Vincennes Gazette, Volume 7, Number 1, Vincennes, Knox County, 3 June 1837 — Page 1

'TIU TH WITHOUT FEAR."

voLr3ir: vn. VLXCEAAES, SATURDAY 3IOUALG, JILE, 3, 1837.

The I far upon the Cum try, -lis commencement, its issue, r.nJ the rtsjioiisibility therefor, are treated in the two articles We annex, in a manner so clear and compreiiet.sive, that none (nt the wilfully blind can fail to see ami to feel their truth. In the midst of abundance, wi.h :. worli! at peace, with a wide-sjrc.i-.l cumeree, 311 imhistrtnus. orderly, ami pio-eerou

people, wii.ioiii anv itisturr from within or from without. tttg causes vvi: 'i an amount o; specie elomne t:tat pro a before po?se-J hv ns, in the of mi jii"s:ioiu'il credit, ami it; t: ly ever! TV nil.'!!. OC'U--aiiev of a hcaltitv, fruttlu a toumimg, ana ex fiat: ttess country, wn.i a miuuiisj . ." ii i i ! .." lieu e:i above u a wiiiinj eari.i oeneaui. an J iniiiions ol arms mniwj to umr. we are all at one .'-nick with tho tiaralvsts of; uim ersal b a:iruptcy ! The respo.isiSihtv f.tr this cemtition of things, the annexed coinmtinieatio'l nstens wh- re it 1 clone;"' I, the atn'ic Irom t iov the step bv wineii we li i e ,,i eon led to ruin. X. '. .imcrb an. Trori toe .w Aloe rb-an. The Responsibility. The suspension of specie payments, calamitous as it is, and disastrous as i;s continuance nuist prove to an tne grrat int!

terests of the couture. h-i at least tins of, sums of the Executive that it ha." iSc?!roTgood inir.sib d with its infinite evil it .vjed tlie Currency, and done "little', totheeii l. T,';e course of excitement and wards inirodticmir another. We five the

anxiety through s lii- e, v. c have been drtv-.

en lor tne la-t I ;i nnuiihs is passed thejiMied by the docuiiients of the Executive

goal is vi.:. We hew hrherio onl v had i I ..-I. . iw-il.' lur.e to jiu. now we can :; an,; iiitiK. It was i a: '.Ii

hints meetitiir'iind explod-d experiment:

t.l" Ot.'.Ol" t.:lV, t.:.ll Lbi- l ;ne tor the inves our present difli ligation nt '';e causes ! cullies would s- on eoiue. I u-lseve it has 1 come alrcatlv. 'I'he X''i'ement of ami It ar, . doe shui the stru and in their ; universal r;;!.: :e; i i!.iuer toe cnulu- : !i have passed awav: Vi e have the sniine-s ot s. cnivcrsd rum. for. will, p-diiate it as von : specie p !v:nr-0 is no h ,:n-.rup"i"y universal (i.Sg'll it ei : less than r.im ersa ruin. Ann t'u si i.. ness ,i ihis ruin, ami w iih "he ca'mt'.e down ami think. quesu )!i that p; of d.i -p:iir. we can til u ! n aw tor the at Ol ( V , r tliti nni 1 U ) - ( ) b i is -1 ' word snjiTe.-L t'ae wlie''1 nionth .'.tne re--p-tii':iify." a tjii'iL S tro.n M nm the war-crv ot tlv p i . t.ui ruinS ' I I,h s u.il the v erv tr:f? a".'fr! From the proud .,.. the ;"b. oc'i.H'tl bv biri'linir t ' ' icorca, lias bra n rv I tr the last fmu years.' Tho r.xecutive'.l la soonsoiititv titit with the knave who id believe an here i the wii! make, or the t "1 th -,t v. assertion f n!!-''o.' 'i bilitv ti'-t wi-!i i ' i : hi riMH - pn;)s;Uad the present ehair au met ;! of the IV -jevit of : i nti t. of toe b v! man v. t preeeu I. let. his dt dents would not dare to deny bi:n tlie responsibility he has so often ami so vauntin c'v claimed. The assuming the npre.si'jni'v to regulate c.eha ;-., check f peculation, and rive to the IVopbe a better currency than was ailorded by the bills of the Bank oi" the Tinted Si ne, has been thai erv act of the Executive which its adherents have most loudly praised, and its opponents mo:t p.jtt.tedly condemned. Who v etoed the charter of the Bank of tho I'nited States' Who removed the Deposites? Who issued the Specie Circular? Did the People do all or any of these acts' No; the People's Keprcsentatives chartered the Bank of the I'nited States; the People's Bepresentatives declared, hv a sok:n:i vote that the Iepositcs were sate i;i the vaults of the Bank; and. last of all, the People's Representatives passed a bill repealing the Specie Circular. And bv who;.1, were all tin se acts oi the People';; Representatives made of no effect: Bv the Executive: by the trill of one num. And what was the answer to those who objected to this excrei-e ol despotic tower? take t.'ic rtiponii'dli'y. J think that the Tinted States Bank is unnecessary, cither as the fiscal agent of the Government, or to conduct the exchanges of the country: and, thl -.king so, I !uk: the responsibility of refusing it a charter. think the Peposite Banks competent to both these duties, and !ak the responsibility of entrusting the public treasure to their keeping. Then came the mnclivaunted Constitutional Currency, and all the contemptible slang of "yellow hoys," and "mint drops;" but what part had the nconle in ail this absolutely nothing. " take the re 'pon.iilili'y." was still the cry believe that the currency of a great com mrreial countrv should be not based upon but composed exclusively of gold and sil ver; and I take the responsibility ofim porting millions in gold, at the expense of the People; and by my Specie Circular this gold and silver shad be eonlined in the country. Such has been the arrogant vaunting of the Executive for the last four years; and 13 it to be tolerated that now, w hen the test of experience has proved these so confidently expressed opinions to be. what thev were all along pronounced by his opponents, a set of miserable fallacies, shall the Executive now reject the so coveted responsibility, and talk about overbanking, over-trading the rage forspecuUtiou? The answer is plain. The Executive tnok the responsibility to prevent over-banking and over-trading, and the

rage lor speculation; ami, above all, to en rich t.he countrv bv a forced irlluxofspe

cie. A" it h the Executive, then, let this responsiud.tv remain. Bv his "humble efforts to improve the currency of the country, " this once happy nation present the strange spectacle of suspended specie payments and universal bankruptcies. W hile li ! e whole land is overflowing with specie, that which he, in his ignorance, and his adherents in their dhhoiiestv, dedared Could never happen, has iie'tm-.llv come to p.iss. 1 promised to Fortius the Executive has be responsible. To that promise we hou d 1 Mill. Responsible to ! . ! . I I ... , im; nankriipt merchant responsible to i . - t ... mo ueggaril artisan responsible to l ie starving lunorer -responsible to the whole cakac;a. rained countrv. I'ro 'i the I?oton At'.w. Var upon tho Cuvrcncy-its Commencement and Issue. e could cad pariicul ir attention to the lacts uevtloped i:i the following article, which presents a view of the whole course ot tne l.xecutive in robiiion to the Cur rency showing its original plan of sub stituting a Loral fitper C urrincy lor the Currency of the F. -?. Bank; the admitted m;ue ol that plan; the late al'ier-thousht oi a .wi iinc i urrenev; am! nc adinisIiistorv of the wlmle process as it is furn eoartment. Such a serifs offaibir i. irii . irauus, anu laisenoous, iirokcn promises as are exhibited in the to'.Io . imr aratrraphs. disjiraces the diplomatic hist'trv of no other Aihninistrr.tioii. popular or despotic, that has ev-

hopejer I dien under our ooservation.

The Trctcndcd Evil ta be KcmodicO. 1 "It must be admitted by all that it (the 1'. S. Hank) has failed in the great end of e-t a'dishim: a uniform and sound Cur- ;.(' )." 1 A.NDKKVV J.U KSIJN. At I. Ml M V I ION OK t.M l U1IV1. COWER, THE Ri;.l. OBJKCT. 'I submit to the wisdom of the I.eislatr.re whither a .National one (Hank) !'. aneh l upon the crtdit of the (iortn..Kiit end i.'v rtvnf. might be devised which would avoid ml constitutional diiliculiies; and at the same time, secure all tin1 advantages to the (!or eminent and cu ;'rt t!i:it were ONnected to resett from the i resent l,a:iu. '. l::o. hint or i.xr.i nni: nK. .i Tin: S! nl lll TI. filli IMIIl) ST.VT1 l'.tt.I.s. "It is thought practicable to organize such a bank w ilh the necessary oilieers as a Irunrit if the Treasury Department. The Stains would be strengthened bv having in tb.rir he-ids the means of furnishing the Lorid f'en.or through thrir on-n Hank." is the origin the Metallic im csages. en;irelv ;;u Vsnui vv J.ckso.1 (Here d plan. Not a syllable of Currency in either of these This part of the humbug was nfterthought. 'I'he original plan was to substitute lutuk for the Hank of the ,nd to furnish the Pi ople a (ioverntm nl I "lilted States, with a Taper Currency f th "Entering the .. -,, ,,,, I v, is:il. opinions heretofore ex pressed in il lation to the Dank of the T. States as r,t preeent organized, I I leave it for the present to the investigation (fan ollghtenod People and their Representatives, , Indrew Jackson, j Their Representatives accordingly investigated the subject, and re-chartered the Bank. 1K3-2. Tilt". ACT I'RKUVTIIjr. "What interest or influence has given birth to this act, it cannot be found either in the irish" or necessities rf ':;r K.rrctitive ), pa rtiw it . by wliirh present action is deemed premature!" Andrew Jackson's ef i. And this after the subject In 1 been three times brought to the attention of Congress by the Executive itseh'.l "Neither I'pon tlie propriety of present action, nor upon the prov iions of this act, was the Executive consulted." Ibid. It a singular fact, that the phrase Mkt.ui.ic Cr;tr:i. y or Bktter (' rrexcy, does not occur in the I'e.'o Mi ssetge, woe is there the slightest intimation thai the executive contemplated at that time any other substitute tor die lulls of the United State- Bank than the Paper Currency ef the f.al Tanks. RLMilV At, OY Tilt: IHtl'OSiritS first SI (.OKSTF.O. "Such measure s as are within the reai h of the Secretary of the Treasury have been taken to enable him to judge whether the public deposites in that instituiion U. S. Bank) mav be regarded as entire!safc;m as his united power may jn-ove inadequate to the object, I recommend the subject to the attention ef Congress, under the firm belief that it is worthy of their serious invf.stio tion. An inquiry into the transactions ofthe institution, embracing the branches as well as the principal bank, seems called for by the credit which is given through the country to many serious charges impeaching its character, and which, if true, may justly excite the apprehension that it is no long er a safe depository ofthe money of the People rilerais a wanton and deliberate attack

1

hV lllp IIVP .til tl it nii.itn ii!'..!! iii.i.

. " " ttllion which was ihe ilishursitio- ntrpnt the (iovernment, held millions of its rev o enue, and in which the (Government was a stockholder to the amount of 87,000, 000. The confidential agent of the Treasury, appointed to investigate the affairs of the nanii. reported almost simultaneously to the Department that "neitter the sofven("V vj i fie tank, nor me security oj trie depobites would ett'mit of a doubt.'' Congress was satisfied that the pretended apprehensions of the President were so unfounded; and that his charges were made without regard even to that "apparcut v err.city"' which all public men should study to preserve. The House, therefore, bv a vote ol 10J to 4G, declared that the (Government deposites were safe in the 15at.lv of the United States. is:j:i It is a remarkable tact that the message of 1833 of ".'resident Jackson, in its para -

graphs on the bank question, like all the sound and fluctuating currency in the paprevious messages from 1829, makes no per of the local banks.

reference to a MetrJiic Currenet, and contemplates no other substitute for the currency of the L nited States Bank than the Paper Currency of the Local Hanks. The long report of .Mr. Secretary Taney apologetic for the removal of the deposites, making no reference to a Metallic Curre nc), and promises nothing but a

ICPBktter Currency to be furnished prove by substituting the better paper curby the State Banks. reney of the local banks; and this remainWe copy from the report of my Secreta-Jed for five years the policy of the Admniry a development of the plans of the Ex- titration.

eeutive: "It is well understood that the siteui or rui.niT hrei tifore enjoyed by ihe notes of the United Stales Bank vvas not founded on any particular confidence in its management or solidity. It was occasioncd fg' :ir r c-v the agreement on reehalf of the Public, in the act of incorpora tion, to receive them in all payments to the United States; and it vvas this pledge on the part of the (Government which gave general currency to the notes payable at remote branches. The same en gagements in favor of any other monied institution WOUUl give us nines ikh ... i i .i o. . . ... 'reaii, ami mae mem eyaany v.i i ut ui for the purposes of commerce." Co wit: the same engagements in fa- ... rt . It I . . I . vor ol the tit w ould make tne noies oi a Buffalo, Natchez, or New Oilcans branch worth one hundred cents on the dollar in Boston. .Why doe" not tlie Government ruatic sued euragenicuis. "But this obligation on the prut of the United States, the Secretary continues, "will cease when the charter expires; and as soon as this happens, all the outstanding notes ofthe bank will lose the peculiar value they now possess, and the notes ; pev able at distant places become as much depreciated as the notes ej the Jsjcal Hanks." Not only is this not the case, but all the" bills of ihe United States Bank h ive been at a premium in every part ofthe country; while the local bills have been at a discount in many places of from .") to 2o per cent. What would a bill of a ttem Pet bank be worth in this city, compared with a bill ofthe same minimal amount of the old or new Bank of the United States!! Again, let vv Secretary speak the views of the President: "The State Banks can. I have no doubt furr.Uli a (General Circulating m- die.;n. quite as Uniform in value as that which has been afforded to the Bank of the United States. Jd Probably more su."rjS "Bv agreements among themselves to honor each other's nates and drafts, they arc providing a oi nfrvm i rkf.ncy atlcasl as sot M) as that of the Bank ofthe United Stall s, and will afford facilities to commerce, and in the. bus'imss of Domestic .' ba'igrs. lit in. l qr u. to any which this community heretofore enjoyed." No. a sv liable thus far from the Presi dent or iv Secretary ot a Metallic Curp nev. Tlie onl. proposed suoslitute iiiisimiie lor die currency ofthe United States Bank is the Paper Currency i f the Local Hanks. And this vvas the filth year of the warfare on the National Bank! 1831. The expositions that were made h v the Whig members of Congress, during the session of 1S33-3 4, demonstrate i so clearly ihe incompetency ofthe State Banks to furnish a sound and uniform currency, that the Executive was compelled to shifi i.s ground, and the next rising of the curtain was to the first scene of the (Gold Hutu bug. FlttST HINT OF A METALLIC crRKF.NCY. "The prngiess of our (Gold Coinage is creditable to the officers ofthe Mint, and promises, in a short period, to furnish the country with a sonml and portable cur rency, which will much diminish the inconvenience to travellers of a general paper currency, should the State Banks be iiep.pable of furnishing it." Jackson's Message of '3 (. Here is the first intimation of anv doubt on the part of the Executive of the ability of the State Banks to furnish a suitable Paper Currency for the country; and here is the first indistinct and vague hint of any thing like a Specie Currency. It is only a virtual admission of tiic failure of ihe first experiment. 183.'. The message of 1835 repeats the asscrItion that the Bank ofthe l nited State?

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"u nui iiiuiiMicu KicL-uuiiirv w no ii suuim ; ni" fumtii.. I,t ... ; 1 1., I,.. ... o .(....m nC, vmiiviivj i uufc tiiii.il (ii a mi. uiui'w - the capacity of the State Banks, and as sens point" blank that they have supplied the "wants of the community, in relation to Exchange and Currency', as welas they have ever been btfore." It asserts, also, in the most uii'jualitied manner, that the "Circulating medium has been oreatly improved. j This message is the first document of the Administration in which the Metallic Currency cuts anv distinguishing figure. In this paper, he says, that if Congress will do so and bo and lour and twenty Slate Legislatures will do eo and so "it is apparent that Gold and Sd' er will become the principal circulating medium. . Congress and four and twenty State Legis latures did not agree with the (.General, and the consequence is what we have seen . the destruction of a sound and uniform . Currency, and the substitution of an uiv 1830. W e have traced the documentary hislo rv oi tne vvarlare on tne IJank, Irom its commencement in 1829; where the attac k was made on the express ground that the Bank failed to "establish a solid and uniform currency." The currency it was proposed to imAs the community became aware, by reflection and experience, that these banks could not furnish a general circuladng medium, and that they did not. as per agreement, "honor each other's notes and draft;," it becsnie necessary to make still another promise to furnish a substitute for the substitute which had been given us lor the currency of the United Slates Bank. And how is it with this fubstituted substitute? After eight years of incessant and harrr.ssing interference with the currency, what has been attained bv President Jackson's own showing' Let the message cf I speak for him: "Although various dangers to our republican institutions have been obviated by the failure of that Bank to extort from the (Government a renewal of its charter, it is obvious that little rt been tiiconpfisln d i .ccept a salutary rhtt tge of pub lic opinion towards cvionn g to the conn u v me eurrenri Druvrira ty the Corts i it u'.i.'ui." And how much is that little? And what is that salutary change in publicopinion' 1. I hree hundred and fiity-seven newbanks have been created. 2. One liunl:ed and seventy-nine millions have been added to the hanking capital. 3. The circulation of paper money litis increased .123.."!0,(00. 1. Loans am! discounts have been increased 31S,00(I.(H!0. And tins is the marvellous good lor which we have endured so much! This is the result for which we have passed through so much suffering, and are now the witnesses of such wide-spread devastation! ami ihe Executive looks calmly on exulting in iis iniquities rejoicing in the ruin it has caused and appealing for the justitication ot its measures to toe mo tives that induced them, and the fir?3 'hap pv consequences"eitj in which thev have resulted. i'os rsa aim . Since writing the above, w e have r erived further intelligence of the better currency tiie "improved circulating medium of which (General Jackson so Icarneoi v uiscourfss in his niessags. The Safety Tund and Peposite Banks in .evv l orii nave suspended specie pay ments. J his is iho jinot Ltie denouncement oi (it-Id Humbug. (Jen. Jackson's "humble ef.orts" lor the restoration of the Constitutional Currency hav e compolled the banks to suspend ments, ami have literally cur tiv with ti currency ol rags spe scd it: pnyi tie couni' Trulv did Daniel Webster say, in the memorable sf.-.-l .,- of ':53-"GM "I would say to every '.iiesl man, every w here, who wishes by honest means to gun an lionet t living beware of wolves in sheep's clothing; whoever attempts, under whatever popular erv, to shake the stability of the publie currency, brings on distress in money matters, and drives the country into paper moncv, stabs your! appiness to the he.iit! And whoever has th? wickedness to conceive, and the bardiiioo.! to avow, a purj pose to bretiix dow n what has been found in forty years' experience essential to the protection ro all interests, by array ing one class ?-.nnst anothnr, and by acting on such n principle a.- that the poor ulirays the rich, shows himself the reckless enrmv of sH. An enemy to his whole country, to all classes, and to every man i i it, hi? deserves to be marked especial1 ns the poor mans curse." "Tr. Eidalc's Letter to Mr. Adam?. We piesent to our re' tiers ;o-dav a third letter to Mr. An.ts fronv the President of the Pennsylvania Bank of tlie Lulled States, wliich will be read with not less interest and advantage than the preceding ones. It is a perfectly clear and satislaelorv ex-position ofthe existing state ol" things, and cannot fail to carry conviction to the minds of all. It shows that the course adopted by the banks of Philadelphia was imperatively demanded by cir-

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cuuisiauces ocvonii tiieir control, anu inai ...;n i .,.' i ..i.: ui ii uiii must eumj ucn e 10 me uiluimii; ociiutit nt me community ana country,

that the Bank of the United States has banks were closed, tlie government of the been actuated in this measure by the same 1 1 nited States would have no resource to spirit of patriotism and wisdom which has procure specie but tlie Bank of the Uniguided all iis proceedings, and that it wilE11- Slates, which ought n,,t to assume the t i . . , . , '-Li. r -;

ue reaoy ai a moments warning to co part in restoring matters to their former condition of peace and prosperity. National (iatette, PiiiLAPEi.rniA May 13, 1837. Mr dear Sir: You were good enough to express a wish to know my ow n views ofthe present state of things, and I hasten to give them without reserve. You may, perhaps, rerdembcr that in my letter to you ofthe 11th November last, I slated what seemed the real causes of the embarrassments then existing, and the appropriate remedies fo'f theni, adding that by toeir adoption "confidence would be restored in tw enty-four hours, and repose at least in as many days." Six months' further experience has only confirmed that opiuiun. 1 believe now, as I believed then, that the events of this week might have been readily prevented, and that the unhappy perseverence in the measures then depreciated has reduced the country to its present condition. But I have no leisure now to discuss the sub ject, and no disposition to indulge in un availing regrets. It Will be more profitable to look distinctly at the present posi tion ofthe banks and the country, and to suggest their respective duties to themselves and to each other. All the deposite banks of the (Govern ment ofthe United States in the cilv of New York suspended specie payments this week; the deposite. banks elsewhere have followed their example; which vvas of course adopted by the State banks not connected with the (Government. I say, of course; because it is certain that when the Government banks cease to pay specie, all the other banks must cease, and for this clear reason: 'The great creditor in the United States is the (Government. It reeeiv es far duties the notes ofthe various hanks, which are placed for collodion in certain (Government banks, and arc paid, to those (Government banks in specie if required. ow, it these itovernmeu' batiks, the depositories of the public revenue; will not pay specie lor the very warrants drawn Upon ihem by the 'Treasury, ihu (lovcrnnient of the I'nited States from that moment ceases to pay specie to the citizens of the United States. As moreover, the (Government receives for duties only specie and the notes of specie paying banks, the instant its own deposite banks cease to pay specie, the (Government must refuse to receive the notes of its own deposite banks, and can receive no mites except those of banks not deposite banks. On the one hand, then, the (Government is bound to pay its debts in spec ie, ami it has no means of proem ing specie except from the hanks not connec ted with the Treasuiy, so that these banks fi ml all their notes collected and paid into the 'Treasury for duties converted immediately into specie for the use ofthe f Government, while the deposits banks wili not pay their debts to the other banks in specie, nor pay the 'Treasury warrants in specie. 'Take, for instance, this example. 'The claimant under the French indemnity had certain moneys due lo him in France. The (Government imported it in gold for him: and, when' the day of distribution arrived, he obtained an order for hi portion. But, instead of' receiving his" own share of hi own proper identical gold, he has received neither gold nor silver, but the notes ofthe depo-ite banks; which very iiotP' the (Government itself would refuse to receive from this very claimant for anv debt which he might owe to the (Government. So long, therefore, as the Government and the (Government banks will not pay specie to other banks, it would be rashness in those banks to pay snerie to them; and, as they cannot make a discrimination in those whom they will pay, the onl v alternative is to concur with the Government banks in the general suspension. Our Philadelphia banks saw this. 'They thought it useless to ea-ry on so unequal an intercourse, in which they were to pay to New ork, while NewYork refused to pay to Pennsylvania, for if the Pennsylvania banks paid while those of New York did not, the whole revenue would have been turned into Pennsylvania notes, and specie demand ed. In the midst of these disorders, the Bank of the United Stales occupies' a pe culiar position, antf has special duties. Had it consulted merely its own strength, it would have continued its payments without resei ve. But 1st. Like all the other Pennsylvania Batiks, it owed a duty to the citizens of otirown State; and it was not disposed to stand aloof from a general movement of the other State institutions, which however it might regret, it could not cen: sure2d. It was not inclined, moreover, to" discredit, by a refusal to receive if. the paper of the other State banks which had ceased th pay specie, still less to force its Pennsylvania debtors to pay their debts in spc-ie, when other citizens in other States were allowed to pay in a less costly medium: thus breaking down, for the benefit of other States, the merchants and

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iiianuiaciurers antl mechanics of i'ennsvl- !. :.. ' J pnu. .ju. Wiine the vaults nt all the other its'151 oi ueing tne only .j,lrfc 0p r,.- i...ti. 7 . ' cv s m r t r i ir LMuiMjii in me uui t ri.iuent end tlie land offices as well as for exportation. Jth. The deposite b:.nks of the (Government would not pay their d.-Lts to the Bank of the United Stn.-. Why, ihe:; should the Bank of the Unhed f-;uus payto these institutions, on account of the Goveinmciit, specie for their note.-., when these very banks w ould not pav ihur own debts? There would have L in an ec -.1 vv ant of reciprocity and of ju- ej iu &ll,ox a proceeding. 5ili. There was another reason a--b it, final and decisive. 1'r.mi the moment j that the deposit banks of A'ew York Lilted to comply with their t m. ...... vvas manifest that all the oil,, r de pusito banks must do the same, that there mu-t be a universal suspension throughout the country, end that ihe 'Treasury itself, in the midst cf its nominal abundut.ee, must be practically bankrupt. In scch a ftute of tilings, tlie first consideration is how lo escape iior.i it how to provide at the earliest j.ru-t, de. moment to change a comht.o i which should not be tolerated beyond tl e tieets-s-ity which commanded it.' 'J 'ho old associations, the extensive connexions, the l;. tabhshed credit, the large capital ot' the Bank of the United States, render it the natural rallying point for the resuu ,on f uvmen's. It seemed w i-a-r. therefore, not to waste its stiengih in a struggle which might Le doubtful, v. hile ihe Executive persevered in its present policy, but to husband all its resources -3 as to profit by the first favorable moim et to take the lead in the early rcsumptii e of specie payments. Accordingly, the B.mk of the I'nitid States assumes the position. Uioin this moment lis efforts will be to Keep ltsell strong, and lo make itcl! stronger; always prepared, and always anxious to assist in recalling the cum in v and the exchange of the country to tlie point from which they have fallen.' It vvid co-operate cordially and zealously with the (Government, with the Government banks, with all the oilier banks, and with any other influences which can aid in that object. In the mean time, two great, duties devolve on the banks in the country. 'I'he first regards foreign nations the second our own. We owe a debt to fureigners by no means large for our resources, but ehsproporlioiU'd to our present means of payment. We must take care that this late measure shall not seem to be tin effort to avoid the payment of our honest debts to them. We have worn, eaten and drank the produce of their industry too much id all, perhaps; but that is "our fault, not their. We may take less hereafter, but the country is dishonored, unless we discharge that debt to the uttermost farthing. 'The second duiy is fo ourselves. Wo should hear constantly in mind that tho step which has been taken is excusable only cm the ground of an overruling necessity. c must not make the rene dy ite!f a disease. It must not he the"'piotext of extravagant loans or issues. These are already sulii "iently inflated; ami if wc have voluntarily removed the most familiar and established check upon all issues their immediate convertibility into coin it is our duly to Pubstituto some effectual restraints which may enable us to res(ore ihe currency, wi'hout eh lay or difficulty, to a safe and wholesome condition. 'The result of the whole is, that a great disaster has befallen the country. Its e xistence thrs far is only a misfortune; its continuance will be a reproach, from which all true men must rally to save her. We niest try to render it as short possible, wailing patiently and calmly for tlie action of the (Government, and in the mean lime diminishing its dangf rs by greut prudence, and forbearance. For v. self, oj know low zcaiouslv I 1 lave iuborei 1 to avci t this misfortune. W ith rot leso anxiety- I shall now strive to repair it. With great respect and regard, vours, N. BIUDLE. Hon. J. Q. Adams, Quincy, (Mas.) Ji'iw to rtmme ft potato f mm n rhnrhing Crm: Fasten th howl of the animal. st..i.iii firmly to a post. I.ct a stroiiE man with liis hand, uiripii tolv f-top the witul-japo by In cin-p Ju.-t aiiov the potato, ami keep a film h :U f,;r a miniitp or two, until tho flnbnal iws a voluntary sprinc forward. Shiailil the lir t experiment not succeed, let more be made. K. :isi. (be wind obstructed in its pi--;e;e t!i.-."iiiili tlie wimi- ipr, epa:a!s or I.Kjelv ope: r tlie otVr pip" l Iwu t Ik- potato, and when the ncincd makes a violent llbrt, (lie pot.tto cocs down-.' nr-N. This is a f.iet worth knowinjto farmers, nnil upon inquiry I f.nd that a few do know i. I Ind a fitting cow thus choaitiiig with a pot Co. Aft-r t' inc ia vain several ineth-" nh commonly know ii, I sent for a butcher to kill the cow r;l once. lie came, but instead of killing-, in a few icomcet relieved the creature in the run?incr I have describe 1; and informed me that in the same way lie had tared a number of cattle before. Typographical Errnr?. A publisher ef a periodical at the south offers 5 1C0 f r the l-st Tail for his paper. A man of the East o!ll-r forcalr n" lanre quantity oi I'm) J'l.inbr. and s" eral bores of Tien. A person in New Vork rtdvi-rties ' Ioubc to et,aii2posies.-i:i S'vcn immedutrlv-