Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1840-11-07
FROM BicKSELL's REPORTER.
7Hs Honey MARKET.

FROM BicRNELls RErOnTEH.
THs Honey Market.
The week that has just gone by, has been one
of ex,raorIinary political excitement. We have
had all SORTS Of stories in circulation, and the
most moderate of citizens have had little oppor
tunity Of attending to business. Money, neverthe-
less, has been somewhat more in demand, while
stocks have experienced little or no change The |
impe sion prevails that the money rates will con.
tinue to increase 10 extent, the period for
general resumption Of specie payments approaches.
Doubts are sill expressed in some quarters, as to
the procticability of thorough and successful re-
sumption by all our monetary Institutions. The
argument held by these doubters is, that under ex-
isting circumstances, the loan to the East will
be obtained, and that without that loan, the consum
nation devoutly wished, will not be practicable.
Post Notes, they say, will not answer the purpose;
and they state the case thus. Suppose Philadel-
ihia Bank is indebted to New York $500, 900, and
that hat Bank, in order to assist resumption, ac-
&c, is $500 900 of the Pos, Notes of the Bank Of
the Unitrd Sta,es and gives in return for those pos,
notes, s5O0OOO of the U. S. Bank notes payable
on demand. Suppose then, that general resump-
,ion should be agreed upon and attempted. Also,
that N,w York finding herself pressed for specie,
should send on from New York, and demand from
the Bank above alluded TO- $500, 900 ia specie. OF
wh,t avail would U. S. Bark post notes bc to the
| Phi lphia Bank under such circuns ances! They
would not be received by New York, and she
would thus, by resumption, have placed herself in
a position TO enable her Eastern cred tors to drain
her of coin. The doubters go on to argue, tina, our
Banks not sufficiently weak in intellect and fore
thought, 10 place themselves in such dilemma, and
that hence, a general resunpon is imprac,icable.
S,il it is but right to add, iha, banks have
greed to loan Tie U S. Bark five mil i,ns, in the
manner heretofore described. Tue, the arrange
men, was entered nto under the exception that the
Eas, would come forward and assist the measure
by every means in their power. We indulge a
hope moreover, that some plan will be hit upon,
cslcul ted TO obv ae the Difficulty, should the
East, IN Banks be unable TO assist in the way Of u
loan. Those in favor of icsump ion say that
measure must and will I've carried into etct eve
ry hazard. They argue that the Banks are bound
hy law to resume on the l5,h Of January-tha the
Governor stands pledged to coeIce resumption by
every means in his power, and shat thus, even were
it possible for the Legislature to hesitae-thcy
would not be able to sscuio vote Of two thirds in
both Houses in order TO obvatc the decision Of the
Governor. Public opinion, they add is still more
powerful than all these reasns, and it VIII insist u
pom resumption at the proper time. Our Bank D.
rectors, generally speaking, talk of resumption
thing Of course, especially those of the u s. Bank.
They appear to look upon the matter with conf
dence and certainty, while it is not disguised that
assistance from the other Banks is necessary TO Sc
cure the resumption of the Bank Of the United
States. The measure is one Of deep importance to
the business community, and it is ,hereOre ,ha, we
have fet it 10 be a duty TO give the pros and cons
on both sides. A satisfactory arrangement with re
gard to the Eas'ern debt, would render the thing
easy and practicable; but without such an arrange
ment, we far that serious difficulties may arise.