The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-17
COMMUNICATIONS.
TO THE HONORABLE JAMES Ii. po,A
!speahsr u az Mnse of R.preualalir-,

led to This calamity, il Is MOI my purpose now 10 III.
qplre into. Ia relation TO them, there exists grea,
diversity ofoPnion. While an individual is RAPIDLY
wasting away By disease il cannot but be manIr4r
that i would BE- far wiser to search for and arp.v
The remedies TO remove it, and restore him to heall
and vgor, than 10 prutract the disease and lcora,
die the life of the afflicted By stopping 10 search o
| It's origin So with the disorder which now atirr.
| all our financial and monetary affairs. The only
| inquiry should now be, what course of policy and
what measures can be adopted that will the mos,
speedily and etiectualy remove the disorder and re-
store sound currency to the people and the country
and through its influence inyigorate and reanimae
every branch OF industry and enterprise Throughout
| the country.
On the 18th day Of September last the President,
in his message toConsress made use ofths remark
able expression. During hecariier stages ct Hc r..
ralsi0a through rkich zee hape Just passed." This woun
seem to convey the idea that the Chief Magistrate
considered the revulsion as having at that period
gone through all its various stages and finally. to
have passed over entirely. Subsequent events how.
ever, furnish abundant evidence OF the most CON
vincng character TO establish the Of such b.
| lief at that time.
The President in the same message, assumed the
following position and asserted the following dove
|
riA sooa furnish The means Of ltquidattag de1ts At
hone aud 0Jroad ard eoatribute equaily 10 The rcrir
Of commercial aetrity and he restoration of comRcr
cial credh The boHks established Gr0ursdty toy ft
support, dcririag their PrgfLs from H. and resting lg-
Idsr obligations 10 IL tiek cannot be orerlookcd uR
fet at oRce TIC necessity aad Justice Of uniting mrr
energies 0ih those 81 tis sleycaHitic interest The S-
pension Of specie PaymSas al mcA time, and uader
sRcd circumstances as ne Aarc atcFy lcitacs@d could
not DC o'Aer Than temporary measure; and ne can
scarccyerr in bslicriHg that The Period must soon
rre tsa all that Soireat iA redeem their issues in
goid and SiIrer"
More than seven months have passed by since the
above uttered by the Presidents our great staples
have been gathered in abundant crops, and to
| extent been sent forward to their markets and no,
single one of the predictions have become verified
The energies of the banks still remain dormant ard
those of The merchants are still PROSTATE. Nor do
| the banks redeem their obligations in silver autl
| gold The embarrassments of those sections Of the
country that have produced the largest quantity q
our great staples have increased and the impcdi.
mentS in the way of the banks resumng payments
OF their obgatil in specie have been greatly aug
mented since these prophecies were made by the
! President
The difficulties, arrangements, and embarra>s-
mentS throughout the country, have gone on con.
stantly increasing in extent and daily becomiHy
more aggravated in their operation.
We have incontrovertibc evidence of this in the
languishing state Of our foreign commerce, and the
| pitiful amount of revenue now derived from duties
on foreign imports, Well did the President remak
that, Dealings abroad naturally depend resources
and prosperity at home"
The anlcipations and predictions of the Pre,i-
dent have not been realized the sutfcrings of Tie
| people have increased, and not even glimmer Of
hope, of future relief is buoy up their droop
ing spirits, and overcome their misery.
The people will b, wholly unable much longrrto
bear up under such state of things. They will
not much longer submit 10 them Something must
be done that will lead 10 change for the better.
| The inquiry naturally and properly TO be made is,
what can be done that will remove the evils which
now cypress the community and weighing il
downl What can Be done that will restore activiy
10 commerce, occupation 10 industry, and prospect
| y to the country :
The answer TO these interrogaores, is as plain as
the remedy is simple LET THE BANKS RESUME PAY
MENrs SPECIE THEIR OBLIGATIONS, This
measure alone, would gladden. the countenanccs OF
the people with Joy and happiness, and brighten the
face OF the country with prosperity, Then why do
the banks not adopt it That is momentouS ques-
tion. Ii is one that ought 10 command the most Sc
riouS reflection, examination and inquiry, of every
statesman, patriot and philanthropist in country
II the fault with the banks that they do not re-
sumo, make it known to the people; lay before them
the proofs that they may pour out upon them the Just
reprehenSionS which their pervcrSity merits. II,
however that fault rests in other quarters that ought
to be made known TO the people, that they may not
unnecessarily condemn the banks.
These points, propose to examine somewhat into,
and shall endeavor to forty the positions that shall
assume with such facts as will defy assault.
We are told that " experience begcts rtSdom" Ger
tain it is that through experience we acquire our
best lessons What better monitor can we consult,
to assist us out Of our present difficulties than the
policy which was adopted, and that raised us out
of precisely similar difficulties, which the country
was plunged into, and through precisely the same
cause (banbs not paying specieD little more than
twenty years ago!
The preparatory steps were taken, and the mea-
sure of a resumption of specie payments by the banks
consummated under the administration Of the Irea-
surv Department Of two as distinguished statesmen,
and able lnanccrs as were ever placed al us mead,
Messrs Dallas and Crawford. The frequency with
which the productions Of both Of those gentlemen
have been quoted as authority the most strenuous
and thorough going supporters of the present ana
late administrations, in their reports and speeches,
gives unerring evidence Of the respect entertained
for their judgment and the wisdom OF The Polcythcy
pursued. "
The suspension of specie payments by the banks
IN the former occasion took place in September
1914. Ofthis act Mr. Dallas thus spoke in Dcccm-
her 1919.