THE FARMERS' REGISTER. 



187 



Several othpr."!, he bolicves, have failed to coinpl_y 

 with the injiinctioiis of the IJaiik Law. 



Xew Yuik.Jcin 27. — The stock market a;;ain ^ave 

 way to-day, and our quotations are lower, without any 

 exceptions. United States Bank Stock fell 1.^, Dela- 

 ware |, iS^orth American Trust i, Hailein i, Stoninu;- 

 ton .J ; and the market closed with a tendency decided- 

 ly downward. — Ev. Post. 



Saturday, February 6, 1S41. 



The Farmers' and Mechanics' Bank of New Bruns- 

 wick, (N. J..) has broke, and the doors were closed 

 on the 2Sd lilt., by an injunction oi the Chancelloi^ 



On Feoniary 1, tlie banks of Virginia and Maryland 

 resumed specie payments, after a fashion. By each 

 bank, and each branch havirjg previously exchanged. 

 or otherwise sent its own notes as tlir irom home as 

 possible, and by issuitig no other than the notes of 

 other banks or branches, (vvhich they can, and of 

 course will, refuse to pay in specie,) and by inducintr 

 the merchants under their control to draw their checks 

 for "current notes," the banks had admirably well 

 "prepared lor paying specie" — that is, they had so 

 arranged as to pay as little of it as possible. To for- 

 ward this great object still more, there is now a bill 

 before the Virginia legislature to authorize the banks 

 to issue small notes, (fir sums under !^'o) ; and it is to 

 be feared that this additional measure to serve mere 

 bank interests, and to keep specie out of circulation, 

 will pass that body. The northern brokers, who alone 

 are enabled by their position to counteract these non- 

 paying designs of the banks, will be the only persons 

 who will obtain specie to much extent. And whether 

 drawn and carried off by loreign brokers, or otherwise 

 remaining in the vaults of the banks, the specie will 

 be of very little service in filling the circulation of 

 Virginia, so as to guard against the worst evils of the 

 next bank suspension. The proper policy, for all who 

 prefer the interest of the country to that of the banks, 

 and who dare so to act, is to refuse all checks for "cur- 

 rent notes,'' and to draw specie wherever it can be 

 carried to the country, and diffused through' the country 

 circulation, and to receive from no bank or branch, 

 any notes but its own, which it can be required to re- 

 deem. 



Since the resumption of specie payments, Unfted 

 States bank stock h.is fallen from 52 to 48 and a frac- 

 tion. 



February 13. 

 The advice to draw specie from the banks, and dif 

 fuse it through the counlr3' circulation, as offered in our 

 last week's summary, was too late ; and flie occurrence 

 of another bank su.?pension, which was fhenintimated, 

 had then actually begun in Philadoljihia. The Uniteii 

 States Bank, alter a very short resumption, again 

 stopped payment on the 4th. The news reached this 

 place on Sunday, the day after our last weekly publi- 

 caiion, and on Monday morning, in the first banking 

 half heur, the Brarich Farmers' Bank and Branch 

 Exchange B.ink again stopped specie payments, after 

 a. six days "resumption.'" The thirteen other banks 

 of Philadelphia also stopped a day after the United 

 States Bank, after having first, but the night before 

 their stoppage, held a joint meeting and declared and 

 published to the world that they would continue to 

 pay. The New Jersey, Delaware and Baltimore banks 

 have followed their example, of course, and so will all 

 in Virginia, and probably all south of New York that 

 have not already done so. The banks in Maryland 

 and Virginia may not have paid away mucli money in 

 their six days resumption; but another and so speedy 

 a suspension, will serve as a heavy draft upon, and pro- 

 digious, lessf'hing of, their remaining credit and reputa- 

 tion, and hold on the confidence of the country at larice 

 The banks throughout this country are above all law 

 and all restraint ; and they are made by law impregna- 

 ble against all assailants, except themselves. And by 

 their own hands, or measures, they are now reaching 



I that end which is approaching, however slowly, but 

 ' which is yet inevitable. Now will ensue another long 

 time of suspended payments— if indeed payment will 

 ever be resumed bona fide, and to full extent, by the 

 existing banks of this country, or any future baidcs es- 

 tablished upon the present system. Every body (ex- 

 cept the most submissive an<l subservient of bank 

 slaves) admit that the banking system needs reform; 

 yet none will attem])t to forward it. The banks are 

 left to reform themselves ; and, in sufficient time, they 

 will do it, and with a vengeance. - 



In the new act vvhich the Virginia legislature will 

 pass this session to relieve the banks, (as such laws 

 now are made annually, and as regularly required as 

 new almanacs,) we beg to suggest the propriety of a 

 provision to direct a new style of bank notes, for the 

 relief of tender consciences of bank presidents and di- 

 rectors. We propose simply to insert the word "not," 

 so that a bank note shall read thus : " The President, 



Directors &. Co. of the Bank of , promise not 



to pay twenty dollars," Sec. Sec. This amendment, 

 while serving to conform much nearer (if not without 

 exception) to the truth, would not at all lessen the 

 currency of the riofes, nor impair the credit of the 

 banks adopting the change of obligation. It is not the 

 words of their promises on their notes, nor 1he creditor 

 solvency of the banks, that sustains their circulation ; 

 it is the general endorsement by the state. 



United States Bank stock has sold as low as 25 since 

 its " suspension," or bankruptcy. Its notes are 15 per 

 cent, below par in Philadelphia. Notesol other banks 

 there 5 per cent, below specie. 



The early stoppage of the Farn*ers' Branch Bank 

 in Petersburg, we are proud to have proved, by pre- 

 senting for specie a check of $400; which being re- 

 fused payment, (their first refusal,) we had the bank 

 repnlarly protested, and would have forthwith sued, 

 (and enforced our right by legal pi-ocess.) if the au- 

 thorities had not thought it best to succumb and pay 

 the demand in legal coin. If they had not, we would 

 have forced them to do so. As it is, we have shown 

 the way to all who choose to compel banks to pay 

 their debts. 



What we have said, and still more what we have 

 done, to expose the false pretences of the banks, and 

 the rottenness of the system, has aroused the malice 

 of the satellites of the banks. This giafifies us much, 

 as it shows that our stuali shot have not been fired aN 

 together in vain. "Thp wounded pigeons are known 

 by their fluttering." We fear not the banks, omnipo- 

 tent though they be, and heartily despise the anger 

 and malice of their would be-bnrrnwers, and tools. 



The Richmond Enquirer of Thursday, says, "A 

 fine spirit animates our presidents [of the banks.] 

 One of them told us yesterday, in a decided and buoy- 

 ant tone, when asked what we should say for them ; 

 ' Say that we are paying specie, and that we mean to 

 do so. But don't say as you did on Tuesday — we will 

 if we can. Say unqualifiedly, we can and will go on.* 

 The Richmond Compiler of yesterday says, " The 

 banks of this city have paid all demands in specie so 

 far, and are determined to go on, it appears. Some of 

 the ofiicers tell us that there cati be ' no ifs and ands* 

 about their course — tliat they will pay specie at any 

 event." We wish that such may be the result, but have 

 no faith in it. We have noticed that dec'arations of 

 willingness to pay were often uttered, through news- 

 papers or otherwise, the bolder and londi-r in propor- 

 tion to the nearness of an approaching and certain sus- 

 pension. The banks of Virginia are no doubt as good 

 as any others ; but none are able to maintain pay- 

 ments, because the whole system is rotten and sinking, 

 and deserves to sink and perish. We Irarn from pri- 

 vate information in Richmond that the banks tlmre 

 have not paid, and do not pay specie for checks; and 

 as very few of their own notes are in Richmond, (by 

 th«ir own previous policy,) of course the demands to 

 pay notes have as yet been small. 



