Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-19
RESUMPTION EASY.

We have been favored with The l0lloWlnS ietter
from the Hon. Nathan Appleton OF Boston, TO a
gentleman in the direction Of one OF the Banks OF
Baltimore This matter Of paying specie has
strangely frightened wise men. Banks, in state
of suspension, act under great disadvantages, and
subject themselves TO much more trouble than they
would encounter by boldly paying specie. II
Bank can pay anything, il can pay specie. We
hope the opinions IT such man as MIR. Appleton
will do something to strengthen the courage OF the
gentlemen in Baltimore, and induce them 10 leave
position where dangers much thicker than IN the
honorable field OF cash payments.
In. Y. Jour Com
(copy.)
BosToS, JAM u, 1912.
Dear Sir: have been struck on seeing state
ment of the condition Of the Baltimore Banks, as
published in The Boston Atlas on Tuesday last, with
the position Of great strength which IL presents, lar
greater than tina, Of the Boston Banks at any period
Of their greatest contraction. II appears evident 10
my mind, that your banks can resume specie pay
ments at any day with perfect safety, unless there
is something in your situation which do not UNI
derstand Believing that the resumption OF the
banks of your city, will do more than any other
event for The restoration Of the currency throughout
the country, and believing that your influences may
90 very far in this matter, venture 10 address you
on The subject.
lakeit for granted that al this time there can be no
Of suspension desirable and advantageous state
of existence take il for granted, that it is cons-
dered matter Of interest as well as duty, that the
banks should resume as soon as practicable. GU
are aware that have been of opinion that the de-
Law which has taken place was unnecessary and IN
furious, and think no one can now doubt that The
last Spring, when money was going begging III
Boston and New York. was the most favorable time
which could possibly arise. ] am equally convinced
that nothing can be gained by further delay and that
in your condition, sound currency can be restored
to Baltimore with less Inconvenience and trouble,
! than al future day.
lam aware, that the general opinion is, that Bal
timore cannot safely resume, whilst Philadelphia On
one side and the Virginia Banks the other, are IN
state of suspension the popular idea being, that
,his stale of things would lead to drain Of specie
which are in a state VI suspension. This idea Will
probably prevent the Legislatures OF the different
States of Maryland. Virginia, and Pennsylvania,
from taking any measures 10 enforce resumption on
the part of the banks in those respective States
and vet nothing can BE- more false than this idea.
and the reasoning which supports IL. Suppose Bal
rmore should resume 10 morrow. what Is the state q
her Banks? They, OF course, refuse TO receive any
bank notes but THEN own or others, made equivalent
to gold or silver. Baltimore Bank Currency be-
comes. in a moment of equal value with that o.
New York and Boston Philadelphia and Virginia
Bank Notes, or drafts on Philadelphia or Richmond
can only be sold at six or eight per cent discount
whilst the Exchange with Boston and New ofk i
at par Now, is il not evideni that the Withdrawal
of specie from Baltimore, to place in the Banks 0
Philadelphia or Virginia involves loss OF the dit
ference in the value of their currency which vii
be greatly increased by the resumption OF Balti
more So, that if the Banks Of Virginia and Penn
sylvania abstain from buying specie in Baltimore
when they can get il, as now, for two per cent less
there is no danger Of their doing il al loss OF 81,
or eight per cent; which will be the after tn
resumption Of Baltimore unless these banks ais
prepare for resumption by contraction of thei
currency. An accurate view OF the principles, in
volyed III the case, can lead TO no other result. Al
experience confirms it. | was actively engaged il
business, in 1916, when all the country, South G
New England, was in state of suspension. In
stead Of being drained OF specie, Boston was IN
point to which specie flowed Tor market. Precise
IL The same effect has followed the resumption {
New York and Boston. since 1885.
Baltimore is the centre Of 4 great trade. Let he
Banks establish a sound currency for themselves
and the whole region Of which she Is the centre
will soon purify itself Of the trash which now dis
nraces IT, The solvent Banks will resume-th
Trash will disappear-nor will this change Of cur
rency create the confusion distress which is gene
rail-: apprehended Railroad orders will find the
true value, and be purchased up for being funded
So of every other species Of the present currenc.
The people must be sufficiently slckened with tn
present state o. things, to induce them TO be-