Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-09

or Revelutaen An Finance and Politics.
The city was thrown into great excitement yes
terday by the reception Of highly important paper
from Mr.. Bddle of Philadelphia, assuming 'ne sasPe
Of Letter to Mr.. Adams, which may be considered
his Message to the Bank Convention about 20 assem-
BILE here on the day after tomorrow. .f ~
The position of Mr.. Biddle is now known. AS We
have always stated, he will not resume lot the pre-
sent. 1t now remains to be seen wnat course inc
banks of New York will take-what the government
will do-dnd what result congress may bring about.
The excitement, Controversy, and uproar whlcn 'hls
message will create in finance and politics, will be
tremendous.
We have no room for further remarks today.
The document is very ably drawn up-fallacous in
many points, though strong in others. Read and
ponder.
TO the Hon. John Quincy Adams, WASH
NY DEAR SIR,-I propose to say few words on
the question whether the Banks shoald resume specie
ton seems 10 Justify, If net require IT, For nineteen
years have been connected with the instructor
which caused the last resuMpion and during all that
period my efforts have been directed TO secure TO the
country the benefits Of sound currency, and TO ba
nish from circulation every thing but the precious
metals and notes always convertible INTO them Ithink
that other currency IS safe or serabe; ana tnat
we should now return il at the first moment II can
be done permanently. For this purpose the nstitu-
ton to which belong has made great efforts Since
the suspension in May last il has bought and added
TO its vaults nearly three millions Oh doars IN gold
and silver; and with capital OF thrty-ive mil
lions, its notes in circulation are SIX millions, while
its SPECIE after pa ylng more than halt million 10 iae
government of the United States, amounts to nearly
four millions and it has eight or ten millions OF funds
in Europe. Our principles therefore incline as 10 an
early resumption our preparations would justify 1t
and if we at all influenced by the poor ambition
of dong what others cannot do 30 readily, or the still
1a~,r apfnr fun hu fbo d1gaS
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 country identified with It's banking system.
They must stand or fall together-and it is of vital
importance that the banks should act wisely and act
harmoniously, and above all that they should not
suffer themselves to be driven, by the dread OF being
thought weak, into rash and hazardous enterprises
The great prerogave of strength Is not 10 be afraid
of doing right and it belongs TO those who have no
fear that prudent counses will be mistaken for hm
dity, to examine calmly whether the general interests
of the country recommend the voluntary resumption
Of specie payments in May next. say the voluntary
resumption because there is not now, nor has there
ever been, any legal suspension OF specie payments,
as there for than twenty years IN England.
The suspension is wholly conventional between the
I banks and the community arising from their mutual
conviction that il is for their mutual benefit In truth
the banks are bat the mere agents OF that communl-
y Thew have no funds not already lent out 10 the
people, of whose property and industry they are the
representatives. They are only other names fer the
farms the commerce. the factories, and the internal
improvements of the country-and the inquiry whe-
ther the banks ready to resume is only another
form of asking whether the people are ready 10 pay
their debts to the banks.
The true question them after all, IS, whether the
time has arrived when the banks should announce
that the of the suspension, which then salts
fled the community, have ceased 10 exist ana that
the suspension ITSELF with all its necessary attendants
Of restriction, need no longer be continued lie That
inquiry now proceed. And
l. What were the causes Of the suspenson1 They
were the Specie Circular, which forbade the receipt
Of any thing but gold or silver al the Land Ofhces-
the misma nagemen of the deposits, which scattered
them 10 the frontiersthe clamor raised by the Exec
/ nve against bank notes. which alarmed the people
specie. Now has any one OF these causes ceased?-
| On the contrary, have they not acquired ten fold
forcef The Specie Circular is not repealed. On the
contrary has been extended for bank notes pro-
scnbed merely from the land offices, but from all
| payments Of every description to the gevernment-
The distribution OF the surplus is over, because there
10 no longer any surplus to distribute but the great
| disbursements on the Southern and Western fren-
tiers operate njuriously by requiring the transfer
of SO much revenue from the points where it is col
lected. Lastly and mainly, the alarm about bank
notes propagated by the government has been deep
ly spread throughout the country, I'LL what was at
first passing cutlery, has settled into an impacabe
hostility. No man, think, can doubt fer q moment
that the Executive Of the United States seeks to main
tain his power by exciting popular passions against
the credit system-aRd that the whole influence of
the government is employed to infuse INTO the minds
of the people, dstrust and hatred Of all banks For
this purpose the insane rawlings addressed
the cupidty of the ignorant who taught that gold
and silver the only true riches and above ALL that
| these shrewd metals would enable us 10 sutwit the
paper dulness Of England. "Sr" said lately one of
these politicians in Senate OF the United States
Sir, man loses all by any circumstance that but
for that circumstance he would have made. Although
England Isl paper country, yet pe nere erciusireiy
| metallic couRfry should make out of our
intercourse With her. And why should we, because
she chooses 10 main herself by her paper system, fol-
low her example7" The government il may be said
10 comparatively harmless, because its expenditures
exceed its income. Its regular income no doubt
bat while IT pledge the public credit for treasury
notes a high rate ofinterest by which every mans
property is mortgaged, and bay specie with them
there nsver be wanting the means Of depressing
the banks. There is, therefore, circumstance
which occasoned the suspension, sufficiently reno
we'd 10 justify change, and the most prominent cause
| remains with increased intensity. Accordingly
III. The credit system Of the United States and the
exclusively metallic system fairly in the field
face 10 face with each other One or other must fall
There be other issue. IL is not question of
correcting errors reforming abuses but Of abso-
lutte destruction which shall conquer, but which
shall survive The present struggle too must be final.
If the banks resume and able by sacrificing the
| community, to continue for few months II will be
coHclusivey employed al the next elections 10 show
that the schemes Of the Executive are destrac-