Daily Richmond Whig & public advertiser. [volume] (Richmond, Va.) 1833-1840, 1838-04-11
mn. BlDDLn.s LErrRR.
no THE non JOHN QUINCY ADAMS,


on the question whether the Banks should resume
specie payments in May next l do this because
my position seems to justify, IL not require it,
For nineteen years have been connected with
the Institution which caused the last resumption,
and during all that period my efforts have been
directed 10 secure 10 the country the benefits Of
a sound currency and 10 Danish from circulation
every thing but the precious metals aud notes
always convertible into them. 1 think that no
other currency is safe or tolerabe; and that we
should now return 10 II n the first taossea, II
can be done permanently. For this psrposs the
institution TO which belong has made great ei-
iorts. Since the suspension in May last II has
bought aud added 10 ITS vaults nearly three mil
lions OF dollars in gold and silver, and no~ with
q capital OF thitty.hve Millions ITS notes In cir
culaiion are SIX millions, while its specie, after
paying more than halt a million TO the Govern
ment OF the United States, amounts TO nearly
four millions, aud il has eight or ten millions Of
funds in Europe. Our principles, therefore, in
cline Us 10 an early resumption; our preparations
would Justify it-snd il we were al all influenced
by the poor ambition Of doing what others cannot
do readily, or the still poorer desire Of profit
ing by the disasters Of others, the occasion would
certainly be tempting. But the Bank OF the u.
States makes common cause with the other
Banks, aud the character and prosperity OF the
country are identified with its Banking system.
They must stand or fall together-and IL Is Of
vital importance that the banks should act wisely
ami act harmoniously, aud above all that they
should not suffer themselves 10 be driven, by the
zardous enterprises. The great prerogative OF
strength is be afraid Of doing right; and il
belongs to those who have no fear that prodent
Wv Is ss S Is q
country recommend the voluntary resumption of
specie payments IN May next. l say the volun-
tarv resumption, because there is not now, nor
has there ever been, any legal suspension OF spe-
Gle payments as there was for more than twenty
years in England. The suspension is wholly
conventional between the banks and the commu.
nifty, arising from their mutual conviction that il
Is for their mutual benefit. In truth the banks
are out the mere agents OF that community -
They have no funds not already lent out to the
people, Of whose properly and industry they are
the Representatives. They are only other names
for the farms, the commerce, the factories, aud
the internal improvements OF the couniry-aud
the enquiry whsther the banks are ready TO re-
sumo Is only another form OF asking whether The
people are ready TO pay their debts 10 the banks
The true question then, after all, is, whether
the time has arrived when tho Banks should an
nounce that the causes OF the suspension which
then sati. fed the community, have ceased 10
exist, and that the suspension ITSELF with all its
necessary attendants of restriction, need no lon
ger be continued. To that enquiry now pro-
coed. And
They were the Specie Circular, which forbade
the receipt OF any thing but gold or silver the
Land Othces-ihe mismanagem OF the depo-
sits, which scattered them TO the frontiers-ihe
notes, which alarmed the people for their safety,
and caused a run upon the banks for specie.
Now has any one Of these causes ceased1 On
the contrary, have they not acquired ien-fold
FORGET The Specie Circular is not repealed.
On the contrary, II has been extended, for bank
notes are prescribed, not merely from the land
Offices, but from all payments Of every descrp.
lion 10 the government The distribution OF
the surplus is over, because there Is no longer
any surplus 10 distribute; but the great d'sburse-
the SnuthPrn and wsgter.,
operate as iniuriously by requiring the transfer
OF SO much revenue from the points where il j.
collected. Lastly and mainly, the alarm about
bank notes propsgated by the government, has
been deeply spread throughout the country, ill
what was at first passing outcry, has settled
into an implacable hostility. No man, think
can doubt Tor a moment that the Executive OF
The United States seeks to maintain his power
by exciting popular passions against the credit
sysiem-and that the whole influence OF the Go
vernment is employed TO infuse into the minds OF
the people, disrust and h,ired OF all hanks. For
this purpose The most insane rawlings are ad-
dressed 10 the cupidiy Of the ignorant, who ars
Taught that gold and silver are The only true
riches, and above all, that these shrewd metals |
would enable Us 10 outwit the paper dulness OF |
England. "Sir," said lately one Of these poll |
ucians IN the Senate OF the United States, "Sir,
"a man loses all by any circumstance thar but
Tor that circumstance he would have made
although England is a paper country, YET III
should make more out Of our intercourse with |
'her. And why should We, because she chooses |
TO MAIN herself by her paper system, follow |
"her eramPlep The government, il may be |
said, IS comparatively harmless, because its eI-
penditures exceed its income. Its regular in
come, no doubi-but while il can pledge the |
public credit for treasury notes at a high rate OF
interest, by which every mans property is mort |
gagged, and buy specie with them, there can never |
be wanting the means Of expressing the Banks. |
There Is therefore no one Circumstance which |
occasionsd the suspension, sufficiently removed |
10 slNF a.
cause remains with Increased intensity. Ac- |
cordlngly-
III. The credit system Of the United States and |
the exclusively metallic system are now fairly |
IN the field, lace TO face with each other One or
the o her must fall. There can be no other issue
IL Is not a question Of correcting errors or re
forming abuses, but Of absolute destruction; not
which shall conquer but which shall survive. The
present struggle too must be final. IL the banks
resume and are able by sacrificing the cOmmu
nifty 10 continue for few months, il will be con-
clusiyely employed at the next elections 10 show
that The schemes OF the Executive are not as de.
slruclive as they will prove hereafter. But if
they resume and again are compelled TO suspend,
The Executive will rejoice at this new triumph
aud they will fall in the midst Of universal out
cry against their weakness. This is perfectly
understood, accordingly all The influence of the
Executive IS directed TO drive the Banks, by po-
pular outrage and clamor, into premature re-
SJmPiion-hot a business resumption, general
and permanent, but a political and forced re-
sumption, which nay place them al the mercy OF
those IN power. They who have special charge
OF these interests must thsn beware Of being de-
coyed from their present position. The ale now
safe ADD strong, and they shoold not venture be-
yond their entertainments while the enemy is in
the plain before them. II they resume, one of
Two things will bappen-ther notes will not be
received nv the Government, or they will be re
ceiVed. II they are not received, the Govern
ment, TO the extent Of the revenue will force the
holders OF the notes TO draw specie from the
Banks 10 be deposited with the collectors OF the
revenue. For the difference between the reve.
nue. and the expenses, the GovsIrmesi will ssne
Treasury Hoics to be sold for Bank notes and
converted into specie, and as the disbursements
are made at points or the frontiers, remote from
The places OF collection, il will not Teiurn The
Banks issuing II except circuitously. Bot IL the
notes ara received, they will not as formerly be
deposited IN Banks end drawn out again 90 as 10
enter INTO The circulation, leaving the public ere
diIOT bis choice OF specie or notes, bat they will
be left IN special deposite with the receivers.
When warrants are drawn on these receivers
they will call on the Banks for specie 10 paw the
fgvor-d public crediior selecHag OF course the
Bank on whom they will dTaS according 10 its
serVlliy or opposition TO the Executive and thus
placing them all under his control. Now Under
such circumstances, is II wise for the Banks TO
disar'a themselves IN the presence Of their enc
my1
III. The disorders OF the currency lie too deep
for superficial remedies, and these pallialiyes
ifritate wthopt curing. Congress and Congress
alone, can apply adequais relief What Mr.
Madison said 10 Congress in 1916, is even more
uuein l6J5.--"For the interests Of The commu.
nifty At large" said he, "as we'll as for the putpo
ses Of the Treasury, II is essential that the ma
ton should possess a currency OF equal vslue.
credit and nsr, wherever II may Circulate The
Constitution has entrusted Congress eIeluSiyeIy.
With the power OF creating and regulating cor