Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-27
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THURSDAY, JANUARY q, 1912.
MARYLAND BANK RESUMPTION

MARYLAND BANK RESI- NPIlON
The Baltimore Patriot contains condensed view Of
The Banks Of Baltimore, on the 3Qth inst from which il,
appears that their specie and specie funds amount 10 81
29 ,1s5, and their circulation to S,lG9 93- their de-
lssil,s To 1904 1t7-ther discounts to S. 13i ,2Si-
their capital stock to $3.50 le-iny,smet in stocks
to Il SOS So
The American contains synopsis Of the answer re-
turned by the various Banks Of that State to letters I'D
dressed 10 them by the Currency Committee Of the
House OF Delegates, nuring IL they ready for re-
sumption oisT"ce payments, and if to assign their
reasons therefor The to tbs inquiry without
exception believe, is that ther are in possession
OF specie or specie funds sufficient meet all their liab
itles; bot thai If they forthwith resume the p.ces-
sary consequence will be the rapid collection of the
debts due to than aud tie cessation of discounts, follow
eddy the withdrawal Of then notes from circulation the
the vacuum 10 be supplied by the specie which they
will pay out, but by the deprecated notes Of the banks
Of neghborlng States, which the specie will be enploy
ed tuy up for that purpose. NJ c. Thmston Esq
President the Mineral Bank states tie question in
remarkably lneld aud tocllt point view; and ashs
marks just well suited 10 THIS meridian as to that o
MarYla We shall copy what he SAYS: The only ad
'vantagr (.e says (which tic people can derive from
''reinr TO specie payments. will be to obtain coin for
''ther present demands upon the Banks. Tie Banks
will pay their demands and then theclans of the people
end The Banks, during such state of things cannot
emit another doHor for any purpose Of usefulness or ac
communication; their functions are ut an end and they
will have nothing to do but collect their dues This
collection will they press with all DESPATCH in order To
he able To reduce their expenses: or in many cases ,,
divide the ASSETS among their stockholders The small
'0drontoge q gaming he difference beiwcen the notes
and CON wWLc more than com,tcrtaimced by the pres
sure 'rhch "H e"S"e upon torced collection Of their
dues byhe Bdnhs, and by the OF even the made
'qmte accommodation which the community now
'obtan from the Banks. But" (and to this remark
we would emplacay invoke the calm and dispassion-
ate consideration OF our readers particularly those of
them who may be clanorouS for resumption of specie
payments, without looking 10 means and ends. and
without weighing the evils and advantages that are to
How from coercve and premature resumption -. Bm
Jnsf m W'P@f''h as The circulation n tie .1n1Iand
"Hd'hS rs 'cd'e'ncd, nc cmrcncy u The State ,rW be-
come '"orSe Mr.. Ihuston asks Docs any one be
'Ileve that the coin taken from Banks would be us
led as currency! Would il not he used to buy VIRGINIA
aud other lnconycrbfe paper. for the transactions of
busineSs( II is idle to say that the community would
set Their laces against It, that they have any mower
Ito control IT. But we have, in the District of CoIum
''bla, an example Of what would be the case in MARY
LAND. There, the Banks pay specie The Govern
'lncni discusses very large amount of specie or its .
equivalent The laws rigorous as possible Doe,
coin circulate in the District? No; on The contrayv
their currency is 'rorse than ous Every functonary
''oi the government and every person having coin
buys deprecated paper which alone is in u,e.''
l1Vp tb, l,lo
pressed in small space and what is true of the District
Of Columbia would be equally true here under the same
circumstances. Let the Legislature of Virginia force
speedy assumptions and they who imagining that the
necessary effect of that policy will be to fill the channels
OF circulation with COIN will very soon have the illusion
dlspclcd. We should neither have Virginia Bank notes
nor spcceor the latter would be drawn out the for
mer would be called in more to lie ressued while the
specie itself would be careiey boarded or be speedily
exchanged at premium for the notes of the non specie
paying Banks of adjoining States which would soon be
the only currency amongst us in the transaction .
every day business.
There is but one mode by which this evil can be avert
ed, aud that is by simultaneous resumption by the
Banks of Pennsylvania. Maryland Virginia and North
oarollna-partculary of the three first named States
This idea is laid down, in the replies of all the Mary land
'HNn' is Il sue IH0HbH 10 cllcctlNe rCSunptIUn-aIid
they think that the period be fixed for this general
movement should not be earlier than the lst of AUGUST
MIR. Cuttings, the President of the Chesapeake Bank
states in his reply that that institution is prepared for an
immediate resumption provided the State of MARYLAND
can return the amount loaned her. 4 pretty fair hit
and ono which is just as applicable to Ngni as 10 Ma
ryIand. We think the State ought 10 resume pa,umen,
itself before II denounces the Banks from which it abso-
ncy efforts large loans TO pay its other creditors for
failure 10 redeem their liabcs Indeed the State is
competed to compel the Banks to draw upon their specie
bags i9r the purpose of furnishing it with the means of
paying the interest the debt due TO the holders of its
stock. Suppose the Banks were independent of State
legislation, and having The power 50 10 do shall refuse
to supply the Commonwealth with specie for this pur
pose,~--We should like To know when and in what way
the State could resume or maintain specie puymens?-
Physlcan heal thy self might well be the language of
the Banks 10 the Legislature
his subject Is under discussion in the Ieoi,la
iure OF Maryland, on bill making ii compulsory on the
Banks to resume within twenty days after lis passaec-
lis fate is doubtful.
90 Nicholas Blddlc, Thomas Dunlap, Joseph Cow
pcTllINaltC John Andrea and b,v, hoo,