Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-01-10
ROLxTXG.aL.
s, From the National Guzette.
LEI iEK
FROM NICHOLAS BiDDLE. $50. To THE HON,
JOHN QUINCY AuAMs.

FROM NICHOLAS BiDDLE. $50. To THE HON.
ioHN QUINCY ADAMS.
10 tue Hon. John z. adams, Washington d. C..
PHILADELPHIA, Dec. ~. loss.
MY Lear Sir-lhe general resumption
oi u" cic payments presents fit occasion
10 close our correspondence, with an ex-
plannti0u OF the course Of the Bank of the
Unltei States i'll regard to tha, subject.
On the lO'i,oi May, 1887, the hank, of
New frk suspended specie payments,
aud iheireAample was immr r,iiatcly and
necessarily follow by the uther Banks
in the US. The country, was then placed
III situation of extrenie difficulty, from
which it could be extrica,ed only by instant
and vigorous measures for its prot, ctiou.-
The dangers were the total prostration of
It's credit and character abroad the ,epre
citation IN prices OF all It's public securities
aini ITS staple produciIons; aud. last aud
worst, that the defensive remedy of sus
pension ilDghi be proiracted until it became
itself disehse. II was manifest too. thu,
| the calamity had oui grown the capaci,y
OF mere o;''lcIans-tliai the country must
take care '"t its"liand rely only upon itself:
and as, In''nies of peril, the voice of the
humhiesf citizen may sometimes he heard
"o"'" VIC 'u"'ult' my o"H personal posi-
n"n seemed to justify the assumption Of
instant aud deep responsibility. Accor-
"inglv, atihe very moment when the ma
''onal ntlsfortunr occurred, immediate
measures were adopted to mitigate aud
repair il. iOf these in their orier.
]. Awde that the first intelligence of
the suspension would degrade the charac.
Ter ut tn gfnun,ry, and subject us TO the
h NJ "a, g.; |, a
aressed tosyon published letter, which
went to Earope atihe same time with rhe
news o. tie suspension. in which ven
lured to piedgr myself for the fidelity of
| our cotIutrAlnrn. In thai letter. ur,he 18Th
May, 1887, said, 'In the mean lime.
| two greasaiuties devolvc on the bank and
the county. The first regards foreign ma
lions: thestecond nur own. We owe n
debt To fogsigners. by no means large for
our resoutses, but disproporrinned 10 our
present ptfansFOf payment We mus
take :care that this late measure shall moi
seem 10 tlsan. effort e, avoid the pnyment
af,oufs 10 3sst sdeils hem ii We .hass
dust tlniuch of all perhaps-bu, ih,r
is our fnnIt. not theirs. I'VE miny take Ir,>
hereai,et-hut the country is iishonnred.
unless we discharge that debt 10 the utter
most larthing''
Foe this purpoSe-thr earlv and total
| discharge of our debt % f,rcigners-1he
whole power of the Bank nf the United
States was devoted. In such a crisis il
was evid, nj that if resort was had To rigid
curtailments. the ability tOp,y would he
proportionably diminished while the onlv
'rue system was to keep the country as
much at ease as consisted with its safety.
SO as to enable the debtors tn collect their
resources for the discharge of their debts
For the same purpose The Bank. rhol"h
entirely out ITS course M business, and in
some degree of collision with it's own ex
! elusive interests, assumed an active agcn
| cy III collecting the debts of the Bank of
England-gave every facility for the re
covcry Of all debts. aud stimulated our
counirynrn to this duty hy earnest and
constant appeals 10 their honor and their
true interest. With whar a generous .m
| ulaiion that appeal was answered. YOU
well kn'w-fr it touched n chord winch
lies deep in all American hearts. If rh,
universal distress which pervade the com
munity could not be Witnessed wi,bou, n
painful sympatby-irs melanc hnly was re-
deemed hy the high and manly spirit which
| ".
ver. on its most glnrious fields of bo,,i.
was there displayed more lotty sentiment
oi honor and courage than was then ,.x
h;:iIrd. ! he honest pa,mcn, of debit
the honely duty of private Irfe-was Gle
vared hy its univrrsaIit, inro y sen,imrn,
Unnatural honor, as the whole country in
mass pressed forward to its performance
rs To some sacred and patriotic obligation
1 bhntPUar .s,,ll 10 4
stanily and cheerlullt; what i, was impo,
sih',' 10 pay az once, was secured with am
pie interest for The DELAY. with an utter n
hand"nhlent of mere selfishnrss. and dis
regard oi any pecunary sacrifice ncrcs-
>ary !" tnlhi Their engagements: Accor
dingIy, the manner in which the United
states nave settled their immense com
merc'ai deht to Europe is lasting n,nmu
ment TO Their integrity. No onnrry couId
have better perlormed IT'S duty. Even in the
calnest moments Of prosperity. such set.
tlement could scarcely br imagined as was
accomplished amidst the general wreck
and confusion of all its great interests with
which the country was afflicted.
Ihe consequence is, that the general
credit oi me country never stood higher
than nj this moment; for it has now earn
ed distinction entirely exclusive and
characteris'ic-lha, while the government
of the United StaIes is The only govern.
mtn' on earth that has ever paid to the
last cent, ills national debt. the people of
The Uni'ed States have disc hareei tleir
private engaeements with nn unexampled
fidelity-a ihglory This. worth a thou.
sand victories.
In The midst Of these troubles the char
acter OF our institutions was thren,ened by
a combination Of politicians in Pennsyi