The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-10

DEBTOR AND CREDITOR.

We perceive in the Lexington (Ky.) pa
pers, that Mr.. Norton. brought suit against
one Of the Kentucky Banks, for six thousand
dollars, undiscovered judgment for the amount,
with COSTS and interest at the rate of twelve
per cent. per annum.
The Boston (Mass.) Advocate states that, a
case was tried in the Suffolk Common Pleas,
on demand for specie for 81 bill on the
Commercial Bank, and decided against the
bank
Whatever legal right the holders of notes
may have against the banks, we do not see
any necessity or propriety in prosecuting it,
merely for the purpose Of recovering specie.
If there be danger, any where, Of losing the
amount Of the bills holden, on account Of a
supposed insolvency Of bank, then prose-
cution would undoubtedly be a just and proper
policy for the security Of the bill holder. 1t
is, however, notorious fact that the banks
generally were never in better condition, in
reference to their liabilities, than they are at
this very moment. The only anomaly in their
present position, is, the almost universal sus-
pension Of specie payments. This is the evil
of the times, for which the people are quite
as responsible as the banks. This evil,
which all contributed to produce, should not
be hastily visited upon the banks alone; every
patriot who can appreciate his relative duties,
will see no justice in such course.
The banks are now exerting every nerve
to return to specie payments; and there is no
kind Of doubt but that such desirable result
will be reached as soon as it can be done con-
sistently with the interests of the community
generally. It's to be considered that in the
attainment of that object, the interests of the
people are as much to be consulted as those
Of the banks themselves. A speedy curtail-
ment Of their circulation, which now forms
the actual currency of the country, for not
silver dollar is to be seen, would produce in
calculable embarrassment upon the bank
debtors, and through them upon the people
generally. For it is not to be denied that the
business Of this country, Of olhinds, has been
done, and will continue to be done in any
free State, upon system of debit and credit.
Any attempt, therefore, to excite jealousies
and hostilities between classes of debtors and
creditors, is to array society against its very
SELF 1t is to commit national suicide! As
unnecessary, absurd, and irreligious as ever a
suicide could be!
We cannot, therefore, honor any mans
head or heart, who will at this time, prose-
cute solvent bank merely for the re-
coveryof specie. 1t is not the interest of So
ciety, that he should be justified. The de-
structires, with the Globe at their head we
are aware, will not agree to this. None will
agree to dispense justice, when they wish to
destroy. 1t would be inconsistent with the
nature Of their Office. But every man who
sincerely wishes to promote the best interests
Of the people, who does not wish to excite
suicidal and destructive war, will bear and
forbear, until the great object, universal re-
sumption Of specie payment, now hoped to be
close at hand, shall be gloriously consumma,-
ed In the mean time, the bills he holds, if
those Of banks known to be solvent, will pass
by common consent as the actual currency of
the country, and answer all the purposes of
gold and silver without loss.
The mere fact that there has been but one
suit in all New England, and this for the pal
try sum of 81, speaks volumes for the honor
and ability Of the banks. We should like to
knew Of the Boston Advocate, the names of
the plaintiff and attorney.