Lincoln telegraph., 1841-02-11
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From the Philadelphia Gazette.
Bank Of lhe United States,

This institution, we regret 10 say. has again beer
reduced to the painful alternative Of suspendng
specie payments.
In the short space oftwenty days, since lis vaults
were opened, we understand that the Pank has paid
out nearly six millions Of dollars in specie fund.
The daily increase Of the demands upon its vaults
from the eastward. rendered it impossible for the
Bank longer 10 resist The torrent. Il has reluctantly
Welded to the force Of imperious circumstances
The great error we consider, arose from tho Legis-
latnre Requiring the Banks to resume before they
were prepared for it /; for how can the Eanks pay
the people, before the people pay the Banks' When
the Bank of England suspended specie payments, ii
required twenty two years to resume
The immense resources ofthe Bank of the United
States. and the zeal and integrity ofs Directors, are
sufficient pledge to the pubic. that in the shortest
possible PERIOD it will resume spec paymen is .and
discharge, with good faith, all its obligations For
bea.ance and moderation are. therefore. alike en-
j,ined by Justice and sound policy.
We annex the resolutions passed by the board of
Directors, at special meeting held last evening.
BANK OF THE U. STATES.
February4 iS4l.
Al a special meeting of the board of Directors Of
the Pank of the U s. held at the Banking House.
the following preamble and resolutions were unani-
mously adopted.
Whereas the Bank Of the U. States in compliance
with its pledge to The public, has made fair and
bona fde effort to resume and maintain specie pay
menis hay ing since the 18th of January last, paid
out an amount little il at all short Of six millions of
dollars in coin or specie funds, and whereas the ef
c. kv fhia Rantx has
been rendered aborive by the intentional accumu-
lation and extraordinary enforcement Of its instant
liabilities, therefore
Resolved, That this Bank is under the necessity
for the present, Of suspendng specie payments.
Resolved, That every exertion will be made by
the Directors to collect the debts and convert into
cash the assets Of this Bank, for the purpose of
sumng payments in specie at the earles: practicable
moment
Resolved That the foregoing preamble and reso-
lutions be published.
Extract ir0ni the minutes
A. LARDNER, Cashier.
The city and county Banks, had held meet
ing, and unanimously resolved to continue specie
payments for all their liabilities
The general expression of opinion in Philadel-
phia, according to the papers of that city, was,
the Other banks were acting verv injudicious.y in
making fruitless attempt to continue specie pay
inents, after the United States Bank had been
compelled te suspend. Great excitement pre-
vailed in the city, and without doubt a general
suspension must be the result, as in fact is
the case, exec pit for five dollar notes. This is all
in consequence of loco foco tnkering, and endeav-
oring tn force matters before the time.
The U. S. Bank, is. beyond doubt abundantly
able to meet all her liabilities, if reasonable acili-
ties and time were granted her. As one OF the
Philadelphia papers very justly remarks, I" how
can the U. S. Bank pay the people, before the
people pay the Bank" The proposition is pre-
posterous