Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-02-15
THE BANK USP EMSE0.N LNpHlL.aDEL.
PHL1
EFom he Philadelphia Inquirer, FEB. 5.
TIE BANK OF THE UNITED STATES.

.4nother Suspension Of Specie Payments.
We notice with regret from the following rcso-
tons, that the recent efforts OF the Bank of the
United Stntes To restore II SQUAD currency and
maHian specie payments, has after great sacrif. !
ces and expenditures, been frustrated Tor the pres.
ent Extraordinary, if not hostile foreign inter.
ference, there is too much reason to believe has
been brought 10 bear against the efforts of the
Bauk, aod whatever opinions may be entertained
with regnrd to the former policy ofthe institution,
il would be great injustice To- deny to its present
Directors and officers the manly eiiirt to cornI,y
with their duty to the community, or to question
the existence, and unhnppily tile Successful ac-
accomplishment of sinister design "a Cypress il by
most unparalleled demand at The very outset Of
the resumption. Tie errors aud evils of this
bank do not belong TO lis present managers. We
entertain no doubt that excrtions will be made by
the Board, to place the Bank in sound condition
again in very short period exertious that we
and all well-wis to a sound convertible cur
rehcy, hope may he crowned with success. The
bank has paid six millions in specie since the 18th
of January, of which more ihun five millions
have gone 10 New York I&e suspension look
place yesterday, at half past two o'clock p. NJ.
BANK OF rnE UNITED STATES,
February 4, l64l
| AT spcrinI meeting Of tho Board of Directors
OF the Bank of the United States held ut the
Banking louse, lie following preamble and rrso-
Iiutions vere unanimously adopted: ft
Whereas the Bank OF the United States, in
con- papce with lis pledge TO the public, has
! made II fnir and l,oua fde effort to resume and
| maintain specie payments, having since the 18th
January last, paid out an amount little, if at all,
short Of six millions of dollars, in coin or specie
funds: And whereas, the effort to maintain specie
payments by tins Bank has been rendered nhor-
tive by The intentional accommodations and eXirnor-
binary enforcement Ol It's instant liabilities There
fore,
Il, 4. Al.
Tor The present. of stspendng specie pay
| Resolved, That every exerlion will he made by
the Directors, to collect the dehls and convert IN
to cash, the assets of the Bank for tho purpose of
resunng payments in specie, at The earliest prac-
ticabe momont.
Resolved, That the foregoing preamble and res
olutions be puhlised.
Extracted from the minutes,
A. LARDNER, Cashier.
Iiy the above it will he seen that the g. S. Bank
of Pennsylvania has again suspended specie pay
ments. How soon it will he able to resume is
predetermined; and indeed, so far as the bank is
concerned, we believe there would be generally
little grief felt, this to DC the end Of it. 1t
came from The hands oiits locoioco makers bear
! ng the nGae of national bank, while it was ut
tcrly powerlcss TO perform the functions Of such
all institution having been rendered TO, first by
becoming a mere stae institution, and finally by
being borne down by the burders imposed upon
il by Pennsylvania. On this account it has been
unlustly used, and in some measure successfully y,
to discredit all schemes of n real national bank
and just so far has 1t contributed to prolong the
existence of an unrogulated deprecated, and
therefore miserable currency. For this reason
we apmchend many would like to it dead
dead and for other and different reasons, every
radical locofoco in the land would shout hearty
amen. But it must not be forgotten that its sus-
pension is public calamity and an utter failure
would increase the calamity. We are bound
therefore 10 hope, at least, that it may speedily
sumo, meet all IFS liabilities and, we will udh in
future mend lis ways. If this cannot be done, The
bank should lie closed up, never TO be revived.
The immediate cause Of suspension seems to be
a large delnan! ofspec'e by the New ork banks
and there arc not wanting circumstances, tending
to show a settled design, ON the part Of some OF
the New Workers, 10 crush ihcl'Iadelplia banks.
Among these circumstances is the aledsed fact
that over five sixths Of the specie, drawn from
I the hank since the 18th Of January, was drawn by
New Workers. II this he SO, New York will reap
the reward of such conduct in an immense loss OF
business, in all ;he states which will follow Pha-
delphia IN suspending and that, we presume, will
include all the Southern states. But the real
cause is mole remote this event must he consil-
cred as of the long tain Of misfortunes
Iesutng from The crazy experiments of the men
who about to lay down that power, which has
been so long and so much abused. The immense
increase since 1892, of banking capital in the mid
die and southern states, (locoeco states they were
100, at the time of This increase,) with the vas
speculalions which followed in slaves, and lands
and cotton, and almost every thing eIse-and. W.
may add, the stupenlons and too hastily adopted
schemes of canals and ruil roads in some o
: those states all grew directly out of the prostra
lion of the Bank of the United States by Genera
, Jackson. These produced wide spread disaster
! which the U, s. Bank of Pennsylvania atlempte'
to relieve. That hank weakened its energies in lhi
U uttempt-and now falls for the third Time unde
u the immense burden.
If Later from Philadelphia. All the banks, ncu
:. ding the U. S., redeem their fves in spece-otlIe
=, denominations in bills Of other banks, and mar
e the checks "good." 1t il rumored that the U.
q Bank of Pennsylvania will surrender its charte
e to the state.
re 10 Look out forgumors of dissatisfaction an
)" divisions among the Wing members Of Congress
e THE locoioco presses will be the sources OF tbes
rumors. Having been so long accustomed to yel
IL implicit obedience to caucus dctalion, they cul
T. not possibly conceive how the Wings can, for
lie moment agree TO disagree. The following extra
from the correspondent of The Boston Atlas, is
n accordance with our private advices from Wasl
10 ington:
ne WASHINGTON, Feb. A. 1871.
/, The Wing members Of the House OF Repre-
sentatives, agreeably with the information ] ga,