National Republican., 1873-10-04
SHALL THE BANK SUSPENSION CON-
TINURs

TINUEF
II Is very much to be feared that the banks
will oyer-do the financial business" In main
tanning themselves In state Of sioge against
the demands Of the business necessities OF the
country, and bya protractcd suspcnsion Of
business excite feeling Of uneasines and
alarm In the public mind. 1t may have been
necessary Immediately following the financial
crash Of September 20 and 81, and tho con-
sequent panic produced In the popular mind,
TO adopt such measures as were calculated to
prevent a positive breaking up and ruin Of
legitimate commercial business; but the feel
Ing Is now rapidly gaining ground that no
real necessity exists for tho banks maintain
Ing closed doors against the payment Of the
demands Of those who have entrusted money
deposits 10 their keeping. So long as the
necessity for this embargo was patent the
public acquicsced In II; but II is becoming Q
matter Of doubt whether the time has not ar
rived when the banks should manifest dis
position TO return to the normal condition o
affairs.
In case of this kind O mere doubt in tn,
public mind becomes q positive and threaten
ing danger, a danger as pregnant with dire
and commercial interests Of the country
There Is certainly nothing In the present sitr
alton to warrant the banks In maintaining a
almost absolute suspension Of payment; IN
the fact that some Of these monetary institt
tions, by q little business enterprise, hav
continued to pay all demands Of their patron
furnishes some Justification for this view
We believe there should be at least some re
taxation of the established embargo, II not
full resumption Of payments; and II Is TO b
hoped the banks will act In such manner Q
not TO permit the impression to get abroa
that they are taking advantage Of q mag
unanimous public indulgence to speculate upo
the people.
Every day this suspension Is maintaine
adds TO the danger Of the situation. Mechan
ical and manufacturing establishments ar
being forced TO stop operations and dlscharg
their workmen because of the maintenance
of the bank suspension, and the mechanic
thus deprived Of their sources Of daily suppl
when applying to tho banks and savings In
stltutions for their savings against an emer
gency Of this character are turned ava,
empty handed. Herein lies the great DANCE
Of the situation now. Iiwill not do 10 per
nit this state Of affairs to continue. II tn
banks fail to meet the emergency the emei
gency may oyerwhelm the banks In the con
mon disaster that is threatened. In connet
tion with this matter the following paragraph
from the st. Louis Democrat, is pertinent an
timely;
Presumption Ia the sure refuge OF the banks
II will save them from the disasters Of the who'll
sale depreciation OF securities and product
which protIacted suspension would almost Gel
tainly precipitate It will save the dry goods an
grocery merchants from the refiex surge OF tn
arrangement which, II not arrested, may over
wheln them; II will save the banks from IN,
cold, settled dlstrubt which will certainly creeI
Into the public mind II the suspension continues
u will rescue trade from ltA present idleness, ant
II will save the country from the serious peril o
AshinplasterinundAtion. We say nothing here
about the bankruptcy act further than this ma
any Congressional relief for violations Of IL vii
necessarily be impartial. II II extends to IN,
banks, II will have to extend to the debtors o
the banks also, and thus In the end II might dt
more harm to i solvent bank than good. ThI
New York banks suspended on Thursday, tn
2ith inst, and their fourteen days limit nnde
the act will terminate on the sth OF October. Ii
all seriousness, we do not believe II will be SAT
for them 10 delay their resumption beyond tina
day. IL would be better II they begin 1t before
for there Is no conjecturtng what feeling tn
present suspense Of the public nlnd may resul