The People's press, and anti-masonic Democrat. [volume] (Middlebury, Vt.) 1836-1838, 1837-09-12

decisions have been justified by subsequent re-
suits, which render it certain that this dehcien-
~ will occur, if additional means be not provld |
cd by Congress
The difficulties experienced by the mercan-
tile interest, in meeting their engagements, IN
Guced them to apply to me, previous TO the &C
tual suspension of specie payments, for lndulg
ence upon their bonds for duties and all the
relief authorized by law wis promptly and
chcerfully granted. The dependence OF the
treasury upon the avais of these bonds, to en-
able il to make the deposites with the states re-
r,,ired bv law led me IN the outset TO limit this
Indulgence to the first Of September, but it has
s;nce been extended to the first of October, that
The matter might be submitted to your further
direction.
Questions we're also expected to arise IN the
recess, i'll respect to the October instalment OF
those deposites, requiring the lnterpositlon OF
Congress.
provision of another act passed about the
same time, and intended TO insure faithful
compliance with the obligation of the United
States, 10 satisfy all demands upon them IN spe-
Gle or It's equivalent prohibited the offer OF any
bank note not convertible on the spot into gold
or silver at the will of the holder; and the ablll'
~ of the government with millions on depos-
tic, to meet its engagements in the manner thus
required bv law, was rendered doubtful by the
event referred to.
Sensible that adequate provisions for these
unexpected exigencies could only be made by
Congress; convinced that some of them would
be indispensabiy necessary TO the public ser
vice before the regular period of your meeting
and DESTROYS also TO enable you TO exercise, a
the earliest moment, your full constitutions
mowers for the relief of the country, could no
with propriety avoid subjecting you to the in
convenience at as early dag as the state o
the popuar representation would permit.
am sure that | have done but justice to you
feelings in believing that this inconvenience
will be cheerfully encountered, in the hope c
rendering your meeting conducive to the goo
of tine country.
During the early stages of the revulsion thre
which we have lust passed, much acrimoniou
discussion arose, and great diversity of opinio
existed. as to its real cause. This was Nc
surprising; the operations of credit are SO d
versi6ed. and the influences which affect thel
so numerous, and often so subtle, that even In
martial and well informed persons are seldol
tound to agree in respect to them. 10 Inht
rent difficulties we also added other tendencle
which were by no means favorable to the dI
covery of the truth. 1t was hardly to be C!
nected that those who disapproved the polio
of the government in relation to the currenc,
would. in the excited state of public feelin
produced by the occasion, fail to attribute
that policy any extensive embarrassment IN tt
monetary affairs of the country The matte
thus became connected with the passions an
conflicts of party; opinions were more or le
affected by political considerations, and dltfe
ences were prolonged which NIGH otherwi'
have been determined by an appeal to facts [
the exercise of reason, or by mutual conce