Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-17

II The movement winch we chrOniclc0 yes
terday-tbe rejection Of notes Of the Penn
sylyania u. $. Bank by the Bank Of the u
s. in New York-proyed TO be, as we antici
pated. only iorerunner OF a general suspen
sion by the banks IN Phiadelph aud proba
'bly of all the Southern and South Western
cities. OF It's consequences divers views are
taken, but all seem TO agree that they must
be greatly important, either for good or evil
We have our own opinions on the subject
but for the present II suits our purpose t.
substitute for them the ideas put forth by sc
veral of our contemporaries, here and ~
Fnlladelphla.
| from the Courier ard Enquirer.
As soon az the action Of the Bank here, in
relation To the bills and post notes OF the Bank
Of the United States, became known, and the
differences from that action admitted, the
great question which agltsted the city WAS
Viii our banks also suspend? In reply Ia
this question we remarked, that II our banks
could sustain themselves, it was their duty
no matter 0t what sacrhces--to continue TO
meet all demands against them in gold and
silver but If, on the contrary, the practlca
bility OF weathering the storm was doubtful,
or manifestly impossible, their suspension at
ter first paying ont the specie III their vaults
became public duiy-that II was very cleal
case to Us that no attempt at sustaining them
selves by a rulnous curlallment OF discounts
should be resorted 10, if there was prospect
Of It's failing, after increasing the dlstrcsses
of the commercial community, and at The
same time destroying their own prospect ol
ultimately meeting their engagements with
the public.
These views have undergone no change ;
but we arc happy to add, that we were waited
upon yesterday afternoon by number OF gem
tlemen connected with our inst!intions-gcn-
tlemen whose declarations admit of no ques-
tion, and whose knowLedge Of the state oi our
banks enables them to speak didhor'tatirety
who assured us that the deposit ~ the
banks are so small, and The line of discounts
reduced so low, that II is entirely IN The Popsr
Of Me banks in this city 10 continue specie pay
menis trihom reSoring 10 a farther curfditnient
of one doiLar, and that THEY ARE FULLY DE-
TERMINED TO CONTINUE TO MEET ALL THEIR
OBLIGATIONS IN GOLD AND SILVER, LET THE
COURSE OF BANKS IN OTHER CITIES BE WHAT
II MAY.
A general meeting of tie officers Of the
different banks took place last evening, at
which it was resolved that they should con.
tlnue To meet all demands upon them IN gold
aud silver; dnd so long us they have dollar
Of specie at their disposal, assist each other
in carrying this resolution into effect.
\ From the Gazette.
Whatever may be the condition or what
ever the determination of the Pcnnsylvani,
Bank of the United States" the institutions
ofthls city arc sound and imprcgDable. They
have long expected this crisis and are pre-
hnt hp
condition or ,he career of banking lnstltu-
tons IN other states, the banks OF New York
v NJ not think Of snspending the payment OF
specie for oil their liabilities, when demand
ed. We make no random assertions, and
make no statements without ample authority
and full knowledge of the responsibility they
involve. The banks Of this city will not fail
10 redeem all their pledges to the pubic, end
for The very good reason that they are "a able
Us they are willing 10 do SO. They have four
or five millions Of gold and silver IN their
vaults, besides very large amount OF what
is cQulvalent--thc power OF drawing on En-
gland, with the funds there ready TO meet
the drafts. Their dcpostes are at Their very
minimum amount, aud their circulation such
as to be mos, perfectly under control They
are, in short, entirely easy at all ponts-ne'
yer more, perhaps never so much so. Ii ID
not within the power OF their most malicious
enemies TO touch them to their INJURY
Nor do we believe there is the sIigmes
foundation for another species Of croaklDg
which we have heard during the day. 1t Is
said that The banks must either suspend oi
ruin their customers. Nosuch thing! They
can maintain their position, and continue
cash payments without Withdrawing any oi
the facilities afforded heretofore. II Is true
4 al those facilities have Of late been ncccs.
sarly crcumscrbed by the monetary dc.
rangemen,s Of the times, but amid all the
pressure they have been llberal-hberal as
they could be, and on the whole really Iibo-
raj. Without the thought oi suspendIng spe-
Gle PAYNE mis-, they can do as much to-day,
Tomorrow, and at any future day, for their
customers, as they have done for days ond
weeks past. In one respect their ability on
this score will be increased by this very
movement Of the Bank of the United states.
There is an end at any rate to the post note
suction. That drain upon their resources Is
stopped New York capital will now cease
to be absorbed, and the money market cramp-
ed aud paraiyzed by Incorporated shaving
On the whole, W. cannot but consider this
crisis ~ financial affairs as likely to conducc
more to the benefit than 10 the disadvantage
of the New York community. Atall events
there is nothing ~ II to produce discourage
ment and excite alarm.
From the journal Of Commerce.
/, The mail Of this morning not only confirms
the intelligence yesterday received, Of tb'
suspension Of specie payments by the BaDl
of the Uhlied States at Phiadclphia, but alst
appriscs us that nearly oil the other Philadcl
phia banks had come into the measure. The.
considered It useless to undertake to- keeI
their small machinery in operation, when III,
rreat rcgulalor was cut OF order.
We farther learn by passengers nrrivc'
thus morning from the South. that the Bnlli
,lmorc banks have suspended specie pay
mcnts and rcpor, adds, that two Of the bank
there have stopped entirely. Perhaps moth
ing more is meant, than that they pay specie
for no denomination of bills. The Bilimor'
papers Of yesterday morning are silent on TN
subject.
4 We presume that the example oi snspen
sion will be- followed extensively Throughout
the Middle and Southern States. u ~ Rln
rions time Cor New York 10 give chgracic
10 her banks and currency, OF lnestlmnol'
value aud she wN mol G;a 10 '~Prort a.
Boston. aud New England generally, VIII D.
with u.
Post notes to the amount NJ forty or NJ.
,bopsapd dollats. aud perhaps n much large