Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-04-27

err il an early resumption BE- practicable, the
month oil May is fit time. My impression
ls that the month OF May is very unfit time.
The resumption, to be useful must be gene
raj aud no arrangement can be satisiacto.
nv which. does not include the Southern and
Southwestern States. These | do not think
are We, ready to resume They are strain
ing every nerve to pay their debts Their
crops are going forward TO provide iunds IN
Europe and at the North--the Banks are la
boring 10 meet their notes at the North the
Legislatures are pledging their credit 10
raise funds in order that the people may pay
their debts. Why should we repulse them ?
All they want is time They have not yet
had the benefit Of single crop and they
may require another; and instead of dis
crediling them, or diminishing the value OF
their produce, or curtailng their facilities ia
sending their crops to market, 1t is better to
help them and wait ill they are. more nd
vanced in their preparations. The employ
ment OF credit, either OF Banks or OF individ-
uals most useful 10 the country at this mo
meni, is to forward its produce to EUROPE
Instead Of this the Banks are reducing these
flcilnies, and calling upon their debtors Tor
payment. This seems very unreasonable.
Ii is stopping the locomotives as they are
carrying the crop 10 market. The month
of May TOO is not the right time Of The year.
For example, it requires on an average
about fifty days TO take cotton from New
Orleans to Liverpool Surprising ii imme-
diately sold, the usage is TO give banker $
acceptance, payable in two months, so tina,
by the month of May there would not be ne.
lualy realized more than the cotton which
left New Orleans before January, when no,
more than one fourth or one fifth part OF the
whole crop had been shipped Much, OF
course, is drawn .ior when shipped. but
speak now Of the actual Obtaining possession
of the proceeds ofthe crop; and at all events
not one half Of the crop will have reached
Europe by the month Of May The spring
is moreover, the season when the credits
given for the shipments Of Southern aud
Western produce, are maturing al the Moth;
aud the crops from which rrinbmrSemcn,s
are 10 come, remains unsold in Europe
The spring too. is the time when the Yves.
tern business has brought from the Interior
the notes of The Atlantic Banks, when the
circulation presses more upon them than at
any other period and when specie is wanted
for the trade to China and India. mixing
that time particularly unpropi;ious for the
resnm plion.
VII. Ii remains now 10 enquire how far
these general views OF the expectancy Of u
resumption in May should be changed by
the determination OF the Banks oil the city OF
New York 10 resume at that period.
For the gentlemen OF New York who an
nounced that decision, | have great personal
respect, aud under ordinary circumstances
would willingly yield my own convictions 10
their better opportunities and understanding
But the natural influence of their judgment
is weakened by the knowledge of the fact.
that the Banks of New York would not
have had the least idea OF Il resumption in
May--but because the immunity allowed by
the Legislature will then expire and they
fear that it will not be renewed This was
distinctly avowed at the Bank Convention
and the Drputation who visited Philadrlphia
repeated it again and again. Now this may
be- Il very good reason Tor the Banks OF New :
York TO resume-but certainly no reason
whatever for the Banks Of Pennsylvania TO
do the same The Suites Of Pennsy lvania.
OF Virgina, OF kentucky, have Legislatures
as well as New York has, and they have re-
fused 10 direct their Banks TO resume in May
next Why should they obey the Legisla-
ture of New York and not their own Legis-
lature2 The position OF New York is on
all hands regretted But how is it TO be
remeded 2 A single Legislature on, Of
twenty-six Legislatures had passed law
forfriting the charters of Banks. il they were
unable to redeem their notes in specie A
public calamity overtakes the country and
the declining TO pay specie,so far from being
criminal, became an act Ct public safriy--so
adopted by ull the Banks, and so confirmed
by this very Legislature. The provisions
originally to guard against fraud, may thus
become the punishment of honesty and abiIi.
~ The Legislative body which protected
the Banks for year is now in session, and
in twenty-lour hours can extend the indem-
nifty till more appropriate season for resum.
ing. presume no difficulty will occur in
this. Why should there be Is it posi-
bic that such body can see with indilfer.
ence the distress which q perseverance in
this course must inevitably create, or per.
uiil the pride OF opinion or any mere polni-
cal or party consideration to prevent them
from inlerposing TO protect their noble but
suffering cny2 lfthey decline how can we
of Pennsy lvania interfere 2-Why should
we voluntarily place ourselves in the same
! situation into which New York has been
lorced2 BY doing so we share only com
mon disaster-nstead of outstanding our re-.
sources against the period when our inter-
position may be really useful In the mean
while, the mos, effrclual service which we
can render, is TO speak in tone of frank sin