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

q perseverance in this course must inevita-
bly, create, or permit the pride Of opinion
or any mere political OF party consideration
10 prevent them from interposing to protect
their noble but suffering city? fthey de-
cline how can we Of Pennsylvania inter-
fere? Why should we voluntarily place
ourselves IN the same situation into which
New York has been forced7 BY doing so
We share only common disaster, instead
of outstanding our resources against the
period when our interposition may be real
" useful. In the mean while, the most
" effectual service which we can render. is
TO speak ia tone of frank sincerity She
may perhaps bear it from one, than whom
she has never had more true and constant
friend who, although an entire stranger,
has for. a long series Of years. done every
thing in his power to advance her prosperi-
~, and never saw her in any misfortune
which he did not anxiously strive to miti-
gate. But wish to serve her, not to fat
ter her. re. p 'sfaw'# IS
= Il Believe then that at this moment New
York is in an entirely false positio She
is obliged by the existing law to do what
sshe feels to be wrong. Her natural course
is TO appeal to her representatives to recti-
fy their mistake, and not to thurst out their
own State Banks to be crushed by the Ex-
exutive. Instead of doing this, she perse-
yeres from mistaken though honorable
pride in not asking relief where reliefis at
stainable, but is preparing for the event by
sacrificing her own interests and iDficting
distress on the community. The apparent
superiority in the exchanges which this
produces, is wholly fallacious as well as
injurious The state ofthe exchanges in
New York proves nothing Whatever, ex-
cept the scarcity of money in New York.
The exchanges are even less depreciated
than many other things. The bank notes
gofthe Southern States nre at great deprc-
citation. But store rent and real estate ia
tho very spot where these notes are sacri-
feed, are much more deprecated than the
notes themselves. So to New York, the
notescf Philadelphia are Mt discount,
yet at this moment New York has to pay
to- Philadelphia little less than ten millions
of dollars, for actual debts to PHILADELPHIA.
and 10 foreigners represented by Phladel-
phir. II is not therefore the abundance
hut the want Of means, it is not strength
but weakness which causes this difference.
: by the same process bread and meat may
sabereducedsin price for want Of purchasers.
,. You make an artificial scarcity Of money,
aud then boast how much the little which
remains will buy; but your superiority is
punished by the debtor, who does not settle
with acreditor so much above him. And
what is the benefit Of all this' The other
Z States are not Obliged to submit to this To-
-araf ]cgisiat;on, and the suffering of New
Z York certainly not fitted to make them
adopt it voluntarily. tits better therefore
hrthem TO state with perfect fraukness tha,
they do not mean to unite with her in this
forced assumptions, TO say this decidedly
4 and finally, SO that she may apply the only
! semcdy, an extension Of her law. The
: whole subject would then be open for the
future adjustment upon principles ofsafety,
! alike tothe banks and the community.
hFss Ontho whole, the course which in nv
judgment the Banks ought to Tursue, is
simply this -
- The Banks should remain exactly as they
? are, preparing TO resume, but not yet resu-
ming.ar.s saa ~ 'ss 'a
they shnll begin, as the Bank of Eng
: land did, under similar circumstar ces, by
z paying the small notes, SO as to restore coin
TO all the minor channels Of circulation, but
mot make any general resumption they
ascertain what course the Government will
pursue, employing in the meantime their
whole power to forward the crops to mar
ket. The American Banks should do in
short whattthe American Army did at New
Orleans, stand last behind their cotton
bales until the cnemyhas left the country.
These are my opinions very deliberately
formed, and very frankly expressed. y,aey
are thus set forth, not to influence The
course ofothers, but to explain rly own.
What great respect and esteem yours.
~ -. s N. BIDDLE.
Philadelphia, Apr. $, 1888.