Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1837-06-03
RICHMOND, A. JUNE q, 1897.

would no: pay their debts to the Bank of the I'm
ted States. Why then should the Bank Of the u
nited States pay to these Institutions on account
Of the Government, specie tor their notes, wher
these very Binks would not pay their own debts
There would have been an equal want Of reciproc
liy and ofjusfice in such proceeding.
There vas another reason against it, final and
deceive. From the moment that the Deposit Banks
Of New York failed TO comply with their engage
menis, il was manifest that all the other Deposit
Banks must do the same, that there must be uni
versaI suspension throughout the country, and
that the Treasury itself, in tie midst Of its NOM
nal abundance, must be practically bankrupt.
10 such state Of things the FIRST consideration
is how to escape from it-h0w to provide Ut the
earliest practicable moment 10 change a condition.
which should not be tolerated beyond the necessity
which commanded il. The old associations the
extensive connections, the established credit, the
Large capital Of the Bank Of the United States rem
der il the natural rayng point Of the country for
the resumption Of specie payments. II seemed wi
ser therefore not to waste its strength in struggle
which might be doubtful while the executive per-
severed in its present policy, but to husband all its
resources to profit by the first favorable
'DeDt to take the lead in the early resumption Of
specie payments. Accordingly, the Bank Of the
United States assumes that position From this
moment its effort will be to keen itself strong and
to make itself ssronger-always prepared and al
ways anxious to assist in recalling the currency
nd the exchar gss Of the country, the point from
which they have fallen. II will cooperate cordial
" and zeaI"usy with the Government, with the
Government Banks, with all The other Banks, and
v Ith any other influences which can ID in that Oh
ect.
In the meantime, two great duties devolve on the
Banks and The country
The first regards foreign nations-the second our
'wD. We owe a debt to foreigners, by no means
Il
present means Of payment. We must take care
hat this late measure sh.H eos sccus ~ ~ - =
1rt to avoid the payment OF our honest debts to-
hem. We have worn, and eaten and drunk the
,roduce ofiheir industry-iOO much ofall perhaps.
mt that is our fault, not theirs. We may take
esq hereafter, but the country is dIshOnOured un-
ess we discharge that debt TO the uitermost far
hing. II
The second duty is to ourselves. We should
,ear constantly in mind that the step which has
een taken is excusable Onlv the ground Of All
necessity. We must not make the rem
" itself disease. Ii aust not be the pretext Of
x,rav a CANT loans or issues. These already
efficiently inflated, and If we have voluntarily re
moved the most familiar and established check up
N all issues, their immediate convertbIitv into
oin--Ii is our duty TO substitute some ehectuaI
estrants winch may enable us to restore the cur
ency without deliy difficulty to a safe and
wholesome cond,tio0.-The result Of the whole Is,
hat great disaster has befallen the country. Its
thus far - only a misfortunc,-ts con-
inuaEce will be reproach, from which all true
men must rally to save her. We must try 10 rem
er it as short as possible, writing patiently and
almlv for the action Of the Government and in the
mean time diminishing its dangers by great pru-
|ence and forbearance. For myself you know how
ealously ! have labored to avert this misfortune.
With no less anxetv shall now strive to repair it.
With great respect and regard. yours,
n BlDDLE.
Hon. J. @. ADAMS, Quincy, Mass.