Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1839-10-22
PROGRESS OF THE SUSPENSION.

PROGRESS OF THE SUSPENSION.
We briefly alluded to the fac, in our last tina, the
Banks in Philadelphia, Including the U. S. Bank
had mostly stopped specie payments, and that Bal
timore had probably followed suit, ], turns out TO
be true tina, the Baltimore banks did suspend nm
mediaiely receipt of the intelligence that the
Philadelphia banks had stopped.
We further learn that the banks of Delaware. and
those of the Dstrc, of Columbia have also suspend
ed specie payments, and that probably most of the
Southern and Western banks will be compelled
10 participate in the degradation But the Northern
and Eastern banks were in hopes would be ena-
bled to stem the torrent and sustain their integrity
We think still, although some of the little petty
institutions in Rhode Island. where private property
/ is holden, shocked with the news of the
stoppage Of the Philadelphia banks, tina, they. as
matter Of course, shut down the sluice gate for day
or two, until they could hear whether the suspen-
sion extended generally as heretofore throughout
the country. Ii is now rumored that Rhode Island
has resumed again. Doubtful III r. /. bills
not taken in Boston.
The effect of,his suspension will of course have
tendency to deprecate bank paper and especially
with those banks that have suspended payment, and
most likely create dstrus with those that stand fast
The L. States Bank paper had gone down to 20 cts
on the dollar. The bills of the Baltimore banks
had fallen TO 49,
The Now Jersey and Connecticut banks, it is
said, will hold out against the storm as long as n
York and Boston, and no fears need be entertained,
we apprehend, with the sound banks in Vermont,
while New York and Massachusetts buffet the TEN.
pest.
The opinions and specuaiious of our editorial
brethren on the subject of the suspension, some
what interesting hence we transfer some Of them
TO our columns
Our Banks never in a sound and heal
thy condon--our merchants have for many months
been preparing themselves for what might come,
and will certainly see nothing worse than what they
have already met and passed, without very serious
Inconvenience. There better feeling
in the community towards banks there is not
the least danger of our citizens requiring specie
of them. At the same time the feeling OF all is that
when the balances between Providence and other
cities in favor OF our banks our specie shall not
he drawn from us, by those already in debt
Rhode Island Is sending the fruits of her industry
abroad, and has always suffcicncy for herself
, lie, New York and Boston 90 on, as they say they
abundany able to do, and the banks Of this state
can go on, and increase their accommodations TO
merchants with entire safety to themselves and
whatever course they may take, we believe will be
10 the satisfaction of the community .-Prop Jour.
l ne banks IN l1ls CITY, lSays the Boston Daily
Advertiser proceed in their business usual We
perceive tendency to a suspension OF payments
A suspension under present circumstances would
be a bankruptcy. Public sentiment does not require
il, and would not justify and uphold it. There is,
OF course, pressure, and money is obtained
with difficulty, for the necessary wants OF commerce
but the public have the To perceive that the
proper method of relief is not 10 urge the banks TO
an act Of bankruptcy. Considerable amounts in
specie were drawn from some Of the banks, on the
day fihe news of the suspension al Philadelphia,
chiefly in small sums, from the impression that the
/ banks would he closed here. But on the following
DAY the demand m great measure subsidized. There
is evidently want OF confidence in the banks, and
little danger of an extensive demand for specie
G The Richmond Wing of Oct 10, states that no
definite action had been taken by the Directories 81
tho banking institutions, in reference 10 the crisis
d now before them, but II thought probable they
yyill deem II their duty 10 follow the example Of the
4 Northern Institutions, and again suspend specie
T. payments The Wing adds
5, A. usual on all such occasions, there is horde o.
Il yiliircs from the North, with notes OF the banks
l. ready 10 draw specie, and thus embsrrsss the regu
lar business OF the country. To satisfy their rapae
70 i,y wound lie sheer folly, and would produce injus
\ iice 20 ouI own community We glad 10 tnc
d there Is bat little disposition the part Of our cin
T. 1ens 20 make run upon the baRks ADD this span
OF fort.eaIaace should bs incuicaed by all who's
J. opinions have influence weight with their neigh
a. hurs. - IjOsf0n frur1er.