Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-04-27
LETTER FROM NICHOLAS RIDDLE
TOJ. q. ADAMS.
To The Hon. J. q. Adams, Washington.


To The Hon. J. q. Adams, Washington.
My DEAR SIR,-l propose to say few
words on the question whether the Banks
SHOULD resume specie payments in May
coat " DO this because my position seems
10 Justify, il mol require il.
For nineteen years have been connected
with the Institution which caused the Inst
resumption, and during all that period my
efforts have been directed to secure to the
country the benefits Of sound currency.
and 10 Danish from circulation every thing
but the precious metals and notes always
convertible into them. think that no 9th.
er currency is safe OF tolerable and thai
we should now return 10 il at the first mo
ment il can be done permanently For this
purpose the institution 10 which belong has
mude great efforts, Since the suspension ia
May last il has bought and added iois vaults
nearly three millions ol dol ars IN gold and
silver; and now with IA capital OF Ihirty-6ve
millions, its notes in circulation are six mil.
lions, while lis specie, alter paying more
than half million TO the Government Of
the United States, amounts 10 nearly four
millions. and it has eight or ten millions IN
funds in Europe. Our principles therefor,
incline us 10 an early resumption; our pre-
parations would justify it-and if we are al
all influenced by the poor ambition of doing
what others cannot do so readily. or The still
poorer desire Of profiling by the disasters Of
offices. the occasion wonld certainly be
tempting. Bot the Bank Of the United
States makes common cause with the other
Banks, and the character and prosperity oil
the country are identified with its banking
system. They must stand or fall together
and il is of vital importance tlatlhe banks
should act wisely and act tremendously
and above all that they should not suffer
themselves 10 be driven. By the dread OF be.
ing thought weak, into rash and hazardous
enterprises. The great plerogative o
strength is not TO be afraid oil doing right
and ii belongs TO those who have no fral
that prudent counsels will be mistaken foI
limdity, TO examine calmly whether The
general interests Of the country recommend
the voluntary resumption oil specie payments
in May next say the voluntary resump
Zion. because there is not now, nor has Their,
ever been. any legal suspension of speci,
payments as there was for more than twenty
years in England The suspension is Who'll
" conventional between the banks and thu
community. arising from their mutual con
viclon that ii is for their mutual benefit
Ia truth the Banks are but the mere agent
oCkL community. Theylbave no iunds nc
already lieut. out 90 the people. OF whose pro
perry and industry they are the representa-
tives. They are only other names for tn
farms, the commerce, the factories and TIA
internal Improvements Of the counlry--an
the enquiry whether The banks are ready /
resume is only whether the people are read
TO pay their debts by The banks.
The true question then. after all, is,whetl
er the lime has arrived when the bank
should announce that the causes OF the su:
: pension, which then satisfied the communit
: have ceased 10 exist and that the snspensio
ITSELF with al! its necessary attendants Of r,
slrclion, need no longer be continued L
that inquiry now proceed. And
|. What were the causes Of the susper
. sion 2-They were, the Specie Circula
which forbade the receipt of any thing b,
: gold and silver at the Land Offices-th
mismanagement OF the deposits, which sea
tered them 10 the iron,iers--lhe clamor raj
ed by the Executive against the bank note
: which alarmed the people for their saf,i
!, and caused q run npon the banks for speci
: Now has any one OF these causes ceased 2
On the contrary, have they not acquired
ien-lold force2 The Specie Circular is NJ
@ repealed. On the contrary, it has been {.
= tended, for bank notes are prescribed, n,
II merely from the land offices, but from a
d payments every description 10 the Goverl
Il menl The distribution Of the surplus
d over, because there is no longer any surplu
l. 10 distribute; but the great disbursements 0
\ the Southern aud Western frontiers operu
V AS inluriously by requiring the ,ransl-r Of S
d much revenue from the points where it is co
/. lected Lastly, and mainly. the alarm abo'
}. bank notes propagaled by the government
X has been deeply spread throughout III
$ country. ill what was AT first IA passing on
y Icry, has settled into implacable hostility
> No man, think. can doubt for momer
n that The Executive OF the United States seek
J, 10 maintain his power by exciting populu
If passions against the credit system--and ihi
d the whole influence Of the government
: employed 10 intuse into the minds OF tn
# people, distrust and hatred OF all banks
g For this purpose, the most insane ravine
!. are addressedto the cupidty olthe ignoran
n who are taught that gold aud silver are th
:. only true riches. and above all that thes
! sbrewd metals would enable us to outwit tt
paper dulness of England Sir sal
S lately one Of these politicians in the Sena
n of the United States, " Sir. man loses a
d F." by any Circumstance that but for that al
I "cumstance he would have made. Ahh
England is II paper country, yet il we wei
exclusively a metallic country we shout
o. - make more out Of our intercourse vii