Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-11-02

The Probable Suspension In France an" AnSh"""'
We believe that all thoughtful 6nanciers now re-
GARD suspension Of specie payments by the Banks
If France and ENGLAND as among the strong probable
tes which must ripen into certainty with the con.
tnuance of the war, and the latter event appears
he as nearly fixed fact any future event can be-
The war cannot be continued two years longer WITH
out resort to suspension, and there Is no eaFthly
reason to suppose that peace Will be conciuoed WIN
in that time. Of COURSE the shreWd tnanclers VINO
manage these matters at the financial centre-Lon-
don-if they feel the ultimate necessity will not wait
to be driven into this measure, but will adopt it in
advance, and repeal of Sir Robert Peel's Bill, re-
strcting the issues of the Bank and establishing
a certain maximum of circulation and a minimum
of bullion, is looked forward to as one of the
acts expected from Parliament at its next SEES
sion. And at the same time it is quite probable
that some action similar to that adopted under
the administration and by the direction OF Mr.. Pitt
will be resorted to. The Bank Of England, and with
it, of necessity, the other Banks of the United King
dom, will be allowed to suspend specie payments, and
their bills suspended will be be made legal ten
der in payment of all debts
Specie, thus ceasing to be the circulating medium
in England and France. will become an article of
commerce. thing to be bought and sold--merchan-
dise in fact and, from the necessities of the real
ultimate purchaseTs--the governments of England
and France, who must have it 10 carry on the war
will rise TO a price above it's intrinsic value. The
laws of trade will, no doubt, eventually revenge
themselves, and assert their inevitable supremacy
but the immediate effect must be drain of specie
from the United States, in spite OF commercial
exchanges and trade balances The European gov
eInents will pay higher price for specie than oul
banks can pretend to do without bankruptcy, ant
they will get it, and our banks must part with it.
We must confess that, IN our humble opinion, con
tinuance Of the Eastern with It's present heavI
expenses, will render general suspension of spec
payments, even in this country, q contingency very
hard 10 avoid
The balance of trade and of exchanges may be il
our favor but not sufficiently to CounterVail tn
bids of governments willing to sacrifice nearly one
half, so they can get the money In the last year
of the Pennsular war; every hundred dollars of spe
Gle that reached Wellingtons army had cost on
hundred and forty-six in currency. If the war con
tinues four years longer, even our constitutions
treasury will be hard TO adhere to a specie sys
TEN. We think that it will weather the storm, bu
will put all it's latent virtues the severest test
1t is we'll enough TO look these things in the fac
and be prepared for them. They may not Occur
The state of things necessitating may be somehow
avoided. Our calculation of probabilities may be de
fective, but we think that they are not, and Wi
prove correct. At the very least there are stron
probabilities, and it is we'll to bear them in mind.