The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-03
From the Philadelphia Chronicle.
THE PHILADELPHIA BANKS.

The conviction which we have been long striving
to fasten upon the public mind is beginning to take
hold The conviction that suspension is occasioned
only by violation of the rules of banking-that its
continuance is not only protracted but progress
sve evil, nfictng loss and distress upon the commu-
nifty, and afordng adequate, substantial benefit
that it opens the sluces of polluted and fraudulent
issues which rob honest labor of its reward, and can
benefit only those who receive real value in exchange
for questionable promise to pay. A suspension puts
the entire interests of the community aoat upon the
sea of uncertainty fuctuation succeeds huctuaton
like the of the restless ocean, each swal-
lowing up of the hard earnings of industry.
Some of the bitter fruits of suspension, by us long
since foretold, are now tasting The truth of our
warning has become too apparent for denial and
with one voice the community commands the banks to
take the road to resumption under penalty of annihila-
ton. The banks themselves now promise so to do
We shall steadily hold them TO this course Let them
mark 1t
And now we have word of advice to the commu-
nifty itself, claiming, trust all will be disposed
to allow us, the character Of faithful and watchful
guardians Of interests, having in instance de-
ceived, having In no instance given false alarm,
having in instance failed to give timely warning of
danger.
1t will require all the energy, skill and prudence
of the banks to restore themselves to the strength of
specie payments and to afford to the community a
currency of daily improving value. This they have
Jointly agreed to do Let the public, therefore, throw
no mpedments in their way-let no rash, unadvised
measures disappoint public expectation, by throwing
in the path of the banks embarrassments which can
benefit with honest intentions, but which may
aggravate the evils under which labor and frus-
trate all attempts at restoration. The best possible
means that be devised to the present ills is
for the banks to proceed honestly, firmly and stead
ly towards resumption. Let no one do any thing to
interfere nth this but keep stern and vigil
liant eye upon their movements, and let the mutter-
ings Of your dspeasure check the very first attempt
to stray from the PATH or to falter in their onward
course.
We shall certainly sound the alarm on the first
semblance of treachery and drive them in the path
of duty, them into liquidation We are UNI
willing dstrust the solemn assurances of their in
tention to pursue right course, because believe,
that they have become convinced, that it is the only
safe course for their own interests, and that have
now on the side of truth, their interests and inclna-
tons both guarantee of fidelity; while it is only
the pottngs of SPECTATORS ruined and crumbling,
who hope to retrieve to themselves at the ex
pense Of the community, that we have to fear.
Let the community look at facts, not rumors, and
be sure that the asserted facts facts and when
possessed of these they will hardly fail to Judge right
Had the facts in relation the United States Bank
been known four years ago, the evil might have been
stopped, and her soundness partially, if not entirely
restored. Had the facts in relation to the Girard
Bank been known, she would not now be PROSTATE
and her stock valueess.
RATES DISCOUNT IN WAsHINGToN.-Batimo
Railroad notes 3 to 25 per cent. discount Virginia
notes to per cent discount for current funds Spe-
Gle 3 to 81 per cent above Baltimore bank notes |
The notes Of all the Banks Of the District are equal
to specie the certificate Of dpose Of the Patriotic Bank
being equal to Baltimore Bank notes.