Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-10-02

N a large extent, much to the relief y. mercantile
business. The In,ellgenoer,o OF that CITY, says:
Isaac H.. Sturgeon, Esq. assistant treasurer at tnis
n,scs Maid out Yesterday $l67 ,O0O in coin. 1t is ON
indian annuity account. But it will fall into the
hands of Indian merchants as soon as paid over TO
the Indians on our western frontier, ana thence nnu
Experienced parties say it will hnd ltS way BACK 10
our city, in thirty days from this time. An ADDITION
al amour. of $4,000 will be paid out by the SUD-
treasury this week for similar purposes, 10 TAKE ,ne
same course. The entire relief oil Inc money Market
of our city may speedily be looked tor. causes va
rious and powerful, are at work to bring it about.
THE piTTsBURa BANKS.
The pittsbure Chronicle of Saturday evening says:
Three of our own banks-the Exchange, Merchants
and Manufacturers. and Citizens'-have, in view OF
all these circumstances OF the case, thoughtil wises'.as
a prudential and precautionary measure, 10 sdopt Tor
the present the same policy-suspension OF specie
payments. Our other city banks may possibly be
necesaitated to follow their example. the Bank OF
Pittsburg decides against any Suspension Whatever.
1t is considered, by our most discerning aud expe'
riensed bankers, that it il by far the best, and III
| deed, the only prudent course, under the clrcum-
stances, that could be pursued All our banks arr
unquestionably solvent, and stockholders and deposi'
! tors are perfectly secured, and need be under no ap
prehensions. -.
The Western banks may, possibly, be obliged to
follow in the wake of the Philadelphia and Pittsburg
banks. There are large amounts in the West due our
hanks and merchants, on exchange, but the parties
III " pOluIo ulO a1S w
exchange with which to pay these liabilities.
THE SUSPENSION IN PHILADELPHIA.
The Philadelphia papers OF Monday all comment
mon The bank suspension in that city. and the effect
il is likely to have upon business. They are, howev.
or, at variance as to the ~propriety of an extra session
of the Legislature. The Inquirer advocates it as in
dispensable and calculated to ~re-inspire public conf
dence. The 'Press." on the other hand, remarks:
The Governor has undertaken a great responsioilI
~ in calling this Legislature together. He ia the head
| Of our State government. We have lost character
throughout tue Union by this last suspension OF spe.
ole payments. Our good name is traduced and our
credit assailed by the press IN other cites. Let ho'
Gov. Pollock dishonor himself by yielding 10 the pro.
iects of those who only seek their own ends and con-
s,antly forget the true interests of the State.
The people will never consent to confirm euspen-
sion or 10 relieve our banking institutions, unles, II
shall be fully established to their satisfaction that
these institutions have done all in power 10 meet the
demands that may BIZ made upon them, and to com
ply with the laws. In this connection we cannot
avoid the expression Of our sincere wish that th7
hoaest debtors of the banks. comprising the mechan'
lea. merchants manufacturers and active dealers, i'll
this city and throughout thu country, should be con-
sidersd only neg. TO ,he no;e holders themselves.
1t is believed by many sound thinkers OF all parties
that, in the present prosperous condition OF the coun'
try, and the large amount Of specie known 10 be- in
hands of the people, il is within the power OF The
banks, by a fair use of their credit aud the means
they have at their command, though It may be at q
considerable loss to them, to be able to redeem all OF
their liabilities, either to note holders or depositors, at
no distant day. II this be SO. no sacrifice should pre-
vent them from complying with their obligations. In
view Of the many sacrifices which have been mace
by individuals to maintain their credit with the
banks, they should not hesitate a moment to make
equal if not greater sacrifices to sustain their own
credit. II it'll be found that they have neglected or re-
fused this, they can claim no sympathy from the pub
lie. nor will it be accorded to them.
Our banks rust not forget that while for years they
have been extending favors and lending money TO
their own friends at tho low rate Of six per cent per
annum, of which we have had abundant evidence,
beginning with the failure OF the Lancaster Savings
Institution aud the Lancaster Bank, and ending, we
hope, with the present crisis, there were hundreds
| and thousands of merchants, mechauics, manufactu-
rers, builders and business men OF all classes, who
were paying enOrmous rates 10 MAINTAIN Their credit
with these very institutions. II will not do, then, un.
der any circumstances to allow them 10 issue q de.
preciated currency for the benefit Of their customers,
lrhen they hare means to prcrenL ih) to the great iu.
Jury OF the rest OF the community.
The Ledger says the extra session of the Legisla.
ture, which il il rumored il to meet Oct. 6th-Tues.
day uext-will have to adjourn on the 18th, the day
of the State election, as the terms for which ths mem
bers were elected expire. II may be a fortunate cir
cumstance, therefore, that the life OF the LegislatureIs
of 20 short duration, as there will be little time for
demagoguisin and idle ysporips. All the time will
DO required for sctiou.
The Philadelphia American strongly defends the call
ing of the Legislature together, and says:
So long as the banks continued to redeem their cir.
~culatiob, az they have done Notwithstanding the sus.
pension, It was obvious that the notes they called 10
would not be 9 issued, and consequently that the COM
munity would be subjected to an Invasion of inferior
currency from neighboring States for the ordinary
wants Of daily life thus not only %depriving our own
banks of their legitimate busness, but introducing the
bills of foreign banks, without any guarantees OF their
solvency whatever. and with which the people at large
Thu prapfiral 1ffarf of arch n noi;.
CIV would be- q complete suspension OF all large transsc-
tions, aud a virtual liquidation OF our banking insli-
- ans, bssdps imposing upon the lahc:iug GLASSES,
a.. Alb. 10 hsar The burden, SERIOUS loss.
,r.. at u,mn Il d"preoiated currency. The
. calamity Snica bss yls,t-d us IL undoubtedly serious,
nut It bears 10 comparison TO that when was Wit.
messed twenty years ago, and which was accustomed
mainly by an inflated currency without any actual
basis. There is not only no good reason why We
shonld succomb to the shock, but there IS in fact
every reason why, after estimating our true position
aud resources, and the substantial products of the
whole country, we should at once recover from IT
with renewed reliance and energy.
The first step, then, is 10 re- establish that conn
dsnce and credit which have been Frustrated for Il
time under the paraliziug effects OF a monetary pres
sure extending through all the commercial cities
This cannot be done while the banks are compelled,
in self defence. 10 contract their circulation and to
refuse discounts. Relief is impossible. 80 lonS as
banks hold their present relations to The community,
until they are protected against legal penalties in the
cuoft " nor u. heuCe, "cICPSott " "oS PAoPSN w
call the Legislature.
VIEWS OF THB NEW YORK PRESS.
The New York papers of Monday all speculate at
length upon the suspensions Of the banks in Baltimore
and In Philadelphia. The Courier says:
The intelligence received on Saturday As to the sus.
pensions of the Philadelphia banks did not creste
much surprise in Wall street. Nor did the telegraph
news as to the Baltimore Banks adopting the same
course seem unexpected. Their banks will now in
the two cities feel disposed and able to lend more
freely 10 their needy customers. The merchants oil
both cities are, as u body, solvent, and the contrac.
tion lately was toe sudden for them. A few weeks or
months will suffice to enable the merchants to make
such collections as will cauoel a large amount of iu.
debtedness to the iponeyed institutions.
In the meantime, The effects upon the working class
e. will DO severely felt. Manufacturing companies
have already commenced the system OF outtallmsut
Of business. This may be said Of every branch OF
Industry. without a single exception; and thus thou
sands Of men, women and children, who nave sup
ported themselves by honest labor for years Pasf, un'
DEF y cyst IN OF rapid development OF industrial re-
ssurcee, will be reduced to idleness and want.
New York city is at this moment in a position not
only abs to sustain itself, but 70 grant important aid
to Boston, Providence, and to the interior OF our OWE
State. Our country banks are leaning now, and have
leaned for four weeks, upon the moueyed institutions
Of our OVID city. Gradually all will bs strengthened,
and the prospect for the future is highly aa,teriug.-
| 0uy Nosf eYpeFieDced and 6iacripninatipu hsnkars