Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-02-11
From the n. Y. Express Of Saturday.
u. S. Hank ils .l,h ila1eIpf !


u. S. Hank ina l,ailadeipt
II is deeply to bo regretted, by every
friend Of his country, that this institution
has not been able to maintain its posi-
ton in the resumption OF specie pay
ments. 1t appears that, since the re-
sumption on the 10Th January, it has
paid out over six millions Of specie and
specie funds, and that the amount Of in
slant demands have been greater than
they hnd reason to expect. Private let
ters from Philadelphia state, that very
large sums that had been arranged for
as not 10 be required, had been surrep,i-
tiously sent in and paid. That the Ban.
Of the United States would have to meet
tho brunt of tho demand for specie, we
had no doubt. The other Banks had
constructed their liabilities to such de-
gree, that they had but little paper afoat.
For long time past, the bills of the
United States Bank were the only notes
m circulation, and ntier specie payments
were resumed, that description Of bills
we're almost the only notes in circulation.
that Bank. We shy il is 10 be regretted
that the Bank has suspended ; We say
so not on account OF that institution, but
on account of the public at large
There has boon a strong popular feeling
for return TO sound currency. New
England, with New York, first set the
example, and have continued it until oil
the bus siness concerns of this section OF
the country are so regulated, that they
will not and cannot suspend The Banks
in Pennsylvania and those of Maryland
have, after long delay, followed their
example and SO successful had the et-
fort been, that it was the prevailing be-
lief that The crisis had passed and that
the resumption would rapidly extend to
other States.
1t remains now to be seen whether the
Banks in those two States can continue
to meet the demands upon them with
promptness and fidelity. To accomplish
this, they will have severe struggle ;
it is sincerely to be hoped they may sue
ceed in their laudablc effort. II, how
ever, they do not, VIC must be thrown
back TO where we were a year ago, with
good deal of doubt and uncertainty as
10 tho period when a favorable change
will take place. In this city and at the
East II more uniform and better state ol
the currency was anticipated, nnd cal
cula,ions were made for an extensive
;pring business. Ii the Banks in Ma-
ryland and Pennsylvania shall not be
sblo to continue their resumption, 1t will
be exceedingly difficult for Southern
merchants TO obtain Northern funds
aud as our merchants will be reluctant
to c,cdl their goods, to take dcprecla-
ted currency in payment, there must be
n great Interruption TO trade generally
The last demand that was made, and
which the Bank declined to pay, was
for one hundred thousand dollars, and
! belonged to Bauk in this city.
1 We givo the following from the Phi
ladelphia papers OF yesterday morning
/ BAsx OF TIE UstrED STATES,
i February 4, lsIl.
\ Alta special meeting of the Board Of D'
| rectors oi The Bank ot the United States
II held at the Banking House, the followln!
/ preamble and resolutions were unanimously
|, adopted:
Il Whereas, the Bank OF the United S,ates
l in compliance with its pledge to the public
!, has made a fair aud bona iidc effort 10 re
sumo and maintain specie payments, hn9'n
\ since the 18th of January laei, paid out al
Il amount little, if ut oil, short Of six million
\ of coin or specie funds; And whereas, IN
effort to maintain specie payments by th'
/ Banks, has been rendered abortve by 'h
| intentional accumulation, and cxtraord'nnr
enforcement Of It's instant lIablinies There
fore,
/ Resolved, That the Bank is under tn
necessity, for the present, Of suspcnding spc
Gle payments. -,
Il Resolved, That every exertion Will bt
made by the Directors To collect the debts
and convert into cash the assets OF the Bank
for the purpose Of resumng payments II
specie. ut The earliest practicable moment.
II Resolved, That the foregoing preamb
and resolutions be published.
4 Extracted from the minutes.