Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1838-04-19

should take their merchandise that we
should trade with them. The state of our
currency is very subordinAte concern.
i You deal with them and pay them in their
own CURRENCY They know little and care
less about the sort of currency IN which
you deal with The South and West. Be-
sides, who are to reproach as with the dee
probation of our notes. The Englishs
But the Bank of England suspended specie
payments for twenty-five years during
nearly allwhich time every American Bank
paid specie--and men in. England were
forced by law to take the notes ofthe Bank
of England when they were at thirty per
cent. dscount--whercas no man is obliged
here to take any note Of any Bank-and
at this moment paper dollar 10 Philadel-
phia or New York, will buy silver dollar
delivered in London. The question then
Of the resumption is one exclusively domes-
tc-one which. however important athome,
does not affect the. credit OF the country a.
broad. ..
vi. We come now to the question wheth-
er if an early resumption be practicable.
the month Of May is fit time. My inn
preston is that the month of May is very
!, unfit time. The resumption, to be useful,
must be general; and no arrangement can
be satisfactory which does not include the
Southern and Southwestern States. These
lido not think are yet ready to resume.
They are straining every nerve. to pay their
debts. Their crops are going forward to
provideIunds in Europe aud at the North
the Banks are slaboring TO meet their
notes at the Nortl--the Legislatures are
pledging their credit TO raise funds in or
! der that-their people may paythcir debts.
Why should we Eepulse them? All they
want istineg They have not yet had the
benefit of single crop, and they may re-
qure another; and instead of discrediting
them, or diminishing the value Of their
produce, or curtailing their facilities in
sending their crops to market, it issbetter
to help them and whit till they are more
advanced in their preparations The en-
ployment ofcredit. either of Banksor ofin-
dividuas most useful 10 the country at this
moment, is to forward its produce to Eu-
rope. Instead efthis the Banks are redu-
cling these facilities, and callingsupon their
debtors for payment This seems yery,un-
reasonable. 1t is stopping the locomotives
as they are carrying the crop to market.
i
ofthe year. For example, it requiresson
an average about fifty days to takesscoiton
from New Otleans to Liverpool. Suppos-
ing it Immediately sold, the usage issat tho
end oftendays 10 gireaa bankers' accep-
lance, payable in two months,s so athasnby
the month Of May there would not be actu-
ally realized more than the cotton which
left New Orleans before january, when
not more than one fourth or one fifth Of the
whole crop had been shipped. Much, Of
course. is drawn Tor when shipped. but
speak now OF the actual obtaining possession
ofthe proceeds ofthe crop; and al all events
not one huff 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 and
Western produce, are maturing at the
North; and the crop from which reimburse
ments are to come, remains unsold in Eu.
rope. The spring too. is the time whenthe
Western business has brought from the in
terror the notes of the atlantic Banks,
when the circulation presses more upon
them than at any other period, aud when
specie is wanted fol- the trade tos China and
! India, making that time, particularly un.
propitious for theresumptlon. n.flssss
VII. ltremains now to inquire how far
these general views ofthe expediency Of
resumption in May should be 'ctangedAby
the determination ofthe Banks ofthe city Of
New York to resume at that period. ~
For the gentleman Of New-York who
announced that decision, have great per-
sonal respect, and under ordinary circum-
stances would willingly yield my own CON
yictions TO their better opportunities" and
understanding. But the Observation-Disclosures
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 resumption in May-but because
the immunity allowed by the Legislature
will thenexpire and they fear it will moi. be
renewed. This was distinctly avowsd at
the Bank Convention, and the Deputation
who visited Philadelphia repeated it again
and again. Now this may be very good
reason for the Banks Of New York to re-
sumo but certainly no reason whatever for
the Banks OF Pennsy lvania to do The same.
The States of Pennsylvania, Of Virginia.
of Kentucky, have Legislatures as well a.
Newly ork has, and they have ref. Ia ~
direct their Banks to resume il ~ 4 y. -
Why should they obey the LerisIature of
| New York and not the;..e own feo;slatnrs ,
THE position Of Nsw-Yors Is on on ali 'g hands
/ regretted. Eat hows:s tito be remedied2