The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-12
- -. /. non. JOHN quincy ADAMS,
-

M. mar SRI propose TO say lew words on
The question whether Inc pihhs snou'u leste Psi
pay ems 10 Justify IL not require IL. For nineteen
usars have been connected with the INSTITUTION
yy.hieh caused the last resumption, and during al
,hs period my efforts have b.en directed TO secure
- ~ country the .nefis OF sound currency, and
10 Danish from circulation every thing bui ihe pre-
cious metals and notes always convertible INTO mem.
think that no other currency is safe or toleraoei
and that we should now return To y at The INST mo-
mani Il car be done perm lnenty. For this purpose
Inc institution 10 which belong has made great
efforts Since the suspension IN May last, y has
b,ughl and added TO its vaults nearly three millions
of dollars in gold and silver; and now, with capt.
tal of thirtyfye millions It's notes in circulation are
six millions while lis specie atler paying more than
half a million 10 the Government OF The Unllcd
States amounts TO nearly four millions and II has
eight or ten millions OF funds in Europe Our prin-
cioles therefore incline US 10 an early resumption;
our psrations would justify it-and II we were at
all influenced BY the poor ambition OF doing what
others do readily or the still poorer desire
of prohng by the disasters OF Others the occasion
would certainly be tempting. But the Bank OF The
United States makes common cause with the o;her
blns and the character and prosperity OF the coun
try are identified with its banking system. They
must sta d or fall together-and il is of vital i'm
poriance that the banks should act wisely and act
tremendously, and above all that they should not
suffer themselves 10 be driven, by the dread OF being
thought weak, into rash and hazardous enterprises.
The great prerogave of strength is not TO be afraid
fear that prudent counsels will be mistaken for
tmidity, To examine calmly whether the general In
terests of the country recommend the voluntary re-
sumption of specie payments in May nexs. say Inc
voluntary resumption, because there is not now, nor
has there ever been, any legal suspension oil specie
payments as there was for more than twenty years
in England. The suspension is wholly conventional
between the banks and the community, arising from
their mutual conviction that il is for their mutual
benefit In truth the banks are but the agents
of that community, They have no funds not already
lent out the people, OF whose property ana INDUS
try they are the representatives. They are only
other names for the farms, the commerce. the fac'o-
res, and the internal Improvements OF the country
and The inquiry whether the banks are ready 10
resume is only another form of asking whether The
people are ready 10 pay their debts TO The banks
The true question: then after all is, whether the
time has arrived when the banks should announce
that the of the suspension which then satisfied
the community, have ceased 10 exist, and that the
suspension ITSELF with all It's necessary attendants OF
restriction, need no longer be continued. To that
inquiry now proceed. And
/ Whatwere the causes Of the suspension They
were the Specie Circular, which forbade the receipt
of any thing but gold silver al the Land Othces-
the mSmanagement Of the depoSileS, which scattered
them to the frontierS-the clamor raised by the Exec
cutiys against bank noles, which alarmed the peo-
pie for their safety and caused run upon the banks
Tor specie Now has any one OF these causes ceased!
On the contrary, have they not acquired ten fold
force 2 The Specie Circular is not repealed. On
the contrary il has been extended, for bank notes
are prescribed not merely from the land offices, but
from all payments of every description 10 the govern
ment. The distribution Of the surplus is over, be-
there is no longer any surplus to distribute;
bur the great disbursements on The Southern and
Western frontiers operate as njuriously by requir-
ing the transfer of much revenue from the points
where it is collected. Lastly and manly, the alarm
about bank notes propagaed BY the government, has
been deeply spread throughout the country, till what
was at first passing oucry, has settled into an i'm
placabe hostility. No man. think, can doubt for a
moment, thai the Executive of the United States
seeks 10 maintain his power BY exciting popular
passions against the credit sys,em-and that the
whole influence of the government is employed to
infuse into the minds of the people, distruSt and ha
tired of all banks For this purpose, the most insane
rawlings addressed to the cupidity OF the igno-
rant who are taught that gold and silver are the
only riches, and above all, that these shrewd
metals would enable US To ontwit the paper dulness
of England. Sir" said lately of these politi-
clan, in the Senate of the United States, ST., man
loses all BY any circumstance that b1t for that cir
cumsance he would have made. Although England
is paper country yet are ,csre crctusirety metallic
country noe should make more out 81 cur intercourse
NTH her. And why should we, because she chooses
To main herself by her paper system follow her exam
plel" The government, it may be said, is compare
lively harmless because its expenditures exceed its
income. It's regular income, no doubt-but while il
pledge the public credit for treasury notes at
high rate of interest BY which every mans property
is morgaged, and buy specie with them, there can
never be wanting the means of expressing the banks
There is therefore no one circumstance which occa-
stoned the SUSPENSION sufficiently removed TO justify
change, and the most prominent cause remains
with increased intensity. Accordingly
IL. The credit system Of the United States and the
exclusively metallic system now fairly IN the held
face to face with each other one other must fall
There can be other issue. II is not question of
correcting errors reforming abuses but Of absolute
destruction; not which shall conquer bat which shall
survive. The present struggle too must be final IL
the banks resume and able by sacrificing the com
munlty to continue for few months it will be conclu
svey employed at the next elections to show that the
schemes Of the Executive destructive they
will prove hereafter. but II they resume and again
compelled to suspend, the Executive will rejoice at
this new triumph, aud they will fall in the midst OF
universal cutlery against their weakness This is per-
fecy understood. and accordingly all the Influence Of
the Executive is directed TO drive the banks by popular
outrage and clanor, SHto premature accomplishment
business pllsn, general and permanent, but po
ltlcal aud forced resumption, which may place them at
the mercy Of those IN power They who have special
charge Of these interests must then beware Of being
decoyed from their present position They
safe and strong and they should not beyond
their entertainments while the enemy the plain be-
fore them. II they resume, Of two things will
happcn-their will be received by the Govern
they viii be received II they received,
the Government, 10 the extent OF their revenue will
force the holders of their notes draw specie from the
banks to he deposited with the collectors Of the
For the difference between the revenue and the
penses, the Government will Issue treasury be
sold for bank notes. aud converted specie and as
the disbursements are made at points on The frontier,
remote from the places Of collection, il will return
to the banks issuing 1t except circutously Bat II the
received, they will not formerly he deposit
cd IN banks and drawn cut again to into the
circulation leaving the public creditor his choice of
specie notes. but they will be left special depose
with the receivers, When warrants drawn on these
receivers they will call the banks for specie pay
the favored public creditor, selecting Of course the
banks whom they win draw according 10 its servity