Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-12-26
LETTER FROM NICHOLAS BlDDLE TO
THE HON. JOHN QUINCY ADAMS.


caslon TO close our correspondence with
an explanation of The course of the Bank
of the United States in regard to tina, sub.
iect. This shall be done briefly and final
ly.
On the 10th Of May, 1897, the Banks
of New York suspended specie payments,
and their example was Immediately and
necessarily followed by the other Banks
in the United States. The country was
thus placed in a situation ofextreme diff
Guilty, from which it could be exircated
only by instant and vigorous measures
for its protection. The dangers we're
total prostration of its credit and charac-
ter abroad-the depreciation in prices of
all its public securities and its staple pro-
ductions-and, at last and worst, that the
defensive remedy Of suspension might be
protracted until It became itselfa disease.
1t was manifest too that the calamity had
outgrown the capacity Of mere politicians
that the country must take care OF IT.
self and rely only upon iiself--and as, in
times Of peril. the voice of the hnmblest
citizen may sometimes be heard above
the tumult, my own personal position
seemed to justify the assumption ofinstant
and deep responsibility. Accordingly,
at the very moment when this national
misfortune occurred, immediate measures
were adopted to mitigate and to repair 1t.
OF these IN their order.
l. Aware that the first intelligence Of
the suspension would degrade the charac-
ter of the country, and subject US TO the
reproach of bad faith and insolvency, |
addressed to You published letter, which
went to Europe at the same time with the
news OF the suspension, in which | ventu-
red to pledge myself for the fidelity of
our countrymen. In that letter, of the
18th of May, 1897, said Gin the mean
time two great duties devolve OH the
Bank and the country. The first regards
foreign nations the second, our own.
We owe debt to foreigners, by no means
large for our resources, but dsproporton-
ed to our present means of payment
We must take care that this late measure
shall not seem to be an effort to avoid the
payment of our honest debts to them.
We have worn and eaten and drunk the
produce of their industry, too much OF
all perhaps-but that is our fault-not
theirs. We may take less hereaiter,-
but the country is dshonored unless we
discharge that debt to the uttermost far.
thing"
For this purpose-the early and total
discharge of our debt to foreigners-the
whole power Of the Bank Of the United
States was devoted. In such Crisis II
was evident that If resort was had to rigid
curtailments, the ability to pay would be
proportoEally diminished while the on
ly true system was, to keep the country
as much at ease as consisted with its safe
ty, so as to enable the debtors to collect
their resources for the disehare oftheir
debts. For the same purpose, the Bank,
though entirely out of its course of bust
ness, and in some degree Of collision with
its own exclusive interests, assumed an
active agency in collecting the debts OF
the Bank Of England, gave every facility
for the recovery Of all debts, and stimula-
ted our countrymen to this duty by ear
nest and constant appeals to their honor
and their true interest. With what
generous emulation that appeal was an
swered YOU well know--lor it touched
chord which lies deep in all American
hearts. If the universal distress which
pervaded the community could not be wit
messed without painful sympathy,--its
melancholy was redeemed by the high
and manly spirit which it reused through
out the country. For never, on its most
glorious fields of battle, was there dis
PLAYED a more lofty sentiment OF honor
and courage than was then exhibited.
The honest payment of debt-the homely
duty Of private Iiie-was elevated by Its
universally into sentiment of national
bonor.-as the whole country In mass
pressed forward to its performance as
to some sacred and patriotic obligation.
Whatever could be paid, was paid instant
w and most checrfully what it was I'M
possible to pay at once, was secured WIN
ample interest for the delay, with an utter
abandonment Of mere sefishness, and
disregard of any pecuniary sacrihce ne
cessary to fulfil their engagements. Ac.
cordngy the manner in which the United
States have settled their immense CON-
mercial debt to Europe is lasting mon
ument of their integrity. No country
could have better performed its duty.
Even in the calmest moments OF prosper-
Nv such settlement could scarcely be
ina gined as was accomplished amidst the
general wreck and confusion of all Its
great interests with which the country
was afflicted. The consequence Is that
the general credit of the country never
stood higher than at this moment,-for II
has now earned distinction entirely ex-
elusive and haracteristic-that while the
Government OF the United States is the