The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-05-31

RESUMPTION TRIUMPHANT.

All opposition knocked dolOn !-Resignatlon
Of President Larergne Public opinion
stamps Nth appreciation the seren resasn1-
ing Banks
Yesterday the glory of the day before con-
summated. The city saw the sun of specie payments
shed its benefcent light over her vast extent and con-
hdence sprang up, like new grown plant, In every
mans BOSOM
The seven Banks did not lose over 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 in alarm, and hun
dreds of new accounts opened by men, who, for
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 seen, here and there,
fitting to and fro, the shout of laughter at their folly
was 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 resumng 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
sumo at once. twas sine qua non with him. What
the Board decided In the matter do not know, but
this we know, Mr. l.. acted in most praseworthy
manner.
1t IL rumored that the State and Consolidated in
tend to pay coin to-day. We do not see how they can
do otherwise. If they do not, they will be guilty of
treachery 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 ough to be punished for not
opening them ard making her paper equal to coin.
Another is that the 18th section of the Bank Law is
be put in force against her for violating it, by paying
out municipal shin pasters 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-
dcnce in her ultimate ability to pay is beginning to
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 United States Bank to terrfy State Banks,
and drive them from their proprety, no "better cur
rency to buy for circulation, no Nicholas Biddle to
look up to Neckar but our leading men have be-
come convinced, by the discussion of the subject,
that suspension is 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
CON- and hence the prompt return to cash payments,
sought eagerly by of all pursuits as the only
means of escaping from utter ruin. better state
of feeling exists than has existed in this city for
ten years past Suspension take place again.
The people will permit the Bank that shall dare
it stand but it will be consigned over to the tender
mercies of the laws.