The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-10-08
THE PRESSURE.

The pressure still continues. The New
England Banks, with the exception of those of
Rhode Island, continue to pay specie but GER
tain Brokers, who find it to their interest to un-
settle confidence in everything, do all they can
TO depreciate them. Why the Banks of Rhode
Island should have suspended, we cannot uu-
derstand, unless it was for the convenience Of
the rich capitalists specially interested in them.
Their assets are far greater than their isbil-
ties, and we have no doubt they could have met
every demand upon them. If they had done
so, some of their customers might have suffer
ed, but the community generally would have
been the gamer.
In Boston, great meeting of the merchants
and business men has passed resolutions en-.
couragibg the Banks in their resolution to
maintain specie payments. Coed counsel,
which we hope viii be followed.
The Banks in New York city are steadfast.
Some of the Philadelphia papers express
doubts of their ability to resist the pressure,
and are evidently DESTROYS that they may come
down to the level Of the Philadelphia Banks.
We trust they will do no such thing. If New
York and New England give way, suspension
will become universal, and it will be long ere
the country can rid itself of miserable paper
currency.
The Western State Banks are firm. The
Ohio State Bank has resolved that its branches
are able to meet all demands promptly. Some
private bankers in Cincinnati, Chicago, and ST.
Louis, have given way, but only few regular
banks.
Suspension is general in Pennsylvania and
Maryland, and many Banks have yielded in
Virginia and Tennessee. The Richmond
Banks continue to pay specie. The notes of
the suspended Banks of Washington pass cur
rent in ordinary dealings.
Governor Pollock has called an extra session
of the Pennsylvania Legislature, the object be-
ing, we suppose, to legalze the suspension of
the Banks Of the State. What is the use of
laws against suspension, if they are to be sus-
pended whenever the Banks choose to sus
pend? If such policy prevail, it must be &C.
companied with very severe measures for re-
sumption, or that event will be long post
poned.
For one, We have no patience with the poll
cy of Bank suspensions. If a Bank issue notes
payable on demand, it contracts with the note
holders to convert them into specie whenever
presented. 1t has no right to evsde this obi;
cation, so long as it has specie in its vaults
1t should go on, meeting all the demands upon
it, meantime converting its assets into ready
means, to the very extent of its ability. Then,
when all its specie is gone, let it say So and if
It has not enough assets to meet its liabilities,
assign for the benefit of its creditors. But II
It has enough, say so, keep its doors open, and
announce that it will pay out just as fast as it
can make its assets available. No pretexts
founded on an apprehension that it may be
drained by other Banks, or pretended anxiety
for the interests of its business customers, can
justify It in locking up gold and silver in It's
vaults, while it refuses TO pay its notes. We
do not believe that it was at all necessary for a
msjority of the Banks of Philadelphia, Balti.
more, and Washington, to suspend specie pay.
ment; and had they remained steadfast, the
People would not have been panic stricken
and the currency be now so miserably de
ranged, that they must pay twenty five per cent
on good notes, to convert them into money.
The New YORK AND New HAVEN RAILROAD
CoMPANY-The New York and New Haven
Railroad Company last spring declared divi
dend to the holders of the Company's genuine
stock. Holders of spurious stock obtained an
injunction, by Judge Davies, preventing the
distribution OF the money. 1t was but tempo
rary, however; ana the Judge, after a full ar
gument, has dissolved the injunction, and or
dered the dividends to be paid. This is the
second time the courts have decided the over
issued stock to be spurious; and it is thought
that it will end the matter, and that the holders
Ct the good stock viii be allowed to manage the
railroad as they please hereafter. 1t is a long
time since the Company has had the power to
declare dividend, and the stockholders will be
agreeably surprised at this decision.
BzS- The Lennon Slave case is on trial be-