The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-05-28
From me Nsw Orleans advertiser.
RESUMPTION TRIUMPHANT.

All opposition knocked doWn !-Resignatlon
of President Lauergne Public opinion
stamps with appreciation the Seren resunl-
| ing Banks
| Yesterday, the glory of the day before was con-
| summated The city saw the sun ofspecie payments
shed its benefcent light over her vast extent and con-
fdence sprang up, like new grown plant, in every
mans bosom.
The seven Banks did not lose twenty thousand
dollars In the aggregate, they received over sixty
thousand. Many of the unwary who had drawn coin
the day previous, deposited their precious treasure In
the vaults whence they had taken it in alarm, and hun
dreds of new accounts opened by men, who foI
months past, looked very properly with suspicion on
all Banks which did not pay their debts.
So completely has all opposition to resumption been
knocked down, that they who presumed to offer any
on Monday, were among the absentees from their
usual haunts When they lpere seen, here and there
fitting to and fro the shout of laughter at their folly
sent after them by the rejoicing people.
President Lavergne, of the Consolidated Bank, see
ing that public opinion so trlumphanty sustained HIM
or he went for resumptiOn) and the resumlng Banks
and rejecting that he occupied false position, sent
in his resignation to the Directors yesterday. They
refused, we learn, to accept it, He told them that
he would not take back, unless they agreed to re-
sumo at once 1t was sine qua non with him. What
the Board decided In the matter do not know, but
this we know,-Mr l.. acted in most praiseworthy
manner.
1t is rumored that the State and Consolidated in
tend to pay coin to-day. We do not how they
do otherwise. If they do not, they will be guilty OF
reachery TO the State and the stockholders and will
nfct an injury upon the note. holders that ought to
be punished with the utmost severity of law, and met
far and near with the most decided reprobation.
As to the Citizens Bank, variety of reports are
float about her. One Isl that she has $500 600 in her
vaults If she has, she ought to be punished for moi
opening them ard making her paper equal to coin.
Another u.s. that the 18th section of the Bank Law il
to be put in force against her for violating it, by paying
out municipal shin plasters. There is great curiosity
to know how she came by that trash.
The general impression seems to be that the State
and Consolidated will be forced into resumption and
that the Citizens will persevere in her laundering
course until premature death overtakes her. Con
dence in her ultimate ability to pay beginning tc
be disturbed and all too by her own foolish policy
She WILL hope take the alarm, before it is too late
and return to the path of honesty.
Taken all in all we have cause to rejoice. There
is now no United States Bank to terrfy State Banks
and drive them from their proprety, better cur
rency'' to buy for circulation, no Nicholas Biddle to
look up to as Neckar, but our leading men have be-
come convinced, by the discussion of the subject
that suspension dire evil is worse than hundred
wars that Bank has any right to refuse to pay Its
debts, that nothing is money but SPECIE and that pa
per is only useful when convertible at all times into
coin and hence the prompt return to cash payments
sought so eagerly by Of all pursuits, as the only
means of escaping from utter ruin. better state
Of feeling exists now than has existed in this city ol
ten years past Suspension take place again
The people will permit the Bank that shall dare
it to stand but it will be consigned over to the tender
mercies of the laws