Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-22
(E-,D mr. Boijjmore Past J


is but few DAYS the papers nf Philade phia
announced The completion of en- amlcabe arrangement
between The Banks Of that city. New York and Boston
By which the vexa,ions drawing of specie 10 he
avodc d; and in view OF this arrangement triumph
auy stated that the greatest of the crisis had passed
But ,oI hy the National Gazette, the organ
&c the United States Bank that the of susppn
sion lis not Of quick and desperate mmalury; hut
of eoO rction IF rre meghied tacfs. and nocH dc
Scrijtd results " Such is the policy Phlladeph has
thought proper 10 pursue IN this movements policy in
strict accordance with the uniform conduct Of the Uni
ted States Bnnk, which appears have taken the lead
and dictated the
The measure was unexpected by Banks in Balti-
more and forced them to The step Large drafts
from Philade ph!a by last nights cars expecting
procure the specie before the Banks had time Tor de-
liberation A conference Of their officers held early
this morning and they to the unanimous delermI.
nation 10 suspend temporarily However much We may
regret the necessity for such step that III" Necessity
n;o,cd ..n"o suppose he qnco,ionrd; nnd however
disastrous be the ultimate results, the lmneCats Ell
feet will be to relieve the community.
The public bp no loss understand the
which have produced this second suspe The rPck
less policy OF the States in creating foreign debts for
building unproductive railroads aud canas-together
with the excessive mporla,ipns Of foreign merchandise
have brought loo deeply Indebted aboad In addition
to which lh depression The price Of cotton and other
American produce, has diminished our means Of paying
The balance against us-thr deficiency has been supplied
in specie. 10 this add the increased demand in Eng land
for the precious metals produced by the expectation from
that country TO the Continent, Of some 80 millions Of
dollars ~ payment for grain, and Of the
which have operated 10 produce drain
upon the banks of this country for gold and silver.
Another aud more immediate which has contri.
buted 10 this suspension the ndscreet and
which the Pennsy vana Bank Of the United States has
pursued 10 the issue Of Post Notes. 1t has harrassed
banks beyond measure. These notes have been
mnde payable six and eight months ahead, and sold in
the market any price they would bring. The avuls
have been from the Banks in specie and the spe
Gle shipped abroud The "grent regulator of,he Banks
has been their greatest enemy and contributed most of
all to cripple their to sustain their 1t
has finally accomplished its enda second suspension Of
specie payments.
If 10 f'f The foregoing we add the speculaons
~ which iru'vfduas and corporations have engaged
he overtradng and OVERRIDING in all departmens of bu.
sness-he general dspo to grow rich without pro
dncve lndustrythe unbounded extravaganza in which
W. I've, little cause for wonder that our fee
Die and defective system Of banking has sunk under the
reyusou
These evils bring out more clearly and brightly the
importance of severing all connection between the Go
vernment and the Banks, and placing the finances of
The former beyond rench Of the evusons 10 which the
latter ale constantly subject Every day developments
afford additha proofs the importance 10 the country
Of the lndepe ndeplxa reasury
These events, 80 we think must satisfy The mos, in.
veterae adyocstessf Banking that system is wrong
and mus: 5e substantially modified to be adapted TO the
wants OF the country. The language of the great Athe
MAN orator was peculiarly applicable than 10
th- errors OF our country on this subject "The cnrrup
HDus anu Encouragement ol Slae, SAID he,
like secret diseases in the human body, concealed
by The veil Of prosperity; but let time of diversity and
trial come and see how the fimsy covering parts and
~, -kpd iA--+..- start for hi' Tive ,a
verSy and trial have given our banking system an am
pie test, and exposed It's wretched deiormes If The
present results should lead TO the desired change we
may submit 10 II with cheeriulness as The indirect
cause of great gond.
The s"lveacy Of the Banks in this city no one cues
lions, and informed it is their intention to con.
nue pay specie such small sums as are required
for ordinary purposes Of change.
Correspondence Of the NtD York 7irnes)
BnsroS, Oct. I4th 1899
The cold Northeast storm which commenced this
morning has driven within doors The groups OF anxious
dehaters nn the effect of the late suspension and the
streets present more the aspec, of ordinary times than
they have for the lost three or four days
The excitement here, occ1soned by the suspension of
the pennsylvania Banks, has in way subsidized and
lnprecaons open and bitter freely vented against
The government of the Institution. which nothing will
silence but a full and candid exposition of The why and
wherefore these things are so
Saturday was the lghles, day in the money market in
this city, ever Known Money. there none no price
could bring il. Only two failures, however were nm
nounced, one grocer, md The other firm IN the dry
gonds line, who obliged stop in the pressure Of
1887, but subsequently obtained an extension Many
notes. however lay over, under The promise that thew
should be provided for this day.
Some hie excitement was added 10 that already eS
sng on Thursday, BY The refusal of the State Bank 10
honor the checks of The agent of the Bank of the s
% tins city is understood that the State Bank claims
% hod funds IN depose with Them TO meet their de.
na"us on the Bank now due. Whatever may be the
ause e tact is undoubtedly rne that the checks of
ne agent 10 The amount of $50 900 were protested for
ION pay me nj by tha ho