The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-17
MR.. RIDDLES LETTER,
IN the Resumption Of Specie Payments.

MR.. BIDDLE'S LETTER,
On the Resumption Of Specie Payments.
The National Gazette OF Saturday contains II
long letter signed by Nicholas Biddlc, and adj
dressed to John Quincy Adams, on the imnor.
tant question of the resumption of specie pay
ments in May next. In the letter Mr.. Biddle
strongly urges the importance ofrestorng Spe-
Gle currency ofthe precious metals, and Of paper
convertible into them, at the first moment il can
be done pcrmancnty-an says that for this pur-
pose the Bank of tie u. S. has made great efforts
but this bank makes common cause with the
other banks, and it is of vital importance that
the banks should act wisely and tremendously.
and above all, that they should not suffer them
selves 10 be driven, by the dread of being thought
weak, into rash and hazardous enterprises
Mr.. Biddle enters fully into the enquiry wheth-
er the time has arrived when the banks should
announce that the causes ofthe suspension have
ceased ,oeXst, and that the suspension itself with
all It's necessary attendants of restriction need no
longer be continued. He eX;rslines into the eau
SEES of the suspension, and argues with much
force that not one OF them have ceased, but on
the contrary have acquired ten fold force. He
says "no man can doubt for Il moment that the
Executive of the United States seeks to maintain
his power by exciting popular passions against
the credit system-and that the whole influence
of the government is employed 10 niuSe into
minds of the people, dstrust and hatred Of all
banks"
He says that the credit system of the United
States and the exclusively metallic system are
now fairly in tho field, face to face with each
other.-One or the other must fall. There can
be no other ISSUE The present struggle too
must be final. If the banks resume and are able
by sacrificing the community to continue for uew
months, it will he concusively employed at the
next elections to show thutthc schemes of the Ex-
ecutive are not as destructive as they will prove
h.,.., fs.. st,
compelled to suspend the Executive will oce
At tins new triumph, and they will fall in the
midst ola universal >outcry against their weak
ness. Accordingly all the influence of the EX-
ecutve is directed to drive the Banks, by popu-
lar outrage and clanmor, into premature re-
sumpon-but not u business resumption, geDer-
al and permanent, hut political and forced re-
sumption, which may place them at the mercy
of those in power.
Mr.. Ii. goes on TO show that Congress has yet
done nothing to remedy the disorder in The cur
rency, except issuing len millions of irredeema-
Die paper money, and Il proposal for ten millions
more! and ask, "s it worth while then, so long
as Congress fails to exercise its legitimate powers,
to waste the strength of the country in efforts to
accomplish what we all know TO he mpractica-
blei" lie recommends that we should profit
by experience, and fix the future on some solid
basis, have some guarantee of the stability of the
currency, and not set every thing af1oat again
without knowing where we may he drifted.
lie compares the situation of the banks ut the
last resumption and now, and sho ws that the on
ly circumstance not wholly uniavorable in the
COMPARISON, is the low rate OF exchange with
England But nothing genera or permanent
could be inferred from this circumstance, which
frequently occurred, and on the present OCCASION
was. wholly accidental in New York, from the
unnatural condition into which her measures OF
eXIre ne rigor had driven every thing.
After showing that there is nothing in the con
duct OIL The government to Justify early resunp-
'ion-le goes to show that there is nothing in
the state Of the currency which recommends it.
He says that after the suspenson the true course
was to begin gentle and gradual diminu.iou of
loans sufficient to prevent the hazards of eXpan
SION while the restraint of specie payments was |
removed, an8 10 prepare for the resumption, but
win no rash competitions as to the amount which
the several banks could curtail. After this The
resumption, with the aid of Congress would have !
been easy and spontaneous-and it was in this |
spirit that the Bank of the United States had not
lInllnlshedIen per cent, of its loans-while it adj
led about three millions to its specie--and will
nave given The necessary facilities tor shipping
The crops of the South and West TO the amount
probably OF fifteen of twenty millions of doliars;
placing It's own confidential agent in England to
project the great commercial and kpecuniary in
erests OF the country.
He speaks of the excessive curtaimsnt of the |
banks III Now York, which compelled her citi
iens TO seek e'sWhere for reliet-and thinks that
fother cities had followed the example, and made
similar reductions, the whole country would have
unh under 1t, or revolted against it-and goes
IN to show that the question OF resumption Is
me exclusively domestic; and one which how
,ver at home, does not affect The credit of The
country abroad.
MIR, Biidle then goes on TO show that if an