The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-12

1.-THE probability is, that those Banks, Of which no re
have been made public overwhelmed with thu
ilities of the broken Banks and the resumption bill
hich i'll undouht, dly become law, must put finish
ing stroke to the state Of things.
In Mary land the resumption day has been put off to
August next The report ofthe minority ofthe resump
ton the Senate 10 strongly in favor OF i'm
mediate resumption and clearly sets forth the evils
arising from longer suspension. II commences as
follows -
In the view Of the undersigned the banks have been
the primary cause Of the difficulties and
with which every class and portion of society
csneading Their administration for years past, die
tsed by composition and avidty for large profits and
speculative Of the price OF their stocks
have seduce; and missd them from the true and legt
mate of banking to the mere pursuits Of private
ends of the high dignity and destiny assigned
to them ofregulsngh the currency, and maintaining the
standard Of value In the community. This object and
eiss By authority of the State which are denied to il.
individual citizens How far they have been true to
this end, and the just expectations of the community
that con6ded in them to sustain fixed representation Of
value every mans property and Possessions let the
anxiety lalsrm aud suffering. ofths community answer
The bank suspension for years. have net only unsettled
the value Of labor and have sns
confidence in the commercial community.
Nothing be clearer to every unprecedented mind.
than the facts here forth but il in vain to argue
with individuals whose interest does not coincide with
the public good These persons have used every exer
ton and misesd the community, and to in
duce them to believe that the being Of the public
was promoted by not paying the debts due to it, The
psltry excuse that the Banks cannot resume while
others remain suspended, is thus treated
And if the approximations were true, that resump
ton by the banks here, would invite food Of depre
ciated paper from the surrounding states II could not
perform more wholesome Office for the public, than to
upplant and expel the existing base circulation But
the assumption ID grstuitous at least II has not been
vouched by experiences since all the bank suspensions
in this state have been Simultaneous and continuous
with neighbours and Maryland has yet tested
the practicability OF maintaining sound currency in
reliance on her own banks. New York and Boston have
sustained themselves while their neighbors under
suspenson and specie 10 attracted In that direction
because is out of where an irredeemable currency
is Knitted to circulate. Our banks have more than
sufficient sustain their present circulation. There il
inducement for Pennsy Virginia to draw it
from The balance of trade with the south, in favor
of our metropolis, will become likely to attract
specie in this direction II is not wanted at New
York and Eastward and in the opinion Of the under
signed this is the suspicious time to attempt the resump
ton is to be done at ALL without awaiting the action
ofthe bordering posponing In future reliance
upon crops and which not under the
control Of human agencies until balances
racted against to the eastward preparing the very
resumption New life and confidence restored to
the sound banks by prompt resumption, the contents
of thousand private Golfers, and additional aeposs,
would speedily be restored TO the vaults efthe banks,
and new and efficient facilities would be given to their
means of relief