Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-02-18
From the National hieHigencer.
THE PHILADELPHIA BANKS.

Our worst apprehensions of consequences
from tho forced resumption OF specie pay
ments by the Banks OF Philadelphia, before
they were IN state to justify the measure,
have been realized. Not only the bank of
the United States has been Obliged again to
suspend specie payments, but the other
Banks OF Philadelphia have been compelled
to follow suit. 1t can hardly be expected,
under such circumstances. that the Banks OF
Maryland and Virginia will be able to hold
on; so that the suspension of specie pay
ments in all banks south of New York, it is
probable, will again become general
An effort (most laudable for its honesty, it
must be acknowledged,) has been made by
the Philadelphia Banks to regain and MAIN
tain their footing on the specie level the
bank of the United States especially having
acted with good faith and steadtasness Of
purpose which entities its misfortune to re-
spect cit is the general sentiment" says
the Pennsylvania, a leading organ of the
: present Administration, whatever dilercn-
ces OF opinion may exist in other respects,
that the banks, in the very face of an almost
overwhelming panic, have made manful
and highly commendablc effort to DISCHARGE
their obligations to the Public" In this o.
pinion, 1t seems to VA, there must be gener-
al concurrence.
The effort, however, has been i'm vain.-
SIX millions ofdollars had the bank of the u.
states, slng'c-handed, counted out in salts
faction OF the demands accumulated against
1t from all quarters and still the demands
poured In upon il. We are not sufficiently
acquainted with the particulars of the under
standing existing, IN view of resumption, DO
tween the banks of Philadelphia and the
banks and bankers ofNew y ork. Boston, &C.
to say how far it may have been observed in
good faith by the latter; but it looks, at this
distance, as though the Philadelphia Banks
had been rerreached in tho affair of resump-
ton; by wn:ch we mean that they had been
induced to believe in promises of aid and
professions of forbearance which have not
been kept, or, if kept 10 their car, have been
broken to their hope. The Philadelphia Ga
2ette, OF Friday, indeed intimates as much
in announcing the suspension. "Ihe COOP
era'ioe generosity a;id in2.igsnce of the North
and East, says the Gazette, $50 abundantlv
PronirSed and spoken Of in case of the resump-
ton of the Philadelphia Banks, and especial
ly OF the United States Bank of this Com
lnonwealth, haring already dra,cn 10 ~. Y.
from the latter Institution Jet,ceen fue and sic
| m'ii'ons y dollars an specie since the 18th of
last month, 1t has been compelled to resist
the constant and overwhelming tide of de-
mand, by temporary suspension Of specie
y
merce, keen adversary Of the Bank, almost
admits the imputation suggested by the Phil
aaelPhia Gazette, IN announcing the suspen-
sion, when it says ''Bils of the United States
Dank are bought at 10 per cent discount
I There are but few of them here; tic RESUMPTION
haping been aotiveiy used an sending ererv
Ting home, by which Neto York and the Eas-
tern cHtes hare re0ASed a rery hyge sun, in
specie and available funds" Great activity,
IL appears, has been displayed, as the Journ-
al quantity expresses it, sin sending every
thing hone," that is, in collecting and pla-
eng IN the hands of brokers every demand
that could be raised in New York and the
Eastern cities" against the bank of the United
States. The New York Times, not inimicaI
10 the bank, corroborates the facts stated by
the Journal OF Commerce, saying, "Upon the
banks OF this city, and of the North and East
generdHY, tins suspension will exercise little,
u any, evil influence, as heir )u,.ds hare re-
Gently been nearly all ,ciNdrason from Phila-
de1phia." OF the perfect right of the New
DIRK and Eastern holders of the paper and
credits OF the bank of the United States to
send them on TO Philadelphia, and demand
payment Tor them, we make no doubt. The
question which occurs to our mind is, wheth-
or this great activity in extracting from the
bank all It's specie was entirely conformable
States was led to entertain, and upon which
1t was induced to resume specie payments
when 1t did BE that as it may, however, if
any individual engaged in business had, un-
der similar circumstances, made such an ef-
lori and sacrifice as the Philadelphia banks
nave done to resume payment after being
obilged once to suspend, lie would, instead of
being followed with the yells of vindictiye
adversarles, as the Bank of the United States
now Is, have attracted, as he would have de-
served, the general sympathy.
fof ourselves, apart from considerations
connected with the business and the currency
oil the country, which, however, are not to be
wholly dIsregarded in the present emergency,
we cannot but feel for the Inisfortunes of the
Innocent stockholders in these banking insti-
tutions, whose property is thus melting away
under the influence of series of disastrous
circumstances. every one of which is referri-
bic Tor It's origin to mal-admiuistration i'm the
General Government. Had the Executive of
the United States no; transg ressed its rghtful
province In undertaking TO s'm anare the cur
rency," nor afterwards set at defiance the Of
fort OF Congress to regain possession of its
constitutions! authority in this respect, these
things would none of them ever have happcn-
ed.
We shall look with good deal Of interest
to Harrisburg, where the Legislature Of Penn
syIvania Is now III session, to see what course
the State Government will pursue in reference
to the Philadelphia Banks. Those banks
are, we understand, upon short notice, liable
70 forfeiture of their banking privileges in
Of their suspension of specie
payments. A result so ruinous TO the inter-
esls of the Commonwealth, as well as Of
large class Of its citizens, will hardly be per-
pitted either By wisdom or by humanity es-
pecially when il is borne in mind that the ef- .
fort lately made by the Philadelphia banks to (
sustain the credit Of the State may have con-