Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-10-18

| The cause that forced them to suspend dis.
counting, being removed, relief can now
be extended 10 a suffering people, by relax
ing their -ders for curtails, as well as oy
suitable aids through discounts.
Bu, besides the foreign demands for spe.
Gle, the recent fires in New York and in
this city have made call for the relief oflhe,
sufferers, under all their terms, for at least
one million and half of dollars. This is
an addition to the previous pressure. The
calamity required 10 be met--but the Banks
could not meet this additional demand, ex.
cept at the loss Of just that much of specie
10 the country.
There is great relief at the bottom flhis
suspension. Let the people regard it in its
true light, and il will be every where aPPlau.
ded.
the means required for rebuilding our
burnt districts, both here and in New York.
can now be had-and this will be to set
thousands of mechanics AMI working men
10 work, who must otherwise have remain
ed idle" -,
The question. will naturally be asked,
What effect will thecsuspenson in Phl.ad-
phia have upon the banks in this city and
State and 10 New England7 There is a
difference 10 op Mons on this point. A
correspondent of the Journal ol Commerce
says: .a.- =,
\" The natural and necessary effect will
be relief to all othor places, and especially
| Ill, I,L,
ken large sums for export and otherwise by
the sale of Post Notes, which must now
cease.
. "The effect has been to compel the
Banks Of New York to contract their en-.
gagcments and place themselves in posi-.
lion ofrosilive safely, and their deposites
and circulation are so reduced that with
about four million dollars in specie they are
beyond the reach of any contingency.
" The export demand for specie has been
, more for the wants of the Bank than 'or the
regulur trade, and as our crops are near at
f hand, anu the amount due abroad small, we
look fora gradual ameliorationi in the money
market, and feeling of increased conf.
f dence and security"
In its notice Of the suspensions by the
=. Philadelphia Banks, the Philadelphia SeaiI.
mel, an Administration paper, makes The
, following remarks:
The opinion has been gaining ground
for some weeks past, that It was expedIent
10 resort 10 this measure, in order to prevent
extensive failures on Tho par! of our mer.
r i1l, i'm q u
prove disastrous 10 The community rs well
as 10 the banks. Experience seems to
have shown tho correctness of the opinion
entertained by the directors ofseveral OF our
banks, lnat the resump ion of specie pay
ments was premature, and that the countr!
was not prepared for il. The consequence
has been another suspension in Philadelphia,
which will probably be followed by a.! the
banks in The Uni n" "The situation OF
III Sc corporations is truly embarrassing.
rhev had 70 course left bu, 10 ruin many
Of their customers, and oppress the whole
mercantile community, or suspend specie
payments and throw themselves on the mer-
cy OF the Legislature. They have chosen
The latter alternative, and if they aci in the
spirit OF lberality they may rest satisfied thai
while The representatives Of the People will
assuredIy embrace the opportunity now pre-
sentcd radically 10 reform the banking sys-
TEN, and correct existing abuses, they will
not wanlonIy do any tb'ng 10 injufe lair and
, well.conducIed institutions"
New York OcT. 10.
The excitement in Wall street and is su-
burLs. is prolonged but tho banks -haxs
brayey Stood the run which has been made
upon them. Ga comparing accounts yes
,erday, they found they had 1900 600 OF
specie III their vaults, and, unless their large
deposilors draw upon lhem-men who
seen to be most interested in their SOL
vency--it is hardly possible for the Public
even If disposed, TO drive them into sls-
pension. They hold their heads h'gn pay
ou, cheerfuly, and even discount some, and
u is the general opinion that they will wealth.
er The storm. Socks to-day have iallen,
but not SO much as was to be expected.
The United Stales Bank stock has been dis.
; posed of at 90. After all, there is no great
panic.