Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1857-10-01
From the Baltimore Sun Of Monday.

THE SUSPENSION OF SPECIE PAYMENT
BY THE BANKS.
The fact that the banks of Philadelphia
would suspend specie payments on Saturday,
was announced in the Sun of Saturday
morning. The effect of this news was an
ticipaten with wonderful promptness by the
banks of Baltimore, the principal officers of
these Institutions having assembled at an
early hour on that day, for the purpose of
deciding on uniform course of action
The process Of deliberation was brief and
decisive, but we have only the following re-
port of proceedings furnished for publica-
ton:
BALTIMORE, Sept. &c, 1857,
At meeting of the Presidents Of all the Banks
Of the city of Baltimore. this day.
On motion of Mr.. Johns Hopkins, the following
resolution was adopted
Resolred. That the Banks of Philadelphia hay-
ing suspended specie payments, it is necessary
for the protection Of the interests Of the city Of
Baltimore and Of this State, that our Banks sus-
pend also.
This decision is made under an absolute con-
viction Of the entire soundness of our Banks, and
OF their ability to resume at early day, to which
end the business of the Banks will be carefully
conducted.
Beyond this report We learn that DIR. j.
Hanson Thomas President of the Farmers
and Merchants Bank objected to the reso-
luton aud voted and protested against it.
One or two others we are informed, though
coinciding with the majority, were not orig
inally disposed to advocate it. The meet
ing had not concluded upon its course until
after bank hours, and in the interim consid-
cradle amounts of specie had been paid out
both to note-holders and depositors. AZ
forwards in individual instances various
small sums, aud occasionally to large depo-
.sitors for convenience or paying hands $50
and 500 were given out, and it is said to
be the purpose of the Banks to continue to
do this. The Farmers and Merchants
Bank continued t. redeem its notes through
out the day, and certainly is entitled to pub
lie esteem for such an effort single-handed
to maintain its position.
The Chesapeake Bank redeemed the
cheeks given to the delegates to the Grand
Lodge Of Odd Fellows, for their per diem
and mileage, after the hour of suspension,
partly in coin. The checks ranged from a
bout $50 to $500, and in the latter case
the holders received 500 in gold when de-
sired, the others IN proportion down to 500.
There were IN all bout one hundred checks.
All the other Banks. we believe, redeemed
their fives and tens as presented, until they
closed at o'clock
There was very naturally, considerable
excitement in the community upon the an
.sS.-e.sn. = - sn .s sISRsas1on pas nes
toned by many and its alleged nec as st.
ten freely controverted, the fact caused no
alarm. There was confidence in the SOL
vency Of our monetary institutions, and the
questions provoked by the circumstance re-
ferred mainly ia tho Aaa.A.;-.->.~-c-A....
and its effect upon the commerce of the city
immediate and remote.
The Savings Banks were visited by an
unusual number of their customers, at first
for the purpose of withdrawing deposits,
but upon ascertaining that payment would
only be made in bank notes, the demand
soon subsidized, and some who had withdrawn
their funds, restored them. The act of
withdrawal, however, it should be under
stood to forfeit the claim to the extra diyi-
dends.
We are not disposed at this moment to
advert to the evils which have induced the
present monetary conyulsion, or to examine
the validity Of any plea for the suspension.
It is a calamity to be deplored, but it is in
cumbent upon all to bear and forbear, to
look for speedy restoration of the usual
monetary condition, or something better,
hereafter. In this connection we quote some
judicious remarks from the Philadelphia
Press, as follows:
deeply as we regret that the banks have
concluded upon suspension, and steadily as
we have labored to produce better state of
things, we have new duties to discharge, to
ourselves, our fellow men, and our great
city and State. The first of these duties is
to see that no harm comes to our great pro-
ducing classes-to the farmers, mechanics
and laborers-and last, not least, to those
energetic and public spirited merchants,
who have bravely stemmed the torrent which
set against our institutions and interests
from New York, New England and the
West.
1.-THE men who are rarely parties to the
profits of Banks. but who always bear the
burden Of a general bankruptcy, demand
our utmost solicitude Rash measures will
harm them most = The Banks are still in
condition to infict injury upon the commu-
nifty, and while many of those who have en-
joyed the fayors of these institutions will es-
cape the blow, yet it will fall heavily upon
those who have been toiling in their humble
aYocations, content with the scanty rewards
Of honest industry. Let us bear this lead
ing fact, in our minds in the course Of our
action upon the present emergency.
I've are glad to know that several ofthe
leading Banks haze resolved to take I'M
naediate steps preparatory to resumption.
When we reflect that all the great interests