Southern telegraph., 1837-06-06

DIE TO j. Q
We present b our randa
letter % No Adams FINN iha
u. S. Bank, which will hcraa
esl and advantage than theprecl
Il is a perfectly clear and satislac
siiions Of the existing stale Of ih
cannot fil 10 carry cOnviclion 10
lofan. Il shows Tint the coarse r9e.
the Banks Of Philadelphia was impeHl
demanded by circumstances beyond
control, and that il will be most coed
70 ihe ultimate benefit Of the ca
and eonntry-ihat the Bunk Of the
States has been act laled in this nss
by The same spirit orpatridism and
which has guided all its proceedings
that it viii be ready at a mnmenls wal
to do its part in restoring mgiiers e
former condition Of peace and prosper
PHILlDELPmA. May l3lh, is
Ny Dear Sr;-Yn are go-d ea
to express a wish to know my vis
present state Of Ihings, AMI hasle
them without reserve.
You may perhaps rememher
letter to you Of the l2th &c Nos
] stated what seemed the real "a
embarrssmen:s then existing,
propriato Iemedies fur thom, ,ad
their adoption confidence woa
cd in twcnty-iour hours, and rep
in as many days" Six monf
perienee his only confirmed
| believe now, as believed ilo
events of this week might have
prevented and that the unhappy
ence in the measures then
ed, had reduced the country to is
condition But have no leisure
discuss the subj ret, and no dispos
indulge in unlvailing regrets. Il
more profitable TO lood distinctly
present position ofIhe banks aud {
try, an to suggest their respeclis
themselves and TO each other.
All the deposiie banks Of the
ment of the United States in the
New York suspended payments
the doposite hunks elsewhere u
lowed their example which was of
adopted by the State banks not CO.
with tho Government. | say Of cOlll
cause it is certain that when the g
mont banks must cease, and for this
reason. The great creditor in the i
States is the Government. 1t receives
duties the notes Of the varinus banks, vi
are placed for collection in certain Cow
ment banks, and are paid to those Cove
mcnt banks in specie irrcquested.
Now ifthese Government banks, the
positories Of the public revenue, i'll not
specie, for the very warrants, df
upon them by the Treasury--the CD
ment of the United States from that ~
ceases to pay specie to the citizens
United States As moreover the Cove
receives for duties only specie al
notes of specie paying banks, the insl
own depOsite Blnks cease to pay sped
Government must refuse to receiv
notes Of its own deposit banks and chi
ceive no notes except those of bank
depOslte. On one hand then, the gove
ment is bound to pay It's debts in spel
and II has no means Of procuring specie
cept from the blnks not connected With
treasury, so that these banks find oil IA
notes collected and paid into the treas
tor duties, converted Immediately into !
Gle for the use of the Governmental
the deposite banks will not pay their ID
to the other banks in spocie, nor pay
Treasury warrants in specie,
Take for instance this example. Z
claimant under the French indemnity
certain monies due him in France. 4
Government imported it in gold for hin
and when the day of distribution arris
he obtained an order for his portion. But,
stead Of receiving his own proper identi
gold, he has received neither gold nor
yer, but the notes Of the deposit banks
which very notes tho government III
would refuse to receive from this very &
mant for any debt which be might owe
the government. So long, therefore, as
Government and the Government Bar
will not pay specie to other Banks, it wol
be rashness in those Bnks to pay spe'
to them, and as they cannot make a. disc
mlnation in those whom they will pay,
only alternative is to concur with tue G.
crnment Banks in the general suspensi,
Oar Philadelphia Binks saw this. Th
thought il useless to carry on so unequal
intercourse, in which they were to pay
New York, while New York refused lo b
to Pennsl lvania, for it the Pennsylyar
Bankspaid whilethosc ofN. York did nat,t
whole revenue would have been turned II
PENNSYLVANIA notes and specie demands
In the mid.tiof these disorders the Bal
of the U. States occepies peculiar posisio
and h1s special duties. Had it consaIt
merely its own strength, it would hal
continued its payments without reser,
Bat,
lst. Like nll other Pennsylvania B mi
it owed duty to the citizens Of our ov
State; and il was not disposed to stand alo
from general movement of the other Sta
which however much il mig
regret, it could not censure.
I'd. 1t was not inclined moreover, to di
crodit. hv a refIsSl In raca;va Il tl,s nm