Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-22
POLITICS.
THE "lRREDEEMABLE" MR. BlDDLE.
(FrOm The Boston Courier
mo. !
To NICHOLAS EIpDLE, Esq Philadelphia:

MUM. IuE-H iIhli d. u from UtinStIFfs-' ~ you
very adroI,Iy word il, "lhe Suspension is wholly ccnven-
tionaI between The banks and the community. arising
from their mutual conviction, that il is for their mutual
beneht--the enquiry, whether The banks are ready 10 re.
sumo, is only another form of asking whether The people
are ready 10 pay their de bis To the banks"
lhe Whole secret Is then in a nutshell. The people
"onid get RIO OF paying their debts. and you are. upon
certain conditions. ready To accommodate them Those
conditions are, that >hpy shall bid good bye tn hard mo-
neg. and take your paper exactly at The price you choose
to nidS 10 II. Taking silence for Consent, you have pro.
cceded upon this supposi'ion: and appear unwilling to
stop, until they shall speak 10 Won their disapprubation,
IN Il voice of thunGer IN truth, your Gais AXE springs
from tn" fact, that You cUnfuund the people wiz ,he
borrowers OF the banks. ard hence Imagine, that because
II is the Intrres, at the latter 10 ask you not TO resume,
therefore the delay is agreeable 10 The people at large.
u the banks had thought proper to confne themselves
within the line OF the truth, in their Justification, |
should no, have veUtUred To contend with them II they
had simply stated. that a. things were In III" month of
alay last, 1t were safer policy for thcuL. and for their bnr.
rOwsrs, not In force a settlement nj that moment, their
case would have stood upon lis zeal ground. 1t would
not have made n preirncp AT j%usHiyiug what is beyond
Justification, their having suffered The gambling spirit of
In" borrowers 10 dIY" them go far. in this. YOU are
most particularly responsible; Tor, Al n moment when The
trouble from this "oYerstTained energy rs you call 1t,
and ex'rlvngant gambling, n. ihITk II, was beginning
TO b. felt, you srIemnly announced To the public. that
there was no OvcFtrndIGr-thdt you GG not know what
OvcrlratiHg meari-thGt The trouble all came from the
Administration. The panic, which was then beginning.
was thus, by the magic of y0ur reputation as a fuancIrr,
Gained lr III" uDmpn;-the spectators. even when 0p.
pressed almost beyond beaIlng. threw up their caps, aud
shGn,ed il was No malter-Gud the banks were cncour.
aged, By your example 10 extend their discounts, Mt The
very moment when they were by Jar TOO much extended
for the public good already.
There is no Justification, and can be none. for the con.
dj'ion in which you and the rest Of the sound banks in
the Union found yourselves in the beginning of May
last. lOu had received sufficient warning 81: the storm,
in the excessively rapid contraction of your note circu.
laiion during the previous year, bat you was bent upon
n~ScriJirg this. not To the true cause. the expansion Of
III" currency in other quarters. but to the course Of the
GovCrEmrul, in ordering the specie circular. Then
came the call Of the droH ming at New York upon YOU
to help them, ana you could not resist lis tone. Still,
utterly b.Ind to the true nniurr Of the impending crisis,
YOU imagined il possible to save those who were past
saving. and, III the effort, you became involved yourself.
How different. under The sam" circumstances, was the
course OF The Bank Of England; That institution SacrI-
feed some, whom it might have saved. because II would
adhere 20 The strict rule OF prudence. And however
paiTiu! or cruel the process, to the community at large.
it was The only mode Of pertnrning lis duty. BY failing
in attention 10 it, where I'D you find yourself IN May:
saddi"d with two millions OF bonds Rs,y9!!iEs, ' N a 4 d!SCt
mS yp%iaRise n fH'0 Vra& Yak. IgrowinS gu, Of these advances,
from which yU could rcah2" little BEYOND vexatIon, and
n heavy debt To The G~"vernmenito provide Tor, you had
only 81 1896 III yOur vaults IN specie. with which TO
meet $i0,039, pa Of immediate obligations. Now, MIR,
BlGdlr. ask you IN your sober s'nses. ard II You VIII
not answer, ] appeal 20 any sound thinker, To know, wI!e'
ther in 4 year OF storm, this was a plots adequate pre-
paratior:
The cIca, fault of all the sound banks. then, and Il is
a fault for which there is not mnch jnStIt;chtion. was,
that they did no, stop lIscnuntIng altogether al an early
period Of the pressure, and inss, upon 4 payment of
Their balances from the weaker banks Instead "t doing
this, they fell In;r the exactly opposite error They
met together, and agreed BY resolution. to discount five
per cent. more and ten per cent. more Of their capItnI,
when they knew, al the same time, tina; the only way
il could BE- done, was BY relaxing the rule respecting
the redemption Of mutual h"iaucrs This. Of course,
famed the propensilirs Of the weaker banks, al The cost
If tho - rr Pet ~ knuv rpr yell hat the Drrs.
sure was from the debtors. knnw what the difficulty
was of resisting the i%mplorng looks Of the honest tad
crs, as well as the gambling spectators But InduI'
gemce did no good. Il put OF only 10 make worse The
evil dly, and now here We are, in Consequence OF il,
with a whole year Of paralysis, ard little prospect "f
better times for the future. And row We ar" To be inid
that all this was done To- protect US Yes. III" Govern.
men Il and the Banks mite to give us all The brandy we
ask for, 10 drink. until We ar. raving mad, and then we
tumble TIE whole in the ditch, where We stick fast,
aud they bid US BE- thankful TO them that We are not
drIwued
Il is remarkable fact. that in Your letter. as well as
in all the other discussions OF the subject that hay" come
within NV obser vation, the suspension OF specie pay
mcnts has been regarded solely IN It's bearings upon The
present tine. Such is the distress Of III" hour. that
people seem 10 act MS if there never lad been one before,
aud never would be one again. Yet this event bot
rows all it~mns' threatening aspect from It's probable IN
fucnce upon !Irurity. In ih:s country. where every
thing is regulated by public opini"n, bold 1t 81 I'm
mcnsr Importance to TIE future stability ot OuT prcunIary
concerns. and through iircrr, perhaps, of oar free IrstI.
buttons themselves. that the people should form such an
estimate Of Il suspension Of specie payments. as should
forever prevent The banks from %IndnIg!ng In any
hope Of declaring one. without iurirItInE their char
ter Perhaps the mcst provoking part Of your let.
ter is the facility with which YOU slide over the matter
as one of very !Ilile importance. What: Isl OF little
importance that yon have tie right 81 driving away The
only perfectly sound currency, without giving adequate
security for your substitute !: Is II Of little Importance
10 ovrr,urn the relations Of property. at intervals Of but
a few years duration' Is it Of little Importance. final.
", to destroy, in he public mind. the Sense Of obIga.
ion, by continually blnntng II, through the habit OF
seeing them but partially performed: And is IL you,
the man above all other men IN tins country, To whom
We hooked for a different example, 10 smooth 1t all over,
and tell us il is no great matter: DO you know what
YOU do when you say so: That you encourage every
rotten bank in the country in lis process al cheating It's
creditors: That you rally around yourself all the debt.
ors. who see no resource 10 TIE 'nscl"es, but IN Withhold.
ing Inc legal currency from the people, 50 long rs they
vii! bear il; And last Of all, that you pave the way for
q possible state Of things, at some future moment. which
may PROSTATE banks aud property, and Government, by
one ftl! blow?
The conclusion, from oil which | have endeavored 10
present, is, then, 10 say 10 the banks ere-resume-Te re-
sume as soon as you can, if you have The least regard for
yuur own safety and the peace OF The community. Wind
not the coaxing of Mr.. BIddle- nor the threats OF The
Government. Mind not the soPhIstriPs OF your debtors.
Yuu have 4 higher duty than 10 either: mean, That ut
showing TO the people, from whom you derive your an'
thnr;ty, that YOU eau furnish the best anu most convent
eut Of currenciCS. paper readily convertible in'o coin
and thus YOU render futile the decision OF lie Issue he-
tween hard money and paper, which some m'sJndgIng
individuals are endea gorIng 10 make up Here lies your
only safety. In doing right, the people are ready to sns-
tain you, because they know that you can be OF service
To- them bu, if you will not do right, until you are lore.
ed. then will come The solemn question, whether II IS
ultimately for The public good to have YOU at all. You
have, as vet. done nothing OF your own free will and &C.
cord Public sentiment has compelled you 10 take The
necessary steps, 10 save your own credit from the con-
,am;naIion i, has incurred by association with the great
es, examples Of prohlcacy, which the records of banking
oner,,ions in this country have yet furnished. As one
of tie people who are friendly to you. pray you, for
rour own sakes. as well as for ours, 10 act hereafter with
more boldness for the right.
Nv letters 10 you, Mr. Biddie, have swelled in size