Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-09-30
s,,snension of specie Payment.


The money crisis which has been so long an
ticipa,ed, has come at last. On Saturday the
newspapers brought the news that all the
Banks in Philadelphia had suspended specie pay
mept q telegraph dispatch was received the
Same night, stating that the Baltimore Banks
had followed suit and on Monday we learned
that the Banks in Washington, Richmond, VIM
chester, Alexandria, Charlottesville, otaun'oh
and in Virginia generally had adopted the same
course. This intelligence has created gooo
deal of CONSERVATION; but we are persuaded
that so far as the Virginia Banks are concern
ed. there is not the slightest ground for uneaSi-
ness. They never were IN better or sounuef
condition than at present. And backed as they
are bv abundant crops already going forward to
market or in progress appropriations Tor MARKET
thew will be ready to resume at any momen'
when the panic shall have SUBSIDIZED Inc ne-
cessity for suspension by the Virginia BANKS
has crown, not out of any embarrassment III
their affairs, but from the fact that they are
large creditors of the Northern Banks "hion
have suspended. At this season OF the year tLe
Virginia Banks are always careful 10 Ior'iiy
themselves by obtaining produce ana oat'ie
drafts on the Northern cities, to be USED III re-
deeming their notes. which, in the regular COURSE
of trade, are carried to the North by our mer-
chants to pay for their fall supplies OF goods
AT this time they are particularly well tortured
But under ordinary circumstances wou4U oe
source of strength, is now cause OF weakness
Having large balances in their favor III 'i'e
Northern Banks, they find themselves, III conse-
ouence of the suspension, unable to use oo"af
of those balances in the redemption ottheir own
notes The result would naturally be, that all
their notes would fall into the hands OF brokers
who would present them at their counters iOr
payment in gold and silver. The law requires
the Banks to keep one-fifth of the amount VI
their capital in specie. They could therefore
pay out one-6fth, aud then they would De eA'
bausted, because the sources from when 'hey
ordinarily derive their supplies have been CLOS
ed by the suspension in the North
The question presented to the Virginia Banks
was merely question as to the time OF suspen,
sion. The condition of things in the Nor'h anu
East rendered suspension inevitable, aud the
only enquiry was whether it was better TO sus-
pend at once and full-handed, so as to De aoie
to resume readily, or TO continue to pay untl
thew were exhausted and then to suspend witn
empty Golfers, and without the capacity to re-
sumo readily when the condition OF the none
tary affairs of the State will justify it.
We think the Banks acted wisely to suspend
ot once. Our counsel to our friends is to give
themselves no uneasiness, but to await patient
" the better day which is coming.
P. S. After the above was put IN type Oh
Monday, we learned by the mail OF that ever
inc that the Richmond Banks had not suspend
! An 4hot ,.o GOV, orOart rnsitvelv therefore
at this present writing, is, that the Banks
Philadelphia, Baltimore, Washington and Pitts
burg. with one or two exceptions in each place
and the Bank of the Valley at Winchester anc
others in Virginia have suspended The citizens
of Wheeling held meeting on Saturday and re-
ouested the Banks there to suspend. The Gov
nor of Pennsylvania has determined tooall spe-
cial session of the Legislature, to assemble on
next Tuesday. According to telegraph reports,
the Banks in New York and New England
show no signs ofsuspenSion.