The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-14
The Philadelphia Inquirer, always courtssl

The Philadelphia Inquirer, always courteous
and respectful in its language, complains that
the hanks of Baltimore, and of the Southern and
Western States, who attributed their suspension
TO the condition of the banks of Philadelphia,
should continue to justify further suspension
on an alleged want of confidence in the ability
of the Philadelphia banks to continue specie
payments without ruinous pressure ON the COM
mercial and business public, and says, sit is
surely but right for them to state that they have
done injustice to Philadelphia hitherto IN charg-
ing all the difficulty to her."
1t has not been our want, nor do we believe
that it has been done by others, to charge all the
difficulty to Philadelphia. The conflict between
the Bank U. S. and the Federal Executive, has
done much to produce the present state Of things.
All intelligent minds saw that the entire bank
ing system, which depends So much upon conf
dence, must suffer in that conflict, and that other
interests must be greatly affected by it. The re-
suit proves this to be true. We could not, per-
haps, adduce more striking illustration of this
truth than the exhibit of the Bank U. s. itself.
An analysis OF its assets by Bicknel's Reporter,
shows that the loss to that Institution is about
one-half of its capital, or more than seventeen
millions. There are many of those who have
made no secret of their Opinions, who condemn
ed in the most unequivocal terms the warfare on
the bank, who, to say the least, do not approve
of the course of the bank We believe that if
the conduct of the Federal Executive was wick
ed, the course of the bank was unwise. 1t was
o ST. hat he al nd
power; and as is the case in most quarrels each
party was IN the wrong The Executive, obsti-
nate and self-willed, made political war on the
bank, and the bank, no less confident of its
strength, made a political war ON the Execu-
tive. The consequence is that each has destroy
ed the other-both have been condemned, as the
suffering stockholders and suffering people are
prepared to testify.
We know that as the intelligent correspond
ent OF the National Intelligencer asserts, that
this was the result of struggle between Wall
street and Chestnut street-that the true question
has been whether the seat of the money power
should be Philadelphia or New York, and are
adnonished by the past how little the contend
ing parties regard the interests of other sections
when they may believe that their own private
ends are to be accomplished by a sacrafce of
them. Under these circumstances the intelligent
and rejecting men of the South and West be-
lieve that they see in the attempt to resume
specie payments renewal of the conflict be-
tween New York and Philadelphia, and that
the end they both have in view is the control of
the money power. They see that this struggle
viii run into politics, and believe that until
that question is disposed of-until the final ac-
ton of the Federal Government on the question
of the currency, there is nothing to be gained
and every thing to be feared from resumption.
We know that Philadelphia and New York will
use every effort to take from US the means of
commerce We believe that we will be more in
their power, and we adopt suspension de-
fence against their selfish intrigues, and as the
best means of compelling the Federal Govern
msnt to speedy and final action on the question
of the currency. As to the solveney of our
banking in stitutions their exhibit shows them to
be in better condition than those of Philadel-
phia, and that they have nothing to fear but I'M
der the circumstances of which we have COM
planned. 1t is not therefore, because they can
not resume, but because it is not expedient to do
so until the war between New York and Phila-
delphia is at an end.