Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-10-17

that. unless the banks extended their accommoda-
ticnF, serious distress would inevitably follow--and
that matters had now assumed such a shape thai
either the banks must enlarge their facliiues, y
that trade must be- Frustrated. 10 this contingency
be said, the Board he represented we're clearly %
opinion that if the foreign drafts upon the banks
were such as to make them fearful Of diseounting
largely, they ought at unce 10 suspend specie pay
ments. After this statement he Withdrew, and tne
represe natives Of the different banks who were
present discussed at length the matter presented 70
them. Finally, a motion was made land carfled)
that under existing circumstances j, was inexpedi-
ent to suspend specie payments;' and, upon this
motion the banks through their delegates, voted as
follows: In the affirmative, the banks OF Norm
America. Pennsylvania, Commercial, Penn Town
ship. Philadelphia, Manufacturers and Mechanics (,
Northern Liberties, Mechanics and Farmers and
Mechanics 8; and in The negative, the United
States, Girard, Southwark, Western, and Schuylkili
5; and then the meeting adjourned Indefinitely.
Yesterday morning, notwithstanding the reso-
luton Of the previous evening, several Of the banks
Immediately upon opening, declined 10 redeem their
notes in specie, and as soon as the fact became
known to the others a general suspension took
place."
The New Yorker Of the 12lh inst, in speaking
Of the Suspension, has the following -" But the
wors. feature Of the case is III. consideration that
the same causes which have produced suspension
in Philadelphia will probably exert The same infiu-
eBce elsewhere and wcnow expect to hear, by re-
turn Of mail, Of a General Suspension throughout
the country south of the Delaware. We have hopes
tbat Virginia, the Carolinas, sDd Ne~ Orleans viii
stand ffsf, as they are less affected lhan other sec
lions of the country by the trade and heavy indebt-
edness Of the new States. alabama end Msss-
sippi have been virtually non-specie-paying for a
long time) North of the Delaware, W. hope the
banks will weather the storm triumpbnnfy We
know the discrimination If oar hanks is fixed, to
count nothing a sacrifice which shall be necessary
to enable them to fulfil scrupulously their engage
menfs, and to conihnae their payments in specie SO
long as they car command a dollar TO pay. In en-
forcing this just resolution, we trust they will have
the cordial and jealous co operation of the commu
nifty. Ii, in defiance of the severe pressure every
where, and the collapse at Philadelphia, the banks
Of the Northern States shall ride out the tempest,
the credi. Of those States and banks will be placed
on a proud pre-eminence. OF course, the business
interests of tie North will be required to suffer q
while longer the depression from which those OF
Philadelphia have partially relieved themselves
We believe, however, that, should the North main
ain Specie Payments, we shall feel seriously The
general relief to business which the Philadelphia
is calculated to afford, without mourning
Of its discredit."
hh fGo Iphh aAhos- . IN Z i'm 1HiHNH
nave resolved without exception, to continue the
he payment of specie for all their obligations.
The Courier and Enquirer says: We were wait
ID apon yesterday afternoon by a number Of gen
.lenen connected with our neutrality-suspicious.
whose declarations admit ofno question, and whose
Of the state of our banks enables them
10 speak acknowledgements assured US that the
ieposites in the banks are so small, and the line OF
discounts reduced so low, that IL is entirely in tie
.M. II l. Da-Ha =. H. 20 J., aa.FSam. .ag.sa /
pa yments 7oithout re%sortisg 10 a farfher cartoil-
nent Of one dollar, and That THEY ARE FULLY De
TO CONTINUE TO MEET ALL THEIR oBLI-
CATIONS IN GOLD AHD SILVER, IET THE coURSE OF
BANKS MOTHER CITIES BE WHAT 1T MAY.
A general meeting Of the officers of the different
banks took place last evening, at which it was re-
solved that they should continue to meet all de-
mands upon them 10 gold and silver, and so long
rs they have a dollar Of specie at their disposal,
assist each other in carrying this resolution into eff
SUSPENSION AT FREDERfcK.-The Banks in Ere.
derrick have suspended specie payments. The spe-
;ie in their vaults exceeds the amount of their notes
in circulation. The Frederick County Bank, a
excellent institution, is the only Banking House
IN Maryland that has the right, by its charter, to is
sue notes ola less denomination than FIVE dollars.
PHILADELPHIA BANKS The Commercial Bank.
HHIh at Alol ltiuSSu - su>pcAu, ndS since CbUle SO |
ar into the measure as to redeem nothing but its
i've dollar notes. The Grard Bank which had is
med one dollar bills now redeem them in specie
Since the receipt Of the Governors Manifesto and
he Circular Of the Attorney General, the Phila-
Banks have all refused to issue notes under
len dollars.
THE BosToN BANKs.-The Banks in Boston |
have resolved to continue the payment of specie
he papers all express the utmost degree of conf
lence in the ability Of the Banks there to maintain
themselves in their resolution to continue to redeem
their notes.
WASHINGTON COUNTY BANK.
At meeting of the Board of Directors of the
Washington County Bank convened on the 1lth
inst, IN consequence of the intelligence received,
to The suspension Of specie payments by the
in the cities, the following resolutions were
passed.
Reso1etd, That this Board have this morning
learned with deep regret from Philadelphia and
Baltimore. that the Banks OF those cities have been
from The severity of the times and the
great demand for coin to be taken out of the coun-
try. to suspend payments in specie.
Res0tOed, That in consequence Of ibis step of
the Banks in said cities, this Board acting upon the
same principle Of self defence which Has governed
them, and with a view to prevent the specie in our
vaults, from being taken out Of the country do there
loIe direct the officers Of the Bank TO decline pay.
meats in specie until the further order of this Board
TO the contrary.
R~esofoed, That the weekly statements Of the
Bank exhibited to the Board yesterday, and the ex-
amination made by The Board this day shows its
condition 10 be perfectly safe and sound, and that
there is not the least danger OF depreciation in the
value Of its notes or stock.
Resolred, That this Board entertain the hope
that the present suspension will be of a short con
tnuance and they do pledge themselves 10 all in
tersst's that their operations in the meantime will
be conducted with a view to preserve and continue
the present very wholesome condition Of the insti.
tnton' and that they viii be prepared for %resuming
specie payments at the earliest period that may be
adopted as e~xpedient ior the purpose.
Resolved, That these resolutions be puhHsbed.