Lincoln telegraph., 1839-10-17
THE TELEGRAPH.
B AT H M E:
THURSDAY MORNING, OCT. IT.
THE SUSPENSION.


pension by the Philadelphia Banks, which
although at the present moment, there is
some hope may not become general, (the
New York Banks having pledged them
selves NOT to suspend if the New Eng
land Banks will stand by them) yet is cal
culated to create much alarm and excite
! ment. 1t is supposed tina: all the southern
and south western Banks will be Obliged
to follow suit
The National Gazette, in speaking of
this subject, remarks:
"a combination Of adverse circumstan-
ces reluctantly compelled the banks of this
city TO resort 10 a temporary suspension Of
specie payments. The failure of the har-
vest in England last year, caused demand
upon the Bank of England for more than
six millions of pounds sterling, about thir-
ty millions of dollars, which was drawn in
gold and silver from its vaults, and export
ed to the continent 10 pay for grain. This
withdrawal of so large an amount Of spe-
Gle, produted at once depression in the
value Of cotton and other American pro-
duce, and of course lessened our means, in
England, for paying for the large amount
of imporiations Of foreign merchandze
'.There has therefore been continued
drain upon our banks for specie 10 ship to
Europe to supply this deficiency. Moth
ing can be more honorable to the character
of our merchants, than the sacrifices they
have made to support their credit both at
h., o.>l ~. ,L b,p
gle TO maintain inviolate the commercial
character OF our country, they have re-
ceived every support which was in The pow
er Of the banks 10 render them. There is
however a point in human affairs, when it
becomes necessary to resort TO seli-preser
vation as the first law of nature. That
period is now arrived; every effort has
been made by our banks to stem the tor
rent, but in vain.
''In support of this declaration, it is only
necessary to state, that since the late re-
sumption Of specie payments, the Bank Of
the United States has paid ont in specie
upwards of twenty millions Of dolais. In
addition to this, the Bank has made great
sacrifices to support the cause Of internal
Improvements, not only in Pennsylvania
but elsewhere.
"Of the ability of our banks to meet all
their engagements, no one can doubt
The safety of bank does not consist in
the amount of specie idle in its vaults, but
in the ample security which it holds Of lis
debtors. A Il that the banks require is To
collect the debts dne to them, TO enable
them to resume specie payments.
The Philadelphia Gazette speaking of
the same m1tier, gives the following views:
This necessity has its chief cause in the
revulsion of the opium trade with the Chi
nese, trade of, say Mg MILLIONS! The
instrument Of this trade is known to be OPT.
um. This drug can no louger be employ
cd as an article Of exchange with that peo-
pie. Specie, therefore, must take the
place Of it, The Bank Of England fairy
reeled under these tidngs ffon Chna-and
was forced to make a loan Of The Bank of
France, and into the issue of two pound
notes. The balance of trade being against
us, demands came over here for specie and
every packet ship went out carrying away
from half to a million of dollars This
was The grrdt cause of the late structure in
our Banks discouns-the Banks could not
discount paper because their issues came
back upon them directly, for specie. The
merchants were bleeding at every pore
Trade and commerce were literally stop
ped. To aid, as far as possible, the Banks,
(or some of them) gave their credit to the
merchants under the form Of Posl-noles,
payable four, or six, or eight months ahead
hoping by The time they arrived at maturity
that the pressure might become relaxed
But this did not afford the relief The
merchants, manufacturers and mechanics
were yet suffering. This suffering was
not confined to this city New Yerk felt it
under all its forms of severty,-as indeed
did all our cities, and the whole country
We have given these extracts, in order
that our readers may be able to Judge Of
the whole matter. We regret 10 perceive
that the Loco foco party are ondeavorng to
turn the whole affair to political account
Thus it ever is with the ercenary-instead
Of sympathizing with the unfortunate, or
devising substantial measures of escape.
they seize upon the opportunity to consum-
mate the destruction of their victim. Such
is the spirit and practical operation of loco
focoism.
STocK. The Stock market in New
York, for stale stocks of all kinds had not
varied much on Saturday. Considerable