The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-15
$S8.ois,4si
The immediate liabilities of the Bank are as follows
.oupsred - Anril laIl. "a


BaceAua stueuon tnan was ever presented BY any
eminent, showing positive symptoms Of imtecility cor
rupsn, and foly sporting with its credit and
running counter to the interests Of the people The
popular branch Of the State Legislature passed law
compelling the banks to resume, and relieving them
from receiving the bills uttered under the act Of Nav 4b
These bills are rsdeemabe only In of $780, in State
stock which stock consequence Of the failure of the
State to pay M interest," has fallen forty eight cents
on the doar natural consequence the relief bills
which the shadows Of the stock have fallen in SINH
lar proportion. This fact has besn taken advantage Of
by the nsolvsnt banks and the enemies Of resumption
to raise clsmsr against the Legislature and the Re-
sumption Bill the of the dspreciatien Of the
bills and the less to the holders. The Senate eagerly
shipping their by this false clamor have smeher
ed the resumption and BILL and propose exteaduG the
suspension Eve years Let turn back to the history
ofthe "Rsef bill" In the last week Of April ls<l II
passed both Houses and vetoed by the Governor II
was again taken up, and passed BY majority that put
beyond the reach Of the Governor In consequence of
the derelectisn from duty the part of six democratic
members, under circumstances strongly indicative of
bank Influence. Every practical man condemned the
law sbsurdy at the time. In article Of May
10th, we remarked - foilsws:- ls
By the act the State has crcateda per cent stock Of
ooo redeemabe in ave years. without setting any
funds apart or providing In any way for its redemption
basis Il an issue Of like amount Of small bids BY the
banks only redeemable In sums Of $780, in the State
stock these bills be received by the banks pay ment
ofdebts due them and also for all State dues Pennsy
vana per cent stock worth eighty cents on the
dollar These circulating bills bear interest If col
erest Of per cent in stock the value Of which
90 per discount This stock however would not
pay debts to the banks States and its market psse
urfkev depreetsfe rem the fact, that there 10 nps
the Of psyirsn The bills based upon il caa e6nrse
ss v.rta no more .Aa" The stock into ~Sie4 alone ay
This Kind oflesslaton is strongly conducive towards
incressisg the contempt which is already felt state
government that having already lost ell power over the
HANKS yet affects clustering show Of that which no
longer exists. The easy nonchalan.e with which Mr.
Bdde in Of his letters treats the authority Of the
state in regard to the banks should have taught them
humility. Our do not hswever seem
to BIO destined 10 become wiser by experience.
The result here painted out was inevitable and has
now become history Pennsylvania per cents were
then at 90 per cent They at 20 Of course cir
cuang bill that redeemal lie alone In stock worthbut
- the dollar cannot command par and yet the
fact Of this fail 10 aseribed to the resumption bill II the
people suffer loss by the FALL their suffering must be laid
alone to the door those members by whose dersicton
from duty the bill passed. Let their be pub
lshed that the people may know the real authors Of
their disasters What they have suffered will be ~ NO
thing 10 csnparison with the enormous abuses that
await them II the Senate bill becomes law. The
projectors and advocates bill should BIZ made known
the people once that responsibility may rest in the
right quarter. The following extract from the re
port Of the Legislative committee on banks with whom
the resuupsion BILL which passed the House, originated
eve must now take thisgs a. We 6nd them, and pro-
coed accordingly. .laft. I-a'
IS not now SO much tho evils that exist az tho rene
dy with which we have TO de- The banks of this State
have with little exception been in state Of Suspension
has borne them to an extent that has not and per
naps would be extended to any other portion Of the
citizens II individual becoms indebted he cannot
In tfel nj no
dollars worth ofpropcry not exempt He u sold out
under the process oflaw.
onst They have been INDUCED again and again. and
except in few instances compulsory have been
rescred 70 BY the people to compel them to DO Justice
Measures to restore confidence and return TO atc In
which they would be able to their promises pay,
Sssn s Sn
limitations received BY them and issued sgan only 70
enable brokers to purchase in Ct discount with per
hsps the very noney furnished them by the bank ITSELF
thus moving in circle Of spseulasisn At ence war
ith all fair dealing
~ n.
nd return TO specie payments they have a. i would
the people farther and wider And now sfter
this length Of time when called upon resume spece
payments with few exceptions, they are unsbls 70 6x
DAY st ssy can 70 ihe WsH ~:
the banks Of this State suspended specie and
vbv DO they continue in that state Simply because
/ E0tc1
hsd specis 10 redeem This they must have done VIII
fail ledge Of the fact. They must have known thai
they were running In debt By Issues beycnd hs
/ they wore able 10 meet Would any individual IN com
munity be tolerated. who would heccme indebted large
w. and when time was given him, only take sdvsntag
Of Il by running further In debt II not, We ask upo
what better footing the banks Of this State ssna 'ns
the individual in that eass1 Certainly not any"
This presents the in is true light and the vie'
here laid open was adopted BY vote Of IS to 49, In
seuste have however reec,sd the bill eatire, and pr
posed one continuing the frauds upon the peoule Tn
progress Of events should have taught them that ina
much ~ the Legislature has been controlled by "a
banks tho banks must now be controlled by psbic OPP
ion The bill Of the Ith Of May, ls4i, authorised su
pssson for I'VE years. untA the State could redee
The s Issued under the law Why Il II then that VII
in nine months sgain kni the question Of resumpi'
in sztaiioa Because the people win It, They viii
longer submit to Bank oppression and unless the Leg
lssure compel instant rssunpsiss the force OF publ
opinion will compel liquidation, anishst speedily
In all sections Of the Suspended district the course
Points 10 resunptiss ana the bank interest
a.. ~ ! l.. ...l ~