The North-Carolina standard., 1840-03-11
FROM THE GLOBE. =.

l. FROM THE GLOBE.
REMARKABLE COINCIDENCE.
We received, by this mornings Western mall'
letter from the greatest and wisest man OF our
country, in which he says: saHe passage .ot
this bill, independent Treasury aad the Ba"&
Of Pennsylvania being put dOaons-sts chGTIef Oe-
ing repealed by the Legislature OF Pennsylvania
-aoiU at once giUe more relief to the present
pressure Than Gny thing that can be done. q Onr
solrent banks being reliersd from thqt monster S
pover qoM be enabhedto sgipe relief to the COM
asmmity 6y acA6leSomse circulation Of specse, ami
notes payable on demand, ghsn. .4clieced iron" the
constant drain of specie by The frauds. and ma
chi.at:ons of he directors Of This bank. This
uriU put do1on all imsoleemt. banks,: and aeI'e0e
the people from the curse Of a I5epreci@ted pap sr
achieA eCe aaouO labor arder, and which, trust,
aoe aoiH neoer again be pisited a0ith The eyes
of the people are noU aoide seerake to this eD't-
THev 40iU sustain the GorSrpment IN putting
doaon hbis paper credit system. and all bills IN
der tosnty dollars; and I hope, ere long. all
bank notes mnder one bundled dollars"
We had just read this letter, when the follow
ing explanation of the manner in which the
Bank of the United States Bank OF Pennsy'va-
MIA paraIYzed and destroyed the other State
banks, which might be useful, met our eye in
the Journal of Commerce ..~.,
"The effect of suspension. so far, has been lit
tie else but 10 transfer to the sound PennsylVa-
MIA banks the liabilities which were at the time
Of suspension outstanding against the United
States Bank. There was no magic In suspen-
sion which would enable the United States Bank
to collect its debts. It-had labored three years
for this both in periods Of cash payments and
suspension and had grown worse through the
whole time Nop, ats notes kace eaten Out the
heart OF all the SQUAD banks. Half or t1oo-thirds
of heir a0hoIe capital is thus orciby taken Gtcny
from them, and replaced by the notes Of the UNI
ted Stales Bank. They got security acAitc they
could, but they can get nothing aaoao., The Omt-
led Safes Bank is tied like q maitstOme around
their alecks, and they must, for Gmsht a0e see,
shane the same fate. We know not who will
pity them, Tor they have brought this condition
upon themselves by an obstinate support oi
wrong measures, until the heaviest consequen-
ces have been, as they ought to be,efas'ened up
on themselves. The United States Bank. in
the mean time. is making strange progress to-
wards resumption. 1t has raised millions In
Europe at a rate OF interest. brokerage included,
of not less than twelve per cent. per annnm IL
has six millions of post notes still out IN this
country, and a very heavy circuallon-we Can-
not tell how much by IFS statement This clrcu-
lation is, much of it, sustained at an expense e.
quail to forty per cent. per onnum The 6'iIs
are noted for non-payment, and IN ninety days
;hey mus; be paid with one per cent. a month IN
terest and paid in specie, which is by is
suing more notes, at a loss Of six or six and a
half per cent The operation costs about ten
per cent ; and, rs it is made every three months,
the result annually is. said, forty per cent
| II the Bank in three years only grow worse all
the while, how long will it require, In more
rapid progress of growing worse, to get better
enough to resume specie payment? . 49,
with all this prostrati"n OF strength, we are
told there are plans forming to run upon New
York, and bring her to suspend. Some new
croakings have already been sent out--as pre-
faces to this assault, perhaps. ~ .~
That the Bank of the United Staes of Penn
sylvania is still carrying on its frauds and ma
chinations' to drain the country and the solvent
banks of specie will be seen from the following
extracts from the Philadelphia paper just nam
ed:
. PHILADELPHIA MONEY MARKET.-Bick
ueI's Reporter of Yesterday says:
We understand that another batch OF post
notes dated February 1, lS40 at IL months. and
in favor ofthe Philadelphia and Baltimore Rail
road Company, has been issued by the Bank o
the United States. .-..
Wealearn that on Friday and Saturday. last
nrotested bank notes the amount OF S235,00t
were paid in specie by the Bank ofthe U. States