Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-29
arr md honorable eGorta made |.

! Banks
measure, were reazrd Aud now, after little more than
n wear Of nominal resumption, The Southern and South
Western States more embarrassed than ever. The
Atlantic Banks weakened by Their Iruiless enGea-
yors 10 aid those the commercial debt 10 Europe
is larger than Ihr fsuEpun-the debts OF the STATES
IN EuroRe much larger, ard the specie means of the
country very much diminish, The premature resumP-
ton Of sp pay MS therefore has lt The country IN
state oexhuusnn; which has prevented It's being able
to stand the ne shock which lorms lle recent
and direct cause Of The present suspensDn the drain OF
specie 10 England
In our relations with England, she j, largely and ha
blually creditor Like all other CREDITORS, she is viii
ling 10 buy more anh lolrnd more lille her own situation
il sricc,iy casy-Lut when she hPrsei pressed she
ceases To lend ceases Ia buy and proceeds al 10
| exact payment Thus in r:iirary times sae receives
payment Tor her goods IN our own RI GLce or IN our
own funds rarely requires because she rarely needs,
sprcie But 4 sudden Trouble has come upon England.
wheh rpver.es The whole of our relations Her crops
have failed ard she is forced 10 project her people
against famine by purchasing food and ihs not IRON
our own county, which might furnish market for our
crops but from her negbps no con furnish il cheaper
than we can-and these are comparatively small con.
sumers Of her products she must pay with specie fer
! her food Accordingly the Bank OF England alone has
been obliged 10 furnish more than thirty FIVE millions
of dollars in specie be shipped ahroad-n drain that
has threatened that institution with suspension. by
The latest OF her affairs, It appears that with
i'm mediate demands e." which she is LIABLE OF 10 49,
O00 her whole stock Of specie - only i2ouO ouo and
This after borrowing from the BnnG Z" France - CGo-
O00-so that without this extraordinary aid, her position
would have been extremely critical he consequence
is that money hos risen to twice or three Tunes lis "foi-
nary yaue-at The staples u this country are unsalea.
bic exec p ruinUus sacrces-ta, The stocks oil ths
county sent by the States or by the banks, or by mol
viduas wholly nc"EvrtIibe leaving as me saif't
md the iavOrte mode Of payment, the expectation oi
soecie The demand for Ibis article is still further IN.
creased by the eiorts made Eng land 10 produce relief
oil home
The manufacturer pressed BY urgent want, emp
intn ckptS arls
here al small sacrifice, for notes which discounted
at second sacrifice, lie ships the specie, which reaches
England in time To relieve him, eaving this country
flooded with goods without any regard 10 its wants or
its consumption The result Isl that the coin OF this
country is wanted in Eng land tosend to Tho Continent
for food-that very large portion OF 1t has already
gone and that The rest will probably follow. The Banks
of Philsdelpha have already contrib many millions
-one single Bank Of their number having since The re-
sumption in August, 1888, paid out NJ ess than Sc
7l2 600 in this city alone and The demand seems 10 IN
crease instead OF subsdIng
Under these circumslanccs ihey hr.ye had To adopt
one of two alternatives -ei,ier to for ~ the community
by sacrifices Of property 10 pays Jebis 10 the Banks
in gold and silver TO be shipped 10 Engand or
else TO resort to Temporary suSr' 1sion until The com
munly we'll as the Banks could bave time TO recover
from Tie feels of these foreign troubles They have
not hesa,ed to prefer the a,'r being most condu.
Give The interests Of tn. Saie and they confident
ly rely that their molveG will be duly appreciated by
the public authorities E.. The Commonwealth To That
gard her prosperity paramount consideration To
which they have always sacrificed their own merely pc
cunary interess Every loan wanted Tor the service oil
the State, ev.-7y great improvement for the development
of its has always found constant and loera
contributor in The Banks is it an exaggerated es-
mate that four.ilhs OF The funds for The internal IN
pr Jvemeuts Of the State have been contributed by The
Banks.
On the whole The views which The Banks of Pnilade
phia wish 10 present are these
That they were reluctantly obliged to unite in The re
sumption last year. declaring il II were postponed Tor
further preparation il would be general and permanent
That events have proved the resumption to have been
premature. weakening the banks and The country
That in this exhausted condition they have To enconn
ter fresh demand for specie buy lnnd Tor the people oil
ENGLAND which threatens drain The last dollar from
their vaults:
That every motive Of prudence which caused the
suspension Of 1857 applies with much greater
al the present moment and that The Banks oil fhliadtl
phia have thought themselves justified in resortng to ~
only remaining Protection for The interests enIrust
cd 10 their
In adopting H. however the banks would not cast the
remoest on those institutions when pursue
differen, course. They desire only 10 explain them
selves crminate others. They think that II was
mpraclicable Tor them to continue specie payment Is
without sacrificing the community around them
Their own procCe dnrs they thus submit TO lie peo-
ole of Pennsy yanu who are the bes, Judges OF their
corectnes bu, the banks confidently pledge themselves
for The sincerity Of their views adopting H. Their honest
anxiety project the interests OF the State, and To has
\
rem; 10 England and they respectfully but anxious
IL wall the opinion Of the Legislature OF Pennsyrana
JOHN WHITE, Chairman.
W y WI Mrn1a, ssersrG,ies
Defence OF THE PHILADELPHIA BANKS,
The official manifesto of these Institutions appears in
the Globe 10 day is about ingenious as the case
will admit OF but is dC,cttrc IN point and That IS
in stating the rUc cause Of The present suspension
1 This is TO be found in the conduct pursued by The
/ - t.. ,t,o pft
l-37 If il had then adopted The principles of action
Of the New York Banks-if 1t had taken for
diminishing lis outstanding obligations, and curall.
ing It's business the resumption effected in 1855 would
not have been premature either for II or The Other
Banks Of Philadelphia Bot, instead of contracting,
il expanded BY exchanging lis notes for those OF the
Mississippi banks il encouraged them 10 increase their
issues IL departed from every well established principle
OF banking II attempted 10 monopoIze cotton, and II
bought stocks in abundance. :" lille in state OF sus
pension, and qnsnrly unable 10 meet obligations
previously exsrg, the Bank "f the States purchased
Mississippi stocks 10 The amount Of five millions oil dol
lars aud Illinois stocks Ia the mount OF three millions;
and how many millions of State stocks and Copo-
ration stocks none, perhaps, bot The late President can
tell As ii had nothing but credit TO make these pur
chases with they increased the amount OF It's indebted
ness and could not sell either lis stocks or lis cotton
To advantage il has been compelled 10 stop payment
As the largest bank in the country, il exercised great
influence The alions OF all The and as IN point
of fact the "Great Regulator of all the banks in Pha
oeipa, hho 10 'he SCUM ano rSt OF mat cly, pre-
vented them from making proper cnrailmens as body,
alter The suspension ot 1887; and IN lS3J, II has
involve ilsr and them IN common mass OF ruin.
Let the reader bear these facts in mind while he reads
Tie manifesto Of The Philadelphia banks and then he
will read il with profit As il stands present, il con-
ians seine truth, but not Tie whole truth In his next
edition the author ought supply the defects here point
ed out To hn to say nothing OF amending certain errors
into which he may inadvertently have fallen
There is something very significant in the al!usion in
the the that the OF
payments in England lasted for twenty years II IS not
the first time tie allusion has been made, and there is
more in II than meets The eye Gf0Jc.
/ New YnRE, Oct. 23-At cd JoHrncd meeting OF
| Merchants Mechanics and Manufacturers al the City
tioie The evening Of lie god October p II Schenck,
ESQ was app inted Chairman, and }. Amory. Secy.
The Committee chosen CT a previous meeting made
| the following report: