Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-12-25

such charter be undu,y granted subse misuse
may be avoided by the judgment of Court of Jul
due course Of law, and not otherwise, unless
Of pnwcr expressly reserved IN The charter
The obiissiiun Of the State Legislatures TO fulfil Il
their engagements made with freigners-and The anx
ETY. Of individuals 10 pny their foreign debts, being thu
established the next care was to enah'e both to conP
with their at as little sacrifice as possible.
due foreigner that every debt should be paid
was due ourselves to make the NEST OF our resource
in the settlement Now these consisted main
IL in the public securities aud the staple productions
the country. The shock Of suspension would OF
snk both the lowest point OF depression, and it seem
edfx pedipnt to them from sacrifice by tao inca
6dres applicable 10 each
There can scarcely be any form Of security sa
than the pecpuiery engagements Of the Staies They
have a most lu urant spil-valusble p.oducsinuIic
natural advantages-uD'irng industry in developing
them Thcy have every thing but inoney-and for lIa
they are able pay, and Hing TO pay much than
the less productive industry of Europe afford pay
Their loans too instead Of being wasted in
travagancc 60 the direct improvement Of The borrow
ing Saes;s ,ha there can be no better application Of
the OF any European capitalist than 10 double s
income by American investments Yet all these require
know!edg e-iocal information tine means OF exciting
confidence and it thought NEST exPedient 10 es!a
bl'sh an American Agency IN London, as The common
centre and the general support of all American securities
where in addition to the appropriate business at the
bank itself, all the public and corporate stocks Of the
S,aIps might find shelter and protection.
In like the drsngement Of the currency place
the the South entirely the mercy OF tie foreign
purchaser who could have dictated the of sale
the Frustrated planter. 1t thought proper 10 avert
tina, evil by employing large portion OF the capital Of
the Bank in making advances on Southern produce
This had two eifects-the first provide renanccs
20 pay bonds in England issued to the n. York
merchants in their extreme Distress for as the Bank could
Of purchase these ssp!es made advances
upon them The South, receiving IN exchange bills on
Europe. The second effect 10 introduce into the
market competition, and thus prevent the uncon.
dona subsection of the planter TO the foreign purchaser
These ADVANCES made no; in past years on the
mere personal security OF The the con-
fusion Of all private credit would have rendered too ha
zardous-but the actual PINE Of the produce TO
American house in Eng land, willing and able TO protect
American property from the reckless waste with which il
has been often thrown into the market, with
lire disregard Of all American interests The combina
ton Of these cause.-the application Of capita! on this
side and the prudent the olher-havc saved
to The planting interest amount which it IS difficult
TO estimate below ten fifteen million Of dollars.
believe. ton, that nearly one hall OF the commercial
debt of this country TO Europe has been paid by the
mere difference between the actual sales Of the
ties and stapesand The prices they would have real
ised had they been thrown unprotected into the hands
of Europeans These measures essentially Of
temporary naturc-!hey were measures Of emergency
adopted in The midst o. pn5l!c calamity aud 10 be dis
cunlinued with the necessity which caused them. AS
soon therefore the capital and industry Of the country
had time su5de into their accustomed channels these
operations relinquished and now they have totally
and FINALLY ceased
/ II.
understand distinctly tie al the Government -
IN my letter IT, you Of the 9Th of pril last stated nay
conviction tina! t.eIe coaIj he safe permanent
resumption Ol specie pay EeEiS by The banks until the
policy OF The Government towards them was changed
THIS change and happily mace On tie Boil.
ot MAJ The sperr circular requiring payments ~ coin
ID the Land Offices, repealed by Congress Ga The
18Th Of June the bill called the Sub Treasury, requiring
coin in all pay To the Government, nrgayrd
In the month Of july, the Government agreed 10
anticipated payment OF the bonds OF the Bank To The
amount cf between four and FIVE millions Of dollars
credi, the Treasurer The books oi the Bank-und
arrangements made for the distant public dis
burseu,enls the notes OF ih- Bank. These arrange
Iaen,s honorable 10 the Executive officers, they
were beneficial 10 the public services brought the Go
vernmen into ef'icen. CO operation for the re establish
,nvEtoi the currency and opened the way resumption
If specie payments. The resumption accordingly took
place ,hcou hou the middle States on the l3lh Of Au
gust in many 0: the Southern and Western States
after.
v /; remained only 20 aid some Of the Southwestern
States for the Object Their activity IN extending
their public and priystc Improvements had made them
debtor States and deprecated their currency by lis ex
cess-But they had abundant resources, and perfect
Willingness TO payond a.! ha. neeced seemed 10 be
longer period 10 recruit their exhausted meangso
derive from the approaching crops, by short an,ic
patton, ability TO meet their engagements. The Bank
of the 5. has used its utmost eECcavoTs for that pur
pose by mixing advances To The amount of many mi
lions the Banks in these States all Of whom will, II
is presumed, by the month OF January. resume specie
payments, ard thus complete The circle OF resumption
throushou, the whole Union.
And now, upon reviewing The events which followed
the suspension il is of great qualification ~
that all 1t Uus designed 10 do, has been done.
Ii proposed 10 protect The character n the
from The first shock of the effe the
honorable discharge OF our foreign debt with the least
sacrifice Of the property Of the debtor-to vndcac The
good faith Of the State Lesistaure-to discourage oil
premature attempts 10 tesume-tu by cautious delay
for those States which we're legs prepared, accomplish
universal resumption. Iii these DONE ind the
b!es Of the country have happily ceased
Ofthe u,uie ii is difficult TO speak; but in tina, fulurc
the Bank of the United States will longer occupy It's
pas, position The Bauk Of tie United States had ceased
to be 4 national institution in lc3G, and preparing
occupy lis place a State Bank, when the ,ruu
biFs of 1887 forced it in degree back into its old
position; and then devoted all power assist in
carrying the country unhu through It's recent troubles.
Having done this lis extraordinary duties ceased For
the future il uhdcass this involuntary power ii has
no longer any responsibility TO The Union. 1t has no
longer any controversies with the Government; Of the
Union. II desires oEly fepose and IL will take It's
rank hereafter, simple State Institution devoted ex
clusively 10 It's own special concerns
REFUGE, too, that the position Of the Bank alb
solves from many ord duties In the general
confusion Of public affairs during the last years, il
has been lot 10 be more PREPAYMENT team my in.
c.inaton prompted and often to assume sa,lan which
would hav. better fitted others But public caIaniiles
Justify the apparent orwardrcss they iequeas great
dangers are best by defyiag them My task
ended--and gladly withdraw from these responsibilities
carrying with The only satisfaction ever sought
in them The consciousness Of having done my duty 10
the country as good citizen
With great regard, yours &c,
n BIDDLE
Mr. BIDDLE'S FAREWELL ADDRESS.
The Bark President has sent in, through his Sec'e
tsry MIR Adams the periodical letter, with which, Tor