True American. [volume] (New Orleans [La.]) 1835-18??, 1838-12-24
LxTTER FROM Men iL,s BlDpIE ESQ. TO TIE
Hon John Quincy MAINS

fesPondence with exttanatinn of the course u
sne pan& ., the United ties in rega !" tina
eHo1ect. THIS shall be done briefly and finally
On the 10Th of May. 1887. the banks of N. W.
York suspended specie payments, and ,b.,t ey n
PIE was itnme lately and npcesaarl, followed h,
ihe her banks in the Dated Stn.rs The cnnrir,
was thus placed in s'uatr,u extreme. difficult t.
from which 1t could b. riratrd oniy hy in -,nn
ana vigorous measures for its prntpc tIou lh.
dangers were-the total prnstrarion of us cred,
and character abro ID; the depreciati,n in price.
u all Its pubic srcu it"s aud its staple produc.
mons; and last and worst, thai the def, psIy. r.,
medS oil suspension might be prottactrd until il
became itself a disease 1t was manifest too thu.
the calamity had nntg,own the capaci,y of n,.,,
Po'iticlansi that the country must take care o
hseii ana rely only upon i'self; lnd as IN inps u
peril, the voice of the humbIeSt ritizAn NAV some
hmes be heard above The u, my own persona
position seemed To Justify the assump tiun OF instant
and deep responsibility. Accordingly, a, the yer,
moment when this national IN isf"rtune occurred
lmme nate measures we're adopted to mitigate ma
10 repair It. OF these in their order
l. Awnre that The hrs intelligence of the aus
pension would degrade the character of the couu,r,
ana subject US To the rrproach of bad faith and
insolvency, l addressed TO you a public litter
winch went TO Europe at the same lime with the
news OF the suspension, in which 1 vea,ur,d to
pieoXe myself Tor The fidelity of our countrym-n
An tha1 letter, OF the l3 of MAY, 1897, said in
we meantime Two greaf duties devoIve On the
'ank una the couniry.-The first regards tnreipn
na'ions' the second our own. We "w. n DE- bt to
i"fe'gners by no means Urge for our res urces.
cut d'spropoftmned t" our present means Of paw
"ent. we must TAX e care that this late m eas mr..
shall not see TO be an effort to av,,t tn. paymenI
u our honest dehIs I" them. We have worn ana
eaten aud drunk The pudure of tn, ir industry, t,.,
much oil all pefhans, tut that is ia u not theirs
we may take less hereafter, but the county is
alshonoured unless e discharge that deb, To IN,
attermost iarthing
Fof inns Purp"se-fhe early and total discharge
OF our debt 10 Foreigners he whole power of I .e
Bank OF thu United Sair. was drvoied. In surh
CRISIS II was eti lent thar it resort was had Il"
Hgio euftainents, the ability IN pay would b. pro
Portlohshiy dlmini>he the unly true s,s
TEN was 10 Keep the country much at ease as
o""e's'eo WIN lis safety, S" as 10 enable the
deoors 10 collect their resources tor the Jscarur
81 their debis. For the same purp se the ba pk
though entirely out OF lis course ui business and
IN some degree OF collision with it's own exclusive
interest, assumed an active agency 10 cucct,up
me DEBTS ot The Bank nt England gave ever,
'acihty tor the recovery of all dpIs, md stimuli
'eo our coun'fyinen TO this duty by earnest, and
constant appeals 10 their honour and rue interests
WIN what generous emulation lhnt appeal was
answered yon well know; it touched =, chord
which lies deep in all American heart. Il the
universal distress which ptrvaded the community
e"uld not be witnessed without painful sympathy
US melancholy was redeemed by the hiyh and
manly spirt which il reused Throughout the
country. Fer never, on iunsi glorious fields OF
"at'ie' was there displayed u more lot n,imsn,
of honnur and conroup than vas ,b.n axh,,,,d
The bonpst n,,,,.,, If iL, 49, -, ,N ".
privaia III, w,s .Ia,,,,d b. -, y "
a sentiment nj ,a,,,nI l. 's ''Ii'''! nv
country IN mass pressed inrna arr 10 its ppif nm.
ance, as 1" some sacred aud prtri.hic ohliuatin.
e'uiu pe Piin. was PAD Instantly and
o"eeiiuiiy' wha' II was I'M possible 1" pay once
was secured, with ample Inteerst Tor tho d,Isy
with an utter abandonment Of mere spltishness
and a disregard OF any ppcuutnry s,r,ffcs u.,.
saIy TO iulhl their engagem.nts Arcord,nylv III,
manner n, which ~. II ,,r4 G.. L "
,ls;r ;,.,n.,. r,l =, ~ ' s'''''o
I.;,,. " ~ ' ' ,' '' ''o' !" i.n "pe. IL
s u'"' VI '"e" ,'eei y ~" cum y
c'uu ha'e pe''ef performed dHiy Even IN the
earnest moments oi prosperity, such he,ller,rut
could scarcely lie imagined MAS accomplished
amidst the general wreck aud cuntus on Of oIl tn. !
great Interests wiz, winch the c,un,ry US ~, |
h,c,rd The couseonrur. ia ,hn, th. ,r.,a,
. red, of ,h q cu,,nt,x ,.v.r .,,,t i,,,,ho + ~ '
iii. ,,,,,,,a,, IN, ;; .'.. '""" "'
- 49, ~ " ~, '"'u u'S'''c''''h /
''' ."N'''''' "e 'n"'"e'' l's'ie' 'ha' "hll' |
'hS government o' 'e ohl'tn s'"'es is the "ni>
government on EARN maj has eve psi |" the last
cent ls national deh', the people ut he I'm e..
States ha re discharged thrir prvatr n auenenls
with an un, xaWpltu ti,ti ty-n evil ul,rv ,I,.
worth n h. usaud viriur,-.
In tl,, ,nds, of ,les. ,routsS RI. .L,, .o,ox f w -
sttutuns was threatened Inv n ron h,,'n,,, :. "a
clans in penns, lyu,in vi n endnnrrr,I c,.li'n.
,he h,s;. ~, ,2a,;.nr H., SIM 49,, u, , ' as
~ u,dn ~, va, 'a a Il, ''e' VI oi''-
able q Ss a,,",l aI ~, a., . I; 'i NY, as ~
,t;ll .,,,. s,,.ct,,, " "a, nm, - - 49,, -
t;onvento,-wh,r' Is n,l, na,, 10. ' s -, .'a i
sry erisla,on-ahd an utie,t Va. an minced 10 t,r
~ that dogma INTO titei nj n Cpu,pntnu tj,cn an.
preaching The asseitluu of ,ucl r,rI1 II, ,le 81, .