Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-12-26

had time 10 subside into their accustomed
channels these operations were relin.
pushed and now they have totally and
finally ceased.
5. During these movements il became
important to understand distinctly the
course of the Government. In my letter
10 you Of the 7th ofApril last, | stated my
conviction tina, there could b. no safe
or permanent, resumption Of specie pay
men,s by the Banks until the policy OF
the Government towards them was chan
ged"--this was soon and happily made.
On the 30ih Of May the specie circular,
requiring payments in coin in the Land
Offices was repealed by Congress. On
the 25th Of June the bin called tho Sub.
Treasury, requiring coin in all payments
to the Government, was negatlved. In
the month Of July the Government agreed
to receive an anticipated payment OF the
bonds of the Bank to the amount OF be-
tween four and FIVE millions Of dollars in
credit TO the Treasurer on the books OF
the Bank - and arrangements were made
for the more distant public disbursements
in notes Of the Bank. These arrange
menis, MS honorable to the Executive Off
GERS, as they were beneficial to the pub
lie service, brought the Government in
TO efficient CO operation for the re .estab.
lishmcnt Of the currency, and opened the
way 10 resumption OF specie payments.
That resumption accordingly, took place
throughout the middle States on the 18th
of August and in many of the Southern
and Western States soon after.
4. II remained only TO aid some Of the
Southwestern States for the same object.
Their activity in extending their public
and private improvements had made them
debtor States, and deprecated their cur
rency by It's excess. But they had a.
bundan, resources, and perfect willing
ness, to pay--and all that was needed
seemed to be longer period to recruit
| their exhausted means--so as to derive
from the approaching crops, BY short
| anticipation, ability to meet their engage
ments. The Bank Of The u. States has
used its utmost endeavors for that purpose
| by making advances to the amount of
| many millions in the Banks in those
States; all of whom will It is presumed,
by the month Of January, resume specie
payments, and thus complete the circle OF
resumption throughout the whole Union.
And now, upon reviewing the events
which followed the suspension, il is a
source of great qualification to see that
all II was designed to do, has been done.
II was proposed to protect the charac-
ter Of the country from the first shock OF
| the suspension--io effect the honorable
discharge of our foreign debt with the
debtors-to indicate the good faith OF
the State Legislatures--to discourage oil
premature attempts to resume-but, by
cautious delay for those States which
we're less prepared, accomplish univer.
sal resumption, All these nro done, and
the troubles or the country have happily
ceased.
OF the future, it is difficult to speak;
but in that future the Bank oi the United
States will no longer occupy It's past po-
sition. The Bank of the United States
had ceased to be national institution in
1896, and was preparing TO occupy its
new place as State Bank, when The
troubles OF 1887 forced il in some degree
back into its old position; aud Il then de.
voted all its power to assist the country
unhurt through its recent troubles. Hay
log done this, its extraordinary duties
ceased. For the future, il abdicates this
involuntary power. Ii has no longer a.
ny responsibility 10 the Union. II has no
longer any controversies with the Gov.
eminent Of the Union. Ii now desires
only repose, and it will take its rank
hereafter, as n simple State Institution,
devoted exclusively to ITS own special con-
Germs.
rejoice, too, that this new position oil
the Bank absolves me from many cares
and duties. In the general confusion of
public affairs during the last two years
it has been my lot to be more prominent
than my own inclination prompted, and
often TO assume station which would
have better fitted others. But public ca
families Justify the apparent forwardness
they require,-as great dangers nre best
met by defying them. My task is now
ended--and gladly withdraw from these
responsibilities, carrying with me the only
satisfaction ever sought in thern,--the
consciousness Of having done my duty 10
the country as good citizen.
With great regard, yours, &c.
N. BIDDLE.
Tur LAST OF THE CHERoKEEs.-Ihe