Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-09

BILE to redeem .heir notes in specie public calamity
ovsraces the cssnry and me declining to pay specie.
tyse adopted by all the Banks, and confirmed bv
this very Legislature The provision originally design
ed guard against fraud May thus become the pansh
ment of honesty and ability. The Legislative body
which protected the Banks for year is in session.
and in twenty four hours extend the indemnity till
mere appropriate season for resuming ] presume
difficulty will occur in this Why should there be Is
it possible that such body with indifference
the distress which perseverance in this must
inevitably create permit the pride of opinion any
mere political or party consideration TO prevent them
from interposng protect their noble but suffering
II they decline how canwe Of ennsy lvana interfere 2?
Why should voluntarily place ourselves in the same
situation into which New York has been forced By
aoing SO we share only common dsaster-instead Of
outstanding our resources against the period when
interposition may be really useful In the mean while,
the most effectual service which render, is
speak In tone OF frank sincerity She may perhaps
bear from one, than whom she has never had more
true and constant friendwho although an entire stran
GER has Tor long series of years done every thing In
his power to advance her prosperity and saw her
in any misfortune which he did moi anxsusy strive To
mitigate. But wish to her. not to fatter her
believe then that at this moment New York is in an en-
trely false position She is obliged by the existing lav
de what she feels to be wrong Her natural cour.o
is TO appeal to her representatives recy their mis-
take and not to thrust their State Banks TO be
crushed by the Executive. Instead of doing this abe
perseveres from a mistaken though honorable pride in
not asking relief where relief is attanabe but pre-
pairing for the by sacrificing her own and
nflictng distress on the community. The apparent
periority in the exchanges which this produces is
wholly fallacious well injurious The state of the
exchan in New York proves nothing whatever ex.
cept the scarcity Of money in New York The exchan-
ges are evenless deprecated than many other things
The bank notes of the Southern States are at great
depreciation But and real estate in the yerv
spot where these notes sacrificed, much more
deprecated than the notes themselves. So too in New
York. the of Philadelphia are at discount vet AZ
this moment New York has pay Philadelphia little
less than ten millions of dollars for actual debts TO PHI
adephia, and to foreigners represented by PhiladeI
phia 1t is therefore the abundance but the want
of meansit is not strength but weakness which causes
this difference, BY the process bread and meat
You make artificial scarcity of money, and then
boast how much the little which remains will buy-but
your superiority is punished by the debtor who does
not settle with a creditor so much above him. And
what is the benefit Of all this? The other States are
not obliged TO submit to this local legislation and thu
suffering of New York is certainly fitted to make
them adopt 1t voluntarily It is better therefore, for
them state with perfect frankness that they do NOT
mean to unite with her in this forced resumpon-to say
this decidedly and finally that she may apply the
only remedy-an extension of her law. The whole
subject would then be open for future adjustment upon
principles of safety, alike to the Banks and the
munity
On the whole. the which, in my Judgment the
Banks ought 10 pursue, 10 simply this:
| The Banks should remain exactly as they are-pre-
pairing to resume, but not yet resumiRg
They should begin the Bank of England did, un-
uer similar circumstances p paying the small notes so
coin all the minor channels of uatiop
but not make any general resumption until they ascer-
tain what course the Government will pursue employ
ing in the meantime their whole power to forward the
crops to market The American Banks should do in
| short what the American Army did New Orleans,
stand fast behind their bales until the enemy has
left the country.
These my opRiens very deliberately formed and
very frankly expressed. They thus set FORTH net
| to influence the of others, but to explain my
own.
With great respect and esteem, yours,
| N. BIDDLE.
Philadelphia, April 5, ls3s.
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