Daily Richmond Whig & public advertiser. [volume] (Richmond, Va.) 1833-1840, 1838-04-11

would resume specie payments, il would.
I. Assume all their debts TO the Government
Of rie u =.
Q Discount to those " bo had pa ymen,s to a. AXE
To the Government, the whole amount OF their
bonds; and in addition,
5. Discount to those no, indebted TO the Govern
ment two millions IN New York. two millions 10
philadelphia, one and half million in Balti,
more, and halt million in Richmond-snd
4. Would sustain the resuming Banks in case
the resumption brought them into difficulty.
The Bank at The same time imported, at an CT
pense OF more than hail a million, the sum VI
seven millions OF specie; aud two months alter the
| resumption its discounts reached twenty millions.
Compare with this statement our condition nov,
Then the Government agreed to receive for
all dues the notes of the Bank OF the United
States now all Bank notes are refused and dis
credited. Then the Government endeavored to
sustain the Banks-pow u Is striving to destroy
them. Then u established new and vigorous
Bank capital-now II refuses TO create a new
Bank, and seeks to cripple those in existence.
Then we had two hundred and sixty Bauks-now
We have nearly nine hundred.
In short, what reliance have the Banks now
with the Executive hostile to them1 What pro-
lection like that Of the late Bank OF the Unied
States have they TO sustain 'hem7 None what
ever.
The only circumstance no, wholly unfavorable
in the comparison, is the low rate Of exchange
with England. But nothing general or perma-
nent can be inferred from this circumstance,
casion is wholly accidental in New York, from
the unnatural condition inlu which her measures
OF extreme rigor have driven every thing. II
under ordinary circumstances, while other things
underwent no depression, exchange on England
| shocd decline. Il might be- inferred that England
owes TO the Unned Safes more than we have
yet drawn from h.;. But it is not exchange
| alone that has fallen.-Exchange on England has
not fallen in New York us much as the internal
exchanges or stocks or real estate, or house rent
acf m L. h.
cause. But can this depression coniinuel Ger
tainy not. These rigorous measures are unde T.
stood 10 be only preliminary-only preparations
| for an expansion by the Banks Of New York,
which is tn restars ease and Conscience. Well,
| the moment this ease and confidence return, ali
things will rise, and exchange OF course among
| the number. Besides thus unnatural condition
will work its own remedy, rs all irregularities
are cured by their own excuses. To sell every
| thing and To buy nothing is impIacticablc, and
| when the English have bought all the produce
we have 10 spare, we must of course buy from
them what manufactures they have To spare. As
soon as the proceeds OF our industry are realized
IN England-whle We have gradually exhausted
our supply Of English goodS-our own merchais
viii convert their property TO a fresh supply TO
be brought over; or If this process be too slow,
The English manufacturers themselves will send
thsir own goods Tor sale. Ia either case the ex-
change will recover its equilibrium, and OF couT sc
VIII rise here, for between Two such countries as
America and England, permanent inequality
! OF exchange, as basis OF The metallic currency
OF either, Is impossible.
v. Perceiving nothing IN the conduct OF the
Government to Justify an early resumption, let
us see II there be any thing in the state OF the
country which recommends II. Now what is The
condition Of our atfalsSl The suspension found
ms with heavy debt TO The Banks-not less prob
aoly than hve hundred millions-with large bal
ances from The Southern and Western States TO
the Atlantic cities, aEd with n very considerable
debt 10 Europe. All parties were willing TO pay;
almost all were able 10 pay; but great forseaI-
ance and great indulgence were necessary from
the creditor, and above all, after such convul-
son. the great iestorer was time; time 10 setIle;
lime TO adjust accounts; time 10 send the debtors
crops 10 market; time TO dispose Of his properly
win The last sacrifice; time 10 bring out his re-
sources 10 pay his debls. In all the large move.
ments of human affairs as in the operations OF
nature, the great law Is genIlenesS- violence is
the last resource of weakness. The disease Of
country was an overStrained and distempeTed
energy. The remedy was Tepcss. The question
oil The currency, though important, was only Sec
ondaTy. The first concern was to pay our debts
and especially not to depreciIac the value Of on
means OF paying them. Accordingly il seemed
10 me that after the suspension, the true course
OF THIS country was TO begin gentle and gradu>
al dlminuton OF loans Sufficient TO prevent the
hazards OF expansion while the restraint OF spe
cle payments was removed, and 10 prepare tor
the resumption, but with no rash competition as
10 the amount which the several banks could
gu, '"i'-to make no violent cbangeS IN The stand
ara oil value, and give lime for a settlement with
foreigners, and among ourselves on the same or
nearly the same basis upon which these mutual
engagements were contracied-e,ting the crops
80 TO their destined markets without deprecia
ting their price. After this, the resumption
WIN ne aid OF Congress, would have been easy
and spontaneous IL was 10 this spirit that the
Bank OF the United States has not diminished
temper cent. of its losns-whils ia eddsd about
%stssns 70 u. Fi hss sven
k.kI
nteen or twenty millions Of dollars; placing its
own confidential agent in England 10 project the
great commercial and pecuniary interests of the
country. This seemed to be It's proper function
IL was thus that /, hoped TO discharge its duty TO
the whole Union. IL was thus too, II cnuld SHOW
It's hdelIiy TO Pennsylvania, by aiding its public
lmprovemeDts-by keeping its business and its
people IN comparative ease, aud by not suffering
lhe prosperity OF its commercial capital to be
pi ostraied -obiecls these, far more importsnt
than whether specie payments be resumed few
months sooner or later.
The injurious effects OF a contrary course are
seen IN ell the relations of business. Take for
instance the debts to Banks and to individuals
me debts were mainly contracted when The cur
rency was abundant. They mus now be paid in
very alter stale OF the carrency-and il is
necessary To proceed with extreme caution when
The relation Of the debtor to his creditor is chan
geu oY events which neither could control, be-
cause II this change be not made yeTv gradually
80 as 10 oTlng al the same time all the other Tela
tons OF lie TO the same standard, you insict in
JnsIce or perhaps ruin 90 the debtor Itwas Tins
that England continued her suspension for twenty
ave years, and by act Of Parliament gave several
years noIIce OF The progressive resumption, 10
order that all the business OF the country shonld
adjust ITSELF TO the approaching change. OF the
eject OF any sudden mOveEcnt, we have before
US striking instance. u appears hy the eubish-
ed statements Of the Banks of The CITY of Nov
YORK, that since The suspension TO March 1879
TC0uCPn Ina mi H., T..
iorty-SlN millions TO thirty millions and their
circulation from nine millions to two millions
an aggregate dlmInuton from ffiy-fye millions
10 thiry'three millions. II ihi> or any hing
near this, be the reduction, what * the conse
qnencef man who contracted a debt To the
Banks IN New York, before the suspension. finds
ms ability TO provide means for The payment Of
that debt reduced ono-ihird or nearly one.bal(-
mat Us To say, the dollar he nov paws is eoniva-
lent 10 one aud a half or almost two dollars when
be borrowed II, besides the interest. Sucb n nro
ces, OF reduction would have been wholly inoe-
iao'e, u me citizens had not escaped from II and
sought alienation by loans elsewhere. But 1.-THE
oihef cities had followed The example of New
YORK. and made similar reductions The whole
country would have sunk under il or royolred
against it,
These inequalities between members Of The sam.
community became more striking when spelled 10
snRdeemeui, boz ween di.tant psrtSof the Union
ne Ailantc cities tof instance were creditors of
the Souihsrn and Western States Tor goods sold
TO them, TO be paid for either in those States, or
IN The Atlantic cities--their cuTTencies being so
nearly the same that the exchange would not
cost AZ much ss the mere transportation of the
specie. When The day Of payment arrives The
CREDITOR city suddenly makes an artificial scarct-
" 81 ~ own currency tender. the only money
u Will receive IN payment almost Inaccessible 10
IT'S deotor-reGucing AZ the same time The rate,
OF exchange. and the ufinces of every thine
IDS fRor Instantly fecOils on the creditor. #