The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-05-11
MIR. Riddles Letter,

specie payments ~ Nay next do this because
my position seems To Justify, if not require it
For nineteen years have been connected with
the institution which caused the last resumption,
and during all that period my efforts have been
directed to secure to the country the benefits of
sound currency, and 10 Danish from circulation
every thing but the precious metals and notes al.
ways convertible into them. | think that no 9th.
er currency is safe tnerabe. and that Se should
now return 10 1t az the first moment 1t can be done
permanently. For this purpose the institution 10
which belong has made great efforts Since the
suspension IN May last, il he's bought and added
10 its vaults nearly three millions Of dollars in gold
| and silver, and nov, with capital Of thirty five
millions, It's notes in circulation are six millions
while It's specie after paying more than half
million to the Government OF the United States
amounts TO nearly four millions, and i has eight
or ten millions of funds in Europe. Our pfincl.
piles, heretofore, incline to an early resumption
our preparations would justify il and il we we've
at all Influenced by The poor ambition Of doug
What others cannot do readily, the still poor.
er desire OF Profllng by disasters of others, the &C
casIon would certainly Dc tempting. Bat the
Bank of the L. States, makes common cause with
The other banks, and the character aud prosperity
OF the county are identified y 18th It's banking sys
TEN. They must stand or fall logether-ind IL OF
vital importance that the banks should scl wisely
and act harmonIonsly, and above all, that they
should not suiler themselves 10 be driven, BY The
dread Of being thought weak, into rash and hoz-
aidous enterprises. The great prcrogatwe OF
strength is no, 10 be afraid OF dong right; and it
belongs 10 those aho haye no fear that prudent
counscls will be mistaken for timidity, 10 examine
calmly whether the general interest Of the coun.
try recommended the voluntary resumption OF
specie payments 10 MAY next say he volun.
tary resumption, because there Is not now, nor has
there ever been, any legal suspension OF specie
payments, there vas for more than twenty
years in England. The suspension is wholly con-
yenilonsl between the banks aud the community,
arlsng from their mutual benefit. Ia truth, the
banks but the mere agents Of that comnunl.
". They have no funds not already lent out to
the people, Of whoss property and industry they
The representatives, They are only other names
for the farms, the commerce, the factories, and
tie internal Improvements OF the country AID the
Inquiry whether the banks ready 10 resume Is
ony another form oi asking IS neither the People
are ready % paw their debts to the banks.
The true question, then, after all Is, whether
I the time has arrived shcn the banks should n
| uuuuce thai the uses Of suspension, which then
ssu,Gt d thu community, have ceased 10 exist, aud
that the suspension ltscii. 18th all ITS necessary
attendants Of restriction, need 90 longer be coU-
tnuc6 To that inquiry | oow proceed, And
I They we're the Specie Circular which lurpade the
rcceip, al any thing bur gold sIser at the land
| tiicrs--thc Encouragement OF the deposiies
/ ahich scattered them 10 t''G rontiers--he clamor
| tasCd by the Executive against bank notes.
Abich alarmed The People tor theit safety, aud
caused run upon Tho banks for specie. Nov
/ las any one o. these causes ceased On the CON-
ftary. h0yo they not acquired tentold force The
/ specie Circular IS 10, repealed On the contrary
It has been extended, TOR bank notes ar prescribed
81 merely FRO the land offices, but irom all pay
mcnis OF every description 10 the GoSeJnmenL-
/ The distribution OF the surplus Is over, because
here Is no ongcr any surplus to distribute; but
lac greaI disbursements the southern aud
Western frontier operate ipJutiously. by re-
/ guit,ug the transfer of so much revenue from thI
I points where II is collected Lastly aud naiulS
! he alarm about bank notes. pTapagated by the
Government has been deeply spread throughout
he country tlt. THAT was al frsl passing oniciy
ms settled into an implacaole hostility. No man,
think. can doubt ter moment that the EGecU-
| i've Of the Uuited States seeks 10 maintain has
,oNer by exciting popular passions agaiasl the
srcdt system, and that the whole luluence of the
Government is employed 10 Iniuse INTO the minds
OF the pcoplc dstrust and hatred OF all banks. For
his purpose the most insane rav,ugs are address
sd 10 the cupdity Of the ignorant, who are taught
that gold aud silver are the only true riches, and
above n that these shrcwd metals would enable
as TO ou'wit the paper dulluess of England. Sir,
said latel, one Of these politicians IN the Senate
Of the United States, 4 man loses all by any CIR
onmslancc that but for that circumstance he would
have made. Although England is paper coun
try ysf # lrf iceTs ,r lusirslg metallic country
/ ICE should make more ont Of intercourse tcifh hfr
Md vhy should we. because she chooses 10 main
herself by her paper system, follow het example =
Etst L., - ,f,ara INrp
ly harmless, because its expenditures exceed ats
income It's regular nceme. no doubt but " hir
II can pledge the public credit for Treasury notes
at high rate Of interest, nv hich every MANI
property is mortgagcd, and buy specie with them,
there can never be wanting the means OF opPres-
stag the banks. There Is, therefore, no one CIR
. circumstance, which oCcasioped the suspension,
sufficiently removed to Justify change, and the
most prominent cause remains with increased IN
tensiiy. Accordingly
H. The credit system of the United States and
the exclusively metallic system are now fairly IN
The field, face 10 face with each other; or the
other must fall. There can be no other issue 1t
- not question of correcting errors, reicrmIng
abuscs but OF absolute destruction not which shall
cenoncr but which shall survive. The present
strupp lie too must be final, Il the banks resume
and are able, hy sacrificing the community 10 con
tinue a few months, II will be conelusiVeiy en-
poyed az the next elections to show That inc
schemes of the Executive not as destructive
/ as thew will prove hereafter But If they resume
and again are compelled TO suspend, the Execn
tive will rejoice at this new triumph. aud tht
banks will isll in the midst of universal ou'ery
! against their weakness. This rs perfectly under
stood, and accordingly all the influence OF the FIX
rcntivs i, directed 10 drive the banks. BY popual
outrage and clsmor, into Il premature resumption
not business resumption, general and parma
nent. but a political and forced resumption, whIcf
may nlnre ihnn al the mercy Of those IN power