Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-29

Richmond, Tuesday, Get. 30.
BANKS. STOCKS. MONEY MARKET, &c.

BANKS. STOCKS. MONEY MARKET, &c.
We lay before readers the une and unsatisfactory
Manifesto of the Banks Of Philadelphia, for suspendug
specie payments along with the Comments Of the
G!uEe. This Document draws veil over the his
tory Of the lale R"sumpton-especially over The &C.
lebraled declaration Of Mr.. Bldde, to MIR John @.
Adams, that The modification Of The Specie Circular
had opened the way for general resumption, with.
out diffculiv.-l draws a veil The gross msina
ma cement Of The Bank OF the United States its enor.
NOUS investments in Stale Stocks-iis purchase of
mississippi stocks, wch the Globe satss to be 10 the
amount OF five millions, and Illinois stccks 10 the
amount Of three millions. 1t draws veil also over
its heavy advances Cctton-ils issuance Of mil
lions of Post notes for the purpose OF fisIng the wind
its expectation OF specie 10 meet It's own engage.
menfs "s not the fact notorious (says the Gote) that
the Bank Of the United States and the GIrard Bank
have for The last six months been the shippers
of coin: Have not The English papers already received
!s s"n9iI ngo o Win alone had u,
Did moi the liverpool, which sailed Than week
after the suspension, carry 10 England between three
and four hundred thousand dollars Of the
PhiladeIphIa Banks Yes, these vast sums have been
sent in coin England, 10 contempt OF The prior obi
cations TO the community here; a great portion OF II
while this very exposition. prtting about outstanding
resources from being swept away TO England, was In
hand Tor the purpose Of deceivng the people of Penn
sylvanu.'
There seems to be general opinion that The Bank of
the u S. is responsible for the present suspe We
have evidences enough oil MtS iIt even IN Inc hlg
prrsses-bu, the following e1irnc1 able address from
"a Bank Director To The Directors of the Boston
Banks who is stated in the New York American 10 be
"a gentleman of high character md intelligence, and
who is, moreover as largely concerned in the manuIoc-
ure and sale of cotton goods person in this
try" ls proof enough Of the proposition:
cat the present time, IL is bel!eIed all our difficulties
nr>e from the operations Of ungIe institution the
United States Bank For man months that Bank has
been drawing bills on London very large amounts,
,,, atnll hon
The effect has been greatly TO simulate the importation
Of British goods, the only overGte which has taken
place. whilst had The exchanges be- left to their natural
course, earlier tendency 10 the shipment OF Specie
would have acted the au,ary Geek 10 those nporia
tons The necessity Of the Bank u make large ship
mcnis Of specie the bills abu falling due, has
been The chief cause Of The present crss IL hos agra
waited immensely The uniavornble course OF the ex-
changes j he soppage "f pnymenhy that Bank has
probably put end TO this most troublesome drain. An
abundant crop Of cotton and flour upidy coming 10
markft-so that few months will b sure 10 turn the
exchanges in favor. In the mem time, The New
York Banks have made an arrangement Tor supplying
the market with the necessary amotnt OF exchange,
which will probably make any further considerable ship
! ments oil specie unnecessary.
This writer urgently calls upon the Banks Of Boston
and New York stand their ground tie Declares that
sdu,v honor and morality leave us hit one course 10
pursue-to sustain specie payments al d events. That
course, fully believe, is equally required by the best
intes Of our city, of The communlly,lnd The whole
, country.
The most interesting point Of view uon the whole
horizon, is the City OF New York The Banks still
determine 10 pay specie The Merchanisars yet under
n tremendous pressure-We give Their reolutlons, call
ing upon the Banks for relief Gy ex;ening their dis
counts and also by receiving the { The interior
Safety Fund Banks We give the late Proceedings of
the adjourned meeting of the merchants which said
TO have been one Of the largest ever beIdby The mer
chants Of that city, on receiving the reParf their Com
milee upon the answers OF the Banks. We cannot
hip.n shnd,
tense in The New Iork prlnts-Almost all o. them ex
press disposition to cooperate with the others extend
inp the line uscounis but tney differ about Ike re.
crptnn of the Safety Fund Notes. Some of them ,osi
lively reject the proposition AS the Chairman salpd
"fren Of the Banks are ready 10 adopt The
condition that the other Banks will also doit. Eight
Banks vet prepared 10 come into 'ns arrange
ncnt Some Of them wish for time 10 coDsldsrt Others
have made up their mines on the subject Ind consider
il npraclcable and peGient. We CONNIE ourselves
10 the replies nj the Manhattan Company aid The Bank
OF Aslerica "lhe two institutions which (tlf Star
says) considered The fiscal agents OF he Govern
menl:'
"Nrw YonK Gath Oct, 1880
"At a meeting Of the President and Directors oil the
Manhattan Company specially convened IlIs day. the
resolutions of the meeting Of merchants oil he Cy DO
tel The evening of the 23d inst presented and
duly considered, whereuron II was
'R,soieed. That The Board OF Directors q this Com.
pnny and have been most deslrous 10 give all III" re
lief their power 10 alleviate the intense mercantile
that they will make Of all the means their dispo.
sal for This purpose consistent With their duty TO the
stockholders and The faithful performance Of their
gagement 10 The Public.
RoBT. WHITE, Cashier
CAT spscla meeting of the Board Of Directors Of the
Bank of America held this day for the purpose OF deli.
beIaling The proceedings Of meeting Of Merchants
and Traders held last evening al the City Ho,e-which
proceedings having received the careful consideration oil
the Board-il Resolved that This Board feeling
anxious socitude TO do all That they 10 alleviate the
Of commercial interests in the present gency
will extend To them all the facilities within The power OF
the Bank. consistent with the paramount duty OF me-.
tanning specie payments
"Res0ired That is the opinion Of this Board that il
is Gent al present TO receive and pay out the
notes Of The Safety Fund Banks OF this State request
ed by the meeting.
Bank OF America Oct "a, 1892"
The n. Y. E. Posi- Of Friday says "Our Banks re
min firm; The demand for specie very much reduced
and the intensity OF the pressure in the money market is
very much confined 10 the dry goods interest We are
assured that the Banks will take which Will
hazard in The slightest degree their ability continue
specie payments Philadelphia drafts offered at 90. s.
bid, Baltimore 80 ] 2, IS ] bids QUO Treasury
notes sold at 90 r. 81 GOO at 3d. and more Offered al
9S g. and this indicates The state oflhe specie market
The N Y. Commercial of Wednesday says. "Money
TO day. is worth 3 per cent. month, undoubted pa
per In extreme cases, per cent Is believed 10 have
been given.
letter from ph;ladep hiu Of the 22d says: 'The Of
fcers of the S Bank have received from Mr.. Jaudon
p0Siiirc information that he bad made grmentw
RollIschld 10 the bills Hotinguer, the details
of whch oil gwen in Mr.. Jaudons letter. They fee
satisfied that their bills have been accepted and il is
presumed that there in the of their
being unnccpptd the 2st Of pienber, unless, per-
chance R"hschld should have backed out ef his agree
ment" Some Of The papers, however, express great
doubts about the contamination OF the arrangement.
We give in another column, Circular issued by the
Bank Of the U SinN Y declaring their willingness 10
receive in liquidation of their claims, their post notes
bank bills payable demand The capital stock OF the
Bank par, any time previous to the 9th OF Novein
her next."-(O course, tire ordinary notes Of the
Mother Bankl
*The largest failure (said to have occurred in n York
is the extensive dry goods obbing house Of Doremus
Suydam and Nixon They owe, ii Is said. S40O,OOO
and shew assets for S6e00O0 more.'-(Ths was on
Saturday The l9h) There no failures reported dur
ing las week.