Republican Herald

Suspension in Baltimore.—Intelligence of
the suspension of specie payments by the banks
of Philadelphia was received in Baltimore on
Wednesday evening. At an early hour the
next morning, the executive officers of the
banks of that city assembled, and passed the
following resolutions:—"Whereas information has reached this city that the banks of
Philadelphia have suspended specie payments.
Therefore Resolved, That under the circumstances, this meeting deems it advisable that
the banks of this city forthwith suspend specie
payments for the present, and recommend the
same to the Board of the several banks." This
meeting was held before the regular hour for
opening the banks, to avoid the necessity of
meeting heavy drafts for specie that had previously arrived. The Baltimore Republican accompanies this announcement by the following comments:
The course which has been pursued by
the whigs as a party has been such as to lead
naturally and necessarily to this result. They
have been fighting against the Government
in favor of a bloated credit system. They
have insisted that the public funds should be
placed for safe keeping in the custody of the
Banks to feed and stimulate such a system, by
enabling them to loan those funds to heartless
speculators, stock-jobbers, monopolizers, and
usurers. Here now we have an opportunity
of perceiving what degree of safety there would
be for the public funds in the custody of the
Banks. There has now been no specie circulation to which it can be attributed; but every
one must admit that it has resulted from the
operation of the whig and conservative credit
system. Its evidence in favor of the Independent Treasury system had before been wanting; it is furnished by the state of things which
has been brought about by the measures of the
whigs. Every one must now be convinced of
the propriety of a total separation of the Government from all connection with the Banks.
If they will pursue a mad system of over issues
and speculation as has been done by many of
them, it is right that they, and those who are
silly enough to place their entire dependence
upon them, should be left to suffer from its
operation, and that the Government should
not be involved in the evils of their producing.