Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-12-25
LET TER
Signed t;y The officers
From Nicholas Biads, Ess"tre, To the Honorable John
Qa,ary .tdams

From .N:LOL!s Biads Esg"ire. 10 the Honorable John
Quincy .idGmS
PmiLaDELPuiA, Dec 10, 1885
Ny Drsr SIr-Tae general resumption o! specie pay
presents TT close cor core spondrGce
with explIuet OF the Of the Bank Of the
U in regard L. that subject This shall be done briefly
and finally.
GA the l0,h of NAV, 1887 The Banks Of New York
suspended specie pay penis, and their example inn
medIa,eIy and necessarily followed by the other Banks
in the u S. The county thus placed IN s!tua.
of extreme difficulty, from which could bt eXtr
Gated only ~ install aud vigorous for pro-
ecion. The dangers eIe-he total prOStraInn 81 It's
credit and character abrnad-ihc depreciation IN prices
OF all public securities and lis staple productions
and last and worst that the defensive remedy OF
pension might be pro,tac,ed until il became Itself DIS
ease. II manifest too, that the Calamity had
grown the capacity pp!IIlcians-that the
try must take oil se and rely only upon Itself
and as, lime of peril, The voice OF the hunhlpst cItl
may sometimes BE- heard above the rumut my own
personal pos seeInrd 10 Justify the assumption of
nsan, and deep responsibility Accordingly at The very
moment when this national misfortune occurred lmms
date adopted 10 mitigate and 10 repair It.
OF these in their order
Aware that the FIRST intelligence Oi Tie suspension
would degrade the character OF the county aud subject
the reprUach OF bad ar; aud insolvency, address
ed to you published letter, which wen! IN Europ" at
the time with the Of tie suspension, III which
vrntured to pledge myself for the hdrty of
tfymen. In that letter, Of Tie 18Th oi May, le31. said
-! the msanue two great duties trvol"e on the
Bank and rhe country. Tie first regards foreign ma
tions;-the second ouT own We owe debt 10 foreign.
by large for oG: resources but sJrop"r.
toned To present means d: yG!ent e must lake
that this late shall not seem In be effort
avoid the payment of our honest debts 10 them. We
have worn and eaten and drunk the produce Of their
industry too much Of al! perhaps but that is fault
not theirs We may take less hereafter but The coun.
try is dshonoed unless we discharge That teLt 10 the
utmost iarthing
For this purPose-ihe early and total discharge Of
he Rar I,lL
United States devoted In such crisis it eyI
dent, that if resort had 10 rigid curaIImeni, tie
ability pay would be propor'iona!Iy dIminsheJ bile
the only system was, TO keep the county as much
at ease consisted with lis safiy enable the
debtors collect their for The discharge Of their
debts For the same purpose, the Bank though entirely
nf its Of business and degre- 0i col
son with its exclusive interests, assumed acllye
agency in cnf citing the debts Of the Bank OF England
gave every facility for the recovery al all debts, and
stimulated cuuntrynen to this duty, BY earnest and
appralo TO their honrr and their
With what generous emulation that appeal
answered, you well know; for, II touched a chord
which lies deep in NJ! AmeIIcan hearts. ir The uHi.
versa! distress which peIvatfd tie crnmunIiy could
not be Witnessed without painful sympa,hy-!s
melancholy redeemed by the high aud manly
spirit which il reused through0u the country. For,
never, It's most glorious fields o. battle there DIS
played lofty seD,iment Of honor and courage than
then exhibited The honest payment Of Jrbt-lhe
homey duty Of private IIiewas elevated by rs univer
sanity into sentiment O national hOnoT-as The - hole
country in pressed forward 10 It's performance,
10 some sacred and par!otic Obligation Whatever
could be paid, paid Instantly and cbccrtu!y, what
i, impossible 10 pay q, once, secured with
pie interest for the delay, with an utter abandonment
OF sehshueSs md disregard OF any pecuniary
rice necessary 10 fulfil their fugagelnputs Ac.
cuGingly the IN which the United States have
settled their immense commercial debt 10 Europe
lasting monument Of IhriT integrity. No country
could has, better performed lis duty. Even in The
call q such settlement could
scarcely be imagined as vas accomplished amidst The
general and confusion Of all its great interests
with which the country afflicted. The consequence
is that the general credit cf the country never stood
higher than ih;s nj for, has nov earned
distinction entirely exclusive and characterlsc-'hat
while the Government Of The u. States is The only Go
earth that has paid 10 the last It's
national debt, the people Of the U. have discharged
their private engagements with uneIamp'ed hteiIty;
"a civil glory this worth thousand VICTORIES
In The midst Of these troubles, the character If
was threatened by combination of p"
in Prnns ylvania who endea establish as
the basis Of American lrgsaiion that charter ether
cement made by any State Legislature, liable
To be annued By any Subsequent Legsla'ure-ani still
more etlecluay b. any political meeting called Con
ventIon-whch IS only another form oil extraordinary
IL gIslation,-a attempt was announced 10 carry
tha. dogma into effect at Convention hen approaching
The assertion Of such right by the Stae Government
annu all lis engagsmt ts 80 foreigners put forth alta
nloment " hen The country was aboring under tempo.
rary inability 10 pay is Orbits calculated dss,ruy
all confidence in the integrity OF American instisu-
tons and therefore said To you in nv letter "Ths
must no. Ia. II must be decided whether this Pannsy
yan!c OF ours Is vIriuuus community society
IF pundeTcFs-nor will the honor OF the State be r..
'rTed either al home abroad from The stain which a
few snail politicians Wish 20 fix upon her, until the Con-
vention adopts solemn declaration that there no
power IN this naon capable Of violating the sacred
gagemrnts Of the State authOritlss That should be
done-and if any effnrs Of may avail that shall be
done for the honor OF State for the character 0t be.
sister States, and for the stability of p"pular nsu
tons
Accordingly, when The Convention met. enc Of its
most decided acts the following resolution passed
or he 2ls, Of November l23,