Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-22
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PHILADELPHIA.

citizens 10 recommend some measures ~ c. ~.
community in the present emergency, arising 'o'" .''s
nens;on of The Banks Of Philadelphia, and 10 receive
the report OF the committee appointed a. "e y.
meeting 10 inquire into the causes OF suc' IT,
was held in The State House ara 0" 9a'u'u0y 'N'
noon, uhe 18th insian,.) ,,:,, 80
Thomas b. Florence, William Young, a. Draper,
William Campbell En- CHI f Camp, thIlip Eieihoh a"u
lanes NlcCann Vice Presidents; and
Joseph NJ Dorsn, G b. F. O'Neill. Thomas Foster
t. S c. Thompson and Thomas i'own Secretaries
'rbe assembage of the largest ever ne In
Independence Square there being not less man ''oOo
persons present. . vru,
The meeting was elcquen,ly addressed by william l.
Hirs,, ESQ, Joseph NJ. Dcran, Esq William D. Kelly
Col Thomas Florence, and Mr.. kcrrison.
Lewis NJ Trouiman, on behalf OF the comm't'ee aP'
;ned AZ the las, meeting submitted The following re.
nort md resolutions which adopted oy
Whereas, the Banks of Philadelphia have cohcnteo
in suspension Of specie payments IN Vioauon " ,ne
law and whereas the which nave lea 10 s ac.
hans been IN certain extent, beyond the control oil
some Of them vel still il is believed that lhey 10 COM
mon with the Others have largely contributed 10 'hs uh
fortunate crisis by impfudem tna"ageiheh'' anu We
among their conspicuous errors unwse investments
larpe loans 10 few preference and injury 10 Inc fsns
of The many and The issues Of pos, notes by some OF te
Banks: and whereas il is Just. expedent anu nospeh
sable that institutions created and governed by laws
should no,-even when the paa,ion Of stern ex'eeney
exists-be insensble 10 the influence OF ia"' uhu -"
opinions of the people !, CO.. ::
Rnt ;nasmucb as The Banking system Of the State IS
SO pterwoyen with The credit business and prospects
of The community that sudden prostraiion or popular
assault would involve many great interests 81 'he people
an confusion:
Therefore. with the yew Of extending 10 The commn
nifty proper protection, and to the deiauing banks such
checks and restrictions are necessary under Inc ex
listing circumstances Of the Crisis, be II
Resotred. That the Governor OF this Commonwealth
be requested his discretion to use hs constitutional
powers 10 see that the laws respected aud The rights
and interests OF the community piglan'ly funrofd.
Rcsoired That the Auditor General be requested 10
o.. ,fD ,,I,lal rEt In, In
statements of their condition, and Pu5ish The same Tor
The information OF The pubic
RcsolSsd That il be recommended 10 the next Legis
laluic appoint committee 10 visit inspect and report
the condition of the Banks in the city a0o county
OF Philadelphia end adopt such reforms OF the Banking
System as lis abuses require.
Rtsolred That il is .ekpedent 10 di counenonce The
emission Of any bills under five dcas by any Corpora
iioBs individuals; and. 10 eiec, this view,
Res0lred That eSpec, that The various Banks. ex
cep,ng the S. Bank shall redeem ~ specie their five
dollar bills, and tha, the Bank OF the 5 shall redeem
an specie their ten dollar bills, IN order 10 furnish The
community with lbe only practicable circulating medium
for Of small anounl and We mos, earnestly recon-
mend 10 all PERSONS set their faces against selling small
sums Of specie under lie confident belief Tint the ms.
chief which III result from such practice VIII De more
sensbly felt by the citizens Than the small profit Teal.
ized and that general adherence TO ihs recommends.
ton will be The only means 10 avert ne issues o. DTS
from one 10 FIVE dollars which otherwise might be re-
sorted 10, in order 10 meet Ike positive NECESSITIES OF
trade.
Rcso'red That we recommend 10 The community the
propviey OF moderate and temperate course OF conduct
towards tue banks. during the present crisis, believing
that the laws adequate 10 protect We interests OF the
public and that any otler course viii postpone the re
sumption Of specie payments to an indefinite PERIOD: and
that we will lend influence 10 sustain those banks
which shall manifest disposition TO accommodate the
public respect the laws aud extend assistance 10 all the
mechaSc, manufacturing end mercantile classes OF the
community IN just proportions during The present pres
oIrIJ Mat We lie
gislaute the prop;siy Of refusing any bank char
ters; aud demonstrate against the increase OF corpo
cations generally.
Resoired, Tia. approve Of the sentiments avowed
by his EXceliency Governor Porter his late letter 10
the Attorney Gcncta!.
Rssolrcd That We froes, aga;ns, the issue Of bills
by our City Con- grafton, ord urge the Councils ~
ject The
RsScirtd That Committee oF Vigilance and Super
intendence Of - be appointed prepare address 10
the public, 20 recommend from lime 10 time. such mea-
may be conducive The public interests, and
generally 10 that the objects OF these resolutions
shall be faithfully accomplished
The following gentlemen compose tina; committee:
L. NJ. Trou',nsu, will,sm L. HIS. Joseph NJ Doron
H. SalleI, HenryHorn, NilamJ Young Encch F.
Camp, Samuel e. Thom;son Charlie lngerso!i, Abel
Nj James, Andrew Miller William { Parker. Thomas
y. Florence, William White Alexander Brown.
The following resolution offered and adopted:
Resolrcd That memorial signed by the officers Of
this meeting be presented TO The Legislature PRAYING
that the laws for The collecting of all BANK NOTES
similar regards TINE od the powers OF the mag
20 whit OF So and under are, and that neg
iect refusal Of tue President Cashier to endorse
notes over 500 when specie shall be demanded and
fused the penalty shall be $780, and for every
neglected refused under The plea that the President
Cashier is absent from The Bunk os attending 10 ohe
business, the penalty shall be &lao-and the interest
all for which specie shall be demanded and refused
shall be at The rate OF 20 per cent er anau from The
dale Of such refusal.
1t is stated that Of tie Philadelphia Banks on
Saturday, when FIVE Gollsr notes paid in specie
curiosity being lei! tosce how the money was dis
posed Of, as The sanie faces were continually appearing
and re appearing at the counter, individual, wo
man, noted and her movements observed. She
fifteen times 10 the Bank, and in each instance re
ceved FIVE dollars for note AS she had pock
cited the specie, she vent TO neghhorng broker aud
sold it, thus doing very pretty business in the course
Of the day This was probably but nsta o
thousands, yet though il is common 10 rail against the
practice Of selling silver as is enormously called at
ouch times when most desrous OF keeping j, in
our channels of crculao,i do see that
be eectnay prevented by wotds by statutes desirable
NJ this result may be considered appears sell evdrn
that II ue broker 20 the frs, TO recognise and 10 allow
promise TO pay, me silver dollar viii insvob,y sne
10 be " ass to aT The sr' Is admitted
therefore, individual wishes 90 market aud he
knows tina, although he has "hard money his pocke,
he cannot directly obtain provisions for i, than If
ca,io he will contrive TO do 80 ndl ecy by sppl
shops sellers S%sske 9a !" s asI sa .p e
Gle and paper, and to give more provisions q,
goods for silSer than for paper in prop r,ion
to The depreciation Of the latter, they would supc sede
the broker, and money" would conlinae pass from
hand TO hand. Otherwise, it will not; for with proper
sense of its own dignity real cash wn endure IL
circulate on equal terms with paper convertible into
cash. Al present, appears that the broker is The only
person who even makes approach 10 giving money {
worth for money; and men, either secretly or openly
will have their moneys worth when they can get il
laws and public opinion TO the contrary
which often leads a doubt Of the soundness Ct those
Jaws and that opinon. For instance, suppose tina, Tom
wants coat and that the twenty silver dolIaes in his