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

a,Uel tic governed ty TIC Ieint1Un Ue'"e'" -'fP'
demand .o,
We conclude therefore. however some me" may
cro.k-and however much ii may be q. si'ra ~ una
d.I,bo mr. els, where that New York SHOULD 'o"" q"
evil cxamp!e-tt,at The New York Banks are-as We
have before said-and will rnain, ''npfesntouu.
They are stronger rev. by reason o! sma''e' e''"
In,on and lower amount Of deposiles, thah wnen'
H. ccc NJ earnest opnosi,rcn from the Bank OF Inc v;
States aud The Southern Banks geneEalIy, aieJ ies :.
.pecie payments How then, should, or can IT, NC
dnub,lg that they will maintain them now, "heh W.
u s. Bank is utterly powerrss' ihs. , 70 ~" 10, ~
dow of d,ubt-N York 7mG1iean. (thtgJ oet n
B.sK or THE UNITED STATES OF pESssYL' ANA
The Auditor General Of Pennsy lvun'a has, II - saa
called upon this institution ioIth"in " u!n's -"
statements which il charte! requires, OF itsanes ana
osses,s end qenerally setting forth lis condition IL Is
among the circumstances that aggravate It's aciua posi-
uon that these statements have long been "nheu aa
consequently. that the public have no means o. turning
nm accurate Judgment 10 The mnnHeE IN WHICH Tue ~
n,on has been conducted, Of the value OF lis STOCK
If then all be right this reqnsition OF the ota.e
should be looked upon by The Bank, as one Oh hhu'rss
-ps certainly is by the country, as one OF ceai
rr;e,y nd oJlra,ion and the statements winch IL cais
for will be expected with eager anxiety IL Is NOT 10 We
disguised that srrious mlsgvinge as 10 'he -
of the Bank. exist aaiong many VINO nave "Htcheu 40
course and remember The past =
The SUSPENSION oil 1897 found it, was generay w.
ders,ood greatly extended in every directon with many
millions due from The South and the West, and from he
nsnlvenl interest here md elsewhere win many ohe
millions invested internal improvements, ane
with the bonds for The sale OF the branches ol tie ola
Bank for the most part uncolIecled -consuting alto
peher large portion Of lis capital rendered whoiy una
yaiatIe Hence rs We believed, the reluctance Wild
which after resisting 10 the utmost The calculations ahd
finally The example, of New York, IN 1885 III Iesrmns
spece paynents- came last into that measure. But
in order do So it, then is reported 10 have been
largely borrower; and up In the moment Of rs recent
suspension has continued The policy OF borrowing ana
ofe1ension, the lace oil known losses winch me very
Ih.,, thAu
all official reports, served IN some sense TO magnify ana
when oil knew that large amount OF lie means was IN
vested in convertible securities, and consequently OUT
of It's own control :,
1, is very probable that this policy adopted IN lle
expectation that owing TO the thus produced IN the
money market and the consequent rise OF prices. ie
suspended balances and outstanding debts OF the Bank
might be more readily and rapidly corced-bul Inc
calculation seems To have been unsound, as lis cohse
ouences have been disastrous
IT, by an opposite course Tie Bank on resEmIng, had
drawn together s scattered resources and instead o.
buyng or advancing on all SORTS Of slocks ana cotton
and extending itself By new issues, !, had paid on us
own debts ard confined ltsc!t 10 the legitimate objects
of banking, The dealing the regular business oil the
internal cxchanses and Of dscounng safe mercantile
paper-it seems hardly questionable that mol OILY the
Bank of the United States but all the Banks South and
West would have been safe positlon-,hat The To-
reign exchanges would have been IN our iaTntand me
vas, Esc,..-l &i.i nov surrounds Us would have been
ayn:d5d.
We are Wcil aware That the GlsninleG STATE OF 'he
times and tie llIed financial Condition and policy
of the (iC,errmeui have rendered Ike management I"
so vast On institution the Pennsyvann Bank OF the
United States sufficiently difficult; but atierly even the
Government had made cause with that Institu
lion avalrd itself Of lis credit, and employed II as an
agent for Gsbursng the public moneys But tls very
come c,lon-l may be-has rather served TO stimulate
than restrain It's issues Under all these circumstances
il ceases be of surprise, that The Bank has
suspended It's pay mens, nnd dragged INT" It's vortex 50
I,rnn Of M Banks
CONNECTED with. Or dependent upon, il
Sill lrss ii be matte! OF SURPRISE that much anX
iciv is l u;noug stockholders 10 know lis real condI
liou hence tie answer 10 the call OF The Auditor Gene
raj of PENNSYLVANIA will be looked for with interest,"
terdinr 10 develop what now is entirely hidden from
The public eye Ii oct lG.