The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-03-09
From The N. o. LOulslaq,s.
THE BANKS.

| There 10 much outcIy IN the city on accom-, -
times and wsut OF funds among business men a., ~
origin OF this discomfort Is said 10 be the unwllr,
Of the banks 10 grant accommodations Thee, ~"
doubt the discomfort prevails 10 a very con.'d.I
extent. but whether the banks are Justly chargs.s'
with ehurlshness Is what cannot determine s.
lew weeks ago an application made to the Gen.,
Assembly to pass an act egaliLng the proc eed,r, =
the banks under their resolution suspend specie ~
ments. aud il alleged that until such an se,
passed they unable to extend their discount, IN N,
proportion which their means would justify The =,
was passed. and the discomfort still eontinues-ha, l.
creased and is increasing. What can be the cause,
Do the banks still hold their hands clenched va, il.
resumption Of cash payments premature step, aul =.
they afraid Of mourning the fate OF the branch bslA
the State Of Alabama. At Mobile, which, ]. is noa Nj
mitted, was compelled TO re-suspeDd ~ Consequence n
not having adopted with sufficient promplitnde and a.,
sued with sufficient energy the measure Necessary 70
authorize a resumption We are persuaded thai ii
suspicion OF this kind respecting own institution,
out of place. Taking their aggregate condition no
consideration they are much better prepared for sots
than st any former period. We speak IN reference
their published statements and if they TO be corGl
IN, no other inference respecting their actual cohdO
10 admissible, than that which have mentioned B.;
we repeat what can give rise 10 the general comisE
OF wan. Of funds on the part OF merchants, dese,
and mechanics whose wealth aid solvency III.
questioned and undoubted We have no means {!
Of induction from known facts What, then, can occ
sion the murmnrs which every where hesrd-nol q
distress but OF embarrassment, for Of pccunlary
means TO give activity and ygor TO the commerce ad
industry Of this great emporium, at this season Of tie
year, which wont TO be that IN which every branea
Of business tecmed with life and cheerful prosperity
We have heard practical men, whose opinion, after
all, when they speak with sincerity and mparialy on
these Matters 10 worth moro than that OF all Others We
have heard practical men assert, that notwhs,snd
all appearances and declarations the contrary agent.
Of the United States Bank Of Pennsy wanna are still a.
work purchasing up large quantities Of cotton, where
ever and whenever they lay their hands upon IT, a,
prices fired and prescribed by the head OF the monopo
y at Philadelphia II this be SD, it is sufficient TO
count for the backwardness OF banking institutions
TO afford the usual assistance to commerce. grca,
proportion Of the cotton thus purchased 1--WE beg par
don advanced upon) by Mr. B,dde is paid for II
drafts the Merchants Bank of this CITY, which DRAFT
are paid in specie, which ultimately comes from III,
vaults of the other New Orleans banks, not directly
connected with the United States Bank.
II appears also from official documents, published by
authority Of the Legislature Of Mississippi that another
nstalmeni OF the loan from Mr.. Biddle TO the Union
Bank Of Mississippi will be due next month-tha, in.
stament TO something like eight hundred thou
sand dollars and like the advances on the cotton crop
il is PAYABLE at the Merchants Bank in specie Pot
this and that together and they most satisfactorily
count for any pecunary pressure that may exs, at the
present time in New Orleans Eight hundred thou
sand dollars at enc swoop. Without the less sensible
but ncessant blows from the cotton drafts il is enough
to stagger any association Of bank presidents In The
Union. Wall street would rceoil aghast from tn
hdeous features Of such spectre, and Biddle hmsei
at the presentation Of check for 100000 in spec
would be reminded of the emotions he experience
eighteen months ago when he discovered his cash /
be minus. and he closed his doors for the benefit .
commerce
We trust there will be no more complaints &C
count of the churIishness Of the banks They cauuo
help the state Of things--they not to blame i
their situation they have alternative between tn
course they have adopted aud suspension. They car
not reasonably be expected to furnish for carrying
on the trade of New Orleans, and at the time n
ford resources to Mr. Bddle for conducting his spcu
latons in cotton and stocks.