The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-25
(C'Onhnued.)

The first object to be gained. by any re-
sommendalion may make, or by any meas
uiers you may adopt, no doubt, is to secure
an early resumption of specie payments by
she banks, and 10 guard against a like sus-
pension in future. This desirable end must
be attained, on judicious consideration of
she subject, and due regard to It's practical
bility, as well as To the wrongs and incon-
veniences the peolpe endure.
As have already stated, the New York
banks continue to pay specie, as well as the
banks Of several other states; indeed, some
banks that had suspended, have recently re-
sumed. believe the condition of most of
our own banks is as sound in reality, as
those Of other states. They have as much
specie in their vaults, as good debtors, and
and know not why they should be less
!, able and willing to meet all demands upon
Shem in coin. II is alleged that the notes
issued by authority of law, in some Of the
states, of less denomination than five dol
lars, have supplied the banks with subsi-
tute for specie, and that this has enabled
Ihem TO hold out against suspension. Per
haps this opinion is 10 some extent well
founded, and it is certainly countenanced by
the fact, noticed by all who are conversant
with the matter, that although the banks OF
Pennsylvania have suspended specie pay
ments since the 10Th day of October last,
yet we now find in actual circulation among
our citizens, more specie than IN these states
where small notes are allowed 10 be issued,
and their banks continue TO pay specie Ior
their notes. This is most conclusive
proof Of the utility Of our own law prOhib-
iting the issue and circulation of notes of a
less denomination than five dollars. It's ten
dency haI been, as believe, 10 place in the
vaults of the banks, and in the hands of
private citizens of Pennsylvania, greater
4 amount of gold and silver coin than is to
be found in any other state in the union. |
do not think il would be txpedient to repeal
that law; on the contrary, think provisions
should he made TO render its enforcement
more effectual, and by which we should
drive back, whence they came, the small
notes of the ueighSoring state. They are
debasing our calculatOn-they usurp the
place of our own specie they trans
fer to the issuers OF them, large profits aris-
ing from their circulation in despite OF our
law. If we force them back upon those
who put them forth, either banks or other
corporations, which are solvent, we shah
get, or we ought to get, specie in return for
them. Let those states whose legislatures
choose TO authorize the issues of small notes
enjoy the benefit Of such currency. Penn
sylvania prefers gold and silver as small
change for her citizens.
While the banks of other states enjoy the
advantage of small notes as substitute for
specie, we should doubtless allow our banks
that are deprived of it, some indulgence in
resuming the payment Of specie for their
notes and liablities,-and this indulgence
shonld be extended, not so much on account
~ the BAN themselves, is OF the people
.(l Pennsylvania and their business, which
would be most deeply affected by mprudent
legislation on this subject, II is apparent
10 the most casual observer from tie fore
going statements OF the income of our pub
Iic improvements, the resources of the com
monwealih, and the vast amount of the state
debt falling due, and the interest annually
accruing on the whole debt, that Pennsyl-
vania has deep stake in sustaining the bu-
siness aud credit of this state and her citi.
gems. Whatever measures cripple our gen.
sral business operations and prsstrate our
credit, force upon US he inevitable Docessi'