The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-11-24
BIC b NJ 0 ND, VA:
FRIDAY MORNING. NOVEMBER "a. 1854

The Pressnre-Hs Cause More Bdnkjag Capital
WaHted; ba no more Free Banks -Eadependent
Ranks-A Suspension by the Banks talked Of and
deprecated-The Banks Of MARYLAND, pirginia,
and North Caroliqn adrised to take each Others
notes on Deposh for limited time, one mode
Of relicf f-!sclden, Hahers & Co.
Correspondence of the Dispatch
BALTIMORE, Nov 22i, lsJi.
Mr.. Editor-since left home, the scarcity oi
money, hard times breakers ahead, and all the
evidences which bespeak a want of confidence, a
panic and pressure. the subjects of conversa-
tion which parvade all classes here and in Wash
ington There lie NO doub, but that there Is very
great scarcity of money at this time, and who can
wonder at III Confidence between man and man
Is diminished The Banks cannot meet the de
mahds upon them Of the commercial world, and
who can expect it, when the trading community
have so lar exceeded in their importaions, the
limit which our exports and the banking capital
wilJustity Particularly in our Southern States -
Take, Tor instance, your city, and look at its
trade ten years ago. and what it now ia. See the
extension of our rallroads-the immense capital
which has been expended In them-the heavy and
increased lmportations of our merchants-and who
trading, buying, building, and living more extrava-
gantiy than our means authorize.
We need the banking capital to carry us through
the war; capital at least three fold in amount -
6"t not Of the Free Bank stripe We do not want
Bank which requires its capital to be invested n
stocks: for this banking amounts only to withdraw
ing capital from the legitimate channels of trade to
find a permanent and solid investment in State
stocks. This banking won't do. Let us undo and
reform IT altogether. Give us more capital under
our old charters without branches come 10 a
bona ilie resumption Of specie payments, and my
word for it, with prudence on the part of our peo-
pie, we can steer our good old ship Virginia into
the harbor of safety but there is not time just now
to remoddle affairs. The breakers are upon us-the
clouds look dark and angry, and portend heavy
storm
IL ls whispered here, and by some intelligent
minds, that the Banks of Maryland should, for the
protection of her merchants, suspend specie pay.
ments. 1t this is done, Virginia and North Carolina
must follow suit. trust that Virginia will not en-
terrain the idea Her merchants have passed the
ordeal, ana DO not believe that either the banks
or merchants require such remedy for their re
lief. Let other methods of relief be adopted trv
this, try that, try anything but suspension II is
bred In mischief and ruin and universal discredit
viii follow in its paths. Let the Banks of Mary
land Virginia, and North Carolina unite and receive
on deposit the notes of each others banks for the
next sixty days from their merchants Let the old
and the new Banks of Virginia unite in the com.
mon cause. and bury the hatchet of jealousy which
exists between them, and give and take each others
notes In payment of all currency demands lie.
them adopt the maxim that in union there is
SAFETY and all will yet be we'll
The house OF Selden, Wifhers e. Co, is still in
confusion, and virtually in state of suspension
but not broke. The holders of their notes should
the house, there certainly no two opinions to
the undoubted liability and responsibility of some
OF the individual members of the firm
Ii have time you shall hear more anon.
Yours, truly, B. A.