The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1839-10-31
THE SUSPENSIONS.

vance.
THE SUSPENSIONS. II
Since our last publication the news has
arrived that large number of the Banks
had again suspended specie payments
The suspension commenced in the city O
Philadelphia, and twas speedily followed
in Baltimore, Cincinnati, Richmond, Lou
isvilIe and other places. We learn carr that
the State Bank Of Illinois on last Monday
week stopped paying specie and presume
that by this time most of the Banks IN the
country have followed suit, notwithstand-
the New York papers thus far received,
express great confidence in the soundness
and stability of the banks in their own
and the eastern states, and seem sure that
these institutions will not stop paying
specie.
4 The causes Of these suspensions are
accounted for BY the city papers--and
they seem to apprehend no great harm as
the result of this action OF the banks.
This seems to be the unanimous opinion
ofall. But we believe that these frequent
suspensions furnish the most potent argu-
ments for what are termed the hard cur
rency men Of any that can be found
throughout our monetary system. The
people view these matters in the light of
common sense, and you may tell them
that when the agricultural prospects of
England are doubtful the manufacturers
of that country cease to purchase orr cot
ton--this Cotton being sent to England
to pay the debts Of importing Merchants
does not answer the purpose-the manu-
facturers in the Old country are obliged
to require the specie of the American Mer-
ehants-that thus the vaults of our Banks
are drained-the specie is shipped lex
changes on Europe are high-the bal
ance Of trade is against us--and to save
themselves and the country from being
drained of all the specie, the Banks are
obliged to stop paying gold and silver for
their bills; may tell the People all
this, and still they will consider the
Banks dishonest in not doing what it is
expected every upright man would do
when his promissory note arrives at ma
turity. They will triumphantly point
you to the promise of the Directors to pay
on demand what the note calls for, and
with apparent truth and justice on their
side aver that it has failed to redeem its
promise. Call the hard money currency
,ltopian, or what you will, the people will
still cling to that system which promises
the least fluctuation, and until the banks,
throughout the country become based on
bona fide specie capital, sufficient to Sc
cure the confidence of the people, there
will be large party in favor Of an exclu-
siye metallic currency, although, for such
a nation as ours, the measure would be
utterly impracticable. aea
52A Every one who looked seriously at the
great quantity Of Merchandise American
merchants have imported during the last
year, amounting to more than it did the
year previous to the "great pressure and
the vast amount Of American stocks nego.
tiated in England, foresaw that unless cot
ton advanced inSprice, ii would be impos-l
sible for our merchants, and those banks
that were in connection with them, to.
meet their engagements and satisfy their
creditors across the water, and that a sus-
pension Of specie payments by the Banks
would be inevitable. Owing to the short
ness Of the crops throughout Great Brit.
ain, Cotton, instead ofrising has fallen in
value, and the result is just what might
have been expected-anoiher suspension
Of specie payments. tits also stated that
owing TO the arrangement Of the Opium
trade in China, amounting to fifty mill.
ions, The Bank Of England has suspend.
ed. In their immense trade with China,
England has made opium the medium of
exchange as our merchants have made cot
ton their medium of exchange with Eng
land, but the opium trade being Destroyed
makes it necessary for England TO pay
her debts in specie.
The Banks, through their organs fell
citats the public on this state 81 things be. ]
cause say they, ga relief can now be ex-
tended to suffering people, bysrelaxingI
their orders forcurtails, as well as bysuit-|
able aids through discounts. . But att