Vincennes Gazette, Volume 7, Number 48, Vincennes, Knox County, 28 April 1838 — Page 1

ft '.7, "TRtTU WITHOUT FEAR.

urrtESsar Vji rt - vat.-isr ?-5-v.- w-v." i it.i 11 tsfw e, -d .1 .r

5 Ei&9S worn-sac'

VOLUME VII.

VINCENNES, SATURDAY MORNING, APRIL S, 1S38.

NUMBER 18

fr.-iu the SuTionul Gaz. (Philadetpluaj March 31. To tLo Hon. John Quiacy Adams, WAiillNuWN. My Dear Sir, I propose to say a lew words on the quesou whether the banks .hoiild rotume specie payments in May next. I do this because mv position seems to justify, if not require it. For nineteen Years I have been connected Willi the intuition which caused the last resumption, and during all thai period my eiloits ha.ve been directed to secure to the country th.' benefits f a sound cuneiicy, and i" banish from circulation every Uuiijf but tua precious metals and notes always can-veriibl-i.ito litem. 1 think that no other

currency is safe or tolerable; and that we should now return to it at the hrst went it can be dune permanently, tor this purine the institution to which I be-lon-ha made, great effort. Since the

ii Mav last it has boug.it ann

. I . v.iMn nearly three tun. ions

of dollars in gold and silver; and now

Mill OI Ulir'.V-llkC mil.."" ,

- . . -

are six minions,

than

have mat!

le.

At'ihoiiifh England is but a

paner country, yet if we acre exclusive-

h, a vittufic country tee noui.i mc

more out of our intercourse ui" W whv should we, because she chooses to maintain herself by her paper sytem, follow her example!" The government, it mav he said, is comparatively harmless because Us expenditures exceed Us income. Its regular income no doubt hut while it can pledge the public credit for treasury notes at a high rale of interest, by which . r,r m-nnprivis niorlL'affed, and by

t. i. , T limn ' i , o o

.,.;:, with iliem. there can never be watH-

wnu a cap

notes in circulation

. . i. ,...; after navinsr more

Llf a million to the Government of the

United State, amounts to neany k.u. i millions, and it has eight or ten millions oflV.mii in Europe. Our principles there-

i.icline us to an early re umpuu...

aruiions would justify it ami U

we wtre at a.l muuer.ceu vy In.ion of doin what oilers cannot do !-o rsJ.lv. or the slid poorer desire ot protit-

tha disasters ot outers, ma owu-

.1 cerUiniv he tempting. l.ul

the L' idled States inaiits

other hnnks, and

ot tUe co

Uivl wilil 1 is nauiktiif; . -

ami or r-.n ' vital importance that the

d act Iiarmo-

and a'luvo

lore

our pre

tin I'V

PiOll wouu.

tiie hank o

ouuuiinil t ause w ii n

liie character and prosperity

try rue l.li'.l

'i'iicy must s if il it o

u i i .wo u- v an

.i... a'lovj all inal itiey sno'

t ue

i i t .

in.r ihe means ot oppreasing me nanivs.

'i'nere is therefore no more circumstance which occasioned the suspension, sutiiccntSy removed, to justify a clianye. and ihe moat prominent cause remains wuh increas ed in'.ensitv. Accordingly II. The' credit system o! liie Liuu'd Slates and the exclusively inelalic. system are now faulv in liitf Held, I', ce lo lace with each oiher. ' Otie or ihe other must tall, 'l'here eati he no oiher issue. It is not a om stion of correcting errors or reforming

i ..,(.. l.m .f uhohitfi destruction, not winch

shall conquer but which shall survne. 'l'he present struggle too must to he tinal. If ttie banks resume and are able by sac

rificing the community to continue a lew month's, it wiill be conclusively employed at thu next elections to show that the schemes of tin executive -re not as ueirfccrio ihev will prove hereatier.

But if they resume and again are compelled to suspend, the Executive will rejoice at this new triumph, and they win fail in the midst of a universal outcry ... i Tl, I j i j ni'rl'i'.'ll V

a,ralini meir weakness. !- r..- - understood, and accordingly all thu miluence of the executive is directed lo drive ,i,.. i,ol.- v m.onlar outrage and clamor,

that if they would resume specie payments, it would 1. Assume all the debts to the Govern

ment of the U. Slates. o. Discount to those who had payments to make to the Government, the whole amount of their bonds; and in addition 3. Discount to those not indebted to the Government: two millions lo New ,,,-L- t.vn millions in Philadelphia, one

and a'half millions in Baltimore, and half

a million in Richmond and 4. Would sustain the resuming banks

in case the resumption brought thciu iutu

difficulty.

rhe bank at the same tiin imparted at .1 I...W" rv,i!liill.

an expense oi more ui.m n.n - j il,p soni of seven millions of specie: anu

two months after the resumption U3 discount reached twentv millions. Compare

with this statement our condition now

Then the Government agreed to receive

.. .. .1... .

foreigners, and' amonV'curseives, in ihe JV'" "h 'i 'if he could i.ow same or nearly the same basis upon wl"ll'( ; , is ,.,0111v ,,e wou!.i ,t.,itit h.m.e at a low

lese mutual engagements were contr.it t-jwe j;.,t ,,,,,,, t!,e s ,IIU, s,.uri-ity which lowers d letting the crops go to their destined h), ra.(, (,,-1(,n,i(!;in(.,. .(.vr,Jts t.u m-eivins any

th'u-c to reiiiit nn.l .- l-tmi I'l in- ji.UTfs.fi.

Oiltl.li.V.

iisLiiij

markets without depreciating- their pin-

After this, the resumption, With the UIU olj,,, the curly re.-im ption, it injur., win r.. Congress, would have been easy and i KvauM- the f.-r. c,t vr-panui.... t.-r a hy n I, ,... i., .hi. srurit that th rcs..-.irces ..I Ins debtors n.,J.u t.. n

to be driven, by the

rasii

J1 1

not MitiVr themselves

' i ..r t,oi,,T liioii.'ht weaii, into

uri-.i tu i - and hazardous ente. prizes. Ihe grea .,r.r,.'illv,tof Mivntrlii is not to be airani

ff d .in ' ri

who have no fear llial prudent

will hu mist .kenfor timidity, lo examine aim!v whether iWe general in-ere.-tsof the . ... i .1 . A n--rv- rfiuoin-

recoiumeuo n.c , i.ivments in -May next. 1 " ' ....,, ,u

rv rcsami'iioii,

for all dues the notes of thu hank of ihe

IViitod States now all bank notes arc refused and discarded. Then the gyrrnmpnt endeavored to sustain the Banks now it is striving to destroy them. Then it established a new and vigorous

Bank capital now it refuses to create a new hank, and seeks to (tipple those in existence. Then we hsd two hundred and six banks now wo have nearly nine hundred.

In short, what reliance have thu hanks

now with the Executive hostile to them

What protection like ihat of the late hank of th? Tinted State have they to sustain

diem? None whatever. The only circumstance not wholly

unfavorable in the comparison, is the 1w

with EiiiilaiiLl. J'lit

anent can do in

hich fre-

spontaneous. H was in tins tpim mat

the Bank of the United States has not diminished ten per cent, of its loans w hile it added about three millions lo its specie and will have given the necessary facilities for shipping the crops of the South and West, to the amount ol probably fifteen or twenty millions cd doll irsj'plicing its own confidential agent in England, to protect ihe great commercial and pecuniary interests of the country. This seemed to be its proper function. It was this that it hoped to discharge iw duty to the whole I'ny.n. Il was thus, too,' it could shew its fidelity to Pennsylvania, by aiding its public improvements by keeping its business and ,ic nfl.mln in 'om native ease, av.d by

" !"-"( 1 . . not suffering the prosperity ot i.s com-

mercil capital, to be prostrated oijecs these far more important than wheluer specie payments bo resumed a lew moadis

sooner or later.

Tho iniurious effects of a crntnry

course are seen in all the relation ol btt-

1'ake for instance the debts to

jd to individuals. ! !ie ecius

1v contracted when t' cuv-

abiihdant. They must now

be paid in a very altered state in ins etnronry and it is very nectssary to proceed with caution when ihe relation of the debtor to his creditor is chamjed by even's

. I. niilnr mm i KOllll'O . UCCaUSC I

ill alike

uuat'io u:i.t iiiivviiuiiif ioiii. " - cs editor wants is p::y mriit j -a ii.cnt of the dcM. not in a liciUT cnireiify, t ut in mi ciuul fi." ri). or if necessarv in hi ii.f- ii"r corre:;' y, be aie-e ho t-aii better supivrt a hiali iati- of r-n!:Uui.;! than a r,-.im-. ii or oo.-tj'Pric.l iiavineut.

i'here prevails a notion that the cr?

e ntiure

.1 l:v

rate ot excliaii'jo

not a busi- nothing general or perm

. . ,n!. .. i, rf i.i:it,ir,j resuui IVIOll

.11- '11 l ' , , i , , I . I i'.m iKU i-irnienst.ini'P. W

.. ....--., r.i hi. ..i iw!im':i alld uur ttaiiBii',"'" i lenni nni

, ,La I':...-...! ,M .,,tHn. which niicntlvoceurandontheprescntcasio.,

il at tne mercy oi un.v- ... is

l'hev

ol t!ie country abroad wo

not rcMiminir. iSot in the least. Evtiy

body connected vith Ameiica knew the reasons of suspending, and entirely approved of it its die only measure Unit could have saved the country. V. hat Europeans want now is that we should pay our debts. That is our first duty, and if they seu, as they cannot fail to see, tint these ,,HMMt!irH tli'orts to resume specie pay

ments prevent the colection of what is due to sh.uiii, they will perc eive, tliut in enuavoriitf to secure un object wholly domes-

..... t,.-.nt?ceii. ill respect.

sona! respect, and under ordinary circum-

stsnces would wilimsiy yieto rr.y own convicttofs to their better opportunities and understanding. Uut the natural influence of their judgment is weakened by the knowledge of the fjet, that the Banks of .N-w York would not have had tha least idea of a resumption in May but bec.m-e the lmin'in.iy aiiowed by t':e Leg' isi-i'.urc will then expire, a'.id they fear tit-! it will not be renewed. This was d.s'.tnTt' v avowed at tho Bank Conven-

and ihe deputatton w ho wniieu 1 nua,1a repeated it r.gain and again. Now mav be a vet v good reaon for tha

1 1 o n .

. ii

tic. thev have iieen

lo the dividends and thu stoc,;, payai-.e

! r.m i!'i navabte in

Iders. or irat'.cs, bo

anroac, ni.iuv

of them

inunos

ihtit we place me nuney t

re at our own

:(:

sinesa.

UallKs a'

were matnl

rencv was

Vhat

. 1 . . . . .

(.(,.s' i;ut as to u:v lueue- t

t!,, v l.-ve iduiost univertr dly I,,,V., ihe f.tutva'cnts to specie

-!.". -enci-d ncrchar.t'i of I'rance or lln- ' ,',-1,-h. is that we should take tin ;r

in"rciiu

,;i-o that we should trade With i'lie state of our currency is a vcdtaate concern. You deal with

:oilv accidental 111

New York, from

which her

e i-i V- n :u'H II. C 111 at

' 1 .... .t . i ...,0m-.l !, rje il,.. unnatural Condition ItltO

zi 1 :.' U ill 1U .'tii.'i - ..i v.ii-. . ,

l'"" - . ., .. i ,f! .virrmt rior have dnv

these line res is iuubi i.n

decoyed from their present post-

ana strong,

belongs to loose

counsels

count' V tlOU of ! -V th:

he in

i,,,,j 'I'iiv are now sa

and thev should not venture beyond their

entrenchments, while Hi

nlain beiore them

vo oi a t

then; n ujt now, m

r litis ti'.ere ever been,

U"ul Mi-ifiiiim of specie payments

,!,,.. was for more than twenty years

1. Thu suspension is wuooy

id tae

in I-

iiinal between trie tiati,s an

on their mutual coti-

:ual benefit.

enemy ii in a

If thev resume, one

or two things win o.qv-.. will not be received by ma Government or thev will be received. If they are not iec'eived, ths Government, to the ex-i-i, ,.f the revenue, willforco the holders

. . i r,-.i,,, il

, inos in uravv suniu

from th

banks to be depo Vite i.

ilh the

measures O) exireint

en every thin". If under ordinary circumsian'ces, while oiher ihings underwent no depression, exchange on England shonhl decline, it might be interred that England owes to the Putted St.ttes more than we have yet drawn from her. But it is not exchange alone that has fallen. Exchange on Em-land lias not fallen in N. York as much as the in

al exehsnires, or real estate, or house

have fdien. This tact seems uC ,

But can this "e-

tcm

rent

collectors j sive as to the cause.

iiei hp

his change be not made very grat.UHi.y so as to'brmg at the same ume ali tbe oilier relations of life t" the sat,ie standard, you intact injustice or peih;ps rum on t!i '

ird.trtr It was t ins tliat l.ngianu co-

twet.tv-li ve

debtor.

liniied her suspension

years and bv act of parliament g;i

1 years notice ol Uie progressive resiim,

;ive scv'

ral

tiou in or countrv i

der that all tht

busmesa fd it.P

hould adjust l'.sel

to me ap

proaching change. Ol the eflet-t i aity sndden movement, we have beloie its ;i striking instance. It appears by th,' punI : , V 1 .....lomonUflf thu ll.lllksOl t.M.'CMV

of New York, that since the suspension to -March 1, 138, they hi: ri,hied their loans and ths. omits iron forty s:x-

M ions to thirtv minions, and mcr in u-

... . , i',,.ni m i hRir ov. n ctnreucv .

il. Ul t iiu J"1 ..., i'l.ev know'liitle and care les? t.oout tnort'oi' curiencv in which you deal witn d.e South and Wed. Besides who arc io reproach u with the dcprcciat.cn (.', our

Eii-iish. lui me i,a;ov o. ,o;,. ! sripci,' navmeuis fi-r

linn'. ihi.d-id

rlv

1 1

WKiCil pecie.

by la w ,nd w hen

lUK-omit

here to take

! Ii I IlI Vi'll'Ill

mii

niilbons

oainiani' v, arising

vi,-:;oii tii jl it is lor their inu

In tr.fdi fi hacks. ue out th mere agents c,f vh .tcoinmii'iitv. They have no funds not ;dre;i.-!v lent to ihe p..ple, of wdiose T.ropwntv aii.l iivlustry they are the representatives. They ire only other names f ,r the farms the commerce, the lactones. H-id 'he intern -d improvements of the coun-

. . , .i . . i. .. i. ..... i

id the inquiry wnetuer m "J"'

Siime is only another lorm

trv ant

art read1,

to re:

f asking whether the people tire reauy to

rinv then" ucuts

ri, tro,. ouestioii then, after ah, is

...i.,kMi,ti1iie ha arrived when

, . . . i l .mi-n!i:ii" that the

saiisoeo ic i'iti

i ..n. lor uiieb circumstances, is it

ivtci r.iiii i.iivii, - - - - ----

rof.miunuv , na e ... . ' .....1. .,M it a npcPt-

nelisioll llSCII. WOO. in

to ihe brinn-S.

the

..fih,. rpvenne. 1-or Ihe Olliereuee

tweeil the revenue and t'he expenses, the Government will issue treasury notes to i,5 sold for bank notes, ani converted into soecie. and as the disbursements are maue A points on the frontiers, remote frmn the places of collection, it vviil not return to the banks issuing it except circuitousty. But if the notes are received, they wiil b.r.nnrlv he denosited in hanks anu

drawn out a a a in so as to enter into the eircutation, leaving the public, creditor his choice of specie or notes, but they will be left in special deposit- with the receivers. When warrants are drawn on these receivers they will call on Iht- -.anUs lor specie to pay the favored public creditor s deetin-rof course the Bank on whom

,mr to tts scrvutiv

-only

by the

prrssion continn'T i eriainiv uoi, tact seems decisive as to the cause.. rkot.. rbmrnns measures are under-

Mood to be oti'y preliminary

orenarations for an expans

Banks of New York, which is to restore ease and confidence return, ail things will rise, and exchange of course amou the number. Besides, this unnatural condition wilt work its own remedy, as all

id.ariiies are cured by their own ex-

l'r sell every thin? and to buy

, , i ...i i,

othing is impracticable, ana nuni mc

i i t i hf -i i in nn t ui-c

,. We mus-t ol course buv

from them what manufactures they have to

,..,r. -s t ip nroceeds oi our

a iw.'n w ,

-while

ihev will draw, according

. . .:. . I.'. i, i-o ..11111 l lliS

,.i:or opposition to me l -..ee l. .

. . . , .i II ,.,,,'t.r his control. oow

IlSlCIl, WHICH loen . .

I, .en ceased lo exist, an

the oanhs

wise lor

to disarm themselves in un.

nrp.eiiei' of their enemy

inv thing but gold' ply adequate relnd

MTV attendants of restriction, need no longer fe continued. To that enquiry I now nroencd. And 1. What were tlie causes of suspension. ,k,, tr.eeia circular, which

41.' - ,

. ... . .-i . . i , i t .it a

inrnii'.'' int. i-v.. - , ,? .i. I ... I'mwruss

I ,n unices uie sou

iu;s:!iail.iiiieni

kca-.tored diem to the In

(r raided by ihe

i , 1 r i -. e : 1 1 1

iv n.a a i a 1 111,'1 "i '.- e

un upon tne oaiiKs i sc.-s .

r .i ! . l,oiPvcr it mav

l'-''.. - - , ,, ;,.,,;., ,.,ccnlnnl('l l ull'Tl'SS I .am-

. . . I .. . .- Ii .l'l , I L L HUJ ,'i

f The ! Siftv, witli the po wer

l currency ot that t.esci ipumi

-. .

in 'ii. . .i .j , tiecurreucv ue

111. i UU tosoiueic ... too deep for sup.irlicial remedies, and these palliatives irritate without curing. (,n.T,.,s. and Coiuress alone, can sup-

hat .Mr. -Maui-in 1816, is even

18oS. "for me iuiuics

. ...ii,.. i

h.. e,,niouinitv at lame, taiu i.t,,

rnoscs of the '1 re-tsury,

pos-

.... Liiih r aL l.ie

VI - . , 1 . . . .,.. ...

,1 the ilcS'tOStes, WIllCIl: moie mit.

the e am-. ot the com

. i 1 .,-1 i.r tup Tm'

i'.ill! Il'U I S O.lll.V un, o - -- ,

.1,. I n- il.p.rht IS essential mat me nam-.. ..t

-'' ' . '.. ..... i.Jt... , .mmnrv of equal value, rrcuu -i

sa.et , and t..ii.si a .1.0.1 , . circulalrt. the

,-.,-ie. Nov.' his

. t" i-uriliMrv. have

C.VUseS (easeo. ' .,.,';...., iihthi- nower of C fCIl, 1.0 .g

I i I III! I 13 i i)lt.i"M

ior

Ceased

liidv not

sneeie circular

thu contrary, it bank notes tire p: the land o:u -es, fvpry desenptto

'1 he ihstniiuti

because- tltere is :is'.nhute; hut on the Souihfi

a ut

irres.

esses

pare.

as of

operate transfer

points where it is maiulv, the al.u ,n

iv the

uirct

not yet repealed. Un iai ht-en t Mended, for , i e . . ...

roseribed, not inert ly noni h.-.t from all payments ot j t the government. i of the surplus is over,

no longer any surplus to the greater disbursements n an 1 Western frontiers

;;edv by requiring the n-ii revenue from the collected. Lastly, and about bank notes pro-

: i i 1 1 .'ii

be impracticable, out some clear

until'

pa2 dud deeply

w hat ws at

r-ettieu l'iliu a.i

(.lovprnment, lias been

1 through the country, till first a pissing outcry, has

lin'i.l 'auie iiuainav. ii u

man. 1 think, an doubt for a moment

that Ihe Executive of the U. States seeks

to maintain his pov.vr by exciting poptnar

nassions antnsl

hat tha w hole iiii'.urnce of tlie govern-

,nnt i-s emptoycu 10 ...ius. .. - : f fie people, distrust and haired ol all hanks. Eurtb.is purpose the most insane ravine ar-i redressed to the cupidity of the , gnor.nl. who tire tsujht that gold and sli

er :re the on'.V true ricn-s, ,.m. .,o... il, that these sli'rewd inetali would enable

The onlv reform m the currency which that body has vet made, is the issue ol ten millions of irredeemable paper money, and a proposal for ten millions more. Is it worth while then, soiling as Congress

talis to exercise us leumu.aic ( to waste the strength of the country in j efforts to accomplish what we all l-ow to

J'o resume now witti-

li'istanding wiill tne

... u. i h ran-i n cr awav

cnvfrnmctii, seems n. ..- - - the benefits f experience, and the lessons of misfortune. We have gone through all the mortification and nil the inconvenience of suspension. Let us endeavor to profit by them; to fix '.he future on some solid basis have some guarantee ol the stibilitv of the currency. and not set every thing a'loat again without knowing where we mav be drifted. l'or.

IV. Compare the situation of the Banns

... iho Ust rpsiiinntinn and now. Alter a

suspension for neatly three eat

i,,,h,strv are realized in England

have irraduallv exhausted our supply

of English joods our own inerenains

will convert their property into fresh supply to be brought over, or, if this process

be too slow, the English manufacturer

themselves w ill send their own goods lor

,:.-. In either case the exchange wi

recove r its equillihrium, and of course will rise here, for between two such countries

i America and England, a permanent

inequality of exchange, as a basis ot thei metalic currency of either, is impossible. V. Perceiving nothing in the conduct of the Government to justify an early resumption, let us see if there be anythin" in the state of the country which recommends it. Now what is the condition of our affairs' The suspension found us with a heavy debt to the Banks

less, probably, ihn-. five himdren

balances iron uie

latino from nine millions to two

3 arrrpgrite diminution from 'Vty-f ve miliioiiVio thirty three millions. 11 this, or any ihing near this, be the reduction.

wleu'is the consequence: A r.M'.i who

contracted a debt to the Banks in New

ork, before the suspension, l.nos his

ability to provide means lor me pa, un m of that debt reduced one-third, or nctuly one half that is to sav, the dollar lie now

nays is equivalent to ona and a had or

. i Whr. when he borrowed it.

i un 'si ii,. i.'..i., - besides his interest. Such a process ol

reduction would have ben wholly intolerable, if citizens had not escaped from ii, and sought alleviation by loans elsewhere. But if the other cti-.es had, followed the example of New York an.) made similar reduction, the whole country would have sunk uud-r it, or rcvolb.d against it. These inequalities between members of the same community became more stnkiimwlipn nnnlied to enfoieemenls between

distant Darts of the Union

ciiie for instance, were credit'

2....tl.r,. on,l u nstpni States for '"'"lis sold

euuiuiii .. - -

IV. t ilt v-io

dme eve rv A mei'iiTiu Ban

and men in England were for. take notes i f the Bank of En ii,"v vi ere ?t th.trty ;cr cent.

wticreas no man is obliged

,.',i ,.f :, v hank and tit l

- 'V 1, " I ,i e. 1. I . 1, ,., .r urk -

per tbUi. r in l .inato-.p..... -f auv a -.diver do'htr d Itveted :n !.'-:: j. h,: ipiestton then of the !'-st:m;.-

)) e XCiU.-l V t'l U'liwi't H.svev. r important t.t home, dees

fee!, the credit .-f the couniry a.roau.

VI. Y'.'e come now to the question

ll'aC! iMy

da-it the irionth cf May is a

. -v - a ' I. . . ..rt . hut r a w -

inks .New 1 Oil. lo icsamt uo v.-

t. iir.lv no ic:t5on wherever for the Bunks c!' P'enr.svlvania to do the same. The slates of" Pennsylvania, of Virginia, of Kentucky, have Legislatures ps well as New York has, and they have refused tu direct their bunk to resnnie in May next. Why should they obey the Legislature of New York ami not their own Legislature? The position of New York is on all hands recrcmul. But how is it to he remedied? "stifle Legislature out of twenty-six Lrgi-laturcs had pa-.ed a law forfeiting thffcharters f Banks, if they were unable to redeem ihttr rotes in specie. A public calamity overtakes the country :;,n! the declining to pay specie, so far from bein" criminal, became an act of pubc " . l .. .-.1 t. ,. .,1' tl.plvinbc n nt

lie sal; v i ni auop.ru i t u ..n ........... s .-r.ndo ind. bv this very l egishture.

The rrov

-.. -,'!., fraud. rtV'V th'.:- lei

pun'tshmont of honesty s. !.c ! bodv whicli

!U.t)ks lor a year is

in tu ' r.'.v-tour

e.'-miii' v till a l.ioi it

ri'stiniin--. 1 pruti-.e no difbeuhy will e-c:r iiitbls Why shotd J there be? 1 it p --;!. that s'teh a ledy enn sen

h ic.ddferenee the uistress whteii a

d-.is course r.tr.st mevita-

ii,. nr,.-'n e.r rmit ihe nnde ol opinion

i . icai or 't.tfi' eortiJfiration

on oricinal'.v designed to guard

t l.f-t.-oms ma lah.ldy. Tha protected tha

now in session, and

ii extenti mo tn-

'ronr; season ior

r ers-'.

or any r.'.cT i

,n r..,T..i o r !- from inter 'stt'ir to pro

teet tl;f:r n decline iiO'

tei o

b!:-: but suit' rt Call V. U Ol 1

ofct'.vr It thev ,tn:i'yh r.:.ia i it

I! pa

W 1 1 1 d. .i n . tiort w hi not r

; 1 .', e v in o: :a.i . v .

ante sittir-timi into

iiare otir-

which

i v doinw sr

whetriei n an cant n.-en.e i, tl c mo. ;lh of Mav is a lit time

i m ;.i".- s ion is

'j'ite resumption, to be general; and no arraiige-

hic.i noes not in-

verv until ton,1 ns.jf.l. must be

leenl etin be satistaetoyv w

elude the :o.. :..'! n . . S,m: p i- we.-ten, States. 'Idiese 1 do iiotliii.lk are et ready to l't snme -

fl.cv in c s.r ..tiling every nerve to pay their debts. Their crops are go.cg torward to provide fund in Europe i.nd at j3 -Vottl! the Hanks are lubormg to io mr.et their notes at the North the i i .1 ii...

Len'.shttures .ire p.etlgtng meir c-c-uu to

tr,r ti.-.t their people

V.'liy sh.riuid we .hev want is time. :.d " the bero'.it of a car ret, uire another:

1'he Atl inti'

s of the

f u n nay

in oruer

mav

" , " . ... to

repuHc to'int -m;

Thev h.;v c not yet sini-ie crop, e.tid they

re .

V. by s:,n trtve? in 'h'

New fork ha 1 ecu f

w.- t hare fud.v a common dts.ii-ter in.;ead cd" hws'tandin; our resources against ibe p.-riod when .:; t: Urposition may bo rraMy useful. In the mean while tha most effectual service which we ran render, its to s.pcak in a tone i:f sincerity. She mav perhaps bear it from one. than whom rhe has nfivr had a mete true and constant ftieud who although an c-utir stranger, has lor a lot.g Et.rcs ol years dor.c everv tr.ii.ir in his ptv.vir to a'.vaiici i :... in -r

her nrosp-- r.iv , aun n-.ci m n- .

j Ue-d.'r'uS.C, tv l.'.i

s'rive to ia''i"at' 1 e r. 1 i el.cv e tl

Y oik is in :.n t nbrt'y f i

, i i . l . . ; . .. . - i t- , r- r , ,r la r.ft

is oui, :;!, oy i.ir . - what she jVe's to be wrong. Hr natu

ral course is to t'p: pves to rec'.i'v the

del not ciiiiiHiiiy ul I wish to srrv ! thii t".cn:t".t :Ncw

'irt-.tioti. ! e

,i.

cal to her rt-presfnta-r !:'.is'.ike. .' ml r.ot to

ending theii

hfi

not

ver

. .1. ..r .hllhlSSS Of I'.ll"

lis to OU'.w 11 ine pa,' , . " lalld "Sir." said lately one ot these icians it, the Scale of the U. States.

' Sir a man loses all ov any uin-umo.-.. , ces that but lor ttut circusiiUnce hs wouldj

"ress

applied all its power

. Con-

to iti

dtice. to persuade, and to as.osi me ojim;

1 ney passei

in their efforts to resume

the resolution of 161G, authorizing the

r iVio nntus of sneeie pavm"

receipv 'i -- r . i..d.. lint this alone was insufficient

and at the same time they established the bank of the United Stales, with a capital of thirtv-live mi'lious. That bank called

a Cea--eruion cf Vxm Banks, ar.d a-reec,

no'.lions with larce

Southern and Western States to the Ati :.. ,n,l with a very eonsi'.lera-

ble debt to Europe. All parlies were willing to pay; but great forbearance and rrrr-.i m d . 1 1 tr e nee were necess. ry from the

creditor, and above all. after such convul

sion, the trreat restorer was time; time to settle, time, to adjust accounts; time to send

he debtors's crops to markets time to i.isloseof his property with the least sacrifice;

i, me to hrimr out his resources to pay Ins

debts. In all the large movements of hu

man affairs, as in the operations ol nature

ib, .rreat law is eentleness violence is

the last resource of weakness. Ihe dis

r ., . ... - .,m vorlr-tlIlPll

ease ot the country was un v

and distempered energy. Ihe remedy .vs,- rpnose. The question of the cur-

reney, though important, vvaa only secondary.' The first concern was to pay our debts, and especially not to depreciate

the value of our means of paying them. Accordingly it seemed to me, that after the suspension, the true course of this countrv was to begin a ire n tie and gradual diminution of loans, sufficient lo prevent the hazard of expansion, while the restraint of specie savments was "removed, and to

prepare fr the resumption, but with no ..ninnntitinn as to the amount which

tb vrd hanks could curtail to make

v, ;n ihn standard of val-

mi viwirni iiim;i. t. - t

4 , ., .tmn fnr SSttbemer.t Witli

to them, to he paid lor either in mo-e si.uts or in the Atlantic cities their currency bein? so nearly ihe satae that the exchange would not cost as much as the mere transportation of the specie. When the day

..r umi-cs the creditor cl!V fun

di a liiei.fc :..-.-, . ,bi,!v'in akes an artificial scarcity id it

ovvn'cnrreney renders the only money it will receive in payment almost inaccessible to its debtor reducing at the suit" time the rates of exchange, and the puces of everv thing. This rigor i istanily

recoils on ihe creditor. If payment is made in the Southern and Western States, the Atlantic merchant loses the whole dc- ;..,: ,n ,hu .YdiarTe. If r.avment

preeiaooii ... ". - - o - is to he made in the Atlantic cities, and me debtor SJnds produce to pay his debt, the

scarcity of money obliges turn to sa, r. itif he sends Bank notes of Ids country they sink to seventy-five percent, in vaiuo and he loes the diderence. Il he brings the stocks of his Sfite, the scarcity of monev renders their negociation impossible. nce disappointed in this way, he sends no more produce no more Bar... notesad the creditors ift tuni sutler mors than the difference by the de! .v. S,. in respect to foreigners. V.T- owe a 1'.-.-

debt to France and Knuiaiid. "VA h .-

help them

The employment of

or of individual-

country at this motiieid

i : i Shfr s

.. t

3 t'jbC gov-

'hri't out ttcir own , .a e

i rued iiy t'O Executive. Instead of do'm; this, she perseveres

md instead ot dts-rcddtng them, or i.i-

.. ;..;..i.;,, .!. v:,!ee nf their oroduee, or

I I 1 1 I 1 ! - 1 I 1 " " " - ,

ccr'ailinf their facilities in

ct fis to market, it is better to

iv.it ill! thev are more r.tlvauced in

their preparations, credit, either ot B'.i

n,.i.t useful to the

...' - it ve-. io Euro: !:. .ln-

ii ia r.'i '- - s'eid of this th" banks tire rr.!t:

; I c. '.' -tg i.-'cnu their debtors for payment. This'seems veiy unrc asona'de. ' Ii is stooping the locomotives r.s

hey are carrving me crop to lo-oi.i .- i'he mm, ill i-f Mav too is not the right

Ut. vear. I' or exuivpie, H II--

1;1 a'.out ill i v t.view f'rler.ns to l.iu-r-

iu t it irnmediate.y soul dit e"ii d cf ten days to give

.-..,.,.,., a:.-., navab e in two

that bv

, , I 1 I

roni a lntsitiKcu mouu m-n.- -

in not asking relief i attainable, but is prc-ptiriii-r for ths event by saerifi.-irig her I'.wn iMi"fi'-'.s snd iul'iieting distress on the emumi.i.itv . The apparent superiority m the exe'hano-es w hie It this produces is whollv fallacious as well as injurious. . i ;.. V ri

ll,;; CXCtlanees i:i i, , . i ' ' . .

nothing whatever, except ti.o r nf mn'oev- i',1 N e V. Ycik. Ttl

s uie ev ii depreciated

l be state im

proves scarcoi

lime ot t.be

, ;',i' s oti ait av take cotton from

pool. Sr.ppos usage is at the a banker's ac

months so

exc. ian

, t

!iv other th nigs

than

1'iie hank notes of

y. Southern States are at a g.eai ur mi-

. Cr vo-d el:.le III ths

I at ton . 1 oh sour ma .- -

vf rv spot when are much more t

ih. mselves. .,

So too in ?,CW i OIK, me noirs .o a

,ese rot';s sre sacrmceu rcciaf.d titan the notes

so too in

ia are

at a dis eon nt, yet at this mo

njens

17..'

u' I v.-r it: i aiai.'i 'iiaie.

loiirtn or o

been shipped, foi when ship

the month of May

i ... i ......

here won . not be actua..v rean.e.. ...... e

-i - .

m the cotton wht-h l-li -ew voieans fore J anuaiv. when rot more ihtm one

e fifth f the wiiole crop ..a., d. Much.. :!' course, is dra-'ii

S, but I spetdv now ol me

l.t.,h..,.-c rc.- sessicn ot l:m 'O-

i',' evet'.'.s not

will h:i'o; retched l .u-

i of May. 'I he spring i -.V". when the ctt ;.t1

sbipme-.ts cf Southern am. el.,e-, :tre mamrtrg :.t thu

: ; re to remain unsold in

.aent New York has to pay to Philadelphia little less than ten millions of dollars Lr ncttird debts to Philadelphia, and to . i , i :,; u, h !.,!.; a

bireigneis represeuieu ,n .

ut.i

the c

p: a

rope rv toe i..o . moreover tl ': ce given for the si-ij We-te.-n t to l.te-

Niod;; nil

virseme'i .

ue,

destroy the value of our oi V.. ran nav it oniv in CO-:

s to cv-!i this titi t wm cuiitracteil ....,,.,,rrf,i. this ill -uncial seal e

we nre obhirrJ to imv it in a currency mof '

b!e bv ore half r one third. V.rr. i ''' ran neither borrow the money, nor raise

ssIpk rirent bv ruinous acri!iec

nav it in vr:lice or in 1' " the s.o.-i

scare itv sinks ihe value cf bath, A eel trarted when cotton w at twenty cei.ts. v i,.n ,iinn is ten rents a noun ..

io I'n. i "a " :

We t! .- n 'Oat

t eone i i.'.' If w.

nronose to Inv in bta ks. o.e

r t

t -O I...'-' s-Ulin la-r-

haus twentv-liv. per rent, on their pn.c la-ivcar.

s . tap (iimnudied ia i.dne tt.a.e

. ur io"i"i' - our debt is incre isina by interest. 1 he cense ,. ; that the forei'il debt is t.otp.i!ied.

Thi operates in juriously to b.ah rartie to the

dou.sv.ic dbtoi bv rJu.m; LU u.ei;u ci p-j

Europe. Tin w hen the we:'io:ii the inter:

spring too. rn business the i.o oi

i-i tl

A mo

iota

It is not ther

.. ant of mc'it!.--

i i , v. , . , t,

ire l.ie aouu aaoeu um ...v -it is not the strength but

i.kness which esusfs.this diPciouce.

J ar.'d meat may

s i rs

moiie-v; littl-j tha

Banks, wh"lithe r ireul ation presses it

i!y ihe Kime process or

e rei!"ccd in

on no

:::d tlten

rc mains v. tit tuty -

i frir-.ttv is nunisiied by t.

e,.e! with a crf-tltlor

a'bove him. Ar.d what is the Lentl'.'. ot ali tl.1,-. 'I'he o her States .-.re not euoged to submit to this lo. ai legislation, and the srh'tri,er .- New York i-s ccrtait.'y not fitted to n-ad.e them rich pt it vohtmrhv. It is Vet-ie,-eiehoc. for the-: lo -iat? with pfc-r-feet frank nc-s that trey do not mean to

W I 01 1 1'-. Hi l.O l"lo 'r...,,.a..

e . .1. ... . ,,, rat , ,-

',CC ior ine t ,ini .'I r.-.i i.:ti!".i:ial scarcity ot 1 ..

ben beast Inrv mm n i.'1

lint your fii(1th tor, wLi

so i.nu n

s deci

r.y other per, oil. u.

lafltl than

when smcie is van'vd for toe trr.i.e to rhma r.'nd liirh.i. im-king that mm- pariicciailv mii ro-iilous f-.r the resumption.

VH. It remains now to inquire howj

ar thesw' '-eiieno v ic it s oi tot-a ,.i ...

1 i ' V

-ho

ue rdiiirg

.. i r. ..n.. ... t"e.

tOlV ullll iliiaoi,

-ilv tha re-.iiciSy rn fx'en!j.v. Th" while nubjsi-t o open fir future adjustment

upon principles oi saiety, aoKti to u.a Banks and the commun.ty.

in ih. course w'-iicn in mv

, l to sa v

-he i; my ap: sioii of her w otild then 1

cf the

to resume -t that: fcimp.y thi

the resumption in bv the de'ermir,:i ihe ri'y of New

period. l-'or the e-autiemen cf New Yoni wno ur.r.ounco thai dcciK-n. 1 h. e r-'1'

j "hi die wttole.

la'.ikseofij"'ft.ient. the banks ou-ht to pu

The banks shculd rematr. c

they ire prerarir.s to r.i.ur.o:ir. - -