Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-04-26

Now, when large and respectable portion
of these other banks. representing the most
commercial State in the Union, propose,
in obedience to a resolution Of their Legis-
Ia,ure. TO resume specie payments, he tells
them, that they don't understand the inter-
es's Of The country; that they are fools,
rushing blndly to the consunrhation Of an
act, which must plunge the dear people
into still deeper distress. Mr.. b. pledges
himself not to follow the other banks in
their mad course. What will be the effect
of this proclamation, VIC know not. 1t is
not TO be believed, however, that il will
have the effect of making the New York
banks recede. AS desirable as it would bc
to get the cooperation of the U. S. Bank,
surely MIR. Il. is not so perfect an Autocrat,
but that the others may get along withou,
him. Sorry would We be TO know the fact
that return TO specie payments depends
entirely upon the nod Of any one Bank
President.
MIR. Is. concludes with the following ad-
vice to the banks:
"'Chc banks should remain exar,ly as
| they Incorporating to resume, but not We,
| rcsuminS.
"Thcy should begin, as the Bank of Eng
land did, under similar cirrunsia anccs. by
paying The small notes. so rs to restore coin
| 10 all the minor channels of circulation
but moi make any general resumption until
they ascertain what course the government
will pursue, employing in the meantime
heir whole power TO forward the crops to
market. The American banks should do i'm
short what the American Army did at New
Orleans, stand fast behind their cotton bales
until the enemy has left the county,"
Thus ii will he perceived that the period
is Indefinite, and that he holds out the idea
that they never should resume, until then
can control Tie government.
We conclude this article by short cx-
tract from Il recent message Of Gov. Mar
cey to the Legislature Of New York, in
which he denounccs the settled purpose of
the United States Bank to continue .,he
issue of an irrcdcernabc currency"
~ am confidently persuaded tina, n vas,
majority, II not almost the entire mass of our
constituents, are opposed to, and will cx-
Pect their representatives and public func-
!Ionaries to resist the policy put forth by the
United States Bank, of continuing the issue
OF an lrrcdccmable currency. In the divi
sion which will spring from the cxrraordi
nary position taken upon this subject, the
people OF this State, and its banking ins,i-
tutions will, | trust, hc found among the
trends and supporters of Il sound currency
"a currency equivalent. in value, TO the le
gal standard; and will be arraycd against
the policy Of continuing the issue Of ire
dcemahle paper. To carry out their views
i'll relation TO this subject, to sustain our in
stitu'iohs IN the measure coircsumption, and
TO put an end to the evils Of debased cir
cniaiints ir eslinn cnnpat -da.,L, Aha. ,hes,
will approve OF the interposiion, by the le,
slsiaturc' III tn manner have suggested, or
IN any other more efficient manner which
may be devised.
''Viewins this subject in reference 10 the
present posture OF our pccunary affairs. to
the embarrassment in which almost all
branches OF business are involved, and cs-
pccially IN reference 10 the attempt, by y
formidable moneyed power. to proionr the
suspension OF specie payments beyond the
pc iod imposed by necessity, believe the
present crisis must he generally regarded az
one in which it is the duty of the State 10
stand forth IN its strength, and ly the use
OF IFS credit and the sanction Of its name IN
shield its institutions and its citizens from
HARM am ready to cooperate with The
other departments Of the govcrnn,cn, in
every proper eiiort that shall promise such
a result