Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-12-20
LETTER
From Nicholas Rlddle, Esq.
10 The Hon. JoHS Quincy ADAMS.
To TIE Hos. JoHN q. ADAMS,
Washington, ID. Z.
Philadelphia, Dec. 10Th, 1888.

The general resumption OF specie pay
ments presents tit occasion to close our
correspondence with an explarallon OF The
course of the Bank Of the United States IN
regard to that subject. This shall be done
briefly and finally.
On the 10Th Of May, 1887, the banks OF
New York suspended specie payment, ana
their example was immediately and neccs-
sarlly followed by the other banks oi tie
United States. The country was thus placed
in a situation of extreme difficulty, nom
which il could be eXtrlcated only by instant
and vigorous measures for its protcctin.-
The dangers were--the total prostraiion ot
It's credit and character abroad-ihe d"pre-
caion in prices OF all its public securities
and lis staple productlons--ahd, last aha
worst, that the defensive remedy oi snspeh-
sion might be protracted untl IL Oecahe
itself disease. 1t was manifest TOO t@t The
calamity had outgrown the capacity Of mere
pohticians--tl,at the country must take care
Of itself and rely only upon i,self-and as, IN
times Of peril, the voice OF the humbest cI,i-
zen may sometimes be heard above the tu-
multi. my own personal position seemed to
Justify the assumption OF instant aud deep
responsibility. Accordingly, at tho very
moment when this national misfortune oc-
cured, immediately measures were adopted
to mitigate aud repair 1t. Oi these IN thclr
order:
! |. Aware that the first intelligence Of the
Suspension would degrade tue character of
the country, and subject us 10 the reproach
of bad faith and insolvency, ! addressed To
YOU Il published letter. which went to Europe
at the same time with the news OF the suS-
pension, in which | ventured to pledge my.
sell for The fidelity OF our counlrvinen. In
that letter, ofthe l3,h OF Muy, 1887, sold:-
" In the meantime two great duties devoivo
on the Bank aud the country. The first re-
cards foreign nations the second oar own.
We owe debt TO foreigners, by no means
large for our resources, but dispropottiontd
to our present means OF payment. We must
take care that this late measure shall not
seem To be an effort 10 avoid The payment
of our honest debts TO them. We have worn
and eaten and drunk the produce ot their IN
dtstry,-too. much of all perhaps but that IL
our fault-not theirs. We may take less
hcreafter,--but the country is dshonored
unless we discharge that debt 10 the utter
most fnrthng."
For this purpose-ihe early and total dis
charge of our debt TO foreigners-the whole
power Of the Bank of the United States was
devoted. In such q crisis, il was evident
that # resort was had TO rigid curtaments,
the ability to pay would be proporIlonably
diminished; while the ouly true system was
to keep the country rs much at case MS CON-
sisted with its safety, 50 as To enable tho
debtors TO collect their resources Tor the dis-
charge Of their debts. For the same purpose
3 ihc Bank, though entirely out OF It's course of
business, and IN some degree of collision
with its own exclusive interests, assumed an
active agency in collecting the debts OF tho
Bank of England-gnve every facility Tor the
recovery OF all debts, and stimulated our
countrymen 10 this duty 10y earnest and con-
stant appeals 10 their honor and their true
interest. With what a generous emulation
that appeal was answered you well know,
for it touched chord which lies deep in all
American hearts. If the universal distress
which pcrvaded the community could not be
witnessed without a painful sympathy, ia
melancholy was redeemed by the higb and
manly spirit which it reused throughout The
country. For never, Oh It's most glorious
fields of battle, was there displayed moro
lofty scntmcn, of honor und courage thah
was then exhibited.
The honest payment OF debt-the no'neiy
duty of private liic--was elevated ny us uhi-
versatility into a sentiment ol natiohai noho,
as the whole country in mass pressed
and pa,tioiic obligation. Whatever could be
pnid. was paid instantly and cheeriujly; what
il was impossible to pay at once, was secured
with om,le interest for the delay, with an
u,,,r abandonment of mere selhshncss. anda
disregard OF any pccuniIry sacrifice necessary
10 f,l6l their engagements, Accordingly the
manner in which the United States have set
lied their immense commercial debt 10
Europe is lasting monument of their in
tcgriy. No country could have better per-
fnlnad its duty. Even in the calmest mo.
mcns Of prosperity such settlement could
scarcely be imagined MS was accomplished
amidst The general wreck aud confusion Of
all Ils great interests, with which the country
wus afflicted. The consequence Is that tho
general credit of tho country never stood
higher than at this moment; for II has now
earned a distinction entirely exclusive aud
charncteristic--that while the government OF
tie United States is the only government on
eorlh that has ever paid to The 'ns' esn w
national debt, the people ei the Cni's' 0'A'''