Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-01

The negotiation which has been so long peHuIIS
between the Banks of this city and Boston Tor an ac-
COMMUNICATION of 81 coo. 600, has been nearly brought
To n close, by the consent of the Banks OF this ely 70
put in it 10 the amount of one 10 one and a nail mbi-
lions Of dollars. The operation is one OF extension III
an increased rate Of interest, although called a loan.
The balance due by the United States Banks 10 t!e
other Philadel phia Banks, amounting TO S0o,ooo,0o,o,
are declared b. that institution TO be The only obstacle
to its resumption i'll January next. 10 enable IL 10 re-
snne tie Ii hanks agreed, instead OF demanding the
balances, 10 take The post notes of The Bank al !. ana
l. months, bearing q per cent. interest. These bonds
they uroposed 10 negotiate in the New York and Boston
markets. 10 meet the balances due BY them IN those c.
ties. This they were unable TO do. The Boston Banks
have balances lying in the Philadelphia Banks TO The
amount of 81 SOC, 900, aud the y. York Banks probably
an equal amount. 1t was their proposal 10 the Boston
Banks to take The bonds Of the debtor Banks Tor the
balances At II and IL months, bearing g per cent. lnte-
rest and payable in New York, witt! the " Bank
bonds as collateral. The Boston Banks then addressed
a circular to the New York Banks to ascertain II they
woald come into the measure. This they nave con-
scented 10 do. The Bank of Commerce 10 the amount
of S250,O0G and the other institutions make up the
sum. 500, 600 each. The relief thus granted to the
Philadelphia Banks is thus poslponing 4 demand ior
~ 900 coo. II or IL months. The measure has been
entered into very reluctantly, and nothing but the strong
desire which has existed in this city, and at the East, To
restore the currency TO 4 sound basis and a UNIFORM va
lle, in order that trade might resume It's operations,
could have brought them into the measure, winch IS ~
/ tSpll III ODDOSlklUH u tItb htii0a'
10 our merchants, and is 4 departure IRON SOUND oahk'
;ng prime plcs. u
There are strong movements going on for the formation
Of a new board Of brokers. Application wIll be made
70 lie next Legislature, 10 incorporate and regulate inc
New York Stock Exchange. An attempt OF this kind
was made. we think, in 1896, and the Legislature sent
down one of their body, to investigate Their manner Of
doinr business. The result we do not remember, but
/ is said the secret service expenses uutins 'hal VIZ
Ter. were 81, 0C6, through their agent al Albany.
- ~ N ..-gl.n.apl IN In V1U oil TpguinDllOH.
in ph;Iadclpl.ia, is apparently removed, we may look
forward 10 that event With some degree OF commence
Tho Western and Southern banks have declared their
readiness ID. resune ais II" pafslaSilaai, thfy have been
waiting the signal from The North. 1t is true many Of
the Southern legislatures have fixed no day for rcsuinp-
ton. This has been owing, however, TO the under
standing that the event depended less on themselves
than OH Philadelphia. Any attempt Of the banks to
shield themselves under their State laws, or of the le-
rislatures, SO 10 shield them, will DE followed by dis
credit and failure. 1t is undoubtedly the case that lhls
will be The fate of a large amount of capital. In Bills.
sissippi, New Orleans, Florida, and Georgia, and per-
hans Alabama, some of the banks will 60 into iilnIda-
ton; but all those banks which have been managed
with any degree of prudence will resume, and Oh them
will The future business be rcorganized. Those that
fall will constitute that redundant capital which rather
encuInbers tliaG assists business.
The Opposition papers of the South assert that the
Abolitionists are few ard powerless in the non-slave-
holding States, and 10 prove that such is the fact, they
refer to the small vote received by Birney in Ohio, ~.
York, Pennsylvania, and Name, &c, when it is APP
parent that not one in fifty of the fanatics voted the
Birney ticket. Did any Of the Wing Abolition iead-
ers sustain ii: Did Thaddeus Stevens or Jos. Ritner
Of Pennsylvania: Did Brad'sii, Gates or Clark oi
New York: Did Slade Of Vermont or Giddings of
Ohio: Not one of them. They all supported Harri-
son, and some of them oroeediy, because he (Harri-
SOM had not, like Van Buren,, pledged himself to veto
any bill which might be passed for ab%ollshlng slavery
in the District OF Columbia.
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