Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-05-31

means O. procuring specie cXc"p: from the
,anks moi camHccci, with he treasury, so
Nat In Sc banks !ind al. their notes collected
sod paid into ti.c Treasury for duties con.
ycr,cd Immediately i;;:o spcci: Cor the use
Of the Governments, while the dcros:sc banks
will not pay 'hcir dcb:s 10 Tic other banks
in S?cc;r, ncr pay the Treasury warrants il
soc,.ic. Take, Tor ins:"nce, this example.
The c.aiman. under The French indemnity
had certain moneys drc him in France.
The Covcrnn:an; Imported lin gold for him:
and when the day Of distribution arrived,
he o5.ai"cd an order for lis portion. But,
instead OF receiving his own share Of bis
own proper iIcn'i:aI gold. ir has received
neither gold nor silver, but tic notes Of the
tcrosi.c banks: which very notes the Go
ycrnmcut itself wo Ill refuse to receive from
this very c,aiman; Cor any Gctt winch he
might owe 10 tie Government. So long,
therefore as the Government and the Go
vcynn,cnt banks will rot pay specie to
other banks, it would be rashncss in those
banks 10 pay specie to them; and, as
thev cannot make q discrimination in
hose whom they will pay, the only a.
tentative is 10 concur with the Govern.
mrnt banks in the general suspension.
Our Philadelphia banks saw this. They
thought i, useless to carry on so unequal
an intercourse, in which they were to
pay to New York, while New York refused
10 pay to Pennsylvania for if the Pennsyl-
vania banks paid while those Of New York
did not, the whole revenue woul1 have been
turned into Pennsylvania noes, and specie
demanded.
In the midst of these disorders, the Bank
Of the United States occupies peculiar po-
si,on, and has special duties. Had con.
suited merely its own strength, it would have
continued its payments without reserve. But
Is. Like all tic o:hcr Pennsylvania
banks. it owed duty to the citizens of our
own State and it was no. disposed 10 stand
aloof from 4 general movement ofthe other
Safe institutions, which however it might
regret, it could not cen>urc.
Cd. Ii was not inclined, moreover, to
discrcdif, by a refusal 70 receive it, the paper
Of the other State banks which had ceased
to pay specie, still less to force its Pennsyl-
vania debtors to pay their debts in specie,
when o'hcr citizens in other States were al
lowed to pay in less costly medium thus
breaking down, for the benefit of other
States, the merchants and manufacturers
and mechanics Of Pennsylvania.
Sd. While the vaults Of all the other
banks were closed, the Government of the
United States would have no resource to
procure specie but the Bank Of the United
States, which ought no. to assume the risk
of being the only source of supply for bull
ion to the Government and the land Offices
as well as for expectation.
4th. The dcposite banks Of the Govcrn.
mcnt would not pay their debts to the bank
Of the United States. Why, then, should
the Bank oftlic United Safes pay to these
Institutions, on account Of the Government,
specie for their notes, when these very
banks would moi pay their own debts ? There
would have been an equal want of rccipro-
city and ofjusticc in such a proceeding.
9th. There was another reason against
it, final and decisive. From the moment
that the dcposte banks of New York failed
o comply with their engagements, it was
manifest that all the other depositc banks
must Go the same, that there must be uni.
vrrsal suspension throughout the country,
and that the Treasury itself, in the midst of
lis nominal abundance, mus; be practically
bankrupt.
lnsuch state Of things. the first consid
Grafton IS how to escape from i:-how 10
provide at the earliest practicable moment
% change condition which should not be
tolerated beyond the necessity which COM
manded it. The Old associations, the cxtcn.
sive connexions, the established credit, the
large capital Of the Bank Of the United
States render it the natural rallying poin; for
the resumption Of specie payments. 1t
seemed wiser, therefore, not 10 waste its
strength in a struggle which might be doubt
ful, while the Executive perscrercd, in its
present policy, but TO husband all its resour.
ccs so as TO profit by the first favorable mo-
ment to take the lead in the early resump
ton of specie payments. According, the
Bank Of the United States assumes that po.
s;;:;on. From this moment its efforts will
be to keep itself strong, and to make itself
stronger; always prepared and always anx;
ious 10 assis. in recalling the currency and
the exchanges of the country to the point
from which they have fallen. it will CO.
operate cordially and zealonsly with the
Government banks, with 1.-The other banks,
and with any other influences which can aid
in that object.
In the mean time Two great du;ies dcvolyc
on tie banks and the country.
The first regards foreign nations-thc
second Our own. We owe a debt TO for.
cigncrs by no means large for our resour.
ccs, but disproPortioncd to our prcsen: