The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-29


place This she will be bound ~ do by the highest obi
CATIONS that subsist between people and their 60
eirmcnt She has not the heart TO annhiate her com
meTcc to PROSTATE ali her industrial interests, destroy
her prosperity and mpoversh her and daughters
postpone denial, to justify the sacrifice To act
differently would be folly IL not crime, and especial
when political SEPARATION and due regard Tor those
naged with due circumspecton and statesnanship.
1his opinion Of the probable Of Georgia in
the pending crizis We derive IL from Overwhelming
Iresicns OF her public sentiment from the calm nte,
gence Of her people from her history throughout the
past, from reason and from common sense.
ALABAMA.
THE SUSPENSION or SPECIE PAYMENT BY ALABAMA
BANKS.
From the Montgomery Advertiser, Dec 1871
We publish this morning letter from Governor Moore,
which We doubt not will convey welcome intelligence
and give general satisfaction to the people Of the State
Tho central Bsnk at Montgomery, the Eastern Bank at
iuula, and the Commercial Bank at selma have all sus
pended specie payments. THIS movement has been
mated for the and patriotic purpose Of relieving
the state and The leope from tine exgenccs In which
In, may BE placed ~ tie fuancal crisis forced upon
mainly b d. electxp II Ilnc In The banks are in
sound condition. Here ned be apprehension that
thew Nm lraily redeem their bils We cannot doubt
tina Ito c l, OF the Governor and the banks, will
be sustaiLca ~ tho state.
LLl1kR FROM GOVERNOR MOORE.
EXECUTIVE DEPARTMENT,
MONTGOMERY. Ala, Dec II, 1850.
t. ira ProprE or AIARAMA-Sirong appeals have been
mac 4 me by many citizens from different sections OF
the STATE 70 convene the Legislature for the purpose Of
prov ng the ways ana means of protecting the interests
tho further ulosg Of authorizing the banks to suspend
specie enable them to furnish greater facil
ties or moving the cotton CROP and thus relieve tosomc
extent the embarrassed condition OF the cotton market
and the people These appeals made by those whose
opniors entitled TO the highest respect and are dis
connected with the banks either directors or stock
holders. After giving the subject the fullest conside
ration, and viewing II IN all It's bearings, determined
rot to convene the Legislature for reasons which VIII
now give
did not doubt, and do not now tina. the Convention
TO NEE, on the 7th January next will determine that
/ " he "A
early day.
forthwith to the legislature to provide for
whatever the action Of the Convention render
cessary in the way OF Legislation. The imposition upon
The State Of The expense Of the and two extra
sessions Of the legislature at this time when economy
matter Of the highest consideration, ought 70 Be
avoided IL ii could be done consistently with the public
interests the Legislature could anticipate the action
the Convention and provide for it, would supercede
tho necessity Of converting after the Convention shall
have acted but this would be impossible.
II wes my opinion, il issued proclamation calling
session Of the legislature everyone would be-
eve that the object in part was 10 authorize the
to suspend specie payments This would have caused an
mmedaie run upon them, and would IN greet d inca
them unable to aid the State in her emergency or relieve
the people.
i II appeared TO that these difficulties could be
avoided by the banks and my self assuming responsible
lies which never should be done under any other circum
stances. Icopsdered II matter Of the utmost impor-
that the specie in the vaults OF the banks shoM
be kept there far could be done, in order TO aid
the State in yrovidng the means TO sustain herself In tho
approaching crisis IL would be neYpcdient at such
me tax the people and state bonds could not now be
sold except at great sacrifice. considered il the duty
Of banks upon whom extraordinary privileges had been
conferred TO 10 the aid Of the State her hour Of
need and therefore determined to request them, ~ the
time suspend specie payments and retain thor
specie FOR the benefit and security Of the State far
might be necessary.
In this way run upon the banks would be avoided
and they would remain IN condition 10 relieve the state
from Immediately taxing her people, or Of selling bonds
heavy discount nd render unnecessary an extra ses
sion Of the Legislature before the meeting Of the Conven
| ton.
The extension Of relief the people in selling their
cotton crops would follow ncident In consdera
ton the premises addressed tn each Of the banks
letter. of which the following is copy
EXECUTIVE DEPARTMENT,
MONTGOMERY, Dec 4, 1850
To 1m pripssT Am DirrcToKs of Ir CAsTIAI BANK on
| AABAxs, MONTGOMERY. AIA.-
| 6SuxNS-Tbe peculiar and extraordinary state OF
public affairs and the interest Of the STATE make II
matter of State necessity 10 retain in the vaults OF the
banks all the gold and silver coin in their possession
From present prcprts there can s'ovcciy Jx dosn na
Alo,amo wH sseds from ne Union h5ore ne fosrth day Of
necessary for the State TO less than million Of
dollars in specie its equivalent Under the crcum
either in the North In Europe except at runous dis
count and would be incxpcden TO tax the people i'm
medatey for that purpose How, then, can the state
| secure the money that may be necessary in her
But one practicable plan now presents itself to my
up to her aid The OF events, and the
pension Of the South Carolina and Georgia banks, viii
create more uneasiness in the minds Of bin hold
ers and will induce many Of them TO draw the specie
from the banks 10 the extent OF the notes they hold
and thus render the banks unable TO aid the state a.
lam strongly urged from various part. OF the state 10
convene the legislature for the purpose OF authorizing
the banks 70 suspend specie payments and thus enable
them retain their specie for the purpose suggested
have reflected much and snxio,sIy upon the subject
purpors stated tia, /, would produce run on the banks
and in great measure exhaus, their specie and defeat
the object have in view
WIN me xs- men s1 siSssad deem my duty
nndef the circumstances 20 adv Ire aud request them 10
suspend a., III the same time
The high aud patriotic motives which would induce the
act would sustain The hanks and me. There be
doubt that the Convention and LEGISLATURE, meet
vii sustain and cgaye the act will sanction n, aud
viii ns,.s', no pTos,eednss sssns, them; and IN my
TO SANCTION the set, which am sure they win 10.
Ipced be, alter We suspension wiz wr. IN sddress
:: the p. pc d the State Stating the ac. aud circd.
that the banks in sound condition. and can MAINTAIN
II threugh the present crisis, bu, Il VIII render them
unable " rive the state hist aid she viii need.
have written similar letters 10 all the hanks The
contents Of this communication respectfully submit
ed 70 your Consideration Very respectfully, your obs
Al my sugre.snn and request, ana for the purposes
stated u my letter the Commercial bank At selma, the
Central Bank at Acntgomery, and the Eastern Bank
iuisnLa suspended th. day II Is due to ths~e banks
tina, should say being advised % their coudit,on) that
they sble 10 sustain themselves through the crisis
snd that they have taken this important step with the
high and patriotic motives Of sustaining the s,atess
shown by the response u each Of them 70 my letter
Their letters filed my once. and would hsv. been
published but for the length they would give this com.
municaticn There ~ NJ necessity Tor any depreciation
Of their notes as there cen be question their sol
vency.
The circumstances under which they have suspended
should relieve them IRON crnSurc II
fall upon any one, should be upon me and rely Cor
Justification upon the manifest wcty and
Si,y Of the oct we'll the motives which induced a.
The Rank Of Mobile and the southern bank of Alabama
decline 20 suspend, bu psriotcsiv pledge themseves
raie The proportion ct the amount suggested in
ter. should there b. necessity for H. Thsse banks
being lcated IN Mobile procure specie and exchange
with facility than the hanks the Interior and are
not liable 20 be preiudced by the suspended banks Il
south Carolina and Georgia hence their ability 10 aid tha
state without susIending specs payment.
The Northern Bank 81 Huntsville also declines 20
pend on account OF peculiar circumstances which
round H.
connected with the suspension OF three % banks in