ATTEMPTED RESUMPTION OF SPECIE PAYMENTS.
The suspension of the banks commenced at New York, and took place
on the morning of the 10th of May: those of Philadelphia, headed
by the Bank of the United States, closed their doors two days
after, and merely in consequence, as they alleged, of the New
York suspension; and the Bank of the United States especially
declared its wish and ability to have continued specie payments
without reserve, but felt it proper to follow the example which
had been set. All this was known to be a fiction at the time; and
the events were soon to come, to prove it to be so. As early as
the 15th of August ensuing--in less than one hundred days after
the suspension--the banks of New York took the initiatory steps
towards resuming. A general meeting of the officers of the banks of
the city took place, and appointed a committee to correspond with
other banks to procure the appointment of delegates to agree upon
a time of general resumption. In this meeting it was unanimously
resolved: "_That the banks of the several States be respectfully
invited to appoint delegates to meet on the 27th day of November
next, in the city of New York, for the purpose of conferring on
the time when specie payments may be resumed with safety; and on
the measures necessary to effect that purpose._" Three citizens,
eminently respectable in themselves, and presidents of the leading
institutions--_Messrs._ Albert Gallatin, George Newbold, and
Cornelius W. Lawrence--were appointed a committee to correspond with
other banks on the subject of the resolution. They did so; and,
leaving to each bank the privilege of sending as many delegates as
it pleased, they warmly urged the importance of the occasion, and
that the banks from each State should be represented in the proposed
convention. There was a general concurrence in the invitation; but
the convention did not take place. One powerful interest, strong
enough to paralyze the movement, refused to come into it. That
interest was the Philadelphia banks, headed by the Bank of the
United States! So soon were fallacious pretensions exploded when put
to the test. And the test in this case was not resumption itself,
but only a meeting to confer upon a time when it would suit the
general interest to resume. Even to unite in that conference was
refused by this arrogant interest, affecting such a superiority
over all other banks; and pretending to have been only dragged into
their condition by their example. But a reason had to be given for
this refusal, and it was--and was worthy of the party; namely, that
it was not proper to do any thing in the business until after the
adjournment of the extra session of Congress. That answer was a key
to the movements in Congress to thwart the government plans, and
to coerce a renewal of the United States Bank charter. After the
termination of the session it will be seen that another reason for
refusal was found.