Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1838-04-19

cumstance which occasioned the suspen-
sion sufficiently remoyed'tojustify change,
and the most prominent cause remains with
increased intensity. Accordingly
IL. The credit system of the United
are now fairly in the field. face to face with
each other. One or other must fall. There
can be no other issue. It is not question Of
correcting errors or reforming abuses, but
of absolute destruction; not which shall con-
quer but which shall survive. The present
struggle too must be final. 1.-THE banks
resume and are able by sacrificing the
community to continue for few months,
it will be coaclusiveIy employed at the next
elections to show that the schemes of the
Executive are not as destructive as they
viii prove hereafter. But il they resume.
and again are compelled 10 suspend, tho
Executive will rejoice at this new triumph,
and they will fall in the midst of "a universal
on,cry against their weakness. This is per-
fectly understood, and accordingly all the
influence OF the Executive is directed to
drive the Banks by popular outrage and
ciamor into premature resumption-not
a business resumption, general and per-
manent, but political and forced resump-
ton, which may place Them at the mercy
of those in power. They who have special
charge of these interests must then beware
Of being decoyedsfrom their present posi-
ton. They are now safe and strong, and
they should not venture beyond their en-
trenchments while the enemy is in the plain
before them. lfthey resume, one oftwo
things will happen--their notes will not be
received bv the Government or they will
be received. Ifthey are not received, the
Government, to the extent ofthe revenue,
will force the holders of the notes to draw
specie from the Banks, to be deposited
| with the collectors Of the revenue. For
the difference between the revenue and the
expenses, the Government will issue treas
ury notes TO be sold for Bank notes, and
converted into specie, and as the disburse-
Inents are made at points on the frontiers,
remote from the places Of collection, it will
not return TO the Banks issuing it except
circuitously. But ifthe notes are received,
they will not as formerly be deposited in
Banks and drawn out again so as tn enter
into the circulation, leaving the public cred
itor his choice ofspecie or notes, but they
will be left in specia! deposite with the re-
| ceivers. When warrants are drawn on these
receivers they will call on the. Banks for
specie to pay the favored public creditor,
selecting of course the Bank on whom they
will draw according TO its sevilty or opposi-
ton to the Executive, and thus placing
them all under his control. Now under
such circumstances, is it wise for the Banks
to disarm themselves in the presence Of
their enemy?
III. The disorders of the currency lie
too deep for superficial remedies, and
these palliatives irrl.ate without curing. -
Congress, and Congress alone, can apply
adequate relief What Mr.. Madison said
to Congress in 1916, is even more true in
lS37.-"For the interests ofthe communi-
ty at large, said he, -"as well as for TIE |
purposes ofthe Treasury, it is essential
that the nation should possess a currency
Of equal value, credit and use wherever It
may circulate. The Constitution has en-
trusted Congress Exclusively, with the pow
er Of creating and regulating currency OF
that description. The only reform in the
currency of which that body has yet made,
is the issue Of ten millions Of irredcema-
BILE paper money, and proposal for ten
millions more 1t is worth while then, so
long as Congress fails to exercise its legiti-
mate powers, 10 waste the strength of the
country in efforts to accomplish what We all
know to be impracticable? To resume
now without some clear understanding
with the Government, seems to be throw
ing away the benefits Of experience, and
the lessons of misfortune. We have gone
through all the modification and all the in
convenience OF suspension. Let us endeav-
or to profit by them; to fix the future on
some solid basis-have some guarantee Of
the stability of the currency, and not set
every thing aAoat again without knowing
where we may be drifted. For
Nv. Compare the situation Of the Banks
at the last resumption and now. After a
suspension for nearly three years, Con-
gress applied all lis power to induce, to
persuade, and to assist the Banks in their
efforts to resume. They passed the resolu-
ton Of 1916, authorizing the receipt Of the
notes Of specie paying Banks. But this a.
lone was insufficient; and at the same time
they established the Bank of the United
States, with capital Of thirty-fve millions.
That Bank called Convention of State
Banks, and agreed that ifthey would re-
sumo specie payments, it would -.
/. Assume all their debts to the Govern
ment Of the United States.
@ Discount to those who had payments
TO make to the Government, the whole a