New-York daily tribune., 1857-09-29

The effect Of suspension Of specie pay ments by
the Banks, is this whatever the difference Of
value may be between specie and what, undera sys.
TEN of suspension, constitute current funds-notes
and depOsits that is in the suspended BankstO the
extent Of that difference the suspension causes an
aba en- ent upon all debts falling due 1t is
scheme much of the same sort with tho,e abrOga-
tions of debtt Of which We read in the history Of
the al Gent republics. II suspended bank paper is
at d diic, uut of ten per cent ac compared with
specie, tb,n eve y man who yves q haadred dol.
l,rs will be enabled TO pay that drbt with ninety;
and the great the difference between psper and
specie, the lees will he be obliged to pay. 1t is
easy theI eore IL STE Why tbOse heavily in debt are
slways in favor Of a suspension by the Banks,
though, sfte1 all, it is only those who owe more
than they have owing to them who ere really
benefited by such movement.
Fer the same reason, it is easy to see why those
State. aud cities which have suspended sreawsyse eX-
ceediDgly anxious to involve 10 the same suspension
all the rest of the country. 1t is also evident thstthe
interest of New. York, as whole, is decidedly, at
all times, sgan,t suspension, however CONVENIENT it
might be to certain deeply indebted individuals.
NewYoIk being the center of trade, and furnish
log large part OF the capital for the extended
mercantile operations of the whole country, is o.
ways, on the whole, a creditor city. New-York
always bas more money to receive from the
country tnsD TO pay TO it The payments
made by New-YOrk art to very large
extent made to foreign countries The foreign
trade beng mainly carried on through New
York this creates in our accounts with the rest OF
the country an immense balance in our favor.
From the circumstance that so heavy an amount
# our payments is to be made abroad, and must
be made in sp, Gle, or its equivalent, New York,
in case Of q suspension Of specie payments, can
never stsnd on the same level with the rest OF
10. county. While the rest of the country gains
all the btLeiits Of the operation, We suher all the
loss Our debts from the country for foreign goods
sold for consumption are paid to US at the rate Of
~ or 90, perhaps TO OF 20 cents on the dollar, or
even less. while We are obliged to pay for those
very goods 100 cents on the dollar. 1t is, there
tore, the plain interest Of New.Yoik, as it is also
the plain Interest Of B,stou and New-Orleans,
# not Of Phlaor pblS ard Baltimore, to MAINTAIN
the spene value ior the liquidation of debts. Inc
,Dly sreum-I 10 favor # suspendmg specie pay
mrnts ia that it nay ensble burness meo ~ go On
srd pay Who otherwise might stop and fail. But it
sust as well ~ give relief by way Of extension or
composition as to receive only part of debt due
IA thorgh il wtre The whole. b, sides, those debt
ors Who are really iDsolsent will fail jsst as much
ut6,rs su-pen.ion of specie pay nents as before
| Cadt ubiedly there are many solvent houses to
witch very considerable indulgence will be needed
t. enable them ~ 90 on; but better they should
have il on chow Of as,et. and after 40 explanation
with their creditors, than to have the same indul
gence extended TO everybody, solvent and iusolsent