General suspension of the Banks.
Yesterday all the Banks of this city followed the example of the Farmers' Bank, by suspending specie payments.
This proceeding has met with the almost unanimous approval of the citizens of
Richmond.
The embarrassments of the times are not attributable, in the slightest degree to commercial or financial errors or excesses.
They are altogether owing to causes of a political nature, over which neither our
Banks nor this community could have control, and for which they are altogether irresponsible.
But the effects of these causes penetrate every part of the country, and occasion a universal disturbance of the industry and trade of the nation.
A commercial revulsion, having its origin in merely commercial and financial extravagance, could be in some measure controlled, and need not be so widespread in its effects; but the storm which threatens the
Union with destruction, spreads its disastrous consequences everywhere, and produces that sort of panic which exceeds in intensity any more commercial excitement, and which is irresistible.
It would be, indeed, idle for the Banks to attempt to stand against it.
The
Banks throughout the
State will follow suit, and having thus eased off the demand upon them, and put themselves in a condition to extend a more liberal aid to the business community, there will be time and a better frame of mind to look around and contemplate the condition of affairs, and see what can be done.
In this city the effect of the suspension will be to give employment to very many who are dependent upon their daily labor for support, and it will sustain many business men, who, had rigid specie payments been continued, would have had to go by the board, and their effects have been sacrificed.
This process, as all know, often leaves penniless men who in good times would not only be able to pay all they owe, but have a handsome competency to retire upon.
It is to be hoped that the crisis of the excitement which at this time alarms the nation and produces this general embarrassment, will soon arrive and be passed.
To know the worst, will be some relief to the present anxiety.
