Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-30


il owed duty 10 the citizens Of our own state ;
and it was moi disposed TO stand alooi from q
general movement OF the other slate institu-
lions, which however it might regret, it could
not censure.
3D. 1t was not inclined, moreover, 10 dig
credit, by refusal to receive il, the paper of
the other State Banks which had ceased to
pay specie, eti less 10 force its Pennsylvania
debtors TO ay their debts in specie, when 9TH
er citizens IN other States were allowed TO pa =
in less costly medium; thus breaking down
for the benefit Of other States, the merchants
aud manufacturers and mechanics Of Pennsy-
vania.
Sd. While tho vaults Of all the other banks
were closed the Government Of the United
States would have no resource TO procure spe-
Gle but the Bank of the u s., which ought not
10 aesumo the risk uf beng the only source OF
supply for bullion TO tho Government and the
land Offices NJ well as for expectation.
9TH. The Deposit Banks Of the Government
would not pay nieir debts TO the Bank of the
U. S. Why then should the bank OF tue UNI.
ted States pay TO these institutions on account
OF the Government specie for their notes when
these very Banks would not pay their own
debts7 There would have been an equal want
of reciprocity and of justice N such proceed
ing.
9Th. There was another reason against il,
final and decisive. From the moment that tho
deposit banks of New York failed 10 comply
with their engagements, 1t was manifest that
all the other deposit banks must do the same,
that there must be a universal suspension
throughout the county, and that the Treasu-
~ itself in the midst of its nominal abundance
must be practically bankrupt.
In such state Of things the first considera-
ton is how to escape from it-how TO provide
at the earliest practical moment to change u
condition which should not be tolerated beyond
the necessity which commanded IT, The old
associations, the extensive connections, the .es-
tablIshed cr"dit, the large capital of the United
S. bank, render II the natural rallying point Of
she county foI the resumption Of specie pay
ments. 1t seemed wiser, therefore, not to
waste its strength IN struggle which might
be doubtful while the Executive persevercd in
ils present policy, bat to husband all its re-
sources 80 al TO profit by the first favorable
moment 10 take the lead in the early resutnp-
ton of specie payments. Accordingly the
Bank of the United States assumes that posi-
ton. From this moment its efforts will be TO
keep Itself strong, and 10 make itself stronger
always prepared and always anxious to as
slst in recalling the currency aud the exchan-
ges ct the country 10 the point from which
they have fallen. 1t will Cooperate cordially
and zealously with the Government Banks,
with all the other Banks, and with any other
influence which can aid in that object.
In the mean time, two great dulles devolvs
on the Banks and the country.
-If.s .,r4t ,..oo, = .-.--s- -.ians--.l- -
cond our own. We owes ebt 70 foreigners,
by no means large for oHr reeource., 1ui dis
proportioned TO our present means of payment.
We must take care that this late measure shall
not seem 10 be an effort 10 avoid The payment
OF our honest debts TO them. We have worn,
and eaten, and drunk the produce of their in.
dustry-too much Of all perhaps-but that is
our fault, not theirs. We may take less here
after, but The country is djshonored unless we
discharge that debt to the utmost farthing.
The second duty is TO ourselves. We
should bear constantly in mind that the step
which has been taken is excnsabe only on tho
ground OF an everything necessity. We mnst
not make the remedy itself disease 1t must
not be the pretezt Of extravaSant loans or is-
sues. These are already sufficiently inflated,
and if we have voluntarily removed the most
familiar and established check upon all issues
their immediate cOnvertibility into coin-its
our duty TO substitute some efiectua restraints
which may enable us TO restore the currency
without delay or difficulty to a safe and whole
some condition. The result of the whole is,
that great disaster has briallen the country.
Its existence thus far is only misortune-ils
continuance will be a reproach, from which all
true men must rally to save her. We must
try 10 render it as short as possible, waiting
patiently and calmly for the action OF the Gov
ernment, and in the mean time diminishing lts
dangers by great prudence ard forbearance.-
For myself, you know how zealously have
labored TO avert this misfortune. With not
less anxiety shall now strive to repair it.
With great respect and regard, yours,
". BlDDLE.
Hon. J. @. ADAMS, Quincy, Msss.