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

lowing passage Of Mr. Bddles letter, dated March Goth
In winch he resigned The direction OF the institution and
compare IL with recent events:
II have waited unxiousy for the most appropriate mo-
mem al winch could be best spared but hitherto when
ever have sought The retirement so needed some diff
hcni'y, in which my service deemed useful, always
ipterposed to deter None such exists now All the
political dssenSons connected with the bank for the last
len years have ceascdal it's extraordinary Efforts for
the protection OF national interests happily ended
and The bnnk has returned 10 its accustomed channels
OF business in peace con therefore whGra al length
without Inconvenience and do ii The readily be-
cause leave the affairs nf The institution in a stufe of
great prosperity and la the hands Of able directors and
officers
Since this letter was written, The stock Of this prosper
Gus bank has gone gradually and rapidly declining
IN value II has fallen al The rate of more than fifty dol
lars on a share
The principal regret which feel at the failure Of
the U. :. Bank is, that il bad occurred enrlier be
fore It had borrowed such enormous sums Of our cnp
a'is,s by Of The issue Of lis post notes Now that
the principal borrower is driven out Of the market ind
vlduals have better chance OF obtaining their usual
Communications; although they find the resources to
which, in the natural course Of business they would
have been entitled, greatly diminished
The following extract Of letter from Of the wealth
lest OF our American merchants residing in England is
suggested by slusion in The letter 10 the dis
honorng of the bills Of exchange Of the U S Bnnk.-
NO doubt expresses the general opinion Of intelligent
commercial in England il CERTAINLY does here:
I'VE can now understand and appreciate the Of
Mr. Bldde resignation, ard the selecting of Mr. Dun
lap TO supply his place, individual whom we
before heard Of !, is my deliberate opinion, that The
). Bank has been the great moving of all the nan
ca distress that has existed in America for the last four
years; and predict, that Mr.. Bdde and his measures
will be ere long understood, and his name will he
Grated by generations TO come, for the mischief he has
been the author Of"
SPECIE PAYMESTs AGAIN SusPEspED.-The in,efli-
gence has doubtless already spread far and wide bull still
mn he In thp infor oE
our distant readers and for that Of friends generally
throughout Pennsy mia that The Philadelphia Banks
after the befnervul of little than year The
p,ion again suspended specie payments yesterd
in other words, confessed their inability to their
responsibilities 10 the public meeting of the repre-
sen,auves OF these institutions held on Tuesday
evening, al which we understand it resolved not 10
suspend, though the suspension did lake place the
following morning. The lutte circumstances, however,
connected with the great matter which agiiaes The
public mind comparatively unimpor,anl, except that
il may be us we'll TO know that the in
temptation for some time, one dollar bills having heen
issued Immediately by one if not Of lie Banks -
The main point TO be considered is this second suspen
sion following the first with such uminous rapidly
Circumstances prevent from dwelling upon the
subject TO day as fully could WISH but there is
thought at least which urgently presents itself
| Whatever I've the immediate which led This
suspension, whatever the palllatons which may BE-
brought forward in regard 10 it, thing is cear-e,iher
that the banking system lis radically vicious in itself
that, while amusing the country with delusire shows n
prosperity. ltN0S constantly 10 mlsCne1S OF the most
discredlube and bghing character or tina, under lis
present form il is entrusted 10 those who utterly
competent 10 iis nt and have The guardianship
Of machine which they conessedly cannot control TO
the production Of lasting good. The subject seems to
itself TO this II stands independent Of all other
considerations, and il il is 10 form parties, they
only divide themselves upon the two views uf the
which have presented. is it necessary for the
p. nhd welfare Of The community 10 demulish the
ctet, system altogether, there modes in which il
either be amended superseded that The edvan
! lagos may be gained without the evils which al
fcl US With periodical regularity: Such the qu"s
| tiuns upon which The people Of Pennsylvania are TO
form their opinions, that they may be carried into EFFECT
os som may be consistent with calm and enlighleu
ed judgment. 1t is hasiy topic Of an hour 10 be
lightly Unexpectedly dealt with; but Of derp
and enduring concern, affecting both the public and
their poserily. BY the act OF suspension the charters
of the existing Banks will be the disposal Of the
Commonwealth and there is nothing in the character u
any branch Of its government which is likely 10 inter
fere wrh That Of cunduct which may ultimately
be resolved best calculated 10 promote the general
goUd, care OF course being taken not 10 interfere with
individual interests further than may be actually
sary
TO the people, therefore, have only 10 recommend
calmnfss and abundant reflection, that every means
promising The lasting OF disease which must
be boldly treated, not tempered with, may be fairly
weighed If hasly action be avoided, in all
that The future, the present crisis may really
prove benefit o, little value. As for the banks,
they will doubtless that in their PROSTATE condition.
every dictate OF sound policy calls upon them conne
themselves within the limits prescribed 10 individuals
under similar circumstances To as f they
virtually insovent, cannot but prove serious error IN
the present Stale of public opinon for there vast
difference of feeling in 1889 from that which existed in
1887 and above all there should be violation OF law,
either IN the putting forth OF bastard currency 10 drive
the smaller denomination Of coin out OF circulation
in any other way With discretion and care on all sides
present embarrassnens may be sutmountcd with the
smallest possible amount Of suffering in the end. But
the fact is not to he denied that The time has come for
looking thoroughly into the whole sub)ec, OF credit
connected with The Banking system. Palliatves have
had their day. The public demand remedies
[PcnnSyirdnian, Oct 10.
GREAT NEUTRALITY-SUSPICIOUS. SrEctE PAY.
MENTs This morning every Bank in Philadelphia, in
pursuance Of an arrangement entered into some days
ago, unanimously SUSPENDED SPECIE PAYMESTs-Whe
on Monday last we insisted upon il, that suspension
would lake place, and that too very speedily, flor we
knew that the matter the aps) we were looked
upon as mailman Our friends laughed, and our opPo
hooed at the thought! We saw how matters were
going: We observed that the agent of the N York in
s,uilnns was in our city every other day and we dis
covered that he always conveyed away with him large
amount of specie We sscerained that upwards OF halt
million Of dollars payable 10 New York would be due
in this city during the month"; and that nearly
million of dollars was payable al the Bank OF the
Unlrd States alone from our own merchants on do
mestc acceptsnces during the period This, with
other circumstances brought 10 our acquaintance, sa
tisfed US that suspension was inevitable. we were
about 10 pophesy that loeek would bring u about;
but unwilling to create an unnecessary excitement we
merely said opposition the Inquirer, which asserted
the impossibty Of a SUSPENSION that it would take place
rsry s0on--Our orebodings have been realized This
morning the unwelcome truth burst upon citizens like
a thunder clap All wos suspense and consernation-
The day the ELECTION, too! thereby proving It
to be piece Of premeditated viainy-an outrageous
conspiracy, between the banks and the Wing party, TO
promote the interests Of the and the success OF the
other If The banks had suspended but one day sooner
the whole Democratic city tickle, rouid hare been elected
for there is man. voter no honest citizen, who
would have seen who would not have felt, the den-
bo,, ybo RAJ Ronk
interest and the domination throughout Philadelphia OF
Wing principles and their pernicicus tendency.
spontaneous meeting Of the people was held Tins
morning in eeuence Of the excitement (Which may
The District CnuE rouni.