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

NM
nnval of the tepooslies; no panic about the Sub.T,
sury II was but The other day, The Globe s,seg ,L
The notes Of good hanks had BEEN taken for The n,'!
dues; and that large amount Of the public tey law
was deposited in the State Banks.
We Shall renew tins subject hereafter = For ono -
go for deliberate, but thorough re"rn uf the H,ot,
system. The TRANSITIONS must be made with all f,nrs
but with a!l Gisce ton Under the present 5, sl.,,
seem 10 be constantly lowering thr verge o, ina ~
As Of The EDITORS says, We have tired yag
tees longe nnngh; wrlmust nov have rr:1rdsr-
LAST CARD OF The OPPOSlrlON.
WAsHtSGros, Oct. 10 We find the f,lIowir, vs,.
significantly Ic1ded. and presented in the edro,lsl o.
lumns Of the S. Banks National In,el!g,ncrr oribr.
morning:
SUSPENSION OF THE BAsHs The subject # ono,ho
suspension Of specie paymr Is by lhr banks is openv
discussed by the Northern papers and is beginning ever
where 10 be talked Of and predicted Letters are pri
lishfd which say That The banks in Philadelphia are ony
waiting for and ansiou.y expecting the banks in N,r
York TO show lead. that they may tonw. Nav soms
have gone far in Baltimore TO caicuae the rucis.
day on which suspension must tase p.ce On n.
other hand ii is asserted by Of h friends of thu
Northern banks, especially those OF New York tha,thev
better prepared for crisis than they are nav
that they will not susptnd-and thar, If u GENES ,n F,
question 10 which shall stand The banks merchants
the later must go the wall Il seems 10 be adu,,,s
on all hands, Thai affairs never more gloomy IN M
commercial world, far money matters are concern
| ed than they n, present"-.itg Ga=
! The line which the Bank journals have paradAd in
lels-"susPEasIo5 or THE BanK,'- has trntprrv
to produce The result which The annexed comment tts
not in the enst counrTEct. The rUmors g3rcn on la
contrary oil calculated 10 create doubts. and Is
consequence, the banks: and 10 throw pril
all, he article concludes. "GEuirs a.rr Nor.
! giVomy milo commercial r0r'd
There is Que point IN tn. annunca,on. on which We
would fix the pnbc eye. ~ ii r0mcs tsay> Tie Bark
huIlrul 10 question as 10 wh,ch shaH 0Hd hciGnkS ar
tie rasrchan:s. he later mast ~ 10 The maH' Not the
slightest consideration Is ndulscd in matter which IN
wolves the whole country, regard rs interests A
nation has taken the paper OF the banks money-ihe
actual money Of the nation, in lis slead has been drawn
into the vaults OF corporations, transported by the
merchants 10 pay foreign CREDITORS and, When the
proposed with IL the consequence That tie papp.
substitute shall sink in The hands ui the people
rob every man OF portion OF his had'arned mrSn>,
this is not thought worthy ni being weighed III tn de-
cion. The solemn legal obligations OF he charters
the contract With the people, which II ~ held, vrsssgcA
involahle rights in r corporate bndes-Cnner not the
slightest reciprocal claim on the part OF the community
and all lis interpss-a It's r3peCtaons-a Is Grmani,
express prGmlssory noles-may br Sc" al noGgh with
out hesitation provided neither tie banks nor merchants
are injured il the banks can make sure then footing,
ard suspend for the sake OF their uvettra'pg crsomFf
il III be done II seems, without hr the general
suiirring produced We should hope tia, there's b.!
ter mnraty in our corporations # they have souls and
that this idea has lis origin exclusively "h ht hrat.
less Editors
p S-1he above was in type-wrttcn under the sp
or. hension that the announcement Of the Banks mgs1
here was intended 10 produce what II seems. he'd been
already accom- plIshed We find the following in To,
Baltimore American, brought by the i " clock mai
(from The Baltimore .9mfric0n 0f Od 49,
SUSPENSION or SPECIE Pdli EMS III me
| PHILADELPHIA BANKS
We lcnrn from highly respectable genNemSn NJ 'hs
city, who arrived last night IN the cars from FMats,.
pha that the Banks in thai city SUSPENDED specie PSF.
ments Yesterday Ii appears that on Tuesday Afternoon
large drafts the rhadelpha Banks for fPrc'r
received from New York On that night meeting Il
49, "A d.t..y, 80
the drafts should be paid The tact, that this meeir:
was held brcame known however. in various parts Il
The CITY, and yesterday morning when The Banks were
opened there regular run upon them Tor sprcr
One of the Banks erased paying and ths tact "e
told determined OF tEe othes, and IN The ceu'e
of the day. most il all Of them, ceased further pay
ments OF specie.
The Philadelphia National Gazette, and Phiadrif.i
Gazette Of yesterday afternoon. received last niEt,
hav the following confirmation Of the tact u the su'
pension
(From the National Gazette of Wtdaesdoy ctie'moT4
SUSPENSION az SPEcIE PAymEETs : a c. r'H'ra'"po t
adverse circumstances has reluctantly compelled We
banks OF This city resnr, 10 temporary pension
specie PAYMENTS The failure Of the harves. in Erea1d
last year caused demand upon the Bark OF EhGht;
for more than six millions Ui pounds STERLING ato9t
Thirty millions of dollars which wssl dfawn ~ gold
silver from It's vaults and exported 20 The lohhnen!
pay for grain
This withdrawal of so large amour, OF specie, pro
duced at depression in the value OF cotton aEt
other American produce and OF course Iessenef ar
means, in England, OF paying for tue large amount
mpora,ions of foreign merchandise. There has ta'r
fore been a continued dain upon our banks Tor spceh
ship 10 Europe 10 supply this d. fcirncy N"'hig en-
br honorable TO The character OF our merchants
than the sacrifices they have made 10 support lher co"
both both al home and abroad.
In this honorable struggle TO maintain invIoIsf tt
commercial character Of omr country they have Tecri'e
every support which was in tie power OF The ba"t:
render them. There is howevera point in hnm."
fairs when it becomes necessary to resort 10 stt ''
servaton the FIRST law Of nature. That period Is no"
arrived every fort has been made by our eanhs -
stem the TORE nj. but in vain
In support of this declaration it is only Necessary
state, that since the late resumption of specie paynrh
the Bank oflhe United States has paid out IN fpcc' u
wards OF twenty millions Of dollars. In addition 10 Oh
the bank has made great sacrifices 10 support the cse
Of Internal improvements, not only IN Penn-y'anl
elsewhere
or the ability of our banks TO meet all their ers'
menis no one can doubt The safety Of bank does &"
consist in the amount Of specie idle IN lis vau''- ou'
the ample security which it holds Of lis debtors
that The banks require is time 10 collect The 0eos oIs
| them to enable them 10 resume specie payment
(Ftom The PHILADELPHIA Gaz of Hcdntsday ette'neGF
| lMPoRTAyr MOVEMENT We learn that conisfsta
of delegates of the different banks, and Of The B''
Trade OF this city, held last evening. at whchH "
determined, as matter vitality concerning The ~
and prosperity of the community, forthwith o sr'f'
specie payments This resolution. with one or two'i
cept.ons of which we hear rumors not fully ouhei.F
was carried into unanimous execution to-day
1t is unnecessary. us it is mprac.lcabe, 10 go suae,'
into ample calculation Of this great measure u
sufficient know that il is not of quick and c's
rate immnturity il is one Of cou reflection OF W.,
weighed facts and well-descred results. which, 10 81"
event can scarcely fail of afording relief where o.
there were pprpexites distress. and struggling eoD'
dcnce. OF the main momen mum TO this point "p'f'"''
in both hrmispheres, propose To speak hrI't n.y.
The affair is not Of choice by the banks, !"
necessity-a necessity not arising out OF lack OF -
to continue specie payments, but of sei.pf'srf''.
under the form Of keeping the specie from being '-
out OF the country. -
This necessity has lis chief cause IN the reVUtsH.
the opium trade Vi it'll the Chinese. trade oil 50!
millions. The instrument Of this trade IS know"
opium. This drug no longer be employed as ap
ticle Of exchange with that people. Specie 'ne'e
mi sf fake Ihe Mace of il u