Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-15

means required for rebuilding our burnt districts
:, n here aud in New York, be had, and this
l be set thousands OF mechanics and working men
v,rk who must otherwise have remained idle.
m. Ph,ladelp ha National Gazette says We are
.s.aes,ed state, that the Commercial Bank Of this
rI, has not united in suspending specie payments
[Gtobe.
r,sllrence has reached Us from Philadelphia- and
nav. M reason doubt that il will prove correct
w., no, only the u Bank Of Pennsy lvana but all the
rssd-ptta banks had resolved 10 suspend specie pay
yesterday This intelligence is generally believed
we have convfrsed with very intelligent gentle
o VIA d. ant believe it. The evening papers Of tha,
r which shalt receive before We 20 10 press will
,u,r 81 curhs. Bot,
j.,,fyer has may be, and whsiever may he the con
,,n or whatever the ton OF the Pennsylya
-, Bank Of the U s., the institutions Of this cly are
,rrd and impregnahie They have iong expected This
,,> and prepared for Il. M matter what may be
M cont non The career Of banking institutions in
,hc States, the Banks of New York will not think of
oendu the payment of specie for all their liabilities
,hsn demanded. We make no random assertions and
make no statements without simple authority and full
L,.ylsdre of The responsibility they involve The
B,nks OF this ely will not fail to redeem all their
,tpes The public and for the very good that
,sy are able they willing do They have
aT OF FIVE millions OF gold and silver in their vaults,
b,s,dss very large amount If what is equvslent-the
cv.r of drawing on England. with the funds there
,,sdy 10 meet the drafts Their deposes are their
y.ry minimum amount and their circulation such TO
b. mos, perfectly under control They in Short
,rcv ot all p'ints-nrver more, perhaps
much so II is not within the power of their
ncous enemies 10 touch them to ttre~ injury
Nor d, believe there is the sightes, foundation for
another species of croaking which have heard dur
mo he day Il is said that the banks either
,end or ruin their customers No such thing! They
can n,sn their position. and continue cash payments
without withdrawing Of the facilities afforded here
,,i,e Il is true that ,hnse iscties have OF late been
necessarily by the monetary arrangements
ri tunes but amidst all the pressure, they have been
liberal as they could be- and the whole really
lucal W,hou, The thought of suspendinq specie pay
,enis they do much To day, To morrow. and al
any future day. :or their customers they have done
inr days and weeks past In one respect, thet ability
on win be increased by this very of
tbs Bank OF the U 5 " There is end any rate 10
the post note suction. That drain upon their
s'onped New York capital wil! now to be ab
sh.d and the money market cramped and paralized by
incorporated shaving On the WHOLE cannot but
consider this crisis IN financial snirs likely
Gncr the benefit than the Of The
New York community Al all events. there is nothing
in II 10 produce encouragement or excite alarm.
~ Y Gazette
The failure Of the Philadelphia banks announced in
this city last evening had all The effect Of surprise
Why there should be any SURPRISE any disappointment
shock to the public expectation cannot imag CINE
Every body saw the match lighted some time since,
and should have known that the mine mus, at length
explode We have the United States Bank run
ns post haste 10 bankruptcy, and where is the wonder
that IL sh"uld arrive at last. Who that gets into the
railway at the City Hall is astonsed to find himself
IN halt an hour on the banks Of Harlem river:
The public have been advertised of This approaching
bankruptcy for years past IN terms plain the enter
tanmenis are announced of the Park Theatre They
saw The United States Bank under It's old charter from
Congress suddenly and rashy increasing its
cations to customers by twenty millions of dollars.
ting example Of overbanking which the State banks
ready to follow, and beginning that excessive
expansion of credit which afterwards sweed into The
enormous spscula,ons of 1886 They the bank
the emharr occascned BY its prodgal manage
rnent, borrowing money Of the York merchants, un
DEF preence of given them relief, issuing its post notes.
PAYABLE in Europe twelve months after date and taking
IN exchange for them third Of their amount in cash
and The rest in short notes They il, shortly AFTER
eagerly following tho example Of the New York Banks.
in refusing the payment Of their notes. instead Of resist
Ing il, might and should have done if its af
fairs had been prudenily managed. They il endea
yorng repair the consequences Of ills previous
hy iursakng It's province and turning cotton merchant
They II failing 10 fulfill the boast uttered by Mr..
BidGe, lis President that il would take the lead in the
return 10 specie paynents-They it actually la.
boring 10 thwart the New York banks in their arrange
msns for resuning the payment of their notes. They
heard Mr. Bddle. after he had been compelled by
Their example 10 provide gold and silver at his
ter. complaining again and again that the banks had
begun pay their notes too soon. They him
er5Genly and abruptly quitting the bank he had una
mayed 80 long. They The bank almost immedi-
e'rly afterwards becoming again borrower and scat
taring abroad issues Of post notes till nobody would
buy hem They that the bank withheld reports of
us condition The public saw all this, and they
knew that great portion OF the nominal means oil the
institution consisted of the sweepings of its inso
branches under the old charter, The lumber Of worth
less canals and railroads. debts Of broken banks and Idle
Signatures of spectators. The vasress Of whose projects
only equailsd by the vas,ness Of their i'll luck.
These were signs that only strong prejudice could
mistake. yet they mistaken by many. Party feel
ing had then SO strong an attachment and so high re
sp-ct for the bank which had hated with them against
General Jackson Administration that they could
noning either wrong suspicious in its When
Jsnno Sou,hcote died her followers would not believe
tina, holy person could be subject 10 mortality and
val ed several days in hopes 10 the old lady woke
from her slumber rub her eyes, and sit up A similar
decision has prevailed in regard 10 the Bank of the u
States It's bankruptcy has long been manifest, yet It's
ancient atherents would not see it,
One of the Philadelphia presses Of yesterday puts
forth the prstence that the suspension submitted to
By the Philadelphia banks for The rrefof The merchants
The absudty and alsehond of this pretance is fully
shown by the fact that the arrival of The Liverpool this
morning brings intelligence that the bills of the United
States Bank have been dishonorad and protested in
Pars This is evidence that The Bank is without the
mans oi meeting is engagemens and that it's soppage
matter Of mperlous necessity, unavoidable bank
Iuprcy
That bank and its wre,ched and corrupt accomplish,
The Grard Bank or ten months past have been. mani
testify underwriting TO drag down the New York banks
with 'hrm They have drawn eight or ten millions OF
dollars from New York. by the sale of post notes They
have sold bills Europe the suppose, which
We now hear Of icing protested, al lower rates than
other bankers and the proceeds of these sales have been
applied 10 drawing specie from onr banks and car
'ng II 10 Philadelphia purchase these post notes,
cepos'or have Withdrawn their money from our banks,
and The effect Of all these causes has been to compel
them 10 their discounts. pressure has fol.
lowed of which merchants are the helpless victims
single fact will suffice to show that the failure OF
The Philadelphia banks. had been long premeditsed.-
The Grard Bank had taken its for stoPPage
with much deliberatinn, that The very morning It
s'pped payment, it began to issue, in defiance OF the
law, dollar notes ready engraved and printed.
The banks Of n. York, however, we're never, we be.
ieve in sounder stale. Their vaults well furnish.
ed their discounts have been large, and their circu-
Iat'on is small They make head against the Ph,la
depha banks now, successfully they did in 1888,
and happy be assured that is not only their
intention do So but Tint such q will occasion