Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-15

and county of Philadelphia opposed 10 the suspension Of
specie payments, without distinction of porty; be held
in the State House Yard, Saturday next, at three
O'clock P NJ
Messrs o'Neill, S. C Thompson, VIM. L. Hirs,,
Lewis M. Troutman, and Abel NJ. James, appoint
ed this committee
On motion Of Josrph NJ Dornn, Eco it was
fesotrtd, That committee Of five persons be appoint
ed ny this meeting 10 inquire into The which have
produced the PRESENT suspension of specie puymen
whether combination Of illegal character had not
been entered nu by individuals connected with Banking
or Saving institutions produce this suspension, dis
ostuns I" lhe community and if whether il WILL not
be proper ard rxpedrn, that the laws he Immediately
enforced against those who have thus violated ikem and
put al d. Gance public opinrn
aicssrs jos NJ Dnran, VIM l.. Hrst. 81. George T.
Campbell, Charles lngersoll, II. Salter were up
pointed by The Chair
The meeting addressed by JOS NJ Enran, VIM
]" Hurst and L Penninan, Esqrs, hose speeches
were received with cheers and accamaliuns.
on motion, Rcsoiced, That we adjourn until Saturday
next, ct T. NJ at The Stale House Yard to receive
The reports Ct the committee
LEMUEL PAINTER. Presidtm
Thomas Vaughan, Sen Charles a Kupbler, George
Hoffman, Joseph NJ Dnran, VIM II Hsrwrii. VIM
W. Weeks, Charles Haqner, John Rutherford, Sen ,
Abel NJ. james, Thomas Daily, Vice Presidents.
A. E Armstrong, S. c. Thompson, Edw G. Webb,
Stcrrtaries
SHiSrLAsTrEs 1t lis 10 be hoped that this community
having so recently had much perence on the subject
Will not ngnin riiself 10 be deluged with shinpasers
whether issued by individuals corporations deter
mined tone this point now will prevent any repetition
OF this Illegal and abomnable kind of speculation II
should he remembered that part Of the last batch
still uDredeemed and that some of The issuerS iug
yves from justice There IS necessity for these rags
the smaller coins will circulate sufficiently for our pur
poses, We keep the city clear Of such miserable scraps
OF paper This was the general impression in 1887 and
There is M reason 10 dnubl liz correctness now IL
IA ny he n, pEt hos ria
IN The Bank 81 England To two millions sterling would
seem to render ii next 10 certain hnt that institution
VIII be forced 10 suspension The drain upon has
been constant and The failure n the crop the
hope that il can be arrested. except by suspension.
The ESGLIsH HARVEST There is no longer any
doubt that The English Harvest has been failure The
weather bad been so long unla favorable that there
scarcely possibility OF an average crop.
We have letter from Captain Thomas Lucas,
of the Richard Anderson, in which The opinion that the
crop would not he got in without extensive damage, is
very confidently expressed Baltimore Chronicle
TIE NV YORK BANKS The New York Banks have
resolved without exception TO continue The payment of
specie Tor all their obligations II remains TO be
whether they will be able TO sustain themselves in this
determination. &c We have no, room for the com.
ments Of the New York papers upon the suhjrct-but
present the following from The Courier and American,
as embndying their views: BaH CMoRcic.
From Tie .lcc York Courier {. EnGuirtr.)
AS soon AZ the action of the Bank here III relation 10
the bills and post Of the Bank OF the United States,
became known and the differences from that action adj
United, The great question which agilaed The city was,
W III our banks also suspend? In reply 10 this question
remarked, that if our banks could sustain themselves
II their duly matter al what sacr.fces-to
iinue 10 meet oil demands agains, Them in gold and Sill
yer; but if, the contrary, the praccabIlIy OF wea
iherng the storm doubtful, maneslly impossible
their suspension alter first paying out The specie in Their
vaults, became public duiy-ihnt II very clear
10 that attempt nj sustaining themselves bv
ruinors cur,amen Of discounts. should he rrsot,ed 10
it there prospect OF its falling after Increasing The
dstresses of the commercial community and The same
time destroying their prospect Ct ultimately meeting
their ENGAGEMENTS with The public.
These views nave undergone change; bu, are
happy To add, that waited upon Yesterday af-
lcrnoon by number Of gentlemen connected with our
institutions gentlemen whose declarations admit Of
question: ard who's. knO,cedge Of The Of banks
enables them speak authorit1trty- no assured US
that ,br deposrs the banks small and The line
of discounts reduced low, that IL IS eniTtiY in Ute
p0ncr 81 the hanks IN the city 10 continue sp,rc payments
1uhOut rssorng 10 farther enrichment IF d0iar.
ind hut THEY ARE FULLY DE1EnMIAED TO CONTINUE TO
MEET THEI OBLIGATIONS Is GOLD AND SILVER LET
rue COURSE OF BANKS IL OTHER CITIES DE What IT
A general meeting Of The officers Of The different
banks took place last evening a, which II WIS resolved
that ihey should continue To meet all demands upon
them in gold and silver. aud 50 long they have dol.
lar sprc' a, their disposal assist euch other in carrying
this resolution into effect
From he " Y .qmc,ican)
Prnnsyl and Of The other Banks IN Phad.I pha
yesterday, Of which particulars another column,
vii, il presumed be followed Ivy like suspensions in
Baltimore, and all the cities South and Southwest, in
GLIDING New Orleans.
New York and The Eas, 1rli maintain their specie
payments. The feeling of The community here 10 all
one way. New York was first 10 resume and she must
moi, and will not, forfeit the distinction thereby scqur.
ed, by following the unfortunate example OF other
cities
Wall street is tranquil 10 day, although full Of people.
The Banks paid freely all demands Tor SPECIE which,
however were very small in amount.
The suspension of The Banks PhiIaGe phin naturally
CREATES anxiety know the well as the effect
on other institutions.
The causes few and simple and easily understood,
aud the effect other institutions that Of relief from
constant drain and pressure.
|, is well known that, after the resumption by PIla
dephia the Bank of The u. extended It's credit TO The
South aud West, and purchased and advanced largely
Stocks and Cotton, with view 10 help the collection
Of tie debts due to il from those quarters This nsu
ton already greatly extended. became still more so by
the course then adopted and The short crop OF gram IN
England Of last year and the prospect OF short crop
the present year, essened the consumption Of Cotton
and occosoned great drain of money from England
The scarcity of money in England, and The great
Hood American stocks sent out for sale and 10 raise
money rendered il impossible 10 make these securities
available pay debts and the sprcnatons IN Cotton
having failed of success, the collections from the South
md the West have not been made. In the meantime
The engagements of the Bank had to be met on buih
sides and its only 10 draw The money ct
The community it's aid by its post notes winch were
not sufficient Tor the large sums required The ne
cessary consequence hos been lis suspension here and
something very near suspension on the other eide
The effect of the suspension be no other than that
of imned relief the community and the banks.
takes greu, borrower out of The money market, and
leaves the money free for The ordinary wants OF trade,
which has been much crnmped by the necessities of the
Bank whose wants for export to meet its engagements
abroad have been greater and more pressing than
for lis home use.
Any institution which could mret lis engagements
before the suspension of Philadelphia, can with more
ease meet them nnw-and those who have debts becom
ing due in Philadelphia will collect them now in full,
losing only the difference OF exchange.
There was no choice in Philadelphia, the Bank Of the
u hud placed itself in such position that It became
impossible for it stand The magnitude oil It's engage
uents admitted Of no other course.
The Banksin Y.were never strong as al this time,
having over fur millions of SPECIE aud all parts Of The