Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-15
Fen THE wutc


Having perused with much interest the recent
editorial remarks OF the Wing, regarding the posi-
ton Of the u. $. Bank of Pernsylvania | am indu.
ced TO present my own views upon the SAINT sub
lect. Following condensed statement OF the af.
fairs OF the Bank, the question is asked 'Can this
| institution, under these circumstances maintain
specie payments7" la reply. | will endeayor 10
SHOW that there great fears 10 be entertained
mat u canroi 20 on with ITS payments, when the
other banks resume with her. At n hasty Glance
oil the statement presented, where many millions OF
Liabilities are aTrayed against very ncorsidera be
portion of specie, the reader is likely TO be startled
nj the apparent disparity of means TO sustain IT,
self; but when We carefully analyze the nature q,
those Liabilities together with the various resources
the Bank can bring into operation TO meet each de.
scrpiiOn OF It's debts will be seen that the object
may, under JudciOuS management, he readily nc =
compllshed. Although the amount of specie in IT,
vaults IS small compared with us whole hide bed
ness, yet It is probably quite sufficient to meet all
! such portion OF debts will, or can be imncd,.
aiely presented for payment. Similar brief state
menis of the ehalrs Of many wealthy and extensive
commercial concerns, whose capitals ample and
credits unsuspecIed, would probably strike those
unacquanted with the operations of trade rs ey-
hIbiting an alarming condition-where the latent
resources were abundant.
When the Bank shall resume its payments the
lmmt diae demands will come from holders Of ia
notes payable on demand, and the individual depo
sItors; The amount of these two items is SI4 3Ss
Ol3 ~, 10 provide Tor which, il 1oic has in posse g.
sion four millions Of specie, and an active debt of
Sl2,ls7,lll 10; the notes in circulation being over
Sll,OOOOOO. That portion oil the claim is probably
diiused through the country, ard in oil probability
such portion oil the or depostrs as NAV he re-
qured TO be paid, will not Immediately absorb the
specie IN ITS vaults but to provide further for that
portion OF It's liabilities, there is the Geiiue debt OF
over twelve millions. These means are uui,c as
ample as banks usually possess in active operation,
and will, trust, be deemed sufficient in this in
stance. Ii should be kept in mind, that an nsti,u-
ton about renewing its credit, and deriving all the
DEMENT'S from that circumstance, is in a much more
eligible situation TO meet its payments than one
undertaking to Gquid0te It's alters When once
the credit OF its notes is restored there will be but
little lnducement TO return them, ard an CuuoI or
greater amount will continue absorbed in the circu.
laton OF the country. The Bank once resumed ne W
emissions Of It's notes take place IN lieu of those
turned and thus the benefit of their circulation Is
served. The next prominent item OF its indcbt dness
is to the State Banks; Sc 1874 22I 80, to meet
which, Il c Bank holds claims against those Banks 10
the amount OF S7I4,300 90, giving the Bank an adj
vantage in that item Of nearly two and half mil.
lions. The other items of its liability are "un-
claimed dividends" "o5ns in Europe" "bonds in
Europe" "bonds in u. S." and guarantee for the
State of Michigan, and to the Planters Bank"-
amounting, m the aggregate, to SIG 237, 3Oi So
he various times at which these Osns and Tor d,
| are payable, are not reported; but il is presumed
that they have yet or les time To mature; in.
deed, they mostly that description Of debt, that
| prompt payment, III every instance, IN a foreign
country, may not be important; ard renewals
founded upon security, will probably be accedec
TO, IN case q e Bank should in some instances ask
them. But will show the ultimate resources held
| 10y the Bank, which | apply to the discharge o.
hose claims, viz: stocks S3l Sos j53 &c; bonds &c
! S5l9,9O6 81 balance due by foreign agents S57s
! 1875 4 foreign bills Of exchange S557,S IS; he.
ing total amount OF 1885, ,5O3 - 10 discharge I
debt Of less than one-haD OF that amount. IL il
true, these resources arc not Immediately converts
bic into specie, nor Is that requisite; bur, unless
! war or some other unlocked for calamity shoulC
arise, It canRol be doubted ihpt skillul innnceu
can readily sustain oil the payments thGs required
| from the disposition Of the means here described
Having thus shown, as believe, the ability Of d.,
Bank TO meet, wi.b ease, all ordinary demands
with tie resources within lie controu, ask TN
! reader 10 compare its exhibits with those Of GU
own, or other Banks, and he will find thu
tho position of that Bank looks no more gloom,
than the otheV. An unfortunate noiOrioty giveI
To u by politicians and others, making Il a foot
ball for party purposes, has drawn all eyes to
wntds il, otherwise It's exhibits would not have At
tractsd such general animsdyersion. When II no
once fairly resumed payments along with II
nCighbors, lie credits Rt home and abroad will m
pdIy revive, and lis stock improve and credit wit
Banks or individuals Is every thing; without that,
Bank with its vaults full Of specie, can but heavil
drag on IN ordinary operations. Thus, with its ere
dt restored, the various resources now dormant vi
be brought TO its AID D. con then without difficulty
negotiate It's bills on Europe renew loans and, by
luoicious objection, effect such customary operation
as aro now imprac,cable. That the stock is iu
p,ifcJ, is conceded; The profits Of some years ma
be rtqurcd TO restore II, yet The resources 10 pro
vide Tor Tesuming and steadily continuing payment
{ may be ample Should II, however, fail IN the al
tempt, what harm can thereby arise 70 other Bank
c They may continue u meet their engagemenis--tl
oans made 10 the u. 8. Bank being apporon,
z among numerous Banks, no serious injury can ari
whether they arc promptly repaid or never retur
ed. The postponement Of the resumption Of Bar
paymentg 10 another year would have highly po
nicious effect, and the influence upon exchang
would materially dersngc the domestic commerce
: operations Of the country. The opinion entertain
d by some that the Southern States are benefited
tho present state OF things, deem erroneous-a
rect trade 10 foreign ports Is not promoted thorob
That important and desirable change IN our col
10 mercial poity can only be brought about slow
d and under the favor Of greater Banking locilit
ID than our seapors now do or arc likely 70 posse
y, under the favorite restrictive policy OF the Legs
z. tore. The mercantile interests must be more, a
BE abstract political points less, the subjects Of sgls
p tive discussion, before tho former can emerge n
h. their long depressed condition. The caste Of
merchant needs TO be raised IN tie State, and his