Bank of Montpelier (Montpelier, VT)

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PUBLIC MEETING.

Pursuant to public notice, the citizens of Montpelier and vicinity, assembled at Union Hall, Monday eve. May 15: and a committee of five having been appointed to report resolutions,— J. V. Vail, Esq. from the Committee, reported the following, which were adopted:

Resolved, That this meeting deeply feel and regret the embarrassments in which the whole business of the country is, at present involved, which has resulted in the suspension of specie payments by the banks in our cities, and consequently compelled our country banks to adopt the same course.

Resolved, That we will use our utmost exertions to restore public confidence and credit among our people and throughout the country.

Resolved, That we approve of the measures adopted by the President and Directors of the Bank of Montpelier, in suspending for the present specie payments; and that we have the most perfect confidence that the bank is perfectly able to meet all its liabilities, and will, after the lapse of a short period, redeem its bills with specie.

Resolved, That we will take and receive the bills of the Bank of Montpelier, and other current bills, and recommend to our fellow citizens to do the same; believing it to be for the benefit of the public and a means of restoring confidence in the community.

Resolved, That the proceedings of this meeting be signed by the Chairman and Secretary, and that the editors in this town be requested to publish the same.

WOOSTER SPRAGUE, Chr'n. W. W. CADWELL, Sec'y.

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" Oh the banks ! the wicked banks !" Dear sir, what is the matter? What have the banks done? "Done! sir why, they won't give me specie for my bills; and in this golden age of Tom Benton, I can't get specie enough for a lawful tender, on a twenty dollar debt !"Well, sir: perhaps you are a Van Buren inan; we won't hurt your sensibility by telling you, in this article, the first causes which have led to this state of things: it is our purpose to explain bri. fly the causes of later occurrence.To begin, then, the banks of New-York stopped specie payments-and probably for a reason satisfactory even to you, inash:uch as a government bank, alias a pet, led the way.At that time the city was filled with bills of other banks which had not stopped, and the Shylocks and harpics bought them up at a premium of from five to ten per cent. and started off expresses to draw out the specie from these other banks in Boston, Albany, &c. &c. Now, what would be the result? For instance, turn to Boston : the banks of this city had bills in New York to the amount of perhaps a million or two of dollars--and this amount in specie would of course be immediately drawn out by the harpies. At the same time Boston had New York bills to an equal amount, and could not draw back a single dollar of specie. The effect would be to drain Boston of epecie, and carry it to New York, when in fact Boston did not owe her a single To prevent this-10 four-pence-ha*penny! defend themselves and the people of Boston,-the banks there resolved to suspend specie payments also and the New York shavers, who had come on just after the banks had shut up for the day, with their pockets crammed with bills bought up at a large premium, went back with "fleas in their ears,"-just as they deserved. Now what is true of the Boston banks, is true of every country bank. We will take the bank of Montpelier, for example. Our merchants had just been to Boston and bought their spring goods, carrying Montpelier bills. Of course a large share of these bills were already redeemed when specie payments were stopped there, yet perhaps a few thousande were in circulation. These would have been bought up by the shavers, had not this bank also stopped paying specie, and the specie would have been demanded of the bank; the bill-holders here also would have taken the alarm and drawn out specie. But this bank could not diaw on Boston, although it might have bills enough on foreign banks to redeem its own.The inevitable effect would be to strip it of its specie, stop its discounts, and perhaps depreciate its paper, bringing a large loss, not so much upon the bank, as upon the farmers and mechanics who have its bills. The salvation of the bank and of this community, then, demanded of it to stop specie payment for the present. Had not this bank and the other state banks pursued this course, the result would be nothing more nor less than draining the state of specie, and crippling all its banksa misfortune most to be dreaded by the people, who would have been the greatest bufferor If, in this view of the matter, people must complain-let them complain of something beside the banks: they have evidently acted, not only in defence of themselves, but for the protection of the people.

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"To William Lemon, Dr. &c &.c." We take the following Items of intelligence from the Nashrille Union, received by Express Mail, May 25. We learn by a slip from the Louisville Advertiser, that the Treasury Note bill passed the House of Representatives on the night of the 16th inst., and was sent to the Senate for concurrence. The banks of Philadelphia are redeeming all their notes of five dollars and under, and it is stated by the New York Whig that they will resume by the middle of next month. Exchanges on the South and South West had greatly improved. Five hundred Seminoles left New Orleans on the 20th inst. on the steam boat Renown, for their homes West of the Mississippi. Mr. Johnson, one of the whig candidates for Governor in Louisania, has declined. The Governor of South Carolina has called an extra session of the Legislature, to take into consideration such measures as may be required by the late conflagration in Charleston. The Secretary of War has placed the Barracks at Charleston at the disposal of the Mayor of the city, for the use of the sufferers by the fire. The Federalists in Congress, are trying to leave the government without means to pay the claims upon it, by neglecting to pass the laws providing for them. They did the the same during the late war, and received the reward which awaits them now-THE CONDEMNATION OF THE COUNTRY. The Boston Bank has "expunged" its vote to suspend specie payments, and has resumed in full. Two thousand copies of Democratic Magazine and Review are circulated in New York city. A YANKEE BOUQUET FOR THE QUEEN OF ENGLAND--Among the small articles of freight Western carries out is one which be a in England. is a of flowers, culled from at Hallet's Cove, and is garden, bouquet will which the novelty Great tin intended It Mr. Thorburn's beautiful herme- for the It was enclosed in a case, sealed, with plate cover. was at the of and so that it is prepared trically Queen. prepared, suggestion hoped glass Lieut. it will be Carpenter, preserv- It ed with freshuess to be presented next week to he Queen, at Windsor Castle. The Louisana State Bank has resumed specie payments on all its bills. There are now five banks in N. Orleans that redeem their circulation, and it is expected that others will follow their example in a short time. Another smell blow steam boat Yafrom Mobile to New Orleans burst one of on the 7drinst., off a by the name was which her zeo, boilers passenger Britton of Keeler Island, min- by severely injured, that he survived but a few utes. The Yazoo was towed into the North East pass of the Mississippi rivor, by the Columbus. Public lands in Louisana.-The quantity of lands within the bounds of this state,istwenmillions of acres, according to public ty the returns of the commissioners of the land office, made to Congress at its present session. Only half of this has been surveyed, and one sold, quantity millions tenth still which leaves a balance of eighteen remaining the property of the government. Agricultural Wealth of Ohio.-The Cleve. land Herald and Gazette of the 28th ult. states has been from port that there shipped that the 27th within inthe past five days, or from the 23d to clusive, four thousand nine hundred and eightytwo barrels of flour, and forty-nine thousand two hundred and thirty-nine bushels of wheat, of Ian estimated value exceeding one hundred thousand dollars. Right of a bank to sue during the suspension. -The New Orleans Commercial Herald of the the following important item:-have been lately in Court the right and Union Banks to sue, it laya District 12th Two inst exceptions contains involving of institutions. being the been Atchafay- alleged tried that are paying Judge they non-specie the The has not yet decided exceptions. We shall inform our readers of the result." The pay to Congress amounts to$2,181 67 per. day. Vermont Banks.--We learn from the Vermont papers that the bank of Montipolier has resumed specie payment, and that the bank of Burlington has resolved to resume to-day.

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Secretary of the Treasury

-:From the N. Y. Evening Herald. Tuesday, May 8. MONEY MARKET. The great question of the resumption or non-resumption of Mr. Biddle, still occupies men's minds, and the uncertainty of the result retards the advance of returning prosperity. The belief now among our most eminent financiers is, that he will resume either with the N. York banks, or take a few weeks to share with them in their specie, and sell his bills, drawn on cotton shipments, In this case, the cotton under his direction in England must be forced into the market, and a great crash in prices will be the consequence, to the the injury banks, of and through planters whom and the he will Mississippi sustain some loss from over advances, but trifling in comparison with that which will be the result of a different course. It is evident that Mr. Biddle has mistaken his course from the beginning with regard to the resumption of specie payments. He should have been among the first to clamor for an early resumption, and have monopolized the honor thereof;-this would have placed his bank on such a footing at home and abroad, that nothing could have withstood its influence, or embarrass its finances as credit is money to any amount. In this point or view he is hourly losing ground, and nothing could induce his present course but an apprehension of this inability to perform.-The demand for specie will not be half so great as many imagine, but be it what it may, Mr. Biddle's only course is to meet and pay it. The immense amount of specie continually arriving, will, in connection with publicopinion, force him to this, although it may possibly be against his own judgement--all sums under one dollar are already paid at the bank. The suspension is a great sore and requires deep cutting to remove it. The banks here are still very cautious in their discounts, and we understand the country banks who have balances in their favor, remove them in the shape of specie. There is however plenty here. The bank of Montpelier, Vt., has resumed specie payments, and thus far has received more than has been withdrawn. The report that the bank of Chelsea has failed is incorrect. The Hudson river bank has also resumed specie payments.