The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-05
RESUMPTION.

of this case. 1t may be that public OPINION ant
the law are imperative as to the bank OF the
s II NAV be that that bank may be compelled
to resume; but that does not prove that the Law
or the public opinion of Pennsylvania is wise
1t does not follow, that because the loeofec
legislature of Pennsylvania, are resolved to anti
cipate the proper time of resumption, and t
bring dis credit on Gen. Harrison's administra
ton, by forcing a premature resumption, AK
thereby increasing the pressure in the none.
market that we should look on, and admit tina
suspension which was justified last year, should
be condemned this. If it was right that the bank
should suspend last year, what has taken place tc
require resumption
We are now under all the consequences of tbs
mal-administration of Mr.. Van Buren,. There has
been no action of the new administration to
change the present state of things. Instead OF
this, we find that we are already tainted by the
Richmond Inquirer, and other papers friendly to
Mr.. Van Buren,, who say that Gen. Harrison
was elected by persuading the people that he
would give US better times. and already they say
7ohere are your better times? De we not sec
that the Van Buren, Governor of Georgia has
put himself on the relief side9 Even the Illinois
Legislature, are changing sides, and becoming
very kind to the banks; Missouri and Arkansas
were carried for Van Buren, by the influence of
banks built up by money from the federal treasury
The best informed believe that the resumption
by the U. S. Bank, is premature, and that spe-
ole payments cannot continue, but by new and
more severe pressure on the business of the coun-
try The effect will be new depreciation of
property and stocks ofall kinds. The banks of
the U, States and the people OF Pennsylvania will
suffer by this depreciation. If the banks of Bal
timore do not resume, the banks of Pennsylva-
mia must again suspend, and the suspension will
continue until the action of Congress on the cur
rency, and the tarif-thst action, it is to be
hoped, will arrest agitation on the subject-agi-
tation over, confidence will return, and resump-
ton will be easy, and permanent.
We give below two articles, one from the n.
Orleans Bee, introducing the communication of
our townsEna an, Dennis A. Smith, upon this sub
jeet, which it republishes, and the other is an
editorial article from the Georgia Journal
These are significant articles.
One word more, as to the remarks of the New
York Express. 1t may be that the Bank of the
u S. ia compelled to resume. That does not
prove that it is prepared to resume, and asa
further proof that she is not, we would refer to
the tact that she is now opposing the proposition
ofthe agent of the N. England Banks, who, hav-
ang sued the bank, now proposes to withdraw the
SUIT. why should the bank oppose the motion
Of Non Pr0ss Is it not because she is not able
to pay the notes which will be presented for pay
nent as soon as she resumesi This fact, and
the loan in New York, have SO much impaired
thecredit of the Bank, that we dc not believe
that it can continue to pay specie. Were it not
better to continue the suspension, than to resume
and suspend again?
From the N. Y. Express.
The incendiary and malicious article in tn
Journal of Commerce, attempting TO create
panic to prevent tbs resumption of specie pay
ment IN Philadelphia, has found its wav I'M
the Washington Globe, as intended, indicatir
and confirming what we have often said, tn
through the Journal of Commerce. the Or
sent Federal Government often signifies i
movements.
The Baltimore Pilot, seemingly adverse
the resumption of specie. payments in Januar
and reasoning that this resumption is adyoca
ed here only TO enable the New York dealers
substitute New York, for Southern and We
tern credit, as well as to clutch all trade in the
own hands, does not at all approve the spirit
ourreply TO the Journal.-The Pilot miscor
ceiVes us in many respects, and in its suppo
ton, that the Express article was written
concert with, or by the suggestion of any bod
OF our office, it greatly errs, for the reply wa
IN print two hours after the Journals articl
appeared IN print 1t is not, perhaps, hardl
necessary to review all the article in the PHO
further than to say, that so far as Penpsylvani
is concerned, resumption is not only necessar
but imperatiVe,-a thing by law must be al
tempted, and cant be put off, A day for ger
eral resumption throughout the ,chole conHtr,
we aver, would be preferable, but so far .
pennsylvania is concerned, neither the law {
the land, nor the law of public opinion wi
tolerate further delay. Other States may evad
this public opinion, but the Bank of the Uni
ca otates IN Pennsylvania, cannot evade Dol
law and opinion.
And now as to the success of resumption "
nave no such tears as the Pilot has. A writ,
In the Philadelphia National Gazette well re
marks OF the late published statement of the I
.. BANK, II shows diminished RESPONSIBILITIES
with increased resources, fact of great impor
lance. Anlncrease of one million ofspecie.
an item OF some magnitude in its favor. Tn
decrease of the circulation to the amount r
hFe innnonS, IL equdI 10 lne same amount {
specie item, properly estimated, up to six mil
lions So also the decrease of the Post Note
to the amount of three and a half million,
makes total of nine millions and half of Inn
Provement in the condition, since the last state
meht. To countervail those favorable item
mere appears no unfavorable ones. Objection
nave been made TO its large assets of Stat
stocks and real estate, but what better securit
could be held, under an aspect of improvin
credit, with achange of the national admin
uauon favorable to the credit system, and
cessation OF the war against the prosperity
the csuntry'
RESUMPTION.
Inc discussion of this topic by the Northe,
press, Is SO tinctured with the commercial ar
nnanciai lealousies existing between Philade
Pnia ana n. York ,thatvery little light is throw