The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-12
From the Baltimore Chronicle
SUSPENSION OF SPECIE PAYMENTS nv
THE BANKS IN PHILADELPHIA. A.

We received last night, by the Railroad cars, the
Philadelphia Evening papers Of yesterday, by which we
earn that all the Philadelphia Banks, except the Com
ncrca Bank. after full consultations had resolved to
SSpEND SPECIE PAYMENTS forthwith. The
n'ons for this important STEP which, Of course, is des
tied 10 exert important influence upon the whole
aoy, Sc, forth the subIolned articles from the
Philadelphia Gazette
We understand from passengers in the cars that the
necessity for the suspension generally acquiesced
by the people, and that although large crowds as
"Ub'eJ in the neighborhood OF the Banks, there was
roconuslon and no manifestation Of popular dscon-
'cHt Attentive observers have for some time foreseen
THIS result which, indeed in the actual circumstances
OF the country, could not have been much longer post
Noned now becomes the duty Of all to counsel as
"slN' practice moderation fcrbearance and lenency
towards the Banks and towards each other. Whatever
may be &0 action Of Banks upon the subject our
sa2eo' maybe assured that it will be dictated by
hE1 regard to the interests Of our society
lhe Philadelphia Gazette announces, at the same
UNe, the suspension Of the Farmers Bank of Reading
~aD0k situated in Berks county 1t insists that the
suspension was tho only available measure Of salvation
hi I&ildclpha.
10 postpone it, would have been to drain her Of
a SILVER IN few months, for the benefit of New York
,Nc millions OF specie must inevitably have gone by
INST OF November, as one million did 60 from one
0F Of our institutions within month past or course
0' hcona parts OF dollats under FIVE and the change
'4ef one dollar, will continue to be paid in silver This
ANY ptesumable there being notes under the first
'aonnatlon, allowed by statute
From Ac Philadelphia Gazette.
IMPORTANT MOVEMENT.
"elearn that conference of delegates of the diff
EI'A Banks and Of the Board of Trade of this city,
vas held last evening, al which 1t was determined,
matter vitality concerning the safety and prospe-
,a OF ihe community, forthwith TO suspend specie
,A'nS This resolution, with one or two excep-
"" which we hear rumors not fully authentic,
Il E'Frled into unanimous execution to-day.
A. Unnecessary, as il is inipracticable, TO 90 sud-
'2 INC an ample calculation of this great mea-
Il is sufficient 10 know that il is not one of
r and desperate immaurity-it is one of cool
I ''n, OF well-weighed facts, and we'll deserted
II 49, >-WAlch in any event, can scarcely fail Of
."os 'e,tcf where before there were perplcxities,
il nN aud struggling confidence. or the main
n r. --" om to this point operative in both kems-
III p. WE propose TO speak briefly. ,..
"s atl''F Is not one Of choice, by the Banks but
p,".. N''y-a necessity not arising ont OF a lack Of
ary,,, conthue specie payments, but OF self pre-
il p ~ under The form of keeping the specie from
4 ri ''alned'out of the country.
necessity has its chief cause in the rcvulSion
4 fgr,., NNm tfade with the Chinese, trade Of say
l lows! The Instrument Of this rade is known
4 IA, gum This drug can no longer be employed
..r, ISlcie OF exchange with that people. Specie,
II a1l i, ,t>' lake the place of it, The Bank of Eng
l ,si , n'"y reeed under these tdings from China
Nj 'o'ced To make loan oflhe Bank Of f rance,
iii '- .ro pgnad notes.
III "'.4i,. vi trade being against us demands
r.r, 49, I mere Tor specie, and every packet ship
a carrying away from half to million Of