Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-12-20
RIDDLE AND THE BANK.r-Mr. hid.

Adams 4 large portion OF tie letter a m CT
pianaiOt Of the course pursued by the Bank dur
rag the suspension Of specie payments. The
whole power Of the BanA Vt the United States. !"
says Mr. Biddlc, "was devoted 20 tie carly DIS
charge Of our debt 10 f5rctyn-rs"- white the en-
~ true system was adopted, Ito keep the country
SO much at ease consisted with ,,s safety. ~
n 10 enable the debtors collect their resources
for the discharge of their debts" For tins pur-
pose, SonteDds Mr.. Il "thc Bank. though en-
iircly out OF ITS course OF bushes -, aud IA some
degree of COLLISION with It's own interests. asSum-
ell an active agency the collection Of the debt,
Of the Bank of Eng,lnd--glvc every facility Tor ,
the recovery OF all debts, and stimulated our
souniTymen ~ tins duty hy earnest and constant
appeals To their honor aud their true Interests .
Accordingly" continues Mr.. H., "the manner
which the United States have settled their inn
nenSc commercial deb, IL Europe. u lasting
monument to their integrity. No country could
have better performed lis duty The consequence
-, that the general credit of the country never
stood higher than n, this momeni,-fur a. has now
earned distinction entirely exclusive and cha
northumberland while the Government, Of the
United States Is the only Government on earth
tina, has ever Paid to the las, cent its national
'ebi, the people of the United States have dis
charged their private engagements With an unc -
amp!ed fidelity "A ciyi glory this" exclains
Mr.. H., 'wcrth thousand victories"
"The arrangement OF the currency - saws Mr.
BiddIc, placed the staples OF the sou,n cntirel,
ut the mercy Of the foreign purchaser, who could
have dictated the terms of sale to the Frustrated
panier' IL was thought proper to avert tha,
EVIL by employing large portion Of the elpi,al
q fft. G.p
rroduce. This had two effcctS-thc frs, was to
provide remitiances TO pay It's own bonds in Eng
land, issued 10 the New York merchants IN their
extreme Distress for the Bank could no, of
ooursc purchase these staples, 1t made advances
upon them in The South. receiving in exchang,
balls ON Europe. The second effect was 10 in
iroduce into the maTkes new competition and
thus prevent the unconditional subecilon Of the
planter 10 fic foreign purchaser" In this man.
ncr, Mr.. u. says, 'Ihc planting interest has been
saved an amount which IT is difficult 10 estimate
below ten or fifteen millions Of dollars"
IL IS very e. -,cnt from the whole tenor of Mfr
Didic's letter, Ina, "a bargain ms been formed
between the Bank and Mr. Van Buren-so many
evidences of which have heretofore leaked out
Witness m the following extract, the volunteer
testimony Of MI H. as to the honorable ar
to ''re-esiab'ish the currency and open The way
TO resumption Of specie Phymcnts"-cmpha,-
ieaily endorsing the statements OF Mr.. Van Eu-
ren's late Message on this subject
during these movements Ifar payiny the IN,
IeiSndebt@ C. II became important to understand
distinctly the coarse OF the Government In my
letter 10 You OF the 9Th of April last stated nv
conviction that there could be no safe or r,,y-,s-
Eeht resumption Of specie payments by the
Banks, until the policy at tine Government, to-
wards them was changed TIN, chanpe uas
loon and harPiiy made. On the Both OF Ma ,Lc
Specie Circular, requiring payment, in coin IN
ihc Land Oihces, was repealed by Congress On
Tue 10th oil June the b. called the Sul-Treasu.
~ requiring com In all payments 10 the Co
,eIimchl, was ncSaiIyed. la The month OF Ju-
~ Wc GoSerhinent agreed 10 receive an ani,c,-
paied payment OF the bonds Of Inc Dan< IN a..
amount OF between and s millions Of dollars ,n
credit To- the Treasurer on the books of tbr
bank-and arrangements were made for Tho
tn"is instant pubic disbursements Ia the notes OF
me iiank. Ihese arrangements, as honorable 10
'he Executive Officers, rs they were beneficial 10
The public service, brought The Government mao
rncicnt cooperation for the rc-esiahlishucnt q,
vac currency, and opened the way 20 reSufop-
'"n oi specie payments. That rcSumprlon. as
,pI"lusy' 'o.s place throughout the middle
S'aie> on The l3ih Of August, and IN many Of tn
Southern and Western states soon amer .
Here we learn, through Mr.. Eddie tba, ",h
policy OF the Government towards the Banks
has been changed" After his suggestion. utb.
change was soon and happily made" Arrange
Inents, as HONORABLE TO THE Excel
TIVE OFFICERS As THEY WERE EEN.
EFlClAL TO THE PUBLIC SERVICE
DROUGHT THE GOVERNMENT INTO
EFFICIENT COOPERATION FOR THE
KE-ESTABLISTIMENT or TIE CIrRREN-
Cf, AND OPENED THE WAY TO RE-
SUMPTION or SPECIE PAYMENTS.
Thus comes forward Mr. BiaIlc on ,b. heel 81
The Message, and attempts 20 sustain the impv-
dent assertions Of Mr.. Van rurcn, iL.si We are
indebted 20 the patriotic efforts Of Ge Gor,,pme.f
Tor The re-c>idbiishmcnt Of the Currcncy." &c
Hcncefor,h, Mr. BiIfic AMI Mr. Van Buren, are
topiay into each Others hands. Mr. n J. s,r,,.
ing 10 givs his Eahk ascenlancy OYER all o,be,
State Institutions, and Mr.. V. b., for a s,,pula-
ted pf'ce no doubt. Is to aid m the aeco,npl,.,.
meoi oi mis desired object. Hence. these .lo-
horahie arrangements Of lie Executive osEcer,r
iof TIE more distant public disbursement, IA the
notes oi hs Bank" sc. The coalition can mo-
ioDscr DC matter u doubt. Mr. D. docs NOT
u''er single word. ia this long letter. sgainSt the
government, a. has been his practice On all &C.
eNS'ons heretofore, when descanung upon sub
jscS connected with he currency. wonderful
o'Ahgr has come 'o'ef the spni Of his dreams
sihce NE appearance of his former letters 10 Mr.
Adams. Intrigue, barEain, aud nanarrn,u, -
have been Al vOfA-and the result ir ..rfIr'
hank HAS No LONGER ANY CONTgo-
NERsiRs WITH THE GOVERNMENT OF
THE UNION" Tie articles OF sereemen,
have eren drawn up. duly ratified. and e1eh.pg.
ed and % now remains 10 b. seen What Len.6tI
viii sccrue 10 the parties from So strange an a.
hancc.
After ennmeranns what H. ani n, Go,,y,,,,.,
have done for The good Of zoe country. NJ, IA.
dle procecds,--
"Of The future u is dimenlt IN sr.,l D., =,
Nat future NJ Bank Ct he United 4is,r. vii ~,
IYNttf occupy - past pot.ii0n. The HsB. III I
'e niNd states bad CEASED a. b. n national tr-