The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-06

and kept alive must excite the special wonder Of
all who understand il as il really exists. 1t is
a contriyance by which borrowers can borrow
of themselves, not money, but gaudy engraved
evidences of debt, secured if at all. by like evil
dences of debt, all ending in involving the
whole country in debt, causing widespread ruin.
1t is system beginning and ending in debt and lit
tie nothing except debit bringing distress upon the
whole community and ruin upon many Of its mem
bers. No prudence can guard against its conse-
quences. The value of mems property goes up or
down in value under it's influence, and those who,
from necessity, touch these evidences Of debt as
currency forced upon them, are often the victims Of
this pernicious system which claims that debts are
money its equivalent which is demonstrated to be
untrue
WHAT MAY BE EXPECTED FROM MOST OF THE
SUSPENDED BANKS
The following notice appears in the Nashville
(Tennessee) papers
BANK NASHVILLE
September 28, 1857.
In consequence of the preudcial and unfounded re-
ports relative to the solvency of this bank causing
large number OF depostors to withdraw their funds be-
sides heavy demand coin, have been forced to
suspend payments for the present
We beg friends to take action in the matter for
few days. until have had time for reflection us to
the best to be pursued Our assets are ample to
pay all liabilities, and they shall be faithfully applied
N. HOBSON, President.
w. WIRELESS, Cashier.
Within few weeks we have read at least q score
and therefore take the annunciation of the Bank
of Nashville as fair representation of its class
The reports complained of by these banks may have
been, and no doubt were exceedingly preiudicial !;
but the result shows that so far from being I'M
founded they have every foundation in truth.
The bil-holders and depositors were told, no
doubt that these banks could not meet their deiber-
atelyassumed obligations unable to pay their
debts--and the moment they undertake to ascertain
whether these reports true or false-the moment
they make a demand for the redemption of prom
isesthey coolly informed by the banks that they
'have been forced to suspend payments for the pres
ent " and, if to add insult to injury they are also
requested to regard the suspension not as an evil
dence of bad faith but as measure Of relief which
these paper-makers have gracousy vouchsafed to
suffering community, ignorant of the mysteries and
blessings of modern banking.
False and malicious reports cannot force solvent
merchant into a state of bankruptcy. They may d.
minish the number of his customers but they can
not lessen the amount of his assets If he refused
to pay his debts until his neighbors kept civil
tongues, the officers of the law would find singu-
larly eficacious way of forcing him into resump-
ton of payments and, 30 far from this attempt on
his part to avoid postpone his engagements being
regarded as measure of relief by his creditors
they would be very apt to speak Of it in the homely
and indignant language usually employed by people
when they suppose they have been, or about to be-
swindled .s..' sa. .. sr. ..
awe beg our friends to take no action in the mat
ter for few days, says the notice. Our assets are
ample to pay all liabilities and they shall be faithful
y applied" This is the old story, and we suspect
it will be attended with the old results-delays,
disappointments and ruinous sacrifices. The depos-
itors will be settled with in full as soon as the par
ties who have got their money pay their notes. but
as the money, unfortunately, was borrowed in many
instances for purely speculative purposes, and as
there is just now suspension in all speculative
movements, the chances are as one hundred to one
that these notes will be protested and continue un-
der protest for an indefinite period. The condition Of
the bil-holders is nearly bad for as the crcula-
ton Of such institutions as the Bank of Nashville
is based upon deposites of State bonds it follows
that one evidence Of debt is to be used to qudate
another evidence of debt--that debt has been en-
ployed to multiply debt. Upder forced sales ready
money, no doubt, could be raised from these bonds
but if they are now selling at from ten to fifty per
cent. discount, what lower depths would not be
reached if these sales wero attempteds
From the present aspect of things, take it that
the pretty-thoroughly public will not be
troubled with many moro notices from the presi-
dents and cashiers Of most of the suspended banks
DIsGUsTED BLEEDING PHILANTHRoPIsT.
parti-colored convention met at Syracuse New
York, on Wednesday last, consisting of coored and