Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-04-06
[From the New York American.
New YoRK, 2Sth March, 1887.
TO NICHOLAS BIDDLE, Esq,

/
President Of the Bank Of the United States:
Sir-In consequence Of the peculiar posi-
ton IN which the commercial community is
placed, it was resolved al a meeting of Mer-
chants held this day, that the Bank of the
United States be invited. to nterpose at this
'juncture, by u shipment Of coin and by the
use OF their credit, 50 as to meet the exigcn-
cics Of the occasion, and by the sale of Bills
of Exchange on Europe, by the issue Of Post
Notes payable at Philadelphia, and Of Bonds
payable at some distant day in London, Paris
and Amsterdam, to facilitate negotiations at
home and furnish safe remittances abroad,
and thus not only be Of service to this city,
but to the United States at large.
BY order of the meeting,
(Signed) john A. STEVENS, Chm.
CHs. A. HECKscEn, Secretary.
New YORK, 20th March, 1897.
JoHS A. STEVENS, Esq. Chairman:
! Sir have this day the honor Of receiving
your communication of the 2Sth inst. accom-
panied by the signatures of many highly re-
spectacle citizens of New York, requesting
the interposition Of the Bank Of the United
States, to assist in removing the existing
embarrassment ofthe commercial community.
The Board Of Directors, on learning from a
Committee Of your fellow. citizens the exist
cnce of these difficulties, directed me to visit
New York for the purpose OF asccrtalnng
their nature. and the most cffectual mode by
which the Bank could be useful. All the sug-
gestions for that purpose contained in your
letter, will accordingly he presented to the
Board Of Directors, from whom they will re-
ceivc the most respectful and early attention.
In the mean time, what my own observation
suggests as the cause Of these troubles, Is,
that recent events in the South and in Europe,
have, in concurrence with reasons Of an earil-
er date, produced paralysis OF private credit
which deranges the whole system Of our fol-
cign and domestic exchanges. For this the
appropriate remedy seems to be, to substitute
for the private credit Of individuals the more
known and established credi: Of the Bank,
until public confidence in private stability has
time to revive. TO the foreign exchanges
would apply that restorative by issuing the
engagements of the Bank, payable in London,
Paris and Amsterdam, to be RENTED IN lieu
of private bills. These will be ready for the
next packet. and they will enable the country
to make, without injury, an early provision
for the adjustment Of the foreign exchanges
by the natural operation Of renting its pro.
duce and It's coin. A similar operation shall
recommend to the Board in respect to the do
mestic exchanges, by an enlarged and i'm
mediate purchase of bills Of exchange on the
distant sections of the Union.
These are the two measures which seem
to be the best adapted for the present emer-
gency. They are proposed with the sncerest
desire that they may be useful, and with
clear conviction that aided by the spirit and
intelligence which belongs to this community,
they will carry it triumphan.ly through its
present temporary difficulties. The surest
ground of confidence for others is confidence
in ourselves; and have seen this community
bear up against calamitcs which would have
broken the spirit of less free and generous
people. have known them surmount obsta-
cles far more alarming than any now before
us-nor will permit myself to doubt that
this city will preserve its high character be-
fore the world, by any temporary sacrifices
which may be necessary to sustain its credit
and its fame.
With great respect, yours, &c.
N. BIDDLE,
President of the Bank Of the United States.