Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1838-04-19
a From the National Gazette.
TO THE HON. JOHN Q. ADAMS,


Mr. DEAN SlR,-Ipropose to say few
words on the question whether the Banks
should resume specie paymeHts in May
next. do this because my position seems
10 justify If not require it. Fer nineteen
years have bees connected with the In
stitution which cansed the last resumption,
and during all that period my efforts have
~beess directed to secure TO the country the
benefits of a sound currency, and to BAN
ish from circulation every thing but the
precious metals and notes always converti-
BILE into them think that no other cur
srtncy Is safe OF tolerabfe; and that we
should now return to il at the first moment
team be done permanently. For this
i purpose the institution to which belong
has made great efforts Since the suspen-
/, sion in Mayslast ithas bought and added to
q its vaults nearly three millions of dollars IN
gold and silver; and now with capital Of
tglhirty-hve millions, its notes in circulation
b are six millions, while its specie. after
( paying more than half a million to the
Govern ment Of the United States, amounts
ITO nearly four millions, and It has eight or
i ten millions of funds in Europe. Our
principles therefore incline US TO an early
sresumption; our preparations would justi-
sfy is--and If we were IN all influenced by
the poor am bition of doing what others
:; cannot do readily, or the still poorer de-
n sire Of profting by the disasters Of others,
1.-The occasion would certainly be tempting.
! But, the Bank of the United States makes
common cause with the other Banks, and
the character and prosperity Of the coun-
try are identified with its banking system
aThey smust stand or fall together-and it
is ofsitai inporaa nee that the banks should
act wisely and act tremendously, and above
nali they should not suffer themselves
: 10 be driven. by the dread of being thought
weak, into rash and hazardous enterpri-
The great prerogative Of strength is
t, not TO be afraid Of dong right; and it be-
,longs to those who have no fear that pru-
dent counseis WILDE mistaken for timidity,
ytoIexamine calm ny whether the general in
pterests of the country recommend the vol
'i,ntary resumption Of specie payments in
J May next. Isay the voluntary resumption,
because there is NIT now, nor has there
ever been, any legal suspension of specie
payments as there was for more than TWEEN
ity years in England The suspension is
wholly conventional between the banks and
,the community, arising from their mutual
conviction that it is for their mutual bene-
.fit. In truthtiie banks are but the mere
agents of that community They have no
funds not already Tent out to the people, of
whose property aud industry they are the
representatives. They are only other
names for the farms, the commerce, the
'factories.i and the internal Improvements of
the country-and the inquiry whether the
banks are ready to resume is only another
form Of asking whether the people are rea-
dy pay their debts 10 the banks
. The true question then, after ALL is,
whether the time has arrived when the
banks should announce that the causes of
she suspension, which then satisfied the
community, have ceased to exist and that
the suspension itself, with all its necessary
attendants ofiestriction, need no longer
be continued. To that inquiry l now pro-
coed. ofAnd- IS
's4 What wereihe causes Of the suspen-
sion? They were the Specie Circular,
which forbade The receipt Of any thing but
gold or silver at the Land Ofices-the
Encouragement of the, deposites, which
scattered them TO the frontiers-the clamor
raised blythe Executive against bank notes.
which alarmed the people for their safety,
and caused a run upon the banks for spe-
ciee Nov has any one Of these causes
ceased! On the contrary. have they not
acquired ten fold force! The Specie Cir
cuiar IS not repealed On the contrary, it
has not been extended, for bank notes are
prescribed, not merely from, the land Off
ces, but from all payments of every des-
cffhffnn 10 The uoverumcut The desfribi-