The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-31
RESUMPTION

tility to the merchants, and Of subserviency {
Mr. Van Buren,. We have not seen the remark
ofthe Journal Of Commerce upon which the E.
press comments, except as quoted by the latter
which are in 49, verbs
"The effort on The part of the bank to resum
specie payments, and on the part of the othe
Philadelphia Banks to assist in doing SO is pre-
posterous. The Bank cannot continue to pa,
specie nor TO pay at all, and it is shame tina
the currency and business of the country should
be again agitated and put in jeopardy for it
sake
These remarks may be evidence Of hostility
to the Bank, and it may be that the writer is a
partizan of MIR. Van Buren,; but if so, we protest
4, nevertheless against this mode of arguing the
question of resumption, about the propriety of
which there can be no difference of opinion, ear
oept as to time.
Is the bank Of the United States BOW in con-
dition to resume and to continue specie pay
ments? 1t may be that if she does resume she
vii continue to pay specie, but is it not manifest
that her resumption will be nominal, and that
theconsequence will be injurious to the merchants
monied institutions who are connected with or
dependant upon Philadelphia.
But, says the Express, eff malicious attacks
like this of the Journal of Commerce, produce
a new suspension in Philadelphia, the banks
there honestly and bravely attempting resumP-
tisn, we assure New England and New
York, Pennsylvania lodI rush to the rescue,
Pennsylvania as man, Of all parties too"
Does not the Express by this declaration show
that the editor has his fears that the resumption
now will be premature;-Does not the editor
believe that the consequence of resumption will
be to force the trade to New York at the expense
of Philadelphia and Baltimore, and Of the whole
South and Vest Does not the editor Of the
Express believe that the resumption viii sub
Stitute the commercial credit of New York and
Boston for the Banl, credit of Philadelphia and
Baltimore and the dependent country; VIII not
the resumption place the banks south of New
York in the power of New York, and by COM
pelling those banks to contract their discounts
enable the New orlK dealers to drive other
competitors out Of the market, and thus monop-
slize the business Of the country by substituting
their credit for the credit of Southern Banks,
Again as the Express is so bold in its denunci-
alton of all who are opposed to immediate re-
sumption, we beg to know what change has ta-
ken place? what new lights have been discov-
cred that those, who, twelve months ago, justi-
fed the suspension, should be denounced and
held to be locoioeos, who viii not torn around
and denounce it now' BY what magic has re-
sumption, which was locofoco measure twelve
months ago, beea converted into wing mea-
sure now?
We understand that it has been given out, tina,
the Banks must resume now, that they may be
compelled again to suspend, and thereby, com
pal the people to call out for National Bank
h this wise? Is it necessary that the bank
should be again driven to suspension.
But. says the Express, if the Bank of the L
States is driven to suspend, Pennsylvania, with
cut distinction of party, will come to her aid
If this be so, there is nothing to fear from r.
4asal to resume until the Bank has sold h,
State securities now in the foreign market
The Bank holds very large amount Of secur
ties, which are not now available but at ruinor
sacrifices. Before she viii submit to such losses
shs will use every other effort to raise funds =
She will borrow money at usurious rates. Tn
government of the United States and the Ban
are new in the market, and they absorb the cap
tai at the expense Of smaller dealers WhenevC
the Banks resume, the pressure will be increa'
ed, and the Bank must curtail.
These facts are in the case, and it will not d
for the Express to call names By way of prevent
ing others from speaking of them, The que:
ton is not what the Globe says. 1t is what
the true condition of the bank. The party VIII
are coming into power, are pledged to do some
thing to relieve the pressure on the money MAJ
ket. Are they to commence by turning tn
screws still harder? Is this the way to redee1
iAsir pledges?
Now look on the other side. If the banks d
net resume until the policy of the government
settled; until the market mas the beEeft Of tn
change of Administration, until the Bank o
me u. S. can have realised some Of her stocks
there will be great relief. The governmez.
Of the United States can lquidate the balance,
aas, by an issue of the public credit in som,
shape, and the government, instead of competin,
with merchants, will have by that means, sup
Piled some twenty or thirty millions to aid tn
banks. The difference will be equal to many nil
Lions in the business operations of the country.
And does the Express suppose that it can a
sAis time OF day, by the cry of party and III
threat OF party prescription, silence the press an
fierce the people TO submit to a measure so muc
at war with the whole policy of the Wing pal
~? If the partisans of Mr. Van Buren, in Penn
sylvania make war upon their Banks; if the,
force the Bank, who mas loaned her credit to tb
State, to sacrifice the credit Of the State h,
ssrced sales of State bonds, to meet premature
resumption, upon them be the responsibility
But we cannot fold our arms and see lead;p,
Wing presses march over into the ranks of tn