The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-08
RESUMPTION.
The New York Herald says;

The New York Herald says
seTbe prooress of resumption south must as we
have frequently remarked, DC dIteiuu 80 -.N
IN -, resume on their ewn bottom, unasslst-
INV sDecies of bolstering. That IS to say,
81 tgLo have made their loans in judicious
.aanner. TO persons whose ability to pay depends
mon the regular returns OF business rather tnah
the hazards of speculation, will realize their
means and consequently, be able to meet their
obligations to the public; but those who have
pursued the ssrelief system" and have lent their
means 10 conduct the widest speculatlons, and
whose assets have been renewed, depending for
final pavment upon the realization of hcuteus
values OF all kinds of speculative property, must
stop The curtailment OF the sound banks to
strengthen their several positions, will create ?
scarcity of money that must necessarily create a
crisis in all speculative property, and force into
discredt and liquidation all banks connected
with it.
'A vast many banks in the suspended district
are situated in precisely the same condition, ana
must go INTO liquidation at the first approach OF
resumption Assets probably to the amount of
SAC, 100 00J will be much reduced by the curtaii-
ments of the sound banks $50, DOC, 900 of bank
loans, which have been renewed time and again,
must come to settlement, and the property which
il represents be brought to ma ket. The effect
-pon prices must be great. The -esu4-, howeF-
er, will ta a publication of the currency, and
restoration OF baking to proper basis, provided
the federal government does not come forward
with some stupendous "relief system" to lull the
al ease for the moment, only to complete the ru-
Ia e he body polite more efectually hereafter"
The tone of these remarks belongs TO Wall
street, ana It is in perfect keeping with the ol-
loving eS.act from the letter Of the New York
correspondent Of the National Intelligence, who
said
81 L I,,a1- 70 ma in
noting the movements and plans OF the Wings,
ct least poor as far as New York city or State Is
concerned. Certainly, we Elean to have, II we
can get it, better currency t. an we nnw havS,
a better state of the exchanges, and them in bet
ter hands. The New York peoples plan, dare
say, is to plant the $3.50, 900 900 Monster" in
Wall street, which, by the way, has no Lotion
of playing second fiddle to Chestnut street, Phil
sdelphia. Nobody Is more open mouthed than
New Workers are in blowing ''b1r Biddle's Men
ster' up, for many of them want monster of
their own. The war that MIR. Van Buten began
twelve years ago, through Gsnl. jackson, was
only to change the locus IN quo. From 1918 to
1885, it was only fight between Wall ana Ches-
nut streets; and does the Globe think the war is
over now~
The object cf all this conflict, this war on the
currency, is to transfer the seat of the money
power from Chestnut street to Wall street!!! For
this, honest industry, legitimate enterprise, is to
be denounced as specldation!-and pray what is
speculation Is it dealing in State stocks' The
slime was but short time since when the bonds
OF tie States, bearing six per cent. interest,
would command fifteen and twenty per cent
premium; they are now some fifteen or twenty
per cent. discount. Was it speculation in wild
ow or an orphan to purchase State bonds as an
investment of caPital?--as the best means of pro
viding permanent revenue?
Again But short time since Bank stocks
were at premium, which nov are twenty, thir-
~, forty or fifty per cent discount. We're the
widows and the orphans who purchased these
Bank stocks as a means of obtaining a perma-
nent re, enue, spectators? and must their bread,
the means of obtaining food and raiment be ia
ken from them, and they, who but yesterday
were independent, be beggared to-day that the
money power may be transferred from Chesnut
street to Wall street,
What assurance have we that these specula-
tons will not be renewed the moment the money
power is located in Wall street? Is there any
thing in the atmosphere of Wall street that will
prevent speculation?
But we shall be told that there have beel
wild speculations in real estate? that large sum
have been vested in wild lands? True; but W
beg to know why investments in real estate ar
condemned when speculation in stocks are al
proved, If we compare the depreciation, it wi
be found that investments in well selected lane
have deprecated less than investments in stock
Wo make these remarks to show that there
mania in the public mind; that it has bee
created by spectators in Wall street and spec
ulators in politics. And we warn the VIII
party to beware--to ponder well before they ider
tify themselves with Wall street. The Intelli
gence'rs correspondent is Wall street man. II
would say nothing to prejudice Wall street. Hi
confession is therefore important. 1t is true. w
again entreat the Wing party to beware how
they surrender themselves to the guidance o
the same men who overthrow Mr.. Van Buren,
The same course of measures will be followed
by the same result. We again repeat that SONS
de6nitive action of the Federal Government OF
tie subject of he currency should pTeoeds re
sumption, and that it should be measure of re
lie and not Of oppression. 1t should be a nea
cure of expansion and not of contraction Of thu
currency. The present diseased state Of the eur
rency is the consequence of a want Of conndenc.
and not of excessive issues. Give US confdene.
on the General Government.
SAVINGS BANK or BALTIMoRE.-Ths commit
nittee appointed to examine the operations @
ths bank for 1870, report the amount of fund