Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-05-31
laws, and carrying out the views of Con-

laws, and carrying out the views of Con-
gress.
But this policy does not suit the faction
which is striving by indrection, to break
down all the State banks, in order to place
it in the power of Mr.. Biddle, as agent Of
foreigners, to rule the country. That fac
ton openly contends that the more specie
we have the poorer we are and argues |
that, if we would prosper, we should |
close the minis, and rake up all the specie |
in the country and send it to England
The New. York Courier and Enquirer,
(Mr. Biddle's organ,) says: "the sole eau
''ses of our existing endorsements, are,
''the unnatural import of specie into this
"country, and the measures of the admin
'istration to prevent its being used for the
"legitimate purposes ofcommerce, by SEND
"ING 1T BACK TO SUPPLY THE WANTS OF
"ENGLAND, AND TO PAY OUR INDEBTEDNESS
'ro THAT COUNTRY" The Courier also as
serts that if we could send back our sur
plus specie to England instead of keeping
it where it is not wanted (meaning in the
west,) all our embarrassments would cease.
II proceeds thus
"But" says the Globe, /" if the specie
were here instead of at the west Mr.. Van
Buren, would send it to England" We
admit it; and it is precisely because our
banks and merchants cannot send the spe-
Gle to England whence we have Withdrawn
it, and where il is required for commercial
purposes, that both England and the Uni
ted States are on the verge Of bankruptcy"
The Courier also remarks that
"The most important fact of the Globes
article, is the exhibition of the immense a.
mount of specie we have distracted from
the commercial world during the last three
years, and the determination of Mr.. Bid
die to retain it in the sDeSt where it is
valueless, by means of the illegal and just
" obnoxious specie circular. If the adj
ministration adhere to that measure, then
is our commercial distress but commenced !;
and all the expedients to which we have
resorted for temporary relief absolutely
worse than useless"
The New-York Express, and some 9TH
er prints in that city, 60 little farther
They admit that the struggle which is CO.
ing on between England and this country,
for the precious metals, will probably ter
inmate in the suspension of specie payments
on this or the other side of the Atlantic !;
and yet they are upbraiding the President
because he is not taking measures to have
the specie withdrawn from the west for ex-
portation Tho Express, abiding to the
policy Of the Government, says: awe
have no hesitation in saying that, if per.
sisted in, it must lead to the suspension OF
specie payments by the Bank of England,
or by the Bank of the United States"
For our part, we are not prepared to
sustain the Bank of England, in preference
to our own institutions and as for the
Bank of the United States, it has lately
drawn some two millions from New York
and by issuing its bonds payable in Lon.
don for four or five millions more, it has
placed itself in position that will hereaf
ter enable it to take as much specie from
the city banks of New York, as they viii
be able to spare for the use of England ir
the next twelve months.
But, we have no fears with regard to the
present crisis. The banks will not sus
pend specie payments, nor will the admin
, istration favor the expectation of Specie
. Mr.. Biddle will soon find himself powerless
and the 'aafliionaries" will cease to infu
ence the press, and then the storm will sub
side. In the mean time our mints will b.
/ actively engaged, turning out neso coin fol
, domestic use.
The papers Of New. York, in the interes
. of the Bank of the United States and othe
British agencies, are opening the eyes o
. the people, and preparing them to hold oil
D to old dollars, and call for as many new
d ones as can possibly be coined. The adj
vocates of British interests have been in
discreet. In their zeal to serve their EN-
+; ployers, they have said too much. Tn
a people know very well what our paper sys
9 tenn would amount to, were its specie basi
! sent across the Atlantic to prop up the banl
J. of England.
What do the Public and the Banks, unde
4 the existing state of things, owe to each 9th
$ er l-It ought not to be forgotten that tn
9 difficulties Of the day are peculiar, and tha
it requires all liberality, forbearance and re
ciprocal Indulgence, to ward them off, or t
|. meet them in right spirit of endurance
a We conceive it then, under the emergenc
Q to be
! The Duty Of the Banks-To pursue
4 moderate and cautious course, having con
Q tinually in mind the danger of excessive is
: sues, and the importance of due preparatio
: for resuming specie payments. To facil
). tate the revival oftrade and business by lii
}, eral dealings with their customers and deb
It ors; and to furnish their dealers in speci
T. in small sums for change, to every reason
! able and practicable extent.-To obsery
- towards each other, the city towards tn
= country banks, and pice persa, reciproc;
!, good feeling and liberal indulgence-th
y city institutions avoiding the imposition {
8 onerous or difficult terms in the settlemer
;, of balances; and the interior banks provic
i ing for and ensuring prompt settlements |
: periods sufficiently liberal. And partic,
ri Iarlv'to avoid disposition to harrass an