Article Text
and unquestionable drafts on Philadelphia were offered
at the board to day at 12 per cent discount, and but
small sales eculd be effected at that ruinous rate; 85 was
the best bid for the lot -Ib.
NEW YORK, Oct 18.-Stocks have all declined again
to day: U.S. Bank six per cent, Bank of Kentucky one
and a half, Delaware one half, Harlem one, North Ame-
rican Trustone. American Exchange Bank one. $5,500
sight drafts on Philadelphia were sold a: 87; more of
fered at 86 34: 86 téd. A draft for $20,000 was sold
yesterday to John T. Smith, exchange broker, at 55, and
oubsequently large amounts offered at 24 in the street,
and refused
The talk in Wall street is, that the U. S Bank stock
rose a day or two since in consequence of the Bank con-
senting to take its own stock at par, in payment for cer-
tain suspended debts-and considerable purchases were
made for that object. Be this as it may, the Bank will
resort to every expedient to bolster up a rotten concern;
but the time is not far distant when the Bank and its
whole system of finance, will excite universal contempt
and execration.
Policies on specie for exportation, for a considerable
amount, bave been cancelled, and a large amount in
gold prepared for shipment was paid to one of our banks
for Exchange The current of events, as well as public
opinion, all tend to sustain our banks - Ev Post.
PROVIDENCE BANKS-Bank Meeting -At an adjourn
ed meeting of delegates from the several Banks in this
city, held last evening at the Washington Insurance office,
it was, we understand, agreed to suspend specie pay-
ments, fourteen banks voting in favor of this measure,
four against and two divided The banks oppoerd to
suspending were the Merchants', Mechanics', Blackstone
Canal, and Traders' The delegations from the Arcade
and City banks were divided.
SMALL NOTES We learn from the Attorney Gene-
ral and his officers in Philadelphia, that the law against
issuing and circulating notes of a less denomination
than five dollars, will be rigidly enforced. The public
seems not to be fully aware, that it is in the very teeth
of this law, to receive and pay out the small notes of
the neighboring States. Whoever does so, should be
informed that they incur the penalty of five dollars for
each and every offence. This evil nmust be wholly era-
dicated, before the specie that is now hoarded up for
speculation, will come out. Nothing is wanting but to
carry the law faithfully into execution, to insure abun-
dance of specie to the people, for the ordinary business
of society. The Banks must pay small checks and five
dollar notes The public deinand it, and will not be
refused. The specie in their vaults and in the hands
of the people, is amply sufficient for our wants. Why
then should shinplasters be encouraged? Let the efforts
of the Governor and Attorney General be seconded by
the community; let a strenuous exertion be made to
banish slunplasters, and to retain specie, and all will be
well. Above all, keep cool-observe the laws, stand
firm, and the difficulties that now encompass us, will
vanish in another week.
### SHALL THE BANKS VIOLATE THE LAW
The apparent impunity with which the Banks have been violating
the law, and their disregard of the circular of the Go
vernor and the Attorney General, in paying out notes
under five dollars, has led to the ejaculation by the com
munity, at the head of this paragraph Shall the
Banks violate the law?" We are gratified to learn that
Messrs. Barton and Brook, in pursuance with the in
structions of the Attorney General, will strictly pursue
their duty, and as far as in them lies, protect the laws from
ary farther aggression by the Banks. This may be most
rigidly relied upon by the Banks as well as the commu
nity. Their course of conduct will be farther developed
in the course of to-morrow. In the mean time we pre-
diet that the Banks will cease the present illegal course
of paying out small notes-Phil Spirit of the Times.
EXCHANGE BANK OF VIRGINIA We regret to state
that the Exchange Bank, of this place, has been com
pelled to suspend specie payments, which it did at its
session yesterday. The general bank law, in one of its
sections. subject the parent bank and branches equally to
forfeiture, in case any one branch shall suspend, and, as
the branch of the Exchange Bank of Richmond had
suspended, there was a subsequent forfeiture of the
charters of the parent institution and its branches. This
is another anti-commercial feature in the general bank
law. The failure of a single branch to sustain itself,
however isolated and exposed, works a forfeiture of the
charters of the mother bank and branches. It is like
hanging a mother for the sins of a daughter who is of
full age and ought to know how to behave herself.
We must state, however, that it reflects great credit
upon the directors of the Exchange Bank of this place,
that they held out as long as possible, and that they
gave way from no fault of their own.
The Portsmouth branch of the Bank of Virginia sus
pended yesterday -Norfolk Beacon, Oct. 17.
CHARLESTON, Oct. 15.
Suspension in Charleston-We regret to perceive from
their address in our columns, that inost of our Banks
have been constrained to follow the example of the Phi-
Ise pusa and Baltimore Banks and suspend specie pay-
ments It is creditable, however, to our banking insti-
tutions, that they have never taken the lead in such a
measure, but hare dune all they could to uphold the cre-
dit of the country, yielding only when compelled to do
80, on the principle of self defence, by the course of like
institutions in other places. The Bank of the State of
South Carolina, and the Bank of Charleston, have not yet
united in the measure of suspension, and we trust that
our community will, with one accord, sustain them in
their present altitude - Courier
City of Charleston, Oct. 14, 1839.
At a meeting of the Committees from the Union
Bank, State Bank, Bank of South Carolina, Louisville.
Cincinnati and Charleston Railroad Bank, and Planters'
and Mechanics' Bank, held this day, it was resolved to
recommend to their several Boards to suspend Specie
Payments forthwith, and that the following address to the
Public, be published in the several papers of this city,
with the concurrence of the above named Banks
The several Boards having concurred in the recom-
mendation of their Committees the Address is as fol
lows:
Fellow Citizens: An unexampled crisis has arisen-
threatening, if not timely provided for, to bring upon
this community the greatest distress-it therefore be
comes the imperative, though painful duty, of those
whose interest it is to watch over the monetary concerns
and credit of this State, to adopt such measures as are
called for by the present emergency.
Your Committee feel the deep responsibility which
has devolved upon them, and are anxious to justity to
the State, and to the world, the course of proceeding
which may be adopted on this occasion. They think it
proper to observe, that the Banks of this city have in
good faith, notwithstanding the extraordinary pressure
of the times, punctually and cheerfully redeemed their
paper; and, at the same time, afforded such accommo
dation to a suffering community, as it was in their power
to give: and they confidently believe, that but for events
altogether beyond their control, would have continued
to do so It is known to our fellow-citizens, that the
Banks of Philadelphia, with the Bank of the U. States
at their head, and the Banks of Baltimore, have sus
pended specie payments, which must from necessity be
followed by those of New York, and our other commer-
cial cities. The effect would be, (if not prevented,) to
draw for shipment abroad, every dollar from the Banks
of this city, without the power on their part of replen
ishing their coffers, except at the most ruinous sacrifices,
involving for want of accommodation to the citizens,
every man at all connected with the agricultural or com
mercial concerns of the country in unparalleled distress.
Your committee state the fact that by the last steamers
since the suspension, in the cities before alluded to, large
drafts and amounts have come on and are now waiting
to know the result of the proceedings of this meeting.
And your Committee believe that they will in a few
days be followed by many others, whose obiect is reck-
less speculation, regardless of the multiplied ills which
they hring upon this country. With feelings, therefore,
of great pain and die
consider an irresistible necessity, your Committee are
satisfied that the measure accompanying this address
adopted by this meeting, is the only step which could
have been taken at this extraordinary juncture.
