Arkansas true Democrat., 1858-02-09
Rea,mption of Specie Payments.


 The banks of New York and New Eng land have, with few exceptions, resumed specie payments, and it is expected that the banks of Philadelphia will soon initiate the e&- ample that has been set them by theIr northern and eastern neighbors. Then the hanks Of the south aud west must as is usual on such occasions prepare to initiate the banks of Philadelphia
 That all that have resumed, or that are yet to resume. will be able to sustain specie pay ments. is hardly to be hoped for. The country hanks of New York have been enabled to re- sume, through the city banks granting them tune to pay the balances due by them. At hrst glance it would seem that the Philadelphia banks might easily resume. According to an account we have seen, they had lately circu- lation of only s1,0l1,0 ,033, while the specie in their vaults amounted to S3,770,771. But then they owed S11, ,465, ,253 to depositors, and S4,- 453, ,394 to other banks. If they should at tempt to resume, it will probably be with the understanding that their depositors are not to draw on them too heavily for specie. The balance. due by them to other banks will give them the most trouble. It is true, that there is due to the Philadelphia banks from other banks the sum of S2191,618. But, the balances due by the Philadelphia banks are due principally to banks in New York and New England, and can be liquidated only with specie or its equi- vaent; while the balances due to the Philadel- F.. aro d,a ob-aAx- Inv baptc in tho terior of Pennsylvania and banks in the south and west, from many of which, under existing circumstances, it may be difficult to obtain any thing but paper.
 Among other western and southwestern States, Philadelphia has a close trading connec- tions with Tennessee. If it shall please our neghbors at Memphis and Nashville to resume specie payments they will greatly aid the banks of Philadelphia.
 The banks in the interior of Pennsyl- vania have grossly abused the grace bestowed on them by the legislature, and, instead of di- mlnishing, have increased their promises to pay on demand. The currency of Philadelphia, so far as it consists of paper, is now chiefly made up of country bank notes.
 It is probable that the banks of New York city and of Boston, will not press on the Phila- delphia banks for the balances due by them.- But every one must see that if resumption is effected, not by a payment, but by postpone ment of bank debts, the danger is not yet over.
 The banks in the city of New York have now some thirty millions inspecie, larger sum than they ever had before But the very pro- cess that has strengthened the New York city banks has weakened the banks in other parts of the country. The large amount of gold the New York city banks now have, has been drawn chiefly from the south and west. The exports to Europe for some months past, ap- pear to have been quite equal to the amount received from California.
 An effort at resumption, aftei a general sus pension of specie payments, tries the strength o banks. In times of imitation, bank that is rot ten to the core, may, by various contrivances maintain its credit, and these contrivances arc equally available in a time of general suspen sion. But, on every previous occasion, an eff fort at resumption, after general suspension has broken multitude of banks, and we mus not now be surprised, if, month after month we hear of the paper of this or that bank be ing refused by the brokers.
 The practical point for us in Arkansas to at tend to, is that we be not caught mapping with thu notes of some of those broken banks on our hands And as we do not know ,olsich of the banks ar, to break, perhaps the less we have to do witt any of them the better it will be for us.