Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-02-24
PHILADELrHIA, ZEE. 4, 1871.
AaIt-Past 10. P. NJ.

PHILADELPHIA, FEB. 4, 1871,
Aafpast 10, P. NJ.
Editors Of the Charleston Courier:
Gentlemen Circumstances of a very ex.
citing nature having transpired in our city. to.
day, | haston to inform you of it. The Bank
OF the United States has again suspended she.
Gle payments, the cause Of which is very oh.
vlous. Many and very heavy demands have
been made upon 1t from the eastwood, and
systematlzed attempt has been made since the
resumption, by means of steady and heavy de-
mands Tor specie, to crush its prospects and, if
possible, to cause it to wind up. In order to
effect this purpose, all the instant liabilities
which could be procured, were brought ND and
presented to the Bank for payment-sDecje
beng invariably demanded. The quantity of
specie paid out by the bank to our own Cit.
zensy has been very trif1ing, and the extent to
which this system has been carried will be at
once SEEM when it is known that since the
fifteenth Of January last, the bank has paid out
IN specie within an ace of six millions of dol
lars! The suspension of the bank is measure
OF seif-defence, not only as regards the private
interests ofthe bank, but also of deDositors-
Time viii afford the bank an opportunity to
collect, and convert into specie funds. itS i'm.
mense resources, add few months will. no
doubt, see the stockholders prepared to meet
every engagement Of the bank. The Board Of
Directors held meeting this evening, and,
after carefully reviewing the circumstances Of
the case, passed the resolution to suspend spe.
Gle payments for the present.
4 gpeat depression in the value of stock OF
the United States Bank will of course take
place, yet should there be any OF It held in your
meridian, would say that a Just confidence
may be placed in the solvency of the bank,
and OF ltv perfect ability to meet, at short dav.
all its liabilities.
Great excitement has been produced in this
city by the news, and various run1ors are afloaf.
but none OF them deserve the slightes. consid-
Grafton. We had another riot in the upper
part the city, caused by the Directors of the
Trenton Kan Road again attempting to lay the
rails through part of Kensington, where the
people are unitedly opposed to it. About one
hundred and fifty workmen came out to work.
and for some hours proceeded without him
drance, but at one o'clock in the afternoon, an
immense mob rushed on them and fairy clear.
ed them off. Some few fights took place.
when the workmen retired and have not since
returned to the work. Last night, about ten
O'Clock, the mob again gathered, and collecting
all the sills and crosstics used On the road.
piled them up and set fire to them.
The following is from the Philadelphia Uni.
ted States Gazette of Friday last:
BANK OF THE UNITED STATEs.-Thls in
stitution, we regret to say, has again been re-
duced to the painful alternative of susDendino
specie paymeuts.
In the short space of twenty days, since its
vaults were opened, we understand that the
Bank has paid out nearly six millions of dollars
in specie funds.
The daily increase of the demands upon its
vaults, from the eastward, rendered it impossi-
bic for the Bank longer to resist The torrent
It has reluctantly yielded to the force of imoe.
rlous circumstances. The great error. we
consider. arose from the Legislature requiring
the Banks to resume before they were preuar.
ed for It; for how can the Banks paw the peo-
pie, before the people pay the Banks! when
the Banks of England suspended specie paw.
ments, it required twenty-five years TO re.
sumo.
The immense resources of the Bank of the
Duited States, and the zeal and INTEGRITY II
Its Directors, are sufficient pledge to the
public, that IN the shortest possible period. j,
will resume specie payments, and discharge,
with good faith, all its obligations Forbesr'
ance and moderation are, therefore, alike en.
joined by justice and SQUAD policy.
We annex the resolutions passed by the
Board Of Directors at the special meeting helJ
last evening: -
BANK Of THE UNITED STATES,
February 4, 164I.
At special meeting Of the Board of Direc.
tors Of the Bank Of the United States, held al
the Banking House, the following preamble
and resolutions were unanimously adopted.
Whereas, The Bank of the United States
in compliance with Its pledge to the public. has
made ialr and bonafde effort to resume and
maintain specie payments. having since the
10Th OF January last, paid out an amount little
If at all short Of six millions OF dollars. in coin
or specie funds, and whereas the effort to
maintain specie payments by this Bank has
been rendered abortive BY the intentional &C
cumulation and extraordinary endorsements Of
its instant liabilities. therefore,
Resolved, That this Bank is under the ne.
cesslty for the present, of suspending specie
payments.
Resolved, That every exertion viii be made
by the Directors to collect the Iebts and con-
vert into cash the assets of this Bank. for the
purpose of resuming payments in specie at the
earliest practicable moment.
ResOlved, That the foregoing preamble and
resolutions be published.
Extract from the minutes.
A. LARDNER, Cashier
THE CITY AND COUNTY BANKS.
It Will be seen By the subjnned proceedings
Of the Delegates from the different Banks IN
the city and county of Philadelphia. that they
have unanimously resolved 10 continue specie
payments for al their liabilities. which shows
a firm confidence IN their means Of meeting
engagements
DELEGATE MEETING OF THE CITY
AND COUNTY BANKS.
Ata meetInc Of Delegates homfhe Bsnks