Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-01

PSF" n,;od ,nd 10 an article copied by Us
sbor, time since from the Baltimore Sh'o,'., ~
Iisbed in JULY Ic29, il may be prrceVsu 'Hal a
of things EXISTED at both those Peiioos' 'e'5 'o'
rs.smhng the present There was, i IS true, no sus
sension OF specie payments by The Banks OUT US ".
complaints respecting the pressure -. W ,ho
nancy and the obstruction oi ous'"ess VIZ -,
~ land and deep as they have since been te iacl 'a'
IL Rats ,d M, hen ss nd sprcie ayHehis was pro
b,v more tie result c their presntnhg less upon 'e
pa,,pncp Of the people. and OF tnti or''s W.
drned than they have since ofco'he, "a', 80" o.,
,h.r cause There had not thrn been such strenuous
o. :, - !, i,,,, If hnard credit system as there
h.va since been Althought the evils then resulted from
srraning credi, beyond the point 81 enoofa"e'' hr
br, NV or none vim 50 SHY nno feckrSs as " az
,mnt Ia Justify and pepetuaie IT. after having "in'sseu
a.. rnons:,nspc,s il had produced. here YVES then
N,uonaI Bank in existence and protective 'aIin !"
operation If they calculated !" p'oouce suen o'e
fetal effects why did they mol 'heh produce the"
rho reason py did mol is, that those ess then result
.d from, ,h.r cgusrs. and Tie causes winch nave pr"
,ncad ,hem nav are the very same That they men
we're The great cause OF all The evils thrh ana more
-.csnrlv has been cvrrscon The banks nave eHuhu
cd their issues eyond The bounds OF prudence SPe
cplatops have heen carried 10 The most
Toni There las been an immense amount OF overl'aa
inc Men who formerly content 10 I'VE III 'n"
drrae style enjoying the ordinary cominr's uho cor,
ysnirnces ii lite. upon The lfus "l regular anu sag
h,i,oos bovinp drlptm;npd 10 live in style resrn
lii, ,,;nces without the means 10 snrd IT, have ur
de,,bkrn TO change their business To Correspond VII"
their different style Of living without the MT ans
| enable them 10 sustain The change IDS ifo 'hein
pto ,ependpnce upon the Banks 10 support 'heih w
heir changed course of business and altered style OF
I;vpo They Obtained accommodations when 'hfy {"
pec,rd would not only be perpetual, bnt would Ne j"
crensed in case called tor IT. For lime 'nTy
Dooed on as pleasantly, and as they thought as Pf"sl
ronsv as did Cardinal N"osey, whsn bask'ng ~ the
sunshine Of a monarch's smiles and monarch 'a'or
This was the bossed ctedI, system OF Tue wings a"u
Conservatives and those who were pafuc'paOhR u" u
I,,,h I,l arpm
a,no or bicb they were enabled 10 obtain IhiHiense
fortunes in 4 very few years instead OF otn9 c"n'PeFu
to pIod on in The old fashioned style Tor comp
and a slowly but regularly ncreas' store Dut' ne
srtanno Of credit beyond the bounds OF prudence IHe
the stretching 81 chain beyond IT'S strength a l'he,h
brory Disaster and hry have found the bnho'e ct'ul
as frau as did Cardinal Woosey The fsv"Is n us prince,
when The latter had further occasion i'r ms services
These bs ye been the which have produced me
otssrn, sate OF affairs they did The stale "i AFFAIRS
which existed IN 1924 and 1899, and not he want oil
prot. cve tariff OF The want OF National banS;
Baltimore RepuLican.
TINY ppc1rs7rp Bills is now admitted by The
advocates u t!j- P,nnsy vania Bank Z" The U tNtm
,y.s b,, its drifts upon lis agents in Paris were pro.
tested in consequence OF lis having IL" assets IN M
hands and not having even The o;is Vi anlhg '"t me
cotton which proiessed an intention TO snap TO men,
II would have been contrary Ia all mercantile RUE haa
,bev accepted the bills. and the fact must have been
Lnnvu In the Bank " hen the bills were drawn Gai
,hcy would not be accepted lis conduct IS, therefore,
much worse than that OF common failure. l. vas
downright iraud.-D
Tur MEETING Of New YoRK MERCHANTS Tho
adjourned meeting of merchants traders, and manniac.
,uTers was held The City Hotel on Saturday night TO
receive the reply Of the Banks TO the request to extend
Heir discounts The committee reported the following
really from HE Banks:
New York, Oct 10Th lS39.
Gentlemen We have To enclose 10 you the r's"Iu,
TORS adopted at meeting OF The several banks, held
Yesterday and called al your request.
take the present opportunity TO odd, that we are
satisfied from What said at the meeting. from what
we know veil from the conversation OF the direct
o.s ri the different banks, that ynu may rely mat every
consider alton nf feeling and interest Will nturnca and
DETERMINE the different banks 10 give ali The reet in
their power consistent with their Obligations and deter
m: nation 10 MAINTAIN SPECIE payments
Respectfully your "bedlent Servants,
& LAWRENCE,
To MeSsrs Denny &c WM NJ NEEMILrE.
Tn, following are the resolutions of the Banks Alluded
10 in lie letter shove, which adopted with tut two
discerning voices
Re.olrsd That the banks OF the city Of N. York must
and III msirta'n sp,cr payments and that It rs with
une,rnrd satisfaction they have noticed the cnrering
and sustaining OF Their fellow citizens in reference
10 ihis
Resoirtd That the necessity Of further dimnu,ion
of tier loans and discounts does not exist, but Ina,
would be unwlse and mprudent TO pledge themselves
10 any particular which nigh; be rendered futile
by events over which they may have no control" And
that, IN the opniun Of this meeting, The views OF The
several boards Of City Banks rs Expressed IN Etif
recent RICHES tn The committee OF merchants, mocha
and give the fullest assurance 10 The
pubhc, that every assistance VIII be AFFORDED That is
Compatible with the paramount duty OF maintaining
sunnd currency.
On motion OF Mr.. Adams, i,
R.Snirtd That the Chairman and Secretary OF this
meeting sign the p'oce, dngs, and transmit copy Ui
The same 10 The committee.
C. W LAWRENCE, Chairman.
wv. NJ NERMiLYE Sse,tary
MIR Denny then, IN brhalt OF The committee submit
ted the follow Iun resolutions:
Rescirtd, Tia, hav;rg confidence in the ability Of the
banks 10 both themselves and The public, by *
tending their scnunis we earnestly recommend spirit
at mutual iurbtarance and accommodation among The
banks and among all classes of dealers during The pre-
sent temporary difficulty.
Rssolr,d That in The opinion Of this meeting. i, is
the duty ui all honorable IL sustain our banking IN
situations in their present determination TO support the
honor q. The Country by maintaining sGece payments;
and in the opinion of this meeting that il is properly
consistent with the avnwed object OF the banks by con
VI ncon, essentially to enlarge their discounts
Mr. Lewis Tappan then and prupo, ed TO tirr two
three resolutions, which he Intended by way OF amend
he first resolution Of the committee. With Mr.
rappan There OF confusion, such as has sci
dem been witnessed HIS words accompanied by
hsses sroans, cries OF pu, him downturn him out
order, ntdsrgo 6" with also the piaudts of vel
come fran n portion Of ihe crowd. Such was however,
lie confusion that he could not proceed, until
air Denny reese ana requested silence 'Cannot,
he asked .yerchoatS together for The transaction
ct business aud preserve order and decnrum Let US,
said he orgc al things else, and attend 10 the bus
before us-lst here forget that IS unpopu
iar- elsewhere. or in other things and whatever he
may have to "sr submit TO The Of the meeting
whether it shall b. adupled or rejected"
Mr.. Tappan again rose and after some further mani.
frs,ations OF dsapprohaon, he permitted 10 read
The following resolutions:
Resotetd. That while cordially approve the deter
mnarInn Of The banks To manain specie payments, We
confidently rely upon their drsp sitIon and intention 10
increase li,eir discounts, and otherwise affrd The
etfrciua aid in their power TO the commercial com
munty at this distressing crisis.
ReSoirsd. That as the interests of the merchants,
uiaciurers ard mechanics and the Banks lden.