The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-15

PROBABLE SuspEssloS OK SPECIE PAYMENTS -
According to all appearances II seems to be highly
probable that the banks here, and throughout the
country, will suspend specie payment in q short
time, probably before or after the middle Of sum-
mer 1t is well known that the Wall street journals
live and exist in the confidence Of the banks in that
street, and that the sentiments which they put forth,
and the purposes which they reveal, come from the
+ bank parors of the various institutions in that
quarter Since the sub treasury bill passed the
House of Representatives by large vote, making
\ il incumbent on the government to collect all its
dues and customs in gold and silver, there has
been a considerable efervescence, and great
amount of feeling among the banking institutions;
and this has escaped by the usual safety valve by
their organs in Wall street, and throughout the
country. BY the same journals il is now sad thai
the eub-treasury bill will pass the Senate, in the
same shape in which it passed the House. II this
be correct-and the banks and newspapers would
not promugate such facts, if they were not true-we
may expect, in the course of the summer, mat
ter Of necessity, the gradual and final suspension Of
specie payment By the banks in New York, and
throughout the country.
The operation by which this new condition of
financial affairs may be brought about is very appa
banking institutions and the depositors that the
government, as soon a. the law pass the Sc
nate, will carry that law into immediate effect, by
demanding. all bank deposlts, dues and customs, to
be paid in gold and silver The friends Of the banks
will therefore, take time by the forclock, and in the
same ratio as this demand will increase, the banks
will diminish their specie. In this state Of things,
the government itself will naturally take alarm and
,bava mill he L.. I.. ~
government, the private depostors, and the bill
holders. Now, it is well known that concurrence
in such rush, by the three interests We refer to,
would produce suspension in half day. 1t is
very true that the banks all profess to pay specie
demand to all depostors and bill holders but it 10
well known that this has not any truth in practice;
in fact, the whole theory of payment on demand isa
sort Of scientific lie, which is not believed BY any
of those who have practical experience among
those various interests.
Believing, therefore, from all these high sources
of information and the ideas put forth leading us to
anticipate suspension among the banks, it is full
time for the community to take the matter in hand,
and reflect what to do in anticipation OF such
crisis In quiet and peaceable times, when great
confidence exists between man and man, banks
have no trouble; great profits enable them to raise
money, and variety of circumstances tend to give
them the appearance of prosperity. In war or
revolutionary times, they are, comparatively,
a broken reed-utterly worthless, and lead
people into error and confusion. Since the great
Revision Of 1887 banking in this country has never
attained the same power-since that run upon the
banks, necessarily had its effect upon the great
commercial interests, and majority are trading
upon their capitals fact. the best interests in
the country have separated themselves from the banks
during the last few years, and nothing but this ar-
fetal security in relation to capital has sustained this
system Of stock jobbing during the last few years.
1t is probable they approaching the crisis now
anticipated by the Wall street journals and the banks
1t will be first brought about by the action OF the
sub-treasury bill, which, when carried out, will drive
all the banking institutions out OF existence. The
great and solid interests OF the country are beyond
their reach, and care nothing about their fall.
The LITERARY WAR-BArTLE OF AUsrERLITz
EXPECTED We understand that Mr. Lester intends
to come out in day or two upon the affair of Pow
ers the artist and vindicate the truth of his state
ments and the proprlety OF his conduct, against the
as-uuss nude upos him BY Park Benjamin, Of Bai-
more. We have been assured by his friends, that
he is able to make his case good, and to establish
the truth and veracity Of his statements in relation
to Mr.. Powers, and SO throw back the falsehoods
which have been Illuminated against him by Park
Benjamin. What may be the nature Of his answer,
we by no means know; but to rebIt the evidence
Of Mr.. Powers, he must be strong indeed, and some
thing similar in character, authenticated by
SONS Of Mr. Powers conversations, or by letters
from him to Lester. explaining the whole. As it is,
Mr.. Lester is in an awkward dilemma, and GER
tainly is called upon to establish his reputation Ter
truth and verac,ty in an effective way.
We wan with some impotence to see how this
amusing squabble is gong to terminate, and who is
going to be the Napoleon Of this literary campaign.
We should not be surprised to see Park Benjamin
come out third or fourth best.
| SINGULAR PKTITIoN-We have seen the original
OF the following singular petition =
To tAe Honorable Delegates CsnVenon assembled for
the purpose Of amending the Censufion Of the State
We the undersigned, colored male citizens OF the city
and county Of New York, do most respectfully pray
your honorable body 80 to amend ., sec Irevi,ed
State Constitution, which property qualification 10
required Of col9rsd males IN o,asT 70 Sss
that they hereafter exercise the right upon the
terms and condition.: other male citizens Of the
State. HORACE DRESSER.
GEORGE HUDSON - Wooster street.
ALExR GIBBS. ~ vesey street.
We had always supposed that these gentlemen
were white men and Christians Of the pure Anglo
Saxon race-but, OF course, they know best. This
is specimen Of the way in which people sign petit
tons without reading them.
Movements OF Travellers.
There quite accession Of commercial and other
travellers yesterday egistered at tho principal hotels
/ AT the
AMrs,cAr-Messrs. Appleton and Cabot, Boston !; L.
Briest, Philadelphia George p Crap, Philadslphis
W. Davis N. Jersey George FIcomb, Kennebeck; A.
Bridges Cambridge; James Hutchson. Mo treal David
\ Osgood Boston; e. NJ Armstrong. Newburgh; Major
Ripley " sA Messrs vickers and Fortescue, Philads
pnia; ii. 8. Newcomb, Us NJ; George Crap. fhiIa.
Asrsa-C Haven St Louis; Wilson, Mark and Tap
pard, New Orleans; C. Brown. NJ; W. Hart Troy; w.
Robinson 8. Wheaton, Providence; II. 8. Banker, Rio
Orande Brazil; r. Livingston, Poughkeepsie C. Cush-
ing w Deiano Boston; B. Cadue, Baltimore; T. Baker,
Boston J, Plumb, Albany; Oregon, Daweer. Reed,
Wade, whitney, Tibbs, Lyman and Tony, Boston;