Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1862-02-28

the rule relents and the whole mercantile
interest rclaxes and approves temporary
abnegation of the maxim, pay or fail
They do neither the one or the other
The banks 60 into temporary bankruptcy
under the easy name of suspension. They
are in such condition now, aud, so far as
know, with the appreciation of the mer.
camille world The New York banks
with specie in their vaults equal to about
one third their capital and three times
the amount of their circulation, refused to
pay out any more specie because they
deem it for the interests Of themselves
and their customers that they should not
to do, Why they did not continue to pay
at lcas, until they had run their specie
reserve down to its ordinay limits half a
dozen years since, does not appear. 1t
seems to be sufficient reason to be given
that they did not deem it wise to do so.
But it is pungent commentary upon
the stringent mercantile rule, that it is
sought to impose it upon the action of the
Government. 1t is like the abusive COM
ments of the London Press upon the sus-
pension of specie payments by our Treas
ury, in which they insist upon considering
it a collapse of the financial system of the
Government, when they know very well
that their own Government was success
fully run for quarter Of century, in
the most important period Of its history,
upon paper alone, under a chronic state
Of Suspense Of specie payments.
OF course the objection to this plan is
the expense acting as trustees of the
property Of the country, it is our duty to
protect it. as far as possible, from waste.
Large Government loans created now,
must be placed at an enormous sacrifice
Intelligent financiers reckon upon the sale
Of Government bonds at eighty, if issued
in large amounts We know that even
the comparatively small amount sold dur
iHs the second war with Great Britai :,
only cighty-siX mIli0ns---wa purchased
b Gjrard anl others at eighty and less,
aud paid for in their bills, wnich were at
i discount tor specie OF some fifteen or
twenty per cent. OF course those who
H-''' ''1n'y 10 '''os' No''' ''l1Ss'''' ~ =
tt sa9''u,.'g @ - 49, " t;an ~ ' ae bag,;I,;o
an in the end the labor Of the country
must pay til, bills, for change and shiit
as YOU will, there Is where the burden
will eventually fall. The banker aud
merchant are the middle men, spectators
more or les adventurous in the product
,s..l, !, 10 t,r;T ,nr,,;.L .jI;t;ao.I ori.
L., 49,, 80, = ", ~, t.r..,.,.
~, 80, H. ;1i9'
:. ''. .',,',, 81 -. aal onf, s,,J ,,a.
-, ',' ~ - - = - nb;.h r.tg. I;n,
-. 80 80 r,,on tbs country ,br r;cb
RI -. - ,.ra..,r,;,n - ,l,s ov.
.... -. r.,,;l:.,. IL. H., d.. .o,.-
-. a,,l ..s4.r.,,.
- - e. - ,6., - .Ea
r5'.,,,..''',..s....II.. -. =,
,o' - - Ill. -.
49, 80
5''o'''
NoA'luerlae, '"en' VINO - - =. ~ '''''
btnh' oi this discount, aH' ""' '7 10 f'!
1t Is our part '''ufeaiy 10 see 10 i'' '""l
1t Is as snai' as Posstote.
Nor in refusing to adopt such plan
ei raising revenue do we depart from
the custom oil nations 40 Nati9N IA
time OF stress oil revenue mas aine'ei
stHriy to tne mercantile RUE Ens'an''
ia effect went tAroa5a hsr great ""r'
upon paper not l9'uei o} inc government
Rat by an INSTITUTION ahaeF No9cF'ill'l'
control fsaiiA'hs the suspension ot specie
payment ana authorizing an eaof''ou'
issue ot lrredeenAble bank notes. "aic"
were IN elect altho1@h not III terms i Io'
sll tender The hnssian Government.
called ~ the aid OF tae paper fa2ie am
watched ITS gradual n1c'In' III Ealu'' n"-
til finally eNtinguiShed at something less
than three ior one ihe reata ''o'Gfh-
ment resorted to assignat ami mahaa,S
and threw them ont IA sueA immense VOL
umes that tRey sunk hY taeir own Wei7n''
Oar own Government III lis Garner aay'
io0hl paper 'h"'s't'S"o''' Az" II '''s 0'|,' u
'o'N'3 .its,''J''. iJ -. ,.aI'.;5as.,. ,','
- so' '"'t ,nd ,aaya 49, tonr
"''''oN' =, ~ = - - Tha
0'' ''I.'o.I' =, -. a.. -
,.,".. '.'',''1-' u WV ''''' 'e''' ''''
"',.o'' -,
Inc opposite extreme Oh '"e inete"'', ','V u.
ldea Is tle issue o' irreree"iao'J ~, P'PJ' ~