The Sun.
London, England, 1837-09-09 00:00:00

UNITED STATES BANKS.

According to the report of the Bank CorniniF.soners to
Congress on the Ist January, the amount of bank-notes in
circulation on the 31st December, throughout the
States, was estimated at one hundred and twenty voillioes,
while the amount of specie in their coffers was stated to In
forty-five millions ; so that the circulation exceeded the
stock of bullion by seventy-five millions. Since this period
about ten millions of specie have been taken from the banks,
and their notes had been materially augmented ; but there
is no data to ascertain the exact amount of the present cir-
culation. To establish an exclusively metallic currency, as
many writers in the American journals seem desirous should
be done, is quite impracticable ; for a certain amount of
p 'per is absolutely necessary to represent the value of the
commerce of the country to be carried .on. The revival of
a wholesome state of trade is what the Americans want ;
but the resumption of specie payments by the banks would
be of limited and only temporary avail, for the same dis-
tressing state of things would soon occur, unless assisted by
the suspension of the specie circular, and, in fact, a return to
a position of affairs similar to what existed prior to 1834.
The Jackson-Van Buren party, it is thought, will make a
stand upon the question of the specie circular, on the meet-
ing of Congress, and resist the rescinding of it ; but the
opinion against it seems so unanimous that the Government
will be compelled to give way, and any vexatious oppo-
sition will only tend to throw greater odium upon the
• Administration. At the meeting of the Convention of
" business men" at Philadelphia, on the Ist ult., which
was composed of delegates from all parts of the Union, to
consider the best mode of relieving the country from its
present embarrassed position; it was argued that much
good would accrue by doing away with the present regula-
tions regarding import duties, and obliging them to be paid
in specie ; and a resolution to that effect was determined
upon as follows --
" That the great object of civil government, the promo-
tion of the happiness of the people, cannot be obtained in
the United States without a well-regulated system of pro•

tection to all the great business interests in which our
citizens are engaged ; and that as the system of credit
upon import duties has a tendency to encourage excessive
importations, and to produce ruinous fluctuations in other
branches of business, the adoption of the system of re-
quiring cash for duties would prevent much of the embAr-
rassment to which the country is exposed, and would be of
essential importance to all the great interests of the United

States."
The third resolution adopted at this meeting, which is
annexed, alludes to the various measures and systems
which have tended to bring such ruinous consequences
upon the United States, and deprecates the wild schemes
which have been entered into with a view of becoming
rapidly wealthy.
" 3. That among the causes of the ruinous results in
which the business, the enterprise, the industry, and we
may add the happiness of the country are involved, .are the
ithdrawal of a large amount of money, collected for the
public use, from its ordinary business channels, and the
consequent interruption of the usual facilities for the fulfil-
ment of commercial engagements ; the distribution of a
portion of the public revenue among the States, as im-
posed by the Act of Congress, at points remote from the
places of its collection ; the excessive issues of bank paper
and the consequent abuse of bank credit ; the extensive
and rash contracts in the purchase of lands, city lots,
stocks and other property, in which men .of limited re-
sources, in their zeal " to make baste to be rich," have
engaged ; the neglect of a suitable attention to that
most useful and honourable employment the cultiva-
tion of the soil, and, as a consequence, the im-
portations of large quantities of bread stuffs, the
great excess of importations above our exports, and in this
way the contraction of large foreign debts, the payment of
which requires the withdrawal of a correspondent amount
of funds from the ordinary chanels of business at home ;
the idleness, luxury, and extravagance in which too many
have indulged ; the intense political excitement which has
pervaded all parts of the country, and has subjected every
public measure to the test of its 'probable effect upon party
influence, and by which the moneyed institutions of the
country, and the ordinary pursuits of business men have
been involved in the violence of party conflicts."
The twelfth resolution alludes in cheering terms to the
prospect of an abundant harvest, and contrasts the result of
industry and economy with reckless speculation.
" 12. That the substantial blessings which a bountiful
Providence is now showering upon the fields of our agricul
tural brethren, warn us, as it were, in the silent and do-
qucnt language of inspiration,-to leave the delusive mazes of
speculation with which all branches of trade have. bean
mixed up, and return to the practice of industry and eco-
noniy, and to the enjoyment of their solid rewards."_
Morning Chronicle.

GENERAL JACKSON'S LETTERS

"Hermitage, July 23, 1837.

"My dear Sir,—l have just received the Globe of the
13th, and am pleased to discover from it and other papers
that the democracy arc untiring upon the plan of separat-
ing the Government from Corporations of all kinds, and to
collect the revenue, keep, and disburse it, by their own
agents. This alone can secure safety to our revenue, and
control over-issues of paper by the state banks. The re-
venue, reduced to the real wants of the Government, pay-
able in gold and silver coin (no credits), to be disbursed by
the Government in gold and silver, will give us an un-
deviating metallic currency, pievent hereafter overtrading,
and give prosperity to all branches of businoss ; whilst the
banks and the commercial commun;ty will be left to manage
their exchanges, and all matters between them, in their own
way. I hope and trust that the whole. democracy of the
whole Union will unite in adopting these measures, and the
democracy of numbers will never have another contest with
the aristocracy of the few and their paper credit system,
upon which they at present rely to rule the country.
" I hope no Treasury notes will be issued. The Treasury
draughts upon actual deposits are unconstitutional, and do
not partake of paper credits as Treasury notes, which are
subject to depreciation by the merchants and banks, and
shavers and brokers ; and will be, if issued, and the Go-
vernment cannot avoid it. Different must it be with Trea-
sury draughts, drawn upon actual deposits ; and from the
conduct of the banks and the merchants, they deserve no
favours from the Government, which they have attempted
to disgrace, and to destroy its credit, both at home and
abroad. It is the great working Blass that deserves protec-
tion from the frauds of the bank."
" HERMITAGE, AUG. 9.—Now is the time to separate

the Government from all banksHreceive and disburse the
revenue in nothing but gold aud'silvcr coin, and the circu-
lation of our coin through all public disbursements will re-
gulate the currency for ever hereafter—koep the Govern-
ment free from all embarrassment, whilst it leaves the com-
mercial community to trade upon its own capital, and the
banks to accommodate it with such excle.inge and credit as
best suits their own interests7-both being money-making
concerns, devoid of patriotism, looking alone to their owl.
interests, regardless of all others. It has been, and ever
will be, a curse to the Government to have any enlargement
or interest with either, or more then a 'general superintend-
ing care of all.
" But the commercial community hitherto has been fos-

tered by the Government, to the great' injury of the labour
of the country, until the mercantile aristocracy, combined
with the banks, have assumed the right to control and ma-
nage the Government as their particular interest requires,
regardless of the rights of the great democracy of numbers,
whoc they believe ought to be, and they arc determined
they shall be, hewers of wood and drawers of water. 1
repeat, that I am proud to see the firm and noble stand
taken by the Executive Government on this Occasion, The
people are with it, and u ill support it triumphantly.
" The history of the world never has recorded such base

t-teachery and perfidy as has been committed by the deposit
banks against the Government, and puroly with the ►iew
of gratifying Biddle and the Barings, and by the suspension
of specie payments, degrade, embarrass, and ruin, if they
could, their own country, for the selfish vicws of- making
large profits by throwing out millions of depreciated paper
upon the people—selling their specie at large premiums,
and buying up their own paper at discounts of from 25 to
50 per cent., and now looking forward to be indulged in
those speculations for years to come, before they resume
specie payments."