Article Text
upon us, we delayed revisiting Europe, after we had taken a passage in the British Queen. We meant to remain and see this suspension through We watch its progress from this central city, through the ensuing winter and spring months, and next year again visit Europe, with a determination to be as useful to our readers in the United States in 1840, as we were in 1838, the dissemination of correct information on every useful subject. The present suspen sion and failure of the U. S. Bank will destroy the credit of all American securities in Europe. It will require years to regain what reputation we have lost in day. To rebuild the commercial edifice on a solid foundation ought to be the duty of all persons connected withingublic life. But first remove the ruins and rabbish. For any thing that we know, it might have been the emissaries of the United States Bank that set fire, on the same day, to New York and Philadelphia, in order to furnish them with a reason for suspending. Let all corrupt and fraudulent institutions be shut up, and let their managers be sent to the penetentiary if it be possible. Important from many parts of the Country Progress of Suspension and Reguery. We received intelligence yesterday from several important points of the country, the particulars of which will be found annexed. The banks in Delaware, Maryland and Washington, have all suspended-also the remainder of the banks in Pennsylvan and part of New Jersey. Boston has not suspended, nor likely to do so-Providence is deliberating, and Richmond, Virginia, is doubtful: The following are extracts: PENNSYLVANIA A PROCLAMATION FROM THE COVERNOR.-Th following was received last night from Harrisburg The tone is quite moderate, and therefore praiseworthy. We think the Governor mistaken, however, in relation to small notes, especially when we remember that New Jersey, New York, and all the New Eng land States enjoy the facilities of one, two and three dollar bills. EXECUTIVE CHAMBER, Harrisburg, Oct. 10 1839 To Ovid F. Johnson, Esq, Attorney Ceneral of the Commonwealth of Pennsylvania. all, Sir -The suspension of specie payments by most. if not of the banks of this commonwealth, seems likely to produce the same debasement and derangement of the currency of the coun try, that have attended the same on former occasions. It is my desire. therefore, that you, as the proper officer, should immediately adopt such measures as you may deem best suited to the attainment of the object in view, to wit:The entire suppression of all notes, bills. checks, Lickets or other papers, of the similitude of bank notes, or promises to pay money, or other things, under the ination of five dollars, from being issued or circulated within this Common wealth, so far as the law in relation to the subject, furnish ad. equate powers for that purpose. It is proper that should state that in directing this proceed. ing,I do not intend or believe it will operate to shake the confidence of the public in the ultimate ability of most, if not all, of the banks of this commonwealth to meet all their obli gations and to redeem their faith plighted to the community nor do I think it will throw any obstacles in the way of their doing : on the contrary, I firmly believe the exclusion of all small notes from circulation, will tend more directly than any other measure that can now be devised, to protect the public from frauds and imposition, and to enable the banks to fulfil their respective engagements. There is beyond question abundance of specie in the country to fill all the channels of domestic circulation, without dis tressing its private holders or the banks; and as the suspension of specie payments by these institutions, cuts off great per tion of the foreign drain upon it must readily find its way into the hands of the people. Respectfully, yours. &c. DAVID R. PORTER. CIRCULAR ATTORNEY GENERAL'S OFFICE Harrisburg, Oct. 10,1839 To the several Deputy Attorneys General, of the respective counties of the Commonwealth of Pennsylvania I received the subjoined letter from his Excellency the Gov ernor of the Commonwealth this morning, and hasten to com. ply with the directions therein contained. can perceive but one efficient mode of accomplishing the Haudable desires of the Governor on this subject, and that into assume at once the duty of resisting any infringement of the acts of Assembly You are th erefore hereby instructed to in stitute promptly, if notdone by any other person, the proper preceedings pointed out by the provisions of the several acts of assembly, against all individuals. or corporate bodies your respective counties who violate all or any of the provis ious of the acts of ass mb y, prohibiting the issuing and cir calating of notes, &c., of a less denomination than five dollars. You are further hereby instructed to be vigilant in ascertaining any such violations of the said acts of assembly, and un. oft. as flinching in the prosecution of the same, wherever. and en as such violations are committed or repeated. You are further instructed, after ducting from the portion of the fines or penalties accruing under said acts of assetably to the person instituting proceedings, such reasonable compensation as I may approve, to pay ovee the remainder of said fines or penalties to the use of the poo., or to such persons by paid act of assemply, are entitled to one moiety thereof. I am respectfully, yours &c. OVID F. JOHNSON, Attorney General. DISTRICT OF COLUMBIA. After the suspension by the Baltimore banks, preceded as it was by the suspension of the Philadelphia institutions, it might be anticipated that the banks of this district would necessarily yield to the force of circumstances, and suspend likewise. They therefore met, and came to the following resolution: Ata meeting of delegates from the banks in Washington and Georgetown, October 11, 1839, the following resolution was adopted, viz: Whereas information is received that the Banks in Baltimore and Philadelphia have suspended specie payments for the present, and it being the opinion of delegates of the several banks is the city of Washington and Georgetown here represented, that the safety of the banks and the interest of tbe com munity will not be promoted by an attempt to sustain specie payments hile suspension of the Northern banks shall con tinue: and whereas, although the banks here represented have abundant means to meet all their liabilities, yet consider able part of their means have become unavailable for the pres ent as specie funds by the suspension of the banks in Philadel. phia and Baltimore: Be it therefore resolved. That it be, and is hereby, recommended to the several banks here represented suspend specie payments for the present, with pledge on the part of said banks to resume suchpayments soon as the banks in Philadelphia and Baltimore The resolution is general in its terms, but we un derstand that the Patriotic Bank did not concur in the resolution, or in the adoption of the course proposed by National Inteiligencer, Oct. 12. DELAWARE. Immediately on the receipt, at Wilmington, of the suspension of the Philadelphia banks, the Bank of Delaware and the Bank of Wilmington and Brandywine suspended. The Union and Farmers' Bank continued to pay out small sums in specie until the hour of closing. A meeting of the City Councils was held on Thursday evening, and it was understood that proposition would be made to order another issue of small notes. VIRGINIA to acid that Jerse hetch of notes were
