The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1839-10-24


SUSPENSION OF SPECIE PAYMENTS
BY THE PHILADELPHIA BANKS.
II will be seen from the slIbloined artl-
Gle that the Philadelphia Banks, with
single exception, with view, 1t Is Presun-
ed, to avoid the ruinous pressure on the
mercantile community which a perseyer-
ing effort TO sustain themselves would rem
der unavoidable, have come to the deter
mination, for the present to suspend spe-
Gle payments. In this the Banks have on
" followed the example Of the Govern
ment, but from motives and causes more
commendable and justItiable. 1t has been
for some time perceived TO be inevitable
that the Banks must suspend and case the
business classes, or that there must be an
almost universal stoppage ON the part oil
the latter. This issue was stated IN an
article in this paper, copied from respec'
table journal, yesterday. In that article
il was intima,ed that, in this struggle, the
Banks would suffer the merchants TO go
to the WALL" We are glad, if that was the
true issue, that the Banks have generous
" taken the responsibility on themselves
of stopping, and sparing the merchants.
The general inconvenience will have been
light, whatever it be, II men shall at last
draw wisdom from bitter experience, and,
BY tracing the distresses of the country to
their true origin-tEe war upon the cur
rency and It's arrangement and prostrauon
BY the Goyernment-apply the corrective
FROM rnr NATIONAL GAZETTE or tue 9rn INST.
SUSPENSION OF SPECIE PAYMENTS,
A combination of adverse circumstances has
reluctantly compelled the banks of this city &c
resort to temporary suspension Of specie pay
ments. The failure Of the harvest in England
last year caused demand upon the Bank OF Eng
land for more than six millions OF pounds ster
/ ling about thirty millions OF dollars, which wa
/ drawn in gold and silver from It's vaults, and ex
/ ported to the continent to pay for gram,
/ THIS withdrawal of so large an amount Of spe
Gle produced at once depression in the value o.
cotton and other American produce, and OF couF-s
! lcssened our means, in England, Of paying iol
7 tho large amount Of imporsations Of foreign mer
chandise. There hns therefore been continues
drain upon our banks for specie TO ship TO la
4 rope 10 supply this deficiency. Nothing can b
more honorable 10 tho character Of our merchant
than the sacrafces they have made 10 support thcl
credit both at home and abroad.
+ In this honorable struggle TO maintain lhyio
/ late the commercial chaslcter Of our countfT
/ they have received every supper, which q wa
{ in the power OF the banks 70 render them. Ihcf
/ Is, however, a point IN human Affairs, when !
becomes necessary 10 resort to self ryltiol
as the first law OF Nature That period IS nos
arrived every effort has been made BY our bank
10 stem she torrent, Sat IN vain.
In support OF this declaration, il Is only ne
cessary TO state that, SINCE the late resumption
spcci. payments, the Bank Of the United State
hue paid ont in specie upwards Of twenty million
OF dollars In addition to tins, the Bank hA
made great sacrifices to support the cause Of In
ternal Iuproyemr not only IN Pennsy lyant
but elsewhere
! Octhe ability Of our banks to meet all their en-
ragements no one can doubt The safety Of
bank does not consist N the amour. Of speei
'dle 10 is vaults, but IN the ample security whlc
il holds It's debtors All tina, the banks require
ls time to collect the debts due to them. 10 cnl
Die them 10 resume specie payments
We arc requested to state that the COmmcrci'
Bank Of thS city has not united IN saspcadla
specie payments
The Baltimore Chronicle SAYS that pas
/ sengcr- IA the cars from Philadelphia stat
that the propricty Of the suspension wa
generally acquc-ced IN by tic people {
philadelphia.
The Philadelphia Gazette announces
At the same time, the suspension of tn
Farmers Bank Of Rcading--a bank stu
ated IN Berks county. II insists that tn
suspension was the only available mcasur
Of salvation for Philadelphia.
TO postpone i "a says would have been
, drain her Of her silver in few months. tot Il
benefit Of New York. Two millions Of spec
( must inevitably have gone by the first Of Noyen
. Der, as ono million did 20 from one only OF Of
! institutions within a month past. Ofcoufae, Il
fractional parts Of dollars under FIVE. and Il
J change under one dollar, will continue TO be e.
] in silver This Is fairly presuua5le, there boir
!. no NOES under the first denomtna aon allowed
. statute"