Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-11-30


showing the reasons that induced them
again to suspend We invite the atten-
ton of every and all reasonable men TO
the document. We ask them to give ii
a calm and dispassionate perusal,-and
then let them decide as to the propriety
of the step, and also contrast the condi-
ton of the people of Pennsylvania with
that OF ours of Mississippi. Any per-
nature generally bestows upon that sPe-
cics of animal denominated man, must
sec that the policy Of compelling the
banks to pay specie, gives them no other
alternative than the coercion Of payment
from their debtors, who are the people and
who alone will suffer by the adoption of
such a course. The great necessi-
ties of Ire people and the inability of our
banks to issue other thsn post notes
(Which is nothing more than a suspen
sion) last spring induced Us then TO adj
vocate that policy. But now we do not
wish to be understood, individually, or
as member Of the Wing party as adyo-
eating a suspension by our banks or a
further issuance Of post notes; but on
the contrary, we wish the will of the
people to be carried out by the Legisla-
ture, as expressed by them at the ballot
box Ii. e. repeal all the Bank Charters
that hare gone into operation BY fraud, or
that hare Violated their Charters, and for
bid erery Bank in the State issuing a post
note, then we will have good currency,
if we have nothing else.
At an adjourned meeting of the Dele
gates from the Banks in the city of Phi
ladelphia and adjoining districts, held on
Wednesday evening, Oct. 23Fd, 1889, the
Committee appointed at previous meet
ing 10 prepare and report an address 10
the citizens of Pennsylvania, presented
the following, which was read, unani-
mously adopted, and directed to be sign
ed by the Chairman and Secretaries, and
published in all the daily papers:
To the Citizens of Pennsylvania. Il
The Banks of Philadelphia having de- I
cided to suspend for time the payment i
of their notes in specie, deem it their '
duty to explain to the citizens of Penn
sylvania, the reasons of that measure
This they will do frankly and briefly.
Ia May, 1886, the Banks in New York
suspended payments in specie, and the {
rest of the Union followed their example. I
This just and necessary measure was |
required BY the commercial relations be-
tween this country and Europe; and all
the Banks of the United States immedi-
ately directed their efforts to assist the
country in the honorable discharge OF
its foreign debts, and to prepare for the
resumption of specie payments. These
operations were proceeding IN a manner
easy for the country and satisfactory TO
its foreign creditors, when their pro-
gress was disturbed by premature eff
fort for u general resumption OF specie
payments. The Banks of New York
were unfortunately constrained by law
to resume on given day, whatever
might be the state of the country, and
they naturally endeavored TO induce all
the other banks to do voluntarily what
they were compelled to do. This pur
pose was effected, aided as it was by tho
Impotence of the public, by the compe-
tition of political parties anxious to APP
propriate to their respective sides the
resumption, and by feelings of local
pride, which prevented many from de-
clining to do what in reality they disap-
proved, and accordingly dey of resump-
ton was named.
The banks of Philadelphia were quito
as ready to resume as those who were
most anxious TO begin, for they had great
ly reduced their liabilities, and one of
their number had no less than 81 $751; !
600 in its vaults. But they believed
that the country at large had not yet
sufficiently recovered from that violent
shock TO be ready for resumption. They
recollected that under similar circun1stan-
ces the Bank Of England had continued |
her suspension for upwards of twenty
years, and they avowed their appre hem |
sion that resumption In The unprepar-
ed state of the country must be follow
ed by relapse. Overraled in this udg- |
ment, and obliged at the hazard of grea-
ter evils 10 unite In the resumption, they
sincerely co-ope rated in it, and, being sa- |
tisfied that the measure, IN order 10 be
useful or permanent, must be general,
they made great efforts and large adj :
vances TO the Southern and South-wes
tern States. who were thus enabled, all
most exclusively by the assistance Of the
Philadelphia Banks, to unite in the re- c
sumption. But the inefficacy oft mea- y
sure soon became obvious. The South Z
ern and South western States, placed by ;
the resumption too much in advance of 5
the crops, which alone could sustain I
them, gave way at the earliest demand c
for specie, thus breaking the general
line Of resumption. and weakening the '
Atlantic Banks BY the amount of the ad {
vances made to support them. Nor vas e
this all. III
The delusive appearance Of the re-
worked iniuriously on both Il
sides of the Atlantic Ia this country j. O
,aused the belief that ali the danger was u
over, and individuals rushed into new en-