Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-05-31
MIR. BIDDLE.S LETTER TO Mr.. ADAMS


We present to our readers to-day third
letter TO Mr.. Adams from the President of
the Pennsylvania Bank Of the United States
which will be read with not less interest and
advantage than the preceding ones. 1t is
perfectly clear and satisfac orly expos
ton of the existing state Of things, and can
not fail TO carry conviction to the minds of
all. 1t shows that the course adopted by
the banks Of Philadelphia was imperatively
demanded by circumstances beyond their
control, and that it will be most conducive
TO the ultimate benefit of the community
and country, that the Bank of the Uniied
States has been actuatcd in this measure by
the same spirit Of patriotism and wisdom
which has guided all lis proceedings, and
that i; will be ready at a moments warning
to do its par; in restoring matters to their
former CONDITION of peace and prosperity.
National Gazette.
PHILADELPHIA, MAY l3, 1887.
My Dear Sir: You were good enough 10
express wish to know my own views of
he present state Of things, and has;cn to
give them without reserve.
You may, perhaps, remember that in my
letter 10 you OF he llth Of November last,
I stated what seemed the real causes ofthe
embarrassments then eH.slng. and the ap-
prcp:la:c remedies for them,' m,'a,. ding, that by
their adoption "conidence would be res.
tored in twenty-four hours, and rcposc at
least in as many days" Six months fur.
ther experience has only confirmed that
opinion. believe now, as believed then,
that the events of this week might have
been readily prevented, and that the unhap
py perseverance in The measures then de.
precaied has reduced the country to is
present condition. Blu! have no leisure
now to discuss the subject, and no disposi.
ton TO indulge in unavailing regrets. Ii
will be more profitable to look distinctly at
the present position of the banks and the
country. and TO suggest their respective du.
ties to themselves and to each other.
All the deposite banks ofthe Government
of the United States in the city Of New
York suspended specie payments this week:
the depositc banks elsewhere have followed
their example; which was OF course adept
e. by the Sac banks hot connected with
the Go,crnnac:t. sly, Of course; be.
cause il is certain that when the Govern.
mcnt banks cease TO pay specie, all the oh.
er banks must cease, ard for this clear rc,:-
son: The great creditor in tie United Safes
is the Government. Itrccclvrs for duties
the NOES of the various hanks, which arc
placed fo: collection in certain Govern
ment banks, and are paid to those Govern.
mcnt banks, in specie If required. Nov, if
these Government banks, the dcpositories
CT the public revenue, will not pay specie Cor
the very warrants drawn upon them by III"
Treasury, the Government Of the United
States from that r!orlcD; ceases % pay spc-
Gle to the citizens Of the United Sta:cs. As
moreover, the Government receives for du.
ties only specie and the noles ofspecic pay.
ing banks, the instant its own dcposite banks
cease to pay specie, the Government must
refuse to receive the notes of lis own dc.
oostc BANKS; and can receive go noes eX.
:rpt those ofbanNS not GCpostc banks. On