Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-18

/ confidently increasing snce morning ne o'''y
States Bank p is ggen'opt thu! the amount due 10
private le,,rfs from high authority a, Philadelphia IN
timale ta, The banks there Will have TO suspend specie
payments Ito,
1 o'ciock, p !M-Thr pressure in the money marker
has no, nba,ed and The following notice, issued this
morning by The Bank OF The United States in New YORK.
ehded to "S'e1.e The IN Ssm s Ye'h
GAdnesdss AlskpHg, Oct 9, 10 A NJ
aNo,ice is hereby given that notes of The S Bank
Of Pennsylvania will no longer be received at the Bank
Of the U S in NsYu J nrk /,
The g,nk Of &58 s in this city hns, promised,
ms, refused 10 redeem the Of the Bank of The Y.
STATES Of Pennsylvania, even ~ cases IN when 'hty
were BY their made payable here IRIS OF course
il is satisfactory 10 be able 10 say on good authority,
that the banks of this city, which have been Tor long
time ethenng themselves IN position 10 mum
tain specie aymenis under any circumstances
One eject of this will be- that the drain OF
money by the negotiation Of the post notes OF the BANK
of The United States will now cease. and the money
market we nav safely conclude. will in lew days be
more easy than il has been for months past
We hobe that no attempt Will be Hlade 10 run upo"
The Banks Tor specie do any thing that can impede
their efforts 10 sustain themselves The effect can ony
be hurlfu to the community. as wes"as give the oahhs
unnecessary trouble and excite alarm for which there
s noxadequate cause ~ J. Express
(From ihs Baltimore Post)
TuE u S. BAhK-ThSdeve lopments relative TO inns
institution made by the Intelligence blythe Liverpool
connected with lis operations at home, show to the sa
tisfac,on of every body the course Of arni shuts ana
short sighted expedens the Bank OF the u .. has o'
long time resorled TO for the maintenance OF lis exist
ence Alhougtnhe drafts od1the Mrssfs t"tlng"er
NAV have been co.. errd by specie which has already
gone oui appears That others falling due are moi pro
ydpd or and will in all probability be returned. sunrc.
IN the damage Of 90 per cent. Concerning Tue conducs
Of The Messrs Hol,inguer The u s. Gazette of satur
days says:
IL, may be proper look for moment al the conduct
Of Messrs Hotlinguer Il Co towards The United STATES
Bank That house under agreement 10 acce Pt 'he
very drafts which it refused and had in lis hands the
secuJitY necessary TO guarantee il from loss ana IN
moment of excitement, sort oil panic nns' IN
tertstediy brought about, il violated IT'S own a'lt ana
broke one of those rules for mercantile regulations mat
are deemed sacred by gentlemen who occupy The
place to which that house aspires.
This is the story of The Bank relative 70 the protested
bills The Washington Cube on the other hand has IN
formation which states that the his were Gfawh a''ef
due notice that they would not be accepted, which II
true shows The Bank have been gully OF an inien-
iioual fraud upon those 10 whom The bills were sold
The Globe says:
uThe dishonOr of the Banks bills by The Hotnguers,
at Paris not only proper regarded those bankers
but necessary caution 10 The public
al home and abroad The Of drawing the bills, under
the circumstances. was gross fraud on those VINO pu
chused them here and those who negotiated them IN
ENGLAND We nve the best authority Tor saying that The
Bank not only had no authority TO draw on Hongner,
bu, that he had expressly w.en TO them, saying he
could not accept their biIsh the receipt Of this letter
had been acknowledged by The Bank, and that The bills
had been drawn without any explanation
The proceeding Of The Bank few days previous TO It's
suspp nsiun as related in the following from the n u
Post goes 10 corroboa,e the above statement OF the
Globe; for an institution capable OF the gross frauds
committed in the latter instances would not ater at The
former. The Post says:
Pest notes Of the S. Bank Of Pennsylvania, dated
9Th October only day prer'ous to its suspension 81
SBstie payments, made their appearance IN wan sree
Yesterday Is this any better Than swindng: flood
Of new bills Just put in circulation, in bundles and
numbered in regular order, made their appearance also
yesterday, having come from Virginia, where they had
been sold at premium and turned INTO specie and The
proceeds remilled 10 Philadelphia just previous 10 the
suspension Must this not have been done in contem.
pation of insolvency; 1t is understood that the bank
Ind entertained the idea Of suspendng thirty days ago.
bu, postponed The event 10 make further struggle by
means OF lis post notes.
These facts offer abundant explanations OF the late
conduct Of the Bank and yet there ore lew persons,
very few hope who have the presumption 10 say
that lis suspension is for The public good md has been
brought about by early resumption after The sus-
pensions OF 1887 We ask such persons 10 read Mr..
Biddes opinion that subject, expressed IN let
ter addressed John Quincy Adams which we find in
the National lnt=lligencer Of June a le3S We suooln
the letter:
"PHILADELrnIA, May 81, 1898.
"My Dear Sir-ln my letter of the 9Th ul,, stated
my belief that there could be no sac nor permanent re-
sumption Of specie payments by the banks, uhul Tue
policy Of the Government towards Them was changed
"Ihe rppeanfihe specie circular ny Congress makes
that change. ] see now, what until now, have not
seen HE means Of restoring The currency
Il rrjuice very sincerely at the termination oil ms
unhappy controversy. and shall cordially co operate
with the Government by promoting what the banks are,
| am sure anxious 10 efirci-nn early resumption OF
! specie pay men,s throughout the Union
With great respect, yours
N. RIDDLE.
| Hon J. O ADAMS Washington"
! AT The same time the National Gazette announced
that n qnence OF the repeal OF the specle crcu
lar" the u. Bank has determined to establish a
| branch in New York.