Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-24

her collections, for the sales Of foreign goods,
here and elsewhere. Every packet for Havre
has carried large quantities of our silver, to
increase the cumbrous amount Of useless NIL
lions piled up ~ the Bank Of France the
packets Of England departing every Eve days,
all take their quota and the great steamers
each with her millions, vie with each other
in accelerating their speed, to replenlsl' with
our means, ere il be too late, the exhausted
vaults of the Bank of England, an institution
which, Notwithstanding its vast resources
backed by the credit Of the government, has
had to seek temporary support to prevent or
postpone her failure, from her great rival
across the channel.
H This export, enormous as it has been, we
regard as but the beginning. Already has
the demand become so great, either for ex.
port or to replace in the banks that which
has been taken from them for export, that we
see the specie leaving the remotest parts of
he Union, by the waters Of the Mississippi
and various other routes, in vast sums, which
no sooner reached our sea ports, than II is
placed on shipboard and transferred to
foreign land.
The position Of Philadelphia, at this crisis,
10 VI pttuilhT uUpOTtuHtt, uUu Huot uO ePo-
cialy considered in reference to the great
question OF a suspension of specie payments
/ at the present time. lIer banks resumed in
II August, 1888, as has already been shown, III
II obedience To public sentiment, but against
| their own judgment. II was as obvious then,
as it is now that from her local position, be.
ing the great distributor TO the West and
| South, of The products Of our Eastern manu-
X factories, and Of those from abrond, imported
chiefly at New York, the banks Of this city
could not pay specie for all the obligations
incurred by our merchants here, nnless they
could receive it from their debtors. Accord
i ingly, great efforts were made to enable the
i institutions of the South, which were the
most enfeebled, TO resume with us nearly
| simultaneously. Cash was advanced and
credit literally furnished by some Of our
banks, to accomplish this object
| In the reduced state Of business at that
period those credits were readily made
available, and the means thus furnished went
| into the Golfers Of the merchants, here ard
elsewhere, who had debts in the South and
West for their liquidation. But the country
al not had time to recuperate from the pros
tration of 1897. The obligations given Tor
the means supplied by us cannot now be met;
II after q short strUgol le the institutions OF sew
erul of the states sank again; the increase OF
business since the resumption, IN the belief
by our citizens that the difficulties had been
surmounted, requires the means that had been
advanced for the above patriotic object, while
The debt of the South, which was postponed
IN 1888, requires farther postponement.
AT n season of such universal prostration
it will be easily seen how this requirement
operates upon this city and her institutions
The grave question was, could they. under
all the general disadvantages which have
been considered, in a national point of view,
and under those more special arising from
their local position, continue to pay the ac-
cumulatng demands ofthe next three months
in coin, by pursuing any course OF policy
which could be pointed out? We reply they
could not they might, it is true, have pro-
tracted the struggle for some time longer,
aud by relentless course toward their
debtors have ruined our traders, arrested the
income from our public works, dcpopulated
our factories Of their Industrious occupants
with their families; but had all this been
done, it would not have been sufficient To
have averted the impending catastrophe; nor
could any sacrifices which the banks had 1t
II in their power to make, have deferred it long
H The community we are sure will bear witness
/ that the banks have not shrunk from their
duty in striving for months past to surmount
these difficulties and preserve the only true
currency, coin. at the risk OF sacrificing al!
these invaluable interests.
H Finding these efforts Intellectual, and salts
fed that the list Of preventves had been ex-
hausted, the banks resorted to the only alter
native a temporary suspension Of specie pay
ments. This will give time TO the people
| and institutions of yarious p9rts of the country
TO lquidate their claims on each other and
prevent for the time being, the foreigner
from furnishing us with larger supply of
his fabrics, than can be paid for by the fruits
Of our current industry.
As Pennsylvania institutions, deriving their
existence from the state. aud owing fcaty to
it, the banks feel that they have shown, on
trying occasions, a readiness to sustain its
credit and promote its welfare, by furnishing
means, when all other sources failed, tor the
prosecution of our internal improvements,
and we think they may rely with confidency
upon the liberality and protection of the
people Of this commonwealth and their con-
stiiuted authorities.
With rigid adherence on the part Of the
banks to n determination not to avail them
selves Of the non-redempton of their notes
IN specie, to engage in an undue expansion
Of their business, and issue Of their paper, we
believe that the currency may be preserved
in q sound condition, and the business Of the
country may he transacted without any of
those serious difficulties some may apprehend,
until the day of resumption shall again arrive,
when all interests shall be fully prepared
for it.