The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-10-14
The Money Market.


charters OF the banks. and an early resump.
ton of apacie payments. We should have
liked il better d The message had given
resumption ofspecie payments his first con-
ederalion, AID mais a forfeiture of charter
depend on the compliance or non compi-
ance with that fact. If the banks will! re.
sume al an early given day, The publc will
probably consent 10 temporary suspension
Of the operation of existing laws. But as
the message points 10 certain alleged evil
consequences "of loo early liquidation"
we infer that il conismpIa,es more length
ensd suspension than will be generally ac.
ceptabie.
The Governor says he fears Tie revenues
of the Commonwealth will suffer deprecia,
ton "from the difficulty, If not the impossi-
biluy OF procuring medium ia which nav.
ment can be made" Fortunately Tor the
spprehensions of Excelle.cy, the Cons,iu.
iion has provided a currency, which is fixed
and reliable In value, and which is sure tc
go where the mosi is bid for il, and flows
ffeest where there is The least deprecated
paper 10 oppose il. The true way of main.
tanning the faith OF The State intact, ami of
staying depreciation of property, is by Sc.
curing sound aud reliable currency al the
earliest possible moment Embarrassment
and depression increase every day that de-
precia,ed currenvy is continued,
The recommendation to convert the bal.
ances 10 the credit of the Treasurer, in the
several repositories Of the State, into coin,
preparatory 10 The payment ofshe next semi
annual interest on the State debt, s timely
and 10 the purpose. Pennsylvania should
never again occupy the tiscredited position
earned by the payment of her interest in IA
currency Of less valve than coin. Public SEN
liment is agains il, and her wealth and inter =
nal resources place her befond any such ne
cessity. -aFt
The recommendation that the "solvent'
banks during suspension shall take each 9TH
er's notes, inasmuch as ii iavors suspension,
bu, better been omitted; and il is hoped the
Legislature will attempt 10 tinker up no po.
ICY that looks like favoring any such cond,
liou Of things. The greater the inconveni-
ence of suspension is made, the sooner sill
ii be over aud the cheaper will be its cos,
10 the suffering community.
The Governors advice that the properly of
debtors shall be relieved from The operations
of ibe law by stay of execution, is bad poll.
cy, and Of piece with the tone OF almost
every part Of his short message. 1t looks
not only 10 heightened suspension of spe-
Gle payments by the banks, but seems 10
favor general unhingng Of responsibilities.
The great object of the extra session to be
attained is currency equal 10 coin. ], is
The one only grand purpose that should occu
py the attention Of that body. To Go this,
probably, the community would consent 10
give the banks till the Is, of January to pu,
themselves in condition 10 resume the pay
ment oil coin. This time is not 10 be given
10 the banks oul of any favor TO them, but
as probably the easiest and most certain way
of reaching relief for the community-for
the thousands interested in currency VITO
care nothing about banks, nor The profits or
losses sustained by those engaged in them.
Bank directors and bank stockholders are
courted by tens and BY hundreds, as also are
bank deblers, If they have made bad bar
gains between one another, il is no matter
for special session of The Legislature
| They must adjust their differences as beat
they may under The laws as they existed
when the entaneements were crea'ed. The
greet lahoriug community of the Common
wealth, are, however, counted by hundreds
OF thousands, and being each Individually
injured by being deprived Of u par currency,
for them the legislature may, with perfect
p,opriety, afford whatever relief is practica-
ble. II time is given 10 The banks 10 COM
ply with their obligations TO the community
TO pay specie, ii is not done TO favor Them
or save them expense, but 10 enable them %
do il at all. Let them collect all that they
can of their loans, and as fast as possible
pay their debts II out Of every 800 Of
bills collected ten pet cent. is lost in convert
ing it into coin, that is their own business,
and no subject for legislation and if the
bank debtor has TO sacrifice twenty or :hirly
or even fifty per cent of his fancy securities
in meeting his liabilities, that is his own al
far, one in which the community can have
comparatively liue interest, and certainly
is not matter claiming legislative relief
Besides, if The banks require time now, with
all the aid of the laws to collec, their debts,
and time is conceded them because they can
not collect promptly, with how much more
reason will they, at the end Of three or slS
monlns, press further suspension Of specie
payments, when the means of collection is
taxed for them? Move want no extra leg
islation for Institutions OF FOR individuals; all
of an extraordinary character that is done
should be with the single view Of giving the
public-the milioh-a currency convertible
into coin a, pleasure, aud according 10 The
promise Of the banks.
The limit Of profits OF institutions confess.
edly unable 10 pay their debts 10 six per cent
per aunum, is of piece with the Governor
| recommendation of a stav of eyccu,ion and