The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-04
RESUMPTION.

W. soc that the philadelphia inquirer state
D~-,- g tbe United States has NOR
than s4OOO,OO0 in her vaults tlat al
aaI.- " 70 a general resumption have disaI
.o-od ond expresses the hope that the com
rnun;tv will glide so gradually from suspension
n resumption that the affair will not create
momentary sensation.
On the other hand the Mobile Journa
saws that the branches of the State Banl
Of Alabama cannot resume even on the frs
Of July; and we quote the Louisiana Ad
vertiser. expressing decided opinion against re
sumption in New Orleans. The principal West
ern Banks are to hold Meeting on the 25th o
this month at Louisville, Kentucky, to consult
upon the subject of resumption, and we have
the authority Of one of the most influential
Western fnanciers for saying that the Banks oil
the West have no confidence in the ability of the
PHILADELPHIA and Baltimore Banks to maintain
specie payments until the question of the cur
renew shall be finally adjusted by the General
Government In addition to this, the New York
Herald, in an article upon the question of re-
sumption says expressly, and processes to give
States is in a worse condition, now than at the
adjournment of the Pennsylvania Legislature,
and that she cannot maintain specie payments for
sixty days. We do not quote 'the Herald's"
article at large because we will do nothing that
NAV SAVIOUR of hostility to the Bank. No enc
will be more gratifed than we to see it restored
to its former credit and usefulness; but it is not
to be con called, however much others may be
disposed to depresiate the influence Of the Her
aid that its money articles are extensively cir
culated and must have an important bearing on
the question of resumption Those who now
suppose that the Bank can use its credit as it once
did will be greatly disappointed. Resumption
must be sustained by a general confidence. The
Banks require the confidence Of depositors as
veil as the bill holder, and whenever there is
V ant Of it in either the Banks must suspend.
Does not every one know that if the Banks oil
this city were to-day paying specie, such would
be the run upon them in consequence of the sus-
pension of the franklin Bank as to coerce ano-
Their Suspension,
The failure the franklin Bank, an institu-
in relation to others, Constitute serious obstacle
to resumption. 1t is said that those Banks which
have done most to supply circulation, that is,
those Banks which have discount business pa
per,are II the power Of hose institutions which
have dealt in ezculngs and charge the business
banks five per cent on balances. The con-
sequence must be that the latter must cease to
discount. The effect upon the business C the
city is obvious
It NAV be that the Bank of the U. States has
four millions Of dollars; but that does not prove
that she will not be compelled to go into the
market and borrow largely. Her liabilities
greatly exceed that sum, to meet which she must
sell her state securities now in Europe at g-eaS
sacrifice, or she must borrow money at usurious
interest
Again: 1t is said, but with how much truth
we do not vouch, that the arrearages due from
the Treasury and the claims whish ought to be
adjusted and allowed, will be upwards of $780,
OO0,0 900. If these should be discharged by an IS
sue of Treasury notes, bearing interest, the Go
vernr ent will come into the market as Dor
rover for that sum, and the consequence will b.
ruin to all those who are much in debt, and ar
at all dependent on bank accommodations for tn
regular transaction of business. Instead of aid
ing the business of the country, the capital vi
be absorbed as it has been by the two great DO
rowers, the Bank of the United States and Il
Government of the u. States. - 1881
Is it not folly for the Banks in Baltimore
.-.--a ,,a1or +haea circumstances Will M
the credit of our Banks be more injured by II
sumption, than by further suspension
We say nothing, now, of the necessity for
change in our Tariff. All parties seem TO
agreed. We know and speak advisedly, whe
we say that Mr.. Calhoun believes that dut
should be laid or many of the free articles, e
pecialIy silks and wines, imported from Franc
and this, with the whole question of the Tari
must come before the next Congress, and W
have beneficial influence on the financial co
dition of the country. The liquidation of I
balances due from the Treasury, may be ma
in way greatly to aid resumption. This, it
hoped, will be done by the next Congress.
NAV be done either by funding the debt, or
an issue of Government credit, not bearing il
terest.
Again: The question of the sub-Treasur
and the policy of the Government in relate
to the currency, will be disposed of. We sh'
either have U. s. Bank, or an issue of Go
eminent credit, and we shall have the infuen
of the Federal Government to sustain Z
Banks in their resumption. If the Banks c
maintain specie payments under the prese
state of things, there viii be no difficulty VIII
soever if these arrangements were complete
and il does seem TO US to be unwise to anticipa
them. M
But there are local considerations viii,
should have great influence with the people
Baltimore. There has been. and will contin,
to be, Struggle between New York and Phil
felphia for new Bank of fine II States