Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-24
POLITICAL.
LETTER
From Nicholas Biddie, Esquire, TO Hon. John
Quincy adams.


Quincy adams
Philadelphia. December 10, 1899
My DEAR SiR-The general resumption Of spc
Gle payments presents a fiji occasion to close our
correspondence with explanation of the course oi
tue balk OF tue United States IN regard to that sub.
jcet. This shall be done briefly aud dnally.
Ga the 10th OF May, 1897, the Banks of New York
suspended specie payments, aud their example was
immediately and necessarily followed by the other
Banks IN the United States. The country was thus
placed IN situation OF extreme difficulty, from
which could DO extricaed only by instant and viz
orous measures for its protection. The dangers
were-the total prostratlon OF its credit and oharac-
ter abroad-the depreciation in prices of all its public
securities and its staple produelions--and. last aud
worst, that the defensive remedy OF nigh
he proiraced until II became itself disease. 1t was
manifest too that the calamity had outgiown tho ca
pacny OF mere politicians-that the country must
take care OF itself and rely only upon sct-and as
in times OF peril. the voice OF the humbcst citizen
may sometimes be heard above the tumult my own
personal position seemed 10 Justify the assumption
OF instant aud deep responsibility Accordingly, at
the very moment when tins national misfortune oc-
cured, immediate measures adopted to m
gate and TO repair II. Oh these in their order
| Aware that the first intelligence OF tho suspen-
sion would degrade tho character of the country
aud subject us To the reproaoh OF bad faith aud lnso
yency, addressed to you published letter, which
went to Europe at tho same time with the news OF
the suspension, in which ventured to pledge myself
Tor the fidelity of our connrymen. In that letter. OF
the 18th OF May, 1897, said -" In the meantime
two great duties devoWe on the Bank aud the coun-
try The first regards foreign nations the second
our own. We owe debt To foreigners, by no means
large for our resources, but dspropoitioned to our
present means OF payment Wemust take care that
this late measure shall 10 be effort 10 a
VOID the payment Of our hoscst debts to them. We
have and eaten and drunk the produce of their
lndusuy,-too much Of all pcrhaps--but this is our
hult--not theirs We may take less hercnlter-
but the country is dishonorcd unless we discharge
that debt to the utlermost arhng."
For this purpose-thc early and total discharge
of our debt to foreigncrs-thc whole power Of the
Bank of the United States was devoted. In such "A
crisis 1t was evident that if resort bad to rigid
curailmens, the ability TO pay would be proportion
ally diminished while the only true system was,
TO keep the country as much at ease as consisted
with It's safety as TO enable the debtors to collect
their resources for the discharge Of their debts
For the purpose the Bank, though entirely out
OF its course OF business, and IN some degree of col
lision with us own exclusive interests assumed an
active agency IN collecting the debts OF the Bank OF
England,- every facility for the recovery of all
debts. aud stimulated our countfymrn TO this du-
y by earnest and constant appeals to their honor
aud their interest. With What generous emu
alion that appeal answered you well know for il
touched chord which lies deep in all American
hearts II the universal distress which pervaded the
community could not be witsessed without a pain
luI sympathy,-its melancholy was redeemed by the
high and manly spirit which il reused tbroup bout
the country. For never, on lis most glorious fields
OF battle, there displayed more lofty sentiment
of honor and courage than was then exhibited. The
honest payment of debt the homely duty Of private
lle--was elevated by its universally into sentiment
Of national honor,-as the whole country in mass
pressed forward 10 its performance to sacred
and patriotic obligation. Whatever could be paid,
was paid instantly and cheeruy; what it was impos-
sbe to pay at once was secured with ample interest
for the delay, with an utter abandonment OF mere sell
fshness, and disregard of any pecuniary sacrifice
necessary to fulfil their engagements. Accord
ingy, the manner in which the United States have
settled their immense commercial debtto Europe is
a lasting monument other integrity. No country
could have better performed its duty. Even in the
calmest moments OF prosperity. such settlement
could scarcely be imagined as was accomplished a
midst the general wreck and conlnscn OF all its great
interests with which Tho country afflicted. The
consequence is that the general credit OF the country
never stood higher Than nj this moment for ii has
now earned distinction entirely exclusive and char
acteristic-that while the Government of the United
States is the only Government earth that has
err paid the last cent its national debt the people of
the United States have discharged their private
gagements with an unexampled fidelity "a civil
glory this, worth thousand victories.
In the midst of these troubles the character of
our institutions was threatened by combination OF
politicians in Pennsy vsnia, who endeavorcd TO es-
,ablish as the basis of American legislation, that
a charter or other engagement made by any State
Legislature was liable to be annued by any subse-
auent legisature-and still more enectuay by any
political meeting called Conyenon-whIch is only
another form of extraordinary legislation, and an
attempt was announced to carry that dogma into eff
feet at a Convention then approaching. The asser-
ton ofsuch right by the State Government, TO an
null all engagements to foreigners, put iorth at
moment when the county was laborng under tenn
porary inability to pay its debts, calculated to
destroy all confidence in the integrity Of our Ameri-
can institutions, and therefore said to you in my
letter, This must not be. II must be decided whe-
Their this Pennsy WANNA of ours is a vrtuous com
muny mere society Of plunderers--Dor will the
honor of the state be relieved either at home n
broad from the stain which few small polite ians
wish to fix upon her, until the Convention adopts
some solemn declaration that there is power in
this nation capable Of violating the sacred engage
men,s Of the State authorizes. That should be
DONE and if any efforts ofmine may avail that shall
be DONE for the honor Of this State for the charac-
ter of her sister States and for the stability of our
popular institutions"
Accordingly when the Convention met, one of its
most decided the following resolution, pass
sed on the 2lst November 1897.
"Resolved, That it is the sense OF this Convention
that a charter duly granted under act Of Assem-
by TO a Bank other private corporation, is, when
accepted, a contract with the parties to whom the
grant is made and il such charter be unduy granted
/ or subsequently mlsused, il may be avoided by the
Judgment ola Count Of Justice in due course OF law,
and not Otherwise. unless in pursuance OF power
expressly reserved in the charter"
The obligation OF the State Legislatures to fulfil all
their engagements made with ioreigners-anj the
anxiety OF individuals to pay their foreign debts, be-
ing thus established the next care was TO enable both
TO comply with ther contracts at little sacrifice