Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-04-19
[rrom the Philadelphia Nationals Gazette.
MIR. BiddIe's Letter.

To the Hon. JonN QuIScY ADAMS, Wash
ing,on:--
My Dear Sir,
/ propose To say few words on the ques-
tioa whether the banks should resume specie
payments in May next. ] do this because
my position seems to justify, 1t not require II.
For nineteen Yeas have been connected
with the institution which caused the last re- /.
sumption, and during all that period my ef-
forts have been directed to secure 10 the
country the benefits of a sound currency, and
to Danish from circulation every thing but the
precious metals and notes always convertible
into them. think that no other currency is
safe or tolerable and that we should Row
return to it at the first moment it can be done
permanently. For this purpose the institu-
ton to which belong has made great efforts.
Since the suspension III May last j, has bought
and added to Its vaults nearly three millions
of dollars in gold and silver; and now, with
capital of thiny-fv millions, It's notes IN CIT
cuation are six mlions,whIe its specle,after
paying half million to the government OF
the United States, amounts to nearly four
millions, and it has eight or ten millions OF
funds in Europe. Our principles therefore
incline us to an early resumption; our pre-
paralions would justify itand if we were at
d
what others cannot do so readily, or the still
poorer desire of proftng by the disasters OF
I .thers,the occasion would cerloinly be tempt
Il lnr. But the Bank Of the United Suites
makes common cause with the other banks,
ana the character and prosperity OF the coun-
try as identified with its banking systom.-
They must stand or fall together-and 1t -
of vital Importance that the banks should act
wisely and act harmonio,isy, and above all
that they should not suffer themselves 10 be
driven, by the dread Of being thought weak,
INTO rash aud hazardous enterprises. Tho
great preroga,ive Of strength is not TO be
afraid of doing right and it belongs 10 those
who have no fear that prudent counsels VIII
be mistaken for timidIty, To exa,nlne calmly
whether the general interests Of the country
recommend the voluntary resumption of spc-
Gle payments in May next. ] say the volun-
tary resumption, because there is not now,
nor has there ever been any legal suspcnsion
! Of specie payments, as there was TOR more
| ihan twenty years in England. The suspen-
! sion is wholly conventional between the
| banks and the community, arising from their
! mutual conviction that IT Is Tor their mutnut
benefit. IN truth the banks are bat the more
agents of that community. They have 30
funds not already h,nt out to the people, OF
whose property and industry they are the
1 representatives. They arc only other names
for the farms, the commerce, the factorles,snd
the internal Improvements OF tho country
aud the inquiry whether the banks are ready
TO resume is only another form OF asking
whether the people are ready 10 pay thei'
debts to the bonks.
The true question then, after all is, wheth
II er the time has arrived when the banks sho,l'
announce that the causes Of tie suspeps,ou
which then satisfied the community, has,
I ceased to exist, and that the suspension Itsel
: with all its necessary sttendsnts Of r.s'ric
> tiou, need no longer be continued. To tina
/, inquiry now proceed. And
y. What were the causes OF the suspen
e sion? They were the specie circulsr, wh'c
n forbade the receipt OF any thing b"s gold
n silver al the land olTices--ibc mismanagesneI
- Of the deposits, which scattered ihcnrto t'
N lro htiers-tho clamor ruised by the Escc'
"A i've against bank notes, which alarmed W
- people for their safety, and caused run "
., on the bopks ior specie. Now has any o"
~ Of these sauses ceased? On tho cousrsi,