Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-05
WHEELING BANKS.

The Wheeling Times, of Thursday, thus speaks
of the difficulty respecting the Wheeling notes in
this section The editor asserts that the Bank never
was in a more sound condition. We have never
doubted but that the Bank was sound, yet we felt
constrained to give the reports as they were cur
rent the lines Of travel.
We regret much to zee comments that have been
made IN OF the Eastern papers relative TO our
banks, particularly the Merchants and Mechanics
Bank OF Wheeling. In tho Richmond Wing we
find the announcement that the notes of our banks
will not be received, except special deposit after
the LIST of July. There IS n reason for that and
doubtless, good one, which Ivy no means affects
the credit of the institution. Exchange on the east
Tor any western paper, here, IS seven 10 eight per
cent, OF course Wheeling money would be at near
that discount IN Baltimore and Phndep hin, say five
per cent Ohio lndIInn, Kentucky and other west
crn money was much worse, or not taken Mt all.
Therefore our merchants took east Wheeling Notes.
Wagonors, VINO vent ives. and took western paper,
stopped here on their return and exchanged their
money for Wheeling money, because they could
pass the latter at the east. Therefore considerable
sums found their way into BilumOTs. Tins was
bought by the brokers' and sent to Richmond as the
most convenient point at which il was bankable
where they purchased drafts on Baltimore at per
cent. making per cent az least bv the operation.
Alter the suspension tie Richmond Banks could not
demand auy thing Of the Wheeling Binks but the
common currency eastern funds nj the current
rates, therefore they would lose. Again, Wheeling
money was bunk0be, was taken for State revenues,
and was sent there IN payment OF those dues. Thu,
the paper wns found IN Richmond 10 such an extent
as to lead 70 the natural resolution by les, :, nkq
there. On the strength r! ii''- -. 80 = 90
started the report OF tho failure of the Mech ms
ana Mechonics' Bank, when THAT was the foct3 ttq
very credit was the cause Of the fisehood Tho
O'hN was never IN a more sound condition than IL
Is now. " IS doing business as usual and in bet.
ieer cfedIt any where within an bundled miles than
the banks Of Ohio, Indiana or Kcutucky.
10 make the natter worse, n very respert,Lfe
paper 'he Chamborsburg Repository, makes a very
uh"ofanlablo attack upon The Merchants and Me.
chnnics. Bank Tor the issue Of post notes yybv h
thIs' As We have said, exchange on the cast has
been, the last year five to per cent for cur.
rent funds. Specie, Of course wps nt q premium Of
four TO six. The Bauks Of Wheeling did not suspend
until permitted by The Legislature, on or about tho
let Of April last During the last year. then, these
banks must refuse IN payment ol dues or on dopo.
site the money Of all the western banks which had
all suspended, and leave the people Of Wheeling
with no currency or issue post no'cs as they could
not circulate their demand paper, because specie and
eastern funds commanded the enormous premium,
named. For tho accommodation Of this region Of
eOuntry post notes were issued ond received AZ nnv
time IN payment Of 1eJts on depositc: treated ybc
thef que or MOI, os the notes OF suspended banks
were trcNtcd by the banks issuing them and when
duo redeemed In specie, Lost winter the Logisla-
tnrc expressed Us disuppTOval OF post notes--tIe
banks here immodi'uy quit issuing them-nt die
same VINE thcy were allowed 70 suspend, and did
suspend.
We have but to remark, further, that II any one
has notes Of any banks horo, whether thev are duo
or not, they will find them treated precisely as de-
mand paper, and we ask all men OF common sense,
heY do not think these post notes, under such Cur.
cumsnnces, as good, and hundred per cent. batter
than the new issues Of the Pennsy wanna banks thai
are convertible, heaven knows when.
We dislike the practice of bringing sound and
useful banks before the public, and only 10 IL when
we sec men led into error, unintentionally, as we
believe to be the case with the Baltimore and Cham.
bersburg papers.