' NV W I' ~.
some party II Pcnnsylvn i ""' au we s'
thing and tina, RltngT vas ,l"cfd 1"vPr""f ny 'n''
mil; votes, II was indeed supposed al he assembling
sF the Legislature which rechaitcred The } BauS ,"a'
there was Democratic majority IN The Sena,e, ",' "
that supposed majority AL eyes were 'nt"'", r,,
the rechorer nf the IT, S Bank. But who can nave o'
gotten the base manner in " hch the Democracy W.
BETRAYED by Burden and Penrosr. who MOI ony "'"'
with the Federas's in rcchattering me DAMN, ou'
have Continued be prominent ftaaHS " '"a. p''
ever since? The assertion is therefore nhuu 'nal VI"
Democrats had majority in ihe Sena'e; TOT 'ne! NOV
only found themselves in minority on 'he Da"h WIS
tun. bul upon every o,hrs political question WHEN ea,
up for action during the session ~ me"sur ~
therefore Fe!cr0i m,assre carrrd through oy ftas'Hi
moiori,i,s sanctioned by Federal Goreraor, ana ap.
plauded hy The Ftdtra party all over The country,
whether calling themselves, Ftdsratssfs, .7H'tmaso"S
or Wigs. ns
The l. S Bank which seems now to have d"ind'e q
10 umere LEGAL institution, was then declared by Inc
whole party as stronger and safer, tnd more poen'
tban when acting under the charter IRON congress IL
had e some Prssident and Directors and occupied The
en- ,,oLJ, noiore as formerly where Nicholas Bidde
continued TO sill in his easy cbasr 'cain as summer
morning witnessing the devastation and rum caused
by the wanon exercise OF The vast powers clameo 'o
him Even The same bills used by the ''mefe local
ins,u,ion" which had been used by the original Bank
|, was iher considered rtckoTter OF The u > BANK,
with extended facilities and increased power ou ex
empted from oneGous liabilities. And who would nave
nary would have the bazen faced eronlrry seriously
to DENY that the echarlerng Of that Bank was fede-
rol ar Wbip me asue and aiempt 10 hold the DetocTa
lie pa,,y responsible for lis conduct When the wing
pariy shall become infamous as the BANK lahd u IS
folIowiur close upon its heels in the downward road)
The Frdsrnss will swear stoutly they were never
known by airy such name:
The Manifesto OF The Bank of The United States as ii
has been called does not prove we have SAID anceeS
sarg connezon between the s, and second suspension
D., lIisho
pension is solely attributable 10 that institution. Inc
Banks Of this country from New Orleans to Boston, were
never in a more sound and healthy condition, with the
execution Of some Of the country banks with circu
laun MS small has been known III pefind OF &C
tive eHerprse they prepared 10 meet all neir liza
bllies With very large Wheat and at least an ave-
rare Cotton Crop, what there IN our situation TO IN
duce suspension OF specie pay men,s! me history oil
this transaction is written in three lines. So long the
money market Of London was accessible Tor the ready
zn,aon of her Fus, Notes and the sale Of State Bonds
the Bank Of the United States able TO extend her IN.
ordinate credits 10 the West 10 make heavy advances 10
the State Of Pennsy lvana for the fUrtherance Of Inter
nal improvements and 10 allow discounts on an Kncreas
ed scale 10 The Merchants OF Philadelphia to enter into
rivalry with those of New York for The Western Trade
But so soon as this source of supply became cusedso
soon os two short British harvesls made the London
Stock Exchange longer unlimited hpd tor The sale
or neg ca,ion of Bonds and Post Notes The unsubs,an
ai structure Of credit and paper supporting IL ciunbled
Now here was crime committed against society
Here moral respcns bi,y, The obligations OF which
were entirely dsregarded The Bank of The United
States from its position being the largest institution Us
10 opl,a and credit Of any in the Onion ldtntih O, IN
the view o, foreigners, with the commercial reputation
and financial of The country, what course OF
duty did tina, high and proud elevation impose on her
Will any contend that she ought TO have taken 40.
vantage Of the facility Of borrowing In England ~ re
Gently after suspension OF specie payments IN the U.
Srntes, and srraning her credit 10 its utmost imi':
Ought she not 10 have exercised wise forecast ana
locked The possibility of either or both those occur
races in Europe. short harvest political disturb
auces. by which money, from being almost drug,
III Oh, become not only 10 restrict all enter
Prise hut to cause distress, iinot bankruptcy But hoT
did she perform This great moral duty: Why she stri'n
ca her credit IN Europe higher pitch than she
advanced immense sums 10 the State OF Pennsylvania
10 prosecute her Internal Improvements she largely IN
creased her discounts the Philadelphia Merchants,
who anxious 10 participate in the profits o. Western
and Southern business she postponed the perIoa of pay
ment Of her Western debts by renewed engagements,
instead Of submitting 10 Inc losses OF which she
undertook he hazard lus ad of being The guardian of
the credit of the country, and CONNIE icing Limitation
,f issues and cur,a!meut Of cieC:t absianng al the
time from heavy public advances. the very opposite
course pursued The cauSes Of The second susnrn
sion TINS summed Ia tue Of explanation
tho Danh "rhe United :,ocs has nIsappled and abus
ed ha, power wEch her large capital and credit her
in Europe the great injury Of the financial and
meSciai prosperity Of The United States
fCharitston Patriot.
We feel in snyirC very large amount OF spe
Gle, principally in sud, taken out from New York
By the passengers ~ thp Liverpool Of uhlch account
has been received from that port According TO The
information afforded which We fully credit not less
than fiveigh Thousand pounds in soveregns was thus
sent 10 England. The rsmtancPs were mos: probably
made by merchants Of Philadelphia Mad Co:tnc.
The USITED STATES BASE 1t is stated in the New
York Commercial Advertiser on The authority Of lie.
ter from Phlladeip hia that the Bank OF The United
States has received letters from Mr.. Iaudon, which
render it certain that the bills tie acceptance Of which
had been refused by Messrs loiin1uer had been posi-
tiyeiy accepted by sessrs Rothsc!d letter pnrpnrt
ing he from tiavre and dated Sep. 81 is published
in the New York papers. in which Il is alleged that The
acceptance OF the bills was then still! IN doubt We have
not copied that letter We TO not believe vas written
in Havre
Since the above was written, find the suhjoired
satisfactory article in the Philadelphia L. s Gazette:
GGitmnre Chronicle.
HoTTISGuER ASD RoTHscriLD We nave taken
some trouble enquire, ar1 authorized 10 asspri
that not only we're ~ bills. Of the Bank OF the u
s. accepted b; ne Mcssrs Ro,hschilds, but moreover
that he funds Of The Bank, in France previously, TO
;sehr with the remances since place in that country
The credit of the Bank al least MILLION oE FRANCS
heyo1d all The liabilities Of The institution there. incud
ing the bills accepted by the Messls. Ro,hscl.ilds.
NcRrn CAnollsA BASKs-The Petersburg Inrel
gencer that The North Carolina Banks have sus
pended specie payments.
Al an adjourned meeting Of the Deleseles from the
Banks in tie city Of philade rhia and adjoining districts
held on "Wednesday evening, October 23d, lc39, the
Committee appointed al previous meeting 10 prepare
and report an address TO the citizens e. Pennsy vania
presented The following which was rcId, UNANIMOUSLY
adopted, and directed 10 be signed by :he Chanun ano
Secretaries and published in all the daily papers:
TO THE CITIZENS OF PENNSYLVANIA
The Banks Of Philadelphia having decided TO suspend
for time the payment Of their notes n specie, deem
their duty 10 expuin 10 the citizens Of Pennsy lvania
the reasons Of tst measure-Tlis they will do frankly
and briefly
4, Nav 1897 tho Ranks in y ~ yorL sus,ond.d ,oy
menls in specie, and The resi- of The Union followed
their example This just aud necessary measure wa.
required by the commercial relations between this
Try and Europe; ard all the Banks Of the United States
Immediately directed their efforts 10 assist the country
in The honorable discharge OF lis foreign debts and
prepare for the resumption Of specie payments These
operations were proceeding in ensy for lire
country aud Satisfactory 10 its foreign creditors, when