Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1862-01-10
THE SUSPENSION OF SPECIE Pay
VENTS.

The Banks generally throughout the
country have suspended specie payments, and
the Government has followed suit. paying
gold only IN satisfaction Of the interest on
the public debt. The main reason for this,
we gather to be the return Of American
stocks from England, the sellers drawing
the gold to send abroad. The New York
banks hold about so, 100000, having lost
SIC, 100000 within the last fortnight. o.
this it is stated that Sl2,OO0,000 have gon
on English account, to Canada.
The measure has caused no great excite
ment on this side Of the water, and bullion
oealers find, to their disappointment, that
gold is commanding but very small premi-
um. The stock of specie in the loyal States
estimated at $3.50, 600, 900, The New
England Banks are all IL good condition.
Stocks are rising and no money panic is pre-
vailing or anticipated.
The act was not wholly unlocked for, and
the reasons for it are such as commend
themselves to the judgment and patriotic
feelings Of the public generally. 1t is un-
derstood that the causes did not lie in any
ESSENTIAL weakness oil the BANKS Out from
the arrangements in financial affairs conse-
quent upon the var
This is r,G the first time when such a
thing h.s happened and from the same
,,rss. In the war of lSl2-l4 Bank sus-
,nsion occurred over most of the Union
we believe in all parts of it except the New
England States and a resumption did not
axe place till sometime after the war was
over. In England, a suspension of specie
payment in the Bank of England took place
under order of the Government early in
l797--at the time when Europe was con-
vulsed by the wars connected with the
French Revolution, and England was in
danger Of being stripped Of her specie to
supply the armies Of her enemies-and a
resumption did not take place till 1921,
above "a years after.
In the present case the suspension is spoken
of as freeing the public mind from anxiety,
rather than as addins to it. But that an
energetic and decisive action Is called for by
Congress, to procure a much larger income
to the public treasury from taxation than
has yet come by that means, As not to be
doubted We hope Congress will address
itself seriously to that work The nation
has wealth enough for all its present or pro
spective wants, aud il must be made forth
coming as the occasion demands.
TIE GALE of January lst was one o.
the most violent that has ever visited
US. The wind hal blown from the South
all day, but soon after o'clock, shifted to
the north west. and blew with increasing
vehemence all the evening, until quito late
That evening 1t was really, at times. diff
cult to walk, 50 great was the force Of th'
wind. The evening train on the Vernon
Central was actually brought to dead stanC
Just after crossing the trestlework north o
the village, and was unable to 60 on until
lull came. There was at one time DANCE
that the cars would be blown from the track
A shed at the north side of the Vernon
Central upper depot was demolished, and tn
pieces blown across the street. The roof O
the Rutland and Burlington depot was strip
Od Of tin and boarding IN two places, at tn
south end nearly so feet was taken of, an
the chimney completely scraped off. Th
sheets Of tin and boards were blown over tn
building-sOme of them a long ways Q
across the lots. One large sheet Of til
crumplcd up like paper, struck the groun
where the Express wagon had been standin
but moment before, and one of the en-
ployes Of the Road had hardly passed th;
corner Of the building when the chimnt
fell, Along the docks the spray was blow
more than hundred feet, covering evel
thing with sheet OF ice. Some loose boar
were tumbled about in the Lumber Yard
but little damage was done.
There was a good deal Of excitement abo
half past 8, when the gale was nearing
height, occasioned by an alarm oil hre'
chimney of the W. l. Seymour hous
corner of St. Paul and Pearl streets, ben
in furious blaze. The sparks flew tar al
dangerously; but fortunately made no occ
sion for the services Of tue firemen. VII
would have been the cad, if Nelson's Cha
Factory, OF the wood yard of the Potter
nearly OPP. site, had been set on fire, it
impossible to say. Ii would have been
terrible FIRE.
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