The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-18


tai Of the Bank in making advances on Southern pro-
duce This had two efiects--the first was TO provide
remitances 10 pay It's bonds in England issued 10
the New York MERCHANTS in their extreme distress for
a. the Bank could Of purchase these staples
made advances upon them 10 the South, receiving IN
exchange bills Europe. The second effect was 10
introduce into the market competition, and thus
prevent the unconditional objection Of the planter TO the
foreign purchaser These advances were made, not as
~ past years the personal security OF the mer-
chants, the confusion OF oil private credit would
have rendered too hazardous-but on the actual ship
ment Of the produce American house IN England,
willing and able to protect American property from the
reckless waste with which il has been too often thrown
into the market. with entire disregard Of all Ameri-
can interests. The combination Of these cases-ihe
application OF capital this side and the prudent re-
the other-have saved TO the planting interest
which il is difficult TO estimate below ten OF
fifteen millions Of dollars. believe. too, that nearly
one-ha Of the commercial debt Of this country TO En-
rope has been paid by the difference between the
actual sales Of the securities and staples the prices
they would have realized had they been thrown nnex-
pecledly into the hands Europeans These measures
were essentially Of temporary nature-lhey
sures Of emergency adopted in the midst Of public
lami.y and be discontinued with the necessity which
caused them As soon therefore as the capital and in
dusiry Of the country had time subsde into their
customed channels, these operations Ienquished
and now they have totally and finally ceased
i'll, During these movements it became important TO
understand distinctly the OF the Government In
my letter TO you of the 9Th Of April last, stated my
conviction that there could be no safe or permanent
resumption Of specie payments by the Banks until the
policy of the Government towards h4n changed"
This change soon and happily made. On the 30th
May, the specie circular requiring payments in coin in
the Land Office, was repealed by Congress. On the
25h of June the bill called the Sub Treasury, requr
ing coin in all payments to the Government, mega
lived In the month Of July the Government agreed
r.. IL. r. IL.
10 the Of between four and Eve millions Of dol
lars in credit TO the Treasurer the books Of the
Bank--and arrangements were made for the more ds
tant public disbursements in the notes Of the Bank.
These arrangements honorable to the Executive of
6cers as they were beneficial to the public service,
brought the Government into efficient cooperation for
the establishment Of the currency, and opened the
way to resumption OF specie payments. That re-
sumption accordingly took place throughout the middle
States the 18th Of August and in many the South
ern and Western States soon after.
II remained only TO aid some Of the Southwestern
States for the object. Their activity in extend
ing their public and private improvements had made
them debtor States and deprecated their currency by
its But they had abundant resources and per-
feet willingness, to pay-and all that was needed SEEM
ed to be longer period to recruit their exhausted
means-so TO derive from the approaching crops by
short anticipation, ability to meet their engagements.
The Bank Of the United States has used its utmost
deavors for that purpose by making advances to the
Of many millions to the Banks in those States,
all OF whom will it is presumed, by the month OF Janu-
AIRY, resume specie payments, and thus complete the
circle Of resumption throughout the whole Union
And now upon reviewing the events which followed
the suspension, it of great qualification to
that all that it designed to do, has been done
1t proposed to protect the character Of the
try from the FIRST shock Of the suspension-o effect
the honorable discharge Of foreign debt with the
least sacrifice Of the property Of the debtosto vndl
cate the good faith Of the State Legslature-to dis
courage all premature attempts to resume-but, by
cautious delay for those States which less pre-
pared. accomplish universal resumption. All these
done and the troubles Of the country have happily
ceased
or the future il is difficult to speak but in that f
ture the Bank Of the United States will longer
py its past position. The Bank Of the United States
had ceased to be national institution in 1885, and
preparing to occupy its new place as State Bank,
when the troubles of 1887 forced il in degree back
into its old position and it then devoted all It's power
to assist in carrying the country unhur through its
cent troubles. Having done this its extraordinary du-
ties ceased For the future it abdcates hisinvounta
nv power 1t has no longer any responsibility 10 the
Union 1t has no longer any controversies with the
Government of the Union II desires only repose,
and will take its rank hereafter, a simple State
institution devoted exclusively to its special
rsjs.. chs. .. pssi,ieu, or a'e Dank alb
solves me from many cares and duties In the general
confusion OF public affairs during the last two years. it
has been my lot to be prominent than my own in
cina'on prompted, and often to station
which would have better fitted others. But public
lamties Justify the apparent forwardness they require
great dangers best met by defyng them My
task is now ended-and gladly withdraw from these
responsibilities, carrying with the only satisfaction
ever sought in them,-the consciousness of having
done my duty to the country as good citizen.
With great respect yours, &c.
N BlDDLE.