South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1837-05-27

it owed duty to the citizens of our
State; and it was not disposed to sta,s 81
from general movement Of the o{ner g
tnstitutinns, which however 1t might ~
1t could not censure,
"a. It was not inclined, moreover. IL
credit, by refusal to receive it, the pan.
the other State Banks which had ceaseIW
pay specie, still less to force its Pennsvlr' 4
debtors to pay their debts in specie, wbsa
Their citizens.in other States were alloweS
pay in less costly medium; thus bre,J;
down for the benefit of other States, the NJ
chants and manufactures and mechanics
Pennsylvania.
Sd. While the vaults of all the other bs,
were closed, the Government Of the JymeX
States would have no resource to p Qre NJ
Gle, but the Bank of the United States, wh.N
ought not to assume the risk of being the al
ly source ofsupply for bullion to the CO.
eminent and the land Offices, as well az N
expectation.
4th The Deposits Banks of the GOVERNED
would not pay their debts to the Bank of n
United States. Why then should the Ban
of the United States pay to these Institution
on account Of the Governmeht,speeie for tht,
notes when these very Banks would not pS
their own debtsi There would have been
equal want ofreciprocity and ofjustics in SUD
proceeding. N
5th. There was another reason against Nj
final and decisive. From the moment this
the Deposite Banks of New York riled M
comply with their engagements, it was mani
fest that all the other Deposite Barkf must al
The same, that there must be universal sus.
pension throughout the country, and that ths
Treasury itself, in the midst OF it's nominal a
bundance, must be practically bankrupt
In such state Of things the first considers.
ton is how to escape from it--how to provids|
at the earliest practicable moment to change
a condition which should not be tolerated Be-
yond the necessity which Commanded it, Thu
old associations the extensive connections
the established credit. the large capital of thsI
Bark Of the United States rendered it the nat
ural rallying point of the country for the re-
of specie payments. 1t seemed wi
ser therefore not to waste its strength in a
struggle which might be doubtful, while thu
Executive persevered in its present policy,
but to husband all its resources so as to profit
by the first favorable moment to- take the lead
in the early resumption of specie payments
Accordingly the Bank Of the United States as
sumes that position. From this moment its
efforts win be to keep itself strong, and to
make neutrality-suspicious. prepared and al.
ways anxious to assist in recalling the curren-
cy and the exchanges of the country to the
point from which they have fallen. 1t will
Cooperate cordially and zealously with the
with the Government Banks,
with all the other Banks, and with any other
influences which can aid in that object.
In the meantime, two great duties devolva
on the Banks and the country.
The first regards foreign natlons-the Sc
\ 10 or
by no means large for our resources, but 'issy,
pfoportioned to our present means Of q.
ment. We must take care that this late mes
sure shall not seem to be an effort TO avoid
the payment of our honest debts to them. We
Rave worn and eaten and drunk the produce
of their industry--too much of all, perhaps,
but that is our fault, not theirs. We may
take less hereafter, but the country is dishon-
CURED unless we discharge that debt to the ut
termost farthing.
The second duty is to ourselves. We should
bear constantly in mind that the step which
has been taken is exeusable only on the
ground of an everything necessity. We must
not make the remedy itself disease. 1t Must
net be the pretext of extravagant loans or is-
sues. These are alreadysuffciently inflated
and if we have voluntarily removed the most
familiar and established check upon all issues
their immediate convertibility into CONT
Is our duty to substitute some etfectual re-
straints which may enable us to restore tbs
currency without delay OF difficulty to safe
and wholesome condition. The result of the
whole is, that great disaster has befallen the
country. Its existence thus far is only mis- !.
Iortune,---its continuance viii be reproaeA,
from which all true men must rally tQtsave
her. We must try to render it as short as
possible, waiting patiently and calmly for the
action of the Government, and in the mean
lime diminishing its dangers by, great pru-
ience and forbearance. For myself.you know
now zealously have labcred to avert this
misfortune. no less anxiety shall now
strive to repair it. With great respect and
regard yours,
N. BIDDLE.
Hon. j. @. ADAMS, Quincy, Mass.