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,xDIIol II will be recollecled by readers,
that The merchants of New York, few weeks since,
rd , rronosition to the U. s. Bank, at Philadelphia,
thor,b Mr. Bdde, its President, in order induce the
Drec,s of that institution to establish, Immediately,
IN their city, large banking institution, under the gen
cral banking law to be managed with the same cnIars
o1 views and enlightened and liberal policy, that carac
,eriscs the proceedings of the U. S. Bank of Pennsy
yania The proposition was courieousy received oo'
bv Mr. Bide and the Directors Of the Bank; but they
declined definite action on the SUBJECT until they shou"
learn the "nal action of Congress, upon the financai
measures in contemplation, on the sesu OF which SO
much of the business and banking operations OF the
country depend"


II gives us uneigned pleasure to learn, that immedla
tely after the passage Of the resolution resembling the
spece Circular Mr. Biddle has taken the earliest OPP
nortunity to inform the New York merchants, that the
bank has determined acccde their request, and VIII
at an early day take the necessary for the es
tablishment of such an istution as they propose.


Another cheering indication in consequence of the re-
~ Of ,o snece circular is the fact that it furnishes
the first ntination upon which the country may rely
of speedy and safe resumption of specie payments
And does us pleasure to add, that such is the conf
dence of the u s. Bank, in the RECESSION oil that odous
specie circular that early resumption OF specie pay
ment. will command its immediate attention, as will be
seen by the following letter from Mr. Biddle to Hon. j.
@. Adams.


PHILADELPHIA, May 81, 1888.


NV Dear Sir-In my letter Of the 18th ult stated my
belief that there could be safe nor permanent resump
ton of specie payments by the Banks until the policy OF
| tbe Government towards them was changed


The repeal of the Specie Circular by Congress makes
that change see now what until now have not seen,
the means of restoring the currency. 5sls.


rejoice very sincerely the termination OF tins nn-
banpv controversy and shall cordially cooperate win
the Government by promoting what the Banks are,
am sure anxious TO effect early resumption OF specie
payment throughout the Union.


With great respect, yours,


Hon. J. @. Adams, Washington, d. c.


The Charleston Courier states that the loss sustained
by that city exceeds 1000 OOO and the contributions,
thus far amount to about $50 000
John Van Buren, ESQ., Of the President sailed the
oOtb nit. in the Gladiator from NJ Y for London lie
ia to be present at the coronation Of Victoria on the
| Opth 10Th month