The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-23

Il will be conceded that an efficient and maintained
recurrence TO specie Payments requires simultaneous
action throughout the country, and is admitted al
hands, that yonr resolves w be only advisory, pot
puhory.
Tn order 10 this, the restoration Of Domestic Ex-
changes to their natural and regular condition and ac-
ton indispensable, and this must mainly depend upon
the ability OF the Southern aud Western States for
sumption is not a measure OF nero yoten f
II cannot therefore, but be matter Of much regret
that in your deliberations, you not assisted by the
councils OF delegates from the important points OF LOUIS
lana, Mississippi, Alabama, Tennessee, and some other
States. .4
Yet the ability Of these States, and their willingness
TO and cooperate with you in every reasonable
and judcious measure which you may recommend can
not be questioned, although the want Of certain nior
nation leaves you at loss TO know with desirable pre-
cisop, at what period, to what amount their staples,
on which their ability depends, will be brought into
activity.
In regard to the question OF resumption, the first
thing which presents itself to consideration it, the
time when it is 10 be attempted.
Shall i he now
In the present condition Of Foreign and Domestic
Exchanges, il is believed that immediate resumption
Of specie payments is utterly impractcablc none even
the most sangune have been heard impugn. or
TO express doubt OF the undenabe truth Of this
position This measure will therefore be passed by.
Shall il then be a future period, 10 be fixed by
this Convention
Against such measure, many OtJectons exist IN Inc
minds Of the minority ofyour committee some OF which
will be stated
No one can foretcll with satisfactory probability,
when our Domestic Exchanges will BIO restored to or
der and regularity
It must depend upon the value and quantity OF the
staple prophets Of the Southern and Western States,
and the same dependence attaches to Foreign Ex
changes.
Until our foreign debt shall have been reduced. tho
present high rate Of exchange must necessarily continues
long, too, the demand for specie for the purposes Of
rettances must last and while il lasts the opening Of
your vaults would be to impair your and to drain
the country OF Its specie TO rninous extent Again. to
fix no,o period Of specie payments, would be TO count
with dangerous confidence upon speculative opinions
and contingencies. "a
Who assure us that at day, not so remote as to
be for that reason nadmissblc foreign debt will be
sufficiently lqudaed to bring down exchange and check
the importation Of specie
Who say what is TO be the quantity prices Of
our staples OF this years crop in the foreign maketl
.S There must be much allowance for the time
ny for getting them there, and for their sale asomuch
too regards their value, to the vasclaon OF prices,
and to the force Of the foreign policy, by which it has
been attempted and with too much success 10 break
| them down.
Besides these considerations cannot but look with
apprehension to the nsuciency OF the domestic supply
OF bread stuifs.
| That there will be large importation is presumed,
and to that extent your means will be impaired, the
foreign debt kept stationary possibly increased
Again, if the reliance upon contingencies should en-
holden you to fix day, and in it you should be dsap-
pointed you will have repeated the distress occasoncd
by severe curtament without accomplishing the object
| proposed, and with certain ruin to many. You will
shake public confidence in your disposition your ab-
| ty, to its foundation.
How and when can you hope to restore it,
Agaln-In the interval which would elapse until the
arrival OF the period you may fix upon, may not hap
/ that some INSTANCES there will he eyDansion
Of circulation, which will aggrasaie public calamity
Then, too may not The measure now under coDsdera-
ton, tempt TO large mporations of foreign goods by
your own merchants May not encourage the foreign
manufacturer TO force his goods upon the country, and
gut the market Either Of these would necessarily
keep you in state Of Indebtedness poporonaly and
keep up the exchanges-nor is the ardent commercial
spirit Of enterprise round the Cape Of China, &c to be
lost sight Of.
Afford the specie and it will be extended to DANCE
| rous excess, for the temptation is great.
Again--If you fix an early day Of resumption, you
increase the hazard OF disappointment If you fix upon
day, may it not happen that you postpone resumption
beyond the period when in justice you ought to have
| resumed
/ Finaly---Are you prepared to dismiss the hope that
/ Congress viii aid in relieving the country
Entertaining these views, briefly expressed but which
your intelligence will carry out the minority Of the com
mittee advise the determination at this time, Of
the precise period when the resumption of specie pay
ton, which by judcious action you may assist but you
may retard their progress by rash and imprudent at
tempts to force hen-and you will moreover be able
yourselves and the public, that the resumption
anxously desired by all will be accomplished,
as it is practicable, and then certainly.
In accordance with what has been said the minority
Of your committee offer the following resolutions
! Resolved, That this Convention will appoint COM
mrttee Of delegates 90 whom shaH be confdcd the
important trust Of diligently nqurng and deliberately
judging, when the condition and circumstances Of tho
country shall have been such, 10 justify early
sumption of specie payments by the banks at fixed
| period.
| 3 That when the said committee shall, in the excr-
else sound discretion be satisfied that such period has
arrived, it shall be their duty make it known to the
presiding officer OF this Convention and that 1t shall be
his duty tnereupon, to Summon meeting Of this Con-
/ yention, with due notice TO its members at to
the end that the measure Of resumption may be prompt
! ly adopted H.
On motion Of Mr.. Van Ness OF the District of Co
lumbia the Convention proceeded the consideration
| OF the report OF the majority Of the committee
Mr.. Eyre, OF PENNSYLVANIA, moved 10 amend the
solutions offered by the majority Of the committee, by
striking out all after the word resolved and inserting
in lieu thereof the resolutions submitted by the mno
| rlty
| Mr.. Meredith, of Pennsylvania, moved to postpone
the consideration OF the question until tomorrow
| ing-decidcd in the negative
Ayes-New Jersey, Pennsylvania, Maryland, South
Carolina-4
Nays-Mane, Vermont, New Hampshire, Massa-
chusetts Rhode Island Connecticut, New York, Dis
tnct Of Columbia, Virginia, North Carolina, Georgia,
Ohio, Kentucky, Indiana--ll.
Mr. Meredith, OF Pennsylvania moved to lay the re-
solutions and amendments the table but before the
question taken, on motion Of Mr. Coe, Of Indiana,
the Convention adjourned to meet tomorrow morning
at 10 O'Clock
FRIDAY, Dec. LIST, 1887
The Convention met according TO adjournment.
The question before the Convention being the consi.
Iteration OF the motion Of Mr. Meredith, OF Pennsylva-
mia, to lay the resolutions and amendments the table,
it was Withdrawn by the mover ,.t
The question then recurring upon the consideration
f ihn ,,.,tion Of NJ Eurn nf pa ,.na ,,.;b.lx..,