The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-22
RESUMPTION.

The resolutions adopted by the Virginia Banks,
If carried out good faith, will greatly facilitate
the process of resumption A comparison OF the
condition of the Banks of Baltimore with those
of Philadelphia, or the other commercial cities,
shows that their circulation is below what their
capital would justify. All that is required is
confidence, to unlock large amount of boarded
Specie, and put into motion capital now inactive
If the Virginia and Southern Banks, or even
the Banks Of North and South Carolina and
Georgia, resume, and resume in good faith, that
IS, il the Virginia Banks will collect for those
OF Baltimore in specie funds, and the Bank of
the United States shall sustain herself without
the aid of funded loans, or Post-notes, then Bal
timore can safely resume; and we believe that,
under these circumstances, resumption will great
ly relieve the money market.
But it was due to the commercial interest oil
Baltimore, that her Banks should be first fully
informed and satisfied that the Banks in Philadel-
phia would continue to pay specie, and that the
Banks OF Virginia and the adjacent States, were
in condition to do so likewise If it be true
that the measures of the General Government,
and especially that the Sub-Treasury Bill, have
rendered suspension necessary, the resumption
now in advance of ats repeal, and without any
relaxation Of those measures, would seem to be
premature.
We are fully sensible that the change of ad-
uinistration, the expression of public sentiment,
and the guarantees of a change of measures, will
do much to establish confidence here and Abroad
and, by giving new impulse to business, ald the
Banks in resumption. We hope for the best, but
it seems to US that the Banks of this State, and
Of Virginia, should have been represented In the
Convention to be holden at Louisville on the
25th inst. So large part of the Southern and
Western trade comes to Baltimore-so large
sum is paid here in Western and Virginia paper,
that are surprised that no attempt has been
made to identity he action of our Banks with |
that OF the Banks represented in this Conven-
tim. How many questions may come up there
affecting the interests of BALTIMORE 1t should |
not he forgotten that steam is working wonder |
full revolutions in trade, and that this Convention
affords an occasion for arrangements as to the |
collection Of debts, and the regulation OF ex- |
changes, that may net offer again for years to
come. We have believed that such arrangements
should precede resumption. We may be wrong,
but our impression is confirmed by the following
remarks of the Cincinnati Gazette
''Many Of the Southern and Southwestern
banks, we all know cannot now resume. In
New Orleans II the press properly vindicate the
tone ot the Banks, It is opposed to resumption
nCte. There Is no movement in Nashville to !
bring about resumption in Tennessee. In Ken !
lucky, Ohio, and indiana, the course of the Banks
has NOT been indicated A Convention of Bank
eIs has been called at Louisville to- meet on the
25tL current. Whether it wall be nuInerously
attended, or what views will prevail in the con-
vcntloH, we have no means OF anticipating. The 1
illinois state Bank has resumed, under compul-
sIon which 1t Is said, has graetly deranged the
operation il provisions
IN On, we have state Of things somewhat
singular. The Cincinnati Banks, with the ex-
ception OF the Trust Company, are in a state of
suspension, and do little or nothing. The coun-
Try Bark, it Is So id have not generally suspen-
ded. Some do business, and circulate their own
time notes for currency, having retired nearly
their whole circulation payable upon demand.
They do cery limited business. Having little
or 10 paper IL circulation p. yable demand,
which has matured, the payment OF specie with
them is rertly nominal, as they have nothing
out upon whi,:h il can be drawn from them. The
condIIIon o business calls Loudly for some change
the public mind upon this subject is becoming
feNerlsh and unsettled. Some movement on the |
part ot our solvcnl banks is looked for, and ex- /
pc ted, immediately alter the resumption east |
Is known. 1 he Louisville Convention may sat |
lsJY tine public mind, by resolutions to resume, or
BY iu4I ard lair statement Of the reasons which
Make It NECESSARY 10 postpone such step still |
farther. Something l. required to satisfy public |
expectation"