The herald., 1837-05-11
THE HER AID.
BE ginning OF New Era.--susPensioA Oh
Specie Payments.

The general suspension of specie payments yes
terday by all our city banks, has not created
that asonishment in intelligent circles when 'ne
previous mysterious silence of the press would nave
led as to imagine. Neither is this suspension maj,
ter of great and sudden perturbation uheAPeo'eu
event-a wonderful phenomenon. IL IS Simply |"
step onward in the great and radical irevoiuuoi "''
is rapidly pcryading all those civilized na,ohs '.a'
have urged the system Of credit beyond the s'ic'
rules of science.
Since the close OF the last in Europe and Anne
rica. and the resumption Of specie payments py INC
banks in England and the United States, SPECIE 'he
credit has been gradually altering It's relation
10 other values, as much by its increasing scarcity,
ms by the vast expansion of paper money, which
pretended 10 represent it. BY Of the unchanged
BILE laws of trade, gold and silver, which, for ten
wears or more has been dscredted and hooted al by
charatans and knaves has at length burst lis bonds
divorced itself from the harot paper money, and
hereafter will up shop for ITSELF TO do business on
rs own bottom, and on its own responsibility we
will have from this day forward, tioo currenctes-one
in spece--the other in credit The specie carries lis
own value with itth: paper is the mere representa-
tive of property and will vary from to 95per cent
below specie, according TO character, laws, roguery
locality and other circumstances.
The suspension Of specie payments is, however,
movement calculated have deep effect on social
and political action-an eject which all parties ana
persons will try to csuneract or to turn to thei specia
advantage The banks of New York having taken
the lead. il is highly probable that all the banks
throughout the country will follow up their example
and suspend in a like way. We do not believe that
the United States Bank can even sustain ITSELF II
must go in thu general avalanche.
,k rfllparu move
trade, commerce. industry, will not create more Gu
rious history for the few years, than are the
events of the few last years which have brought us
10 the present pass The great struggle which causes
this explosion begun in 1925 '29, between Martin Van
Buren, and Nicholas Ridde. 1t nomlnally s'rug-
gle for the recharter of the United States Bank but in
reality for the possession of the money power OF
the nation Each of these patriots outbld the other
for the confidence Of the community, but like other
Peter Funks auction, they have both bid bit be-
yend their capital and their resources Mr.. Van Bu-
rens Safety Fund system, and Mr.. Bddlc's great
financial talent are equally gone by the board-both
exploded-both evaporated in thin air.
For some time past it has been secret game
among the political partzans OF both these men, who
sAoad make the first in suspsndiag-who
would have the face first TO do "the deed without
name" BY the greater ignorance OF the Safety Fund
Bank Commissioners, and the charatansm OF the
Albany bankers, the safety fund began 10 give way
first, in the more remote outports OF Buffalo, ana
elsewhere For several days past, while the Safety
Fund Commissioners were publicly and impudently
telling the people in Wall street that all the banks
were perfectly solvent they were engaged IN per-
suadng the banks to take the dread leap in the dark
they have done, and to suspend specie payments In
a body. We are not even sure but the explosion has
been carefully discussed at Washington as well as IN
Albany and that it is the first measure of relief vouch-
safed 10 a cheated and delude4 people, by the great
charlatan now occupying the presidential chair
But in a larger ard more philosophical point OF
view, the suspension of specie payments by the banks
OF this country only the beginning of another sort
of specie payments among the thoughts and feelings
of free people AT this moment it is highly proba-
bic that all the banks in Eaeland long since sus-
pended and for any thing that we knew to the con-
trary great radical and social revolution the
whole frame of society may be in progress there.
The fabric of paper credit blown TO atoms by Its
own corrupt weight, with it will go the power,
the influence, the wealth, the property Of those
impudent pretenders whe have been bestriding the
world like colossus each, for years past In time
of profound pence a suspenssos of specie payments
will net obscure the moral and intellectual faculties
as in period OF fierce war. suspension OF specie
payments is now a fouton in society, in manners,
in men, in principles. new will start into
istence. Public confidence is gone-property gone
morals are gone-all is gone from the present
bankrupt races ofgrea men. Property has rebelled
and is now going around the world in search of its
proper owner Houses, lots, specie, goods, chatels,
are all running about like many faithful dogs snuff
ing for their masters. We are in the beginning of a
new age-new morals-aew modes-ncw thoughts
new feelings. The present Of madmen who SIT
in high places are unworthy Of the position they
cupy, and they must give way to the younger, the
wiser, the better.
Let the people, therefore be cool and calm-we are
on the eve Of great revolutions both in morals po-
litics, and in persons. In Europe such a change is
worked out by traces of blood and carnagc-here let
true civilization show that it springs from higher
nature and a better spirit
Thus much today. Our soul IS burning with the
thousand thoughts with which this novel period OF
human life is tcemng. We shall disburden ourselves,
daily, the events spring up before Ms. Let people
be cool and cautious.
az The following Is copy of the resolutions
passed nj the meeting at the Merchants Exchange,