Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-08
RICH MOND:
FRIDAY MORNING. SANITARY a
Resumption Of Specie Psvm.n,,.

/ e.
! Resumption Of Specie Payments.
As the time FIX cd Tor general rcs,mn,;.,, g.
cie payments by the Banks draws near IN, 80,
Is more and more discussed in the putl;c ;o,ro.Is
There is evidently considerable diversity or CO.;
/ on Us 10 the policy of the measure, founded upo,
the supposi,ion. or the apprehension. ,ho, ~,
pennsylvania Bank of the U. S. is-not in a cona;
o" 70 MAINTAIN specie payments, lift resumes Ant
h" should undertake the task, and fail, the conse
must DC disastrous not only to itself, but C
all the other Banking institutions, and incidentally
10 all the great interests of the country.
We have but little know ledge of the sub;.c, md
oes' therefore, 10 be understood as merely making
suggestions. But, from the best consideration ,vs
nave oeen able to give to the NATTER we incline 10
the opinion, that general resumption at this time
is premature, and so far the Southern Banks are
concerned, highly impoliiic. There is not that 90.
neral confidence in the community necessary IN
make the resumption easy and permanent. Re.
SIDES, the exhibit just made by the U. s. Rank q.
It's condition, shows its assets to lie. avaiabI. and
unaSaiIable-seventy- -four millions and n Salc-of
which there is only two millions one hundret and
seventy thousand in specieand its liabilities sew
eniy one millions. Ii, under such circumstance.
IL can maintain specie payments for I9 months. we
should be greatly and agreeably surprised.
There is another consideration, which OUCH, not
to be overlooked by the Southern Banks. New
York is the chief advocate Of resumption. She.
by her past course, like the fox in the fable has de-
piiyed herself of her chief ornament, and nearly de-
siroyed her trade; and she is solcous TO reduce her
neighbours 10 the same pTedicament If she con.
tnues to maintain specie payments, her commerce
Will continue 10 decline; whilst that of the South i
She occupies her presen: position will continue 10
advance. So, at least, it seems to us-but il is ,
matter OF grave consideration to those who have to
act upon the subject.
We copy the views Of the Baltimore Pilo,. If ,bsv
be EMIT ed to influence in Baltimore. thew will no,
be without weight here:
From the Baliimore Pilot, Jan. 4.
RESUMPTION.
We see that the Philadelphia Inquirer states ,L,,
the B'nk Of the United States has more ,h,n
S4,OOOOOO in her vaults, that all doubts as 10 s,
neral resumption have disappeared, and eyprrSses
me nope that the community will glide so gradually
rom suspension 10 resumption, that the affair will
not create monetary sensation
On the other hand, the Mobile Journal saws ,h,,
the branches OF the State Bunk of Alabama canno,
resume even on the FIRST of July; and we quote the
Louisiana Advertiser, expressing a decided opinion
nj
Western Banks 10 hold meeting on tba o,,L .,
tins month at Louisville, Kentucky, 10 consult pnor
the SUBJECT OF resumption, and have the auborir
OF one OF the most influential Western fnanciers IN,
saying mat me blnks OF the West have confidence
IN the ability Of The Phiadeph and B,,,n,rs
Banks TO MAINTAIN specie payments until the ores
ton OF the currency shall De finally adjusted bv the
General Government. In addition 10 Ibis the New
ork Herald, IN an article upon the question of r.
sumption, says Xpressiy, and PROCESSES to
TO prove II, that the Bank of the United St,t.s = -
a worse condition row than at the adjournmert n,
the Pennsylvania Legislature, and that she c,nno,
MAINTAIN specie payments ior sixty days. We do
not quote ''the Herald's" article at larse bsr,us -
VII DO no nothing that may SAVIOUR OF hostility 10 In.
Bank No one will Uc more srdliied than we IN g,
II restored TO It's former credit and usefulness. lint n
IS not 20 be concealed, however much others NAV IA,
disposed to depreente the influence of the Herald
that ITS money articles are extensively circulated ana
must have an important bearing ON the otestion ~
resumption. Those who now suppose that the RsnL
can use its credit, II did, will DE greatly dis
appointed. Resumption must be sustained bv A 90
; neral confidence. Tie Banks require the ronfdeTc,
OF dePoStors as well as the bill holder and yyheneve,
there IS want Of II IN either, the b inks must sus
, pend. Does not every one know that If the Bank.
OF ms cry were TO day paying specie such would
oe tne run upon them IN consequence of the suspen
sion OF the franklin Bank, coerce another su,
pension
The failure of the franklin Bank. an institution
heretofore IN the best credit and the rumors in reI,
HO" 10 olheIS, constitute serious obstacle TO re
SUMPTION IL Is sad that those Banks winch IA, =,
done most TO supply our circulation thar !, tbosr
Banks which have discounted business pape, ar,
IN the power OF those institutions which have dealt IN
exchange and charge the business banks FIVE DER
cent. on balances. The CONSEQUENCE rnust h. r.,
the latter cease to discount The ,fFect -
| the business OF the city is obvious
II may be that the Bank orthe u. States has four
milonS OF do.arsi but thatdoes not prove that she
VIII not be compelled to 90 into the market and
iI.r .I.r
sum, 10 meet which she must sell her state securities
now IN Europe at great sacrifice or she mus, bor.
row money ntusurious interest.
Again: IL IS sad, but with how much trpib ,xs
20 NOT 'oucn' That the arrearages due from the
treasury and the claims which ought TO be adiys.
ted and allowed, will be upwards Of $50 600 600
VI lhesc should he discharged by an issue OF Tr.a..
, ury notes, bearing interest, the Government viii
, come INTO the market as borrower for that sum
anu the consequence will be ruin 10 All .h.-. q. l.,
are much IN debt, and are at all dependent ON b,nL
accommodations for the regular trans c ion nj ne,
ness Instead OF aiding the business of the rou,t,
the capital will be absorbed as IL has been bv iI,
two great OoUOwcrS the Bank of the U,t.J S..
and the Government of the u. States
Is Il not folly for the Banks in Baltimore IN resrr,.
uhdSr these crcumsiancesl Will not tho credit OF
our Banks be more injured by RESUMPTION mar
by iuther suspensoni
Nesay nothing, now, ofthe necessity for A chance
IN our farm. Al parties seem 10 be sgfeed We
Know and speak advlssdy, when we saw that N r
CaIhoun believes that duty should be laid on ma.
ny OF inc Tree articles, especially silks and wines
imported from France, and this, with the whole oues
uon Of the larh, must come before the next Con.
gress, and will have a beneficial influence on the
financial condition Of the country Tie lionid,,,on
Of the balances due from the Treasury NAV bs
mace ~ way greatly to aid resumption. THIS. i,
. hoped, will be done by the mex. Compress f.
may be done either by funding the debt or Inv an
issue OF Government credit, not bearing interest
Again The question Of the sub-Tfeasurv
. and the policy Of the Government In relate, ~
the currency, will be disposed Of We shall etbe,
nave United States Bank, or an issue of Gov.
ernneni crcdr, aud We shall hive the influence nj
the Federal Government TO sustain the Ranks IN
Their resumption, il the Banks can maintain spsei,
payments under the prescott state Of things. there
/ Will be no difficulty whatsoever 4 these arrnnp.
ments we're Completed and il does seem 10 us TO h,
unwise 10 anticipate them.
/ But there arc local considerations which sbouid
have great influence with the people Of Baltimore
There has been, and will continue tO he s,ruggl,
lctUeen New York and PHILADELPHIA for a new
Bank Of the u. States
The banks in Philadelphia with this ol,isct in
view, will make heavy sacrifices, and we NAV er.
/ poet war upon our institutions from the dty OF
resumption, and anticipate that an eaod viii /,
Inuue 20 nfi'e ~ again 10 suspension, ne On argu.
mont IN tivnr n a new bank and against its loes
ton m Baltimore n the banks IT, Phadelpbia
| we're Dtoken down by the rivalry Of the banks in
ne" ORR, can We expect that our banks can ttanr
up against Philadelphia and New York united. and
/ unHed hey will be against ", because although
PennsyiVanil may prefer Baltimore TO New Vol
Tor the location Ot the bank ghe will consular an,