Daily Richmond Whig & public advertiser. [volume] (Richmond, Va.) 1833-1840, 1838-04-11

III
iot currency, because he can better support q high
rate VI remittance than u reduced or postponed
payment.
There prevails a notion that the credit Of the
county abroad will be injured by not r-sumipg.
Not in the least. Every body connected With
America knew the reasons OF suspendipg, and
entirely approved Of IL as the only measure that
could have saved the country. What EuI opeans
want now is tina, We should pay our debt. Tba,
IS our first duty, and il they see, as they cannot
fail TO sec, that these premature efforts 10 resume
specie payments prevent the collection Of what il
due 10 them, they will perceive, that in endea-
vouring to secure an Object wholly domestic, they
have been sacrificed. Ia respect 10 the dividends
and the stock. payable abroad, many Of them ore
payable in pounds sterling OF guilders, or francs,
50 that we place the money there AT our own cost
and as TO dividends payable here, they have
almost universally been reunited in the equiva-
Tents 10 specie. What the general merchants Of
France or Eugland desire, is that we should take
their merchandize-that We should trade with
| them. The state OF our currency is n very sub
ordinate concern. You deal with them and pay
them IN their own currency. They know little
and care less about the sort Of currency in which
you deal with the South and West Besides, who
are To reproach us with the depreciation of our
notes. The Euglish1 But The Bank Of England
suspended specie payments for twenty-five years
during nearly all which time every American
Bank paid specie-and men in England were
forced by law TO take The notes OF the Bank OF
England when they were at thirty per ce3i. dis
count-whereas no man is obliged here to take
any note OF any bank-and al this moment n M
per dollar in Philadelphia or New York, will
buy silver dollar delivered in London. The
question then OF the resumption is one exclusively
domesiic-oneI which, however important nj
home, does not affect the credit Of the country
abroad.
vi We come now to the question whether il
an early resumption he practicable, the month of
MAY Is III time. My impression is that the
monih OF May is q very unit time. The re-
sumption, To be useful, must be general; and no
| arrangement can be satisfactory which does moi
| include the Southern and Southwestern States.
These do not think are. yet ready to resume.
Ihey are siraining every nerve to pay their
deots. Their crops are going forward to pro-
vide funds in Europe and at the Norih-ihe
Banks are lsooriBg To meet their notes at the
North-ihe Legislature are plejging their cie
"lt 10 raise funds in order that their people NAV
pay theii debts. Why should we repulse tb,m7
All they want is time. They have not vet had
the osnehi OF single crop, and they may re-
quire another; AMI instead OF dscreditlnP them
or diminishing the value OF their produce or
curtaillng their facilities in sending their crops
io'msrkei, II Is better TO help them and wal; I'm
Ihey are more advanced in their preparations.
The employment of credit either of Banks or
oi individuals most useful to the country At this
moment, Is to forward its produce 10 Europr In
stead OF this the Banks are reducing these faci
ll'les, and calling upon their debtors for paw
hehi, This seems very unreasonable. II is
the ciopto market. The month Of MAY too Is
not the right lime OF the year. For example il
requires on an average about fifty days to iake
cotton from New Orleans TO Liverpool. SUP.
posing II Immediately sold, the usage is al
the end of ten DAYS to give bankers accordance
payable in two months, so that by the month of
May there would not be actually realized more
ihan the cotton which left New Orleans before
January, when not more than one fourth or one
NTH OF the whole crop had been shipped. Much,
hFa N.NE kaa
speak now of the actual obtaining possession OF
Inc proceeds OF The crop; and at all events MOI
one half OF the crop will have reached Europe
hy the month OF May. TIE Spring j., more
over, the season when the credits given for the
shipments of Southern aud Western produce
are maturing al the North; and the cop from
which reimbursemenls are come remains uu.
sold IN Europe. The Spring too, is the time
when the Western business has brought from
The Interior the notes OF the Atlantic BANKS
when the circulation presses more upon them
'han at any other period, and when specie is
wanted fer The trade 10 ChiRa aud India making
mat lime particularly unpropllious for the re-
sumption.
VII. IL remains now 10 enquire how far these
general views OF the expedlsncy OF resumption
~ May should be changed by The determination
oil the Banks Of the city OF New York to resume
al that period
For the gentlemen of New York who annoupc-
ed that decision, have great personal respect,
would III.
RsY yield my own convictions to their better
opportunities and understanding. Bot the natu-
raj lnhuence OF their judgment is weakened by
.he knowledge OF the tact, that the Banks OF New
ON weslu bot haze lad Observation-Disclosures IT
lowed by the Legislature will then exp,rs aad
lhey isar that II will not he renewed. This was
distinctly avowed at the Bank Convention. and
the Deputalion who visited Philadelphia repeated
II again and again. Now this may be a ve:y good
reason Tor the Banks OF New York 10 resume
In NH
OF PennSylvania TO do thu same. The Slates of
pennsylvania, OF Virginia, of Kentucky. have
Legislature. as well As New York has and thew
nave refused 10 direct their Banks to resume in
May mex. Why should they obey the Legisla
lure OF New York and not their own Leeisla-
lure1 The position OF New York is on all hand.
regretted. But how is 1t 10 be remediedl A sim
gle Legislature out OF twenty six LEGISLATURES
mad passed law forfeiIing the charters OF
Banks, II they were unable to redeem their notes
IN specie. n public calamity oVeriakes the
coantry and The declining TO pay specie, SO far
from being criminal, became an act of public
saiely-so adopted by all the Banks, and so con-
hfmed bY this very Legislature. The provision
originally designed to guard against fraud
may IN Is become The punishment OF honesty and
aoiliIy. The Legislative body which projected
'he banks Tor year is now in session and IN
'Wen'y-iour hours tan extend the indemnify ill
more appropriate season for TeSDming. presume
no diihculiy will occur IN this. WHY should there
e.
indifference the distress which perseverance IN
ms course must inevitably create, or PERM, the
pTiue OF opinion OF any mere political or Marty
eOnSiuefailon TO prevent them from nierposine
70 Pfo'ect their noble but suffering ciiy1 T.
thRy decline hCw can we of PennsyIvani, in
terierel-WhY should we voluntarily place our
selves IN the SINE situation toto which N Yo,k
mas been forcedl By doing so we share onlv
common diSaster-instead of outstanding our
resources against the period when our intefposi
IUl l., A. y
lhe most eHectual service which we can render
Is 10 speak IN tone of frank sincerity. She
may perhaps bear IL from one, than whom she
ns' never mad more true aud constant friend
VIM, shhoush an entire stranger, has for long
ere oI years, done every thing IN his power To
suVahce hef prosperity, and never sa W her IN any
misfortune which he did not anxiou.ly s,,,vs ~
bNuga,e But wish To- serve her, not 10 asiter
msr' ! belleVe then that at this moment New
10TH Is IN an entirely false position She il
oOllRed by The existing law To do What she feels
10 De wrong. Her natura! course is TO anpeal IN
%, 70 ShrG% DOT Their own Sis,s Rsn,s 70 Sb 81
crushed by the Executive Instead of doing This
snS PefSeVefes from mistakeR though honor
abIe Pride IN not asking relief where relief is a.
,aInaoie' out - preparing for the event BIZ sscti
nc'hR hsr own interests and INJECTING distress on
me community. The apparent superiority in the
thcnanges which this produces, - WHOLLY iaUa
cOuS a. well as Injurious. The state of the ex.
Cnaugesln New York proves nothing whatever.
except The scarcity OF money IN New Yotk I'll.
exchanges are even less depreciated than n,nv
olher ihing'. The bank notes Of the Soutbsrn
states are al general depreciation But Store
tent and real estate in the very spot whore ,bese
no'es are sacrificed. aTe much more deprerisied
, ,n ms notes themselves. So too in New York.
lhe notes OF Philadelphia arc vi "A discoun, %,
a. ms moment New York has to pay 10 Pbils.
oelPhla lle less than ten millions of dollars for
sclual oeolS 10 Philadelphia, apd 10 foreigners