Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-24

to pay. Their loans too, instead OF beng wasted In
wars OF extravaganza, 20 TO the direct improvement
al tho borrowing States $50 that there can Do no
better application ofthe means et any European
capitalist than 10 double ms income by American
Investments Yet all these require knowlrdge-lo-
cal lniofmation-the means OF exciting confidence
aud IL was thought most oxpedent To establish an
| American agency IN London, rs the common centre
aud the general support OF all American securities
where. IN addition to the appropriate business OF
Elhe Bank ITSELF all the public aud corporate stocks
OF the States might find shelter aud protection.
! In like manner the arrangement OF the currency
placed the staples OF the South entirely AZ the mercy
OF the foreign purchaser, who could have dictated
| the terms of sale to the Frustrated planter II was
thought proper TO avot tia, cv, by employing aarge
/ portion of the capital OF tho Bank III making al
vanees Southern produce This had two effects
the first to provide remlances 10 pay its own
bonds IN England, issued the New o,k mcr-
chants IN their extreme distress, FOR rs the Bank
could not OF course purchase these staples, II made
advances upon them in the South, receiving III cN'
| change bills ON Europe. The second effect was to
Introduce into tho market competitions and
thus prevent tho unconditional suhlcciion oil the
planter 10 the foreign purchaser. These advances
were made not as IN past years on the mere personal
security of the merchants, the confusion of
all private credit would have rendered too hazardous,
but the actual shipment o the produce TO m
American house in England willing and ahlc 10 pro-
tect American property from the reckless waste
with which IT has been too often thrown into tho
market. with an entire disregard OF all American in
tercsts. The combination oil these cause.-the APP
plicaiiun of capital on this side aud the prudent
serve on tho othcr-have saved to the planting inter
rsi an amount which 1t is difficult 10 estimate below
ten fifteen millions of dollars. believe, too,
that nearly h,li OF the commercial debt of this
country 10 Europe has been paid by the mere dit
ference between the actual sales OF the securities aud
saples-and the prices they would have realized had
they been thrown unprotcoed INTO the bands of Eu-
ropoans These measures were essentially 81 n
temporary nature--ihcy were measures Of emcrgen-
ey adopted IN the midst OF public calamity, and to
be discontinued with the necessity which caused
them. As soon therefore the capital and indus
try OF the country bad time 10 subsldo into thc,
eustomed channels these operations were rciuquish
ed and now they have totally aud finally ceased.
Ill. During these movements il became important
To understand distinctly the course Of the Govern
mcn. In my letter to you OF the 9Th OF Ami last
stated my" conviction that there could be safe
" or permanent resumption OF specie payments BY
- the Banks. until the policy OF the Government
"towards them changed."-1hs change was
soon and happily made. On the Both of May the
specie circular, requiring payments in coin in the
Land Offices, was repealed by Congress. On the
o5th OF June the bill called the Sub Treasury, re-
quiring coin in all payments To the Government, was
nogaiived. In the month OF july the Government
agreed To receive anticipated payment OF the bonds
of the Bank TO the amount OF between four aud FIVE
millions of dollars in credit To the Treasurer the
books of the Bank-and arrangements were made Tor
the more distant public disbursements in the notes OF
the Bank. These arrangements rs honorable TO the
Executive officers, as they were beneficial the
public service, brought The Government in efficient
co operation TO, the re-estibshment ofthe curren-
cy, and opened the way to resumption OF specie
payments. That resumption accordingly took
place throughout the middle States on the 18th Of
August, and in many OF the Southern aud Western
! States soon after.
". Ii remained only TO aid some Of the South
western States for the same object. Their activity
in extending their public aud private improvements
had made them debtor States, aud deprecated their
currency by its excess Bun they had abundant re-
sources. aud perfect willingness, 10 pay--and all that
was needed seemed to be n longer period 10 their
exhausted means--so as 10 derive from the approach
ing crop, by aslon ante patton ability 10 meet their
engagements, The Bank OF the United States has
used its utmost endeayors for that purpose, by ma
king advances to the amount of many millions to tho
b tanks IN those States all OF whom will, it IL pre-
sumed, by the month of January resume spe-
c,e payments, and thus completes the circle of
sumption throughout the whole Union
| And now, upon reviewing the events which follow.
ed the suspension, II is source OF great graliGca-
ton that all that it designed TO do, has
been done.
1t was proposed 10 protect the character Of the
country from the first shock olthe suspension-to cf-
feet the honorable discharge OF foreign debt with
the least sacrifice of The property of the debors-to
vindicae the good faith Of the State Legislatures
TO discourage all premature attempts To iesume-but,
by cautious delay for those States which were less
prepared, accomplish universal resumption. All
these done, and the troubles OF the country
have happily ceased
Oh the future, il s difficult to speak but in that
! future the Bank of the United States will no longer
occupy its past position. The Bank OF the United
States had ceased to be national institution 10 ls;}6
and preparing to occupy its new place State
Bank when the troubles OF 1887 forced II in some de
gree back INTO its old position and then devoted all
its power to assist in carrying the country unhuu
through its recent troubles. Having done this, its
extraordinary duties ceased. Forlhc future, it alb
dlcates this involuntary power. 1t has longer a.
ny responsibility the Union. 1t has no longer
any controversies with the Government of the u
Mon 1t now desires only repose and it will take its
rank hereafter, simple State Institution, devoted
exclusively To its own special concerns.
rejoice, too, that this new position Of the Bank
absolves me from many cares and duties. In the
general confusion of public affairs during the last
Two years ii has been my lot to be more prominent
than my own inclination prompted and often TO as
station which would have better fitted others
But public caamitles justify The apparent forward
ness they requirc,-as great dangers best by
defying them. My task is now endcd-and gladly
withdraw from these responsibilities, carving with
me the only satisfaction ever sought in them-the
consciousness OF having done my duty the country
as good citizen.
With great regard, yours &c.
n. BIDDLE.
We learn from the Alexandria Gazette that the
remains of the venerable MARTHA WASHINGTON
have been placed by her Relatives in Marble Sar-
cophagus, similar III all respects (save the decota-
tions,)to the one that contains the ashes of the