The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1839-10-30

The New Yorker OF Saturday last contains
an article entitled The Morals Of Suspension" !"
which IN that view Of the subject. expresses
similar opinions to those advanced by MAJOR
BULL, as the following extract will show;
The first great objection 10 Suspension for
relief affrms that the act is an immoral one
A Bank promises TO pay 1ollars-not some
imaginary, intangible compo und Of exchanges
and values. but plain. substantial pieces OF me
tai, or their satisfactory equiv aent Each note
IS essentially contract. TO VII ich the Bank and
the holder are parties. How then. shall ths
Bank assume to set aside or change the condn-
iO0s Of that contract without violation OF mo
rality, justice, and honor
Bot it is said the community agrees TO and
nrges Suspension. Admit it, and where is
the moral right Of the community TO set aside
the contract aforesaid J If the holder Of the
note assents, very well the Bank. of course,
need not pay specie unless he demands IL but
that is mol Suspension. which implies that the
Bank refuses Specie when the holder Of its OBJ
legations does demand il. Ia that case. we
maintain that the only sufficient reason for
Withholding the Specie must be, we have 1t
not TO give you There is no culpsbilty in
refusing TO pay what the debtor has not to give ;
~
uuder such circumstances. We know that the
Banks suspended in 1887 because they, could
not help il. That fact was justifcs ton
in our judgement the only justification. To
have followed them up then with ioheitures OF
privileges, commissions OF bankruptcy. &c.
would have been in effect TO harass the entire
business community, and cause a general sac
rifce Of property by Sherfs sales. So it ap-
pears now that AT least portion Of the Phla-
delphia Banks we're constrained TO suspend, and
others felt compelled to follow their example.
We do not assume that any have suspended
without adequate reasons. We only insist.
that whenever Bank is obliged to suspend it
shall assign the only proper and sufficient rea-
son--vz that is unable, under existing cir
cums,ances, 10 continue TO pay.
Stern necessity. then. being the only legiti-
mate excuse for Suspension. the effect must in
no case be permitted TO ou,grow or outlive the
cause. No Banks should suspend but those
which cannot while others are suspended. con-
tinue to pay: and no Bank must continue sus-
pended one moment after il is able to resume
During the Suspension. the paper dollar must
every where be kept as near in value TO the sill
yer one as possible. Whoever takes advantage
of Suspension to pay off his debts at depre-
citation from their true amount, can hardly lay
claim to unspourd integrity.
We object. then, most earnestly to those
falsifcstious of values which grow readily
out Of suspension. The tendency Of the act,
aud OF the condition which il creates, TO con-
fuse all ideas of right and wrong, obligation,
contract. indebtedness, and values, is a most
serious and enduring evil. 1t is the duty Of all
lovers Of honesty to meet and repel this evil.
In the midst Of community where Suspension
exists, it may be generally fair and decidedly
most convenient that all values should be ex-
pressed in aud prices graduated to the actual
curepcy-viz the paper issues Of suspended
Banks. He who buys and sells nth perfect
knowledge that such is the currency. can COM
plain of no hardship aud ioel none. But when
the rule is extended TO contracts made before
the existence of Suspension and with persons
living out of the sphere of such existence. the
debtor who says TO his creditor, Sir, you
must take your pay in our currency. or pay 10,
Is. or 20 per cent, difference OF exchange" is
guilty OF an act for which the shortest and truesl
term is saindIing. There may be others more
polite, but then can hardly be at the same time
so faithful.