Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-06-01

spece but the Bank Of the Z. States. which
ought not 10 assume the risk of being the
only source nf supply for bullion I" the Go-
vcrnnent aud the land Offices as well as f"r
expiration.
! 9TH. The Deposit Banks ofthc Government
would not pay their debts to the Bank 81
the u. States. Why then should the Bank
of the u. $. pay TO these Institutions on ac'
count Of the Government specie tor their
notes whom these very banks would not pay
their own debts? There would hay" been All
equal want of reciprocity and OF justice III
such proceeding.
/ 5th. There was another reason against II,
final and decisive. From the moment that
the Deposit Banks Of New York failed to
comply VI ih their engagements, 1t was mann
fest that all the other Deposit Banks must do
the same. that there must be universal s'iS-
pension throughout the country. aud that The
Treasury itself in the midst Of lis nominal
abundance, must be practically bankrupt.
! IN sucl, state of things the first consider
alton is how Ia escape from it--how To pro-
vide at the earliest practical m'ment to change
condition which should not be tolerated be-
yond the necessity which commanded IT,
The old associations, the extensive c"nhcc.
iions. the established credit the largo capital
of the u. States render it the natural rallying
point of the country for the resumption "t
specie payments. 1t seemed wiser, there
fore, not to waste its strength in Struggle
which night be doubtful while the Executive
pcrscvered i'm its present policy, bat 10 hus-
band all its resources so as to profit by the
first favorable moment to take the lead in the
early resumption of specie payments. Ac-
cordingly the Bank of the United States as'
Sumcs that position.
From this moment its efforts will be to
keep itself str' nr. md TO make itself strong
rr-always prepared and always anxious to
assist in recalling the currency and the en-
changes of the country to the point from
which they have fallen. 1t will cooperate
cordially and zealously with the Government,
with the Government, Banks, with all tire 9th
or Banks, and with any other influences
which can aid in tha, object.
In tho meantime. two great duties devo!ve
on the Banks and the country.
The first regards foreign na,ions-ihe sec
ond our own. We owe debt to foreigners,
by no means large for our resources, oli' dis-
proportoned to our present means oil pay
mcnt. We must take care that thus late
measure shall not seem to be an effort To
avoid the payment of our honest debts tn
them. We have worn, and eaten and drunk
the produce of their industry-too much "'
all perhaps, but that is our fault, not theirs
II We may take less hereafter, but the country
is dishonored unless we discharge that debt
tO the ut,rrmost iurhing.
4 The second duty is to our ourselves. we
should bear constantly in mind that the step
which has bccn taken is cXcusable oRly on
The ground of an overriding necessity. we
must not make the remedy itsclfa disease
1t must not be the pr.tcXt OF eNtravhgnnt
loans or issues. These are already suftici-
emily inflated aud if we have voluntarily re-
moved the most familiar and established
check upon all isSues-their immediate con
verlibilny into CONT is our duty to sub
stitute some cffcctual restraints which may
enable Us to restore the currency without de-
lay or difficulty to n safe and wholesome con
dition. The result of the whole Is, tha. Il
grea; disaster has beiallcn thr country.
|, Its existence thus far is only misfortune
its continuance will be reproach, from
which all true men must rally to save her
! We must try to render it us short as possible
! waiting patiently and calmly for the action o
! the Government. and in the meantime dunn
/ ishing its dangers by great prudence and for
bearance. For myself, You know how zeal
/ ously have labor.d to avert this misfortune
| With not less anxiety shall now strive t.
repair it.
With great respect and regard. yours,
n. BIDDLE.
, Hon. J. q. Adams, Quincy, Mass.