The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-06
PIVOT & TRANSCRIPT.
WEDNESDAY, JANUARY 8.



pondent, on a general resumption of specie pay
ments by the Western Banks. Ii is written by a
gentleman Of great sagacity and experience in
financial matters, and who has no sinister object
in view, nor the least interest in amy bank what
ever. Without expressing any opinion ourselves,
as to the probability ofhis fears, that simulta-
neous resumption all the banks in the West,
will not take place. the present aspect ofbankirg
affairs in the Atlantic States, renders discus
sion of the subject here, of great Importance
Gin. Republican.
RESUMPTION BY THE WESTERN BANKs.-CoL.
ToDD:-T'he subject of the resumption OF specie
payments by the Western banks is one OF impor-
lance to every business man this side of the
mountains. 1t must seriously affect our rela-
tions with the Fast, and every one who is about
to enter into any transaction OF buying selling
with any section OF the country, should take in
to the account, the probable effects of continu-
ed suspension here, after resumption in the At
lantic States. 1t may add several per cent to
the amount lac may pay or receive.
From the information | haze gathered here
and in your city, and from the indications given
at other points, | believe there IS little proba-
bility that many of the banks upon the Wes-
tern side on the Alleghanies, except those at
n ew Orleans, will attempt to bring their is
sues up To 'ILe true dS 4IA' al DHiSll
expresses it-and, although the State bank of
Illinois has recently oficiaHy resumed, have
my doubts ii she long support resumption,
were they ever so anxious to accomplish 1t; and
it is very evident, from the request recently is
sued by the bank of Kentucky Tor all the banks
in the Great Valley to meet her III Convention,
in this city, on the 25th of June next, to delber-
ate upon the proper time and the most etfectual
means of securing permanent resumption, that
the banks OF tins State have no intention OF ma
king AN effort this winter to follow the example
of the Eastern Banks.
This being the position of affairs IN other
States it would be folly III Ohio to attempt to re-
sumo by herself, or in company with Michigan
Were YOUR banks to make the effort to follow in
the footsteps of the Pennsylvania banks, with
out YOUR neghbors' company, the effect would
be to force home upon them for specie every OBJ
legation in the form of note or dePoslte they
owcd-consume all their available means, and
perhaps compel them TO press upon their custo-
mers, and wrlng the last dollar from the commu-
nifty it had to yield up to theRl-and into the va
CUM, which the absorption VI their own circu-
lation would create; would flow the deprecated
bills of the neighboring States. and from the cir
culating medium of your State. If after this
searching operation to enable them to meet their
own liabilities in specie, your banks were able
to maintain the position they had assumed, they
would for all practical benefits, remain 'closed'
institutions 10 the communication the first dol
lar they issued, or the smallest deposlte they re-
ceived, would Immediately be drawn from them
ia specie, while specie was at premium above
the ordinary medium, which must continue to
be the irredeumable paper OF the neighboring
States Your banks would thus be deprived OF
all ability to aid the community, whose BUSH
ness would be restricted, if not arrested and
broken up, and who would bring upon itself one
intolerable evil without a cOmpensahng benefit.
There is no law ,1ore inyariable IN its opera
tions, than when there TIVE eurrenciGs Of diff
ferent values in mllunlties allied by trade,
that the deprecated currency will work Itself
into circulation and supercade the more valua-
bic Thus the Ohio community would be sub
ject to all the evils of an irredeemable circuia.
ting medium OF foreign issue, while they had
. closed their own banks, destroyed their own
trade and cntailed suffering and distress upon
all classes in the futile attempt to range her
self among the f'eie paying communities
The same result would 70! low, to both States,
were Ohio and Kentucky To resume Wlthoul the
other Western States.
Presumption to be permanent, must be general
throughout the West Our intercourse is too IN
innate for either section to act without the CO.
operation of the others. As family OF States
we must raise or fall together--the same causes
op rate upon us all nearly alike. The West be-
fore-she cen resume must send to market the pro-
ducts other labor and soil the last year and real
ize the proceeds This cannot be accomplished
before June or July next when the benign and
invigorating influence OF a more paren al and
rational administration of the general govern
ment wi, have produced its effects IN restoring
confidence Z. home, and the favorable effects
abroad of the change i'll the government VIII De
felt in the increased value OF our State bonds:
which may then be turned into specie, the com
ined operation of which may enable our banks
to resume without greatly distressing the peo'
pie.
caa a mr.
of the East; and to mitigate the evils and dis
tress of the process, the West must pursue the
policy towards the East which has been recon-
Inended to our countrymen In regard to fnglane
during our financial dificulties-to buy sparlng
w; and while we urge all wecan OF our produce
upon them, to pay our present ini' ntedhess' lie
us take neihng from them that We DO not abso
lutely want, till exchange between u IS brough
to mar. No prudent merchant will wish to incu'
large liabilities till he knows las relative value
of the currencies he is to receive a. pay.
The resumption by the banks in the Atlantis
States ON the 10th proximo IS now settled al
Bears who have labored so strenuouslyto create
an impression, they were unable to comply will
the laws have now conceded the point, and ex
change between New York and Philadelphia
has ftIIeu to one per cent. The effect OF this re
sumption and our continued suspension Will De
to further discredit our currency, and by depfi
wing us of the intermediate standard OF Phlladel
mia and Baltimore between GUS and the spe
cie-paying currency of New York, to enhanc
considerably the price of exchange, which in m
opinion will rise Z, and perhaps per cent o.
all Eastern cities. These probable result
should be kept in view by every Western trader
Louisville, Dec. II, 1910. Fly Z.
MAssAcHUsETTs.-r The whole number of dwell
ling houses in this State is SO, $50; shops 23,O1s
barns 63,S06; other buildings 26,573 There ar
in the State rs Distlleries; 10 Breweries; IS
Tan houses; ISL Grist Mills, and 1871 Sa,
Mills, Rope walks Cd; Carding Machines S51
Pulling Mills 1871; Shifting Mills and Nail M;
chimes 424; Iron Works and Furnaces ID
Small Arm Manufactures. The whole numbC