Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-16
What may be Expected from most of the Suspended
Banks.
The following notice appears in most of the Nashville
TenneSsael naners '-.-n .|.-
BANK OF NASHVILLE,

In consequence OF the prejudcia and unfounded re-
ports relative to the sovency of this bank, causing
large number of depostors to withdraw their funds, be-
sides heavy demand for coin we have been forced to
suspend payments for the present.
We beg our friends to take no action in the matter
for few days, until we have had time for reflection as
to the best to be pursued Our assets are ample
Piled - - n. HOBsoN, President t'rjls -
... w WIRELESS, Cashier
Within few weeks we have read at least score of
bank notices similar in their wording to the above, and
we therefore take the annuncation of the Bank of Nash
vile fair representation of its class The reports
complained of by these banks may have BEEN and no
doubt were exceedingly preudicia; but the result
shows tha so Tar from being untOunded they have ev-
cry foundation in truth The bllhodes and depositor
told, doubt, that these banks could not meet
their deliberately yassumed oblgations-were unable to
pay their debtsand the moment they undertake to as
certain whether these reports true or asethe mo-
ment they make demand for the redemption of promi-
Ises-they cody informed by the banks that they
have been forced to suspend payments for the present
and to add insult to injury they also requested
to regard the suspension not evidence of bad
faith hut of relief which these papermak
ers have gracousy vOuchsafed to suffering cOmmun
ty, ignorant of the mysteries and blessings of modern
banking.
False and malicious reports cannot force solvent
merchant into state of bankruptcy They may dimin
ish the number of his customers but they cannot lessen
the amount of his assets If he refused to pay his debts
until his ncg ghbor kept civil tongues the officers of the
law would find singulary efficacious way of forcing
him into resumption of payments and SO far from this
attempt ON his part to avoid or postpone his engage
ments being regarded measure of relief by his cred
tors they would be very apt to speak of it in the home
y and indignant language usually employed by people
when they suppose they have been about to be- swim
died.
ave beg our friends to take no action in the matter
for few days" says the notice. Our assets
pie to pay all liabilities, and they shall be faithfully ap
plied This the old story, and suspect it will be
attended with the old resus-delays, disappontments,
and ruinous sacrifices. The depositors will be settled
with In full as soon as the parties who have
got their money pay their notes; but the money,
unfortunately was borrowed in many instances for pure
y speculative purposes and as there is just now sus
pension In all speculative movements the chances
one hundred to that these notes will be protested
and continue under protest for an indefinite period The
condition of the bhoders is nearly bad; for the
circulation of such institutions the bank of Nashville
based upon depOstes of State bonds it follows that
evidence of debt is to be used to fqudate another
evidence of debt-tha debt has been employed to null
tipy debts Under forced sales ready money doubt
could be raised from these bonds but if they
selling at from ten to fifty per cent discount, what
lower depths would not be reached if these sales
attempted?
From the present aspect of things we take that the
pretty thoroughly public will not be troubled with
many notices from the presidents and cashiers of
most of the suspended Washington Union.
| /, -. Evils of ORGANISM.
1t not at all surprising that politician of Mr..
Buchanan sagaclty should ayoW repugnance to Or
gans and decline to avail himself of their services in
the conduct of his Administration The public accepted
the circumstance as an encouraging augury.
In countries where the personal will Of the Sovereign
the power in the state and government relies
upon military force rather than the support Of public
opinion, Court Journal is logical and perhaps
sary institution But organism is quite out Of place
in these United States where the President is response
BILE to the people, and the public judgment is determined
by reason instead of authority
So far from being help, organism =" is ascertained
to be positive hindrance to Administration. For
suspicion OF corrupt motive not only depriyes Jour
nal OF its legitimate influences but attaches something
of odium to the it isNreained to support When
an Administration employs the interested assistance of
professional apOlogss the sense of the masses
Instantly conclude that it wants the strength of conscious
integrity This effect is independent of the ability with
which the organ may direct its efforts but ordinarily
the unsklfuness of its aim aggravates the inevitable
mischief of its recoi Instead of extrcatng an admin
istration from difficulty the organ only mulhpes its
Iembarrassments.
Determined by these obvious considerations or by
others which his long experience and acute intellect
might suggest Mr.. Buchanan gave the public to under
stand that organ should cucumber the of his
administration But the Washington Union is not so
easily shaken from its grasp on the Treasury With
the capaclOus swallow OF earthquake it still refuses
to let 60 after four years of uninterrupted suction -
Neither will it willingly lose the dignity and power
which it enjoys in virtue of its confidential relations
with the Executive. So, despite the well known wishes
of the President the Union affects to be- the special
gan of the Administration. In what manner this
rogant preension has affected the interests Of the
tive the history of the Kansas controversy will suffice to
show without any reference to other instances of ndis
cretion
Cut off, in point of fact from all confidential commu-
nication with the Cabinet the Union was left to its own
unaded sagacy to ascertain the policy Of the Admins
traton. 1nfamed with impatient desire to signaze
its zeal in the service ola liberal patron it eagerly avaed
itself of every opportunity to eXto the of the
Executive. Thus ignorant of the Presidents puposes
and thus anxious to applaud his wisdom, the Union is
necessarily precpitated into many embarrassing bunders
If awaits authoritative exposition of Cabinet poll
cy, enerprisng contemporary may get the start In
praise of the Administration Rather than be beaten
in this momentous rivalry the Union prefers to run the
hazard of msreprcsenting the policy of the Executive
In the worst event. humliatng recantatiOn can atone
for the error
It was by such an impulse and under such crcun-
stance that the Washington Union betrayed into
early and emphatic approval of Walkers acts in Kan
sas. The enemies of the Administration represented
that paper to speak at the suggestion of the Cabinet
and pleased with the compliment it assumed an aIf o
i i authority which deceived few Democrats into the
opinion that it indeed an organ OF the Admins
tration Thus, for time the President was held re-
Il sponsible for measures which he did not approve, and
by the objectionable indscrcon Of blunderng zealot
was reduced to the necessity Of explaining his position
II in public letter..
IL The rebuke is obvious to all the world but the Uo,
unfortunately does not feel its force. Again that paper
u essays play the part of organ and again the Ad
mnisraon will suffer from its folly if its utterance be
E accepted as the inspiration of the President.
/ Richmond South.
!, ~ AN ExrpxSIv1T Tpoy CiovERNMENr BUuDING.-The
owners of the Trenton IN. j. Locomotive orks have
been awarded the contract for building marine hospt
al for the United States government at New Orleans