Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-01-10


nels, these operations were relinquished.
and now they have totally and finally
ceased
Ill During these movements IL becamo
imp"rtani 10 understand distinctly the
course ot the government. In my letter
TO you OF The 6tl, of April last, stated nv
''convic'iOn thai there could be no safe or
permanent resumption of specie payments
by the banks, until the policy of the Cow
eminent towards them was changed."->
This change was soon and happily made.
On hr 3Oth OF May,ihe specie circular, re-
curing payments in coin in the land Office,
was repealed by Congress. On the 25th
OF June. the bill called The ub-treasury.
requiring coin in all payments to the gov.
ern,ncm'. was negatived. In the month
OF Ju!y,the government agreed to receive
an anticipated payment Of the bonds Of
the bank, to the amount Of between four
aud five millions of dollars in a credit ia
the treasurer, on the hooks Of the bank
and arrangements were made for the more
distant public disbursements in the notes
0 the bank. These arrangements, as hon.
orahe TO- the Executive Officers as thew
were beneficial to the public service bro;r
The gnvernmen, into efficient corporation
for the re establishment of the CURRENCY
and "pcncd The way 10 resumption Of
specie payments. That resumption ac,
c"rdingly. took place throughout, the mid.
die States on the 18th of August. and in
many Of the southern and western Statea
soon after.
~. 1t remained only to aid some of
the soutli-westcrn states for the same OBJ
Ject. Their activity in excluding their
public & private Improvements had made
thtm debtor states, aud deprecated their
currency by its excess. But they had abupM
dant rcsources, and perfect willingness to
pay-and all that was needed, seemed 10
he l"nger period to recruit their exbaus,
ted 'neans-so as u derive from the an
proachne crops. by short anticipation.
ability 10 meet their engagements. The
bank OF the United Stales has used its u,,
most endeavors for that purpose, hvtima,
KING advances TO the amount Of manv
millions to 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
throughput the Union.
Aud now, up"n reviewing the events
"h'ch 'o''.'"c cd the suspension, it is sourca
"t 2fca' -5r;tiiicaunn, u seelhat all that II
was as nesl sncd Cd 10 do hassbeen done. s.t.,
IL MAS 'ir.nns.d n. sI4A2EQIe est the sbarnriar.u
OF the r"nhirv, from ite hrsf Shock of the
SUI pens .rn-to ''tec, tire honorable dis.
chlr,r 'rnr !nrniou t'ol with the least
5 crin "l thr properly IF the deb;ors-ta
NI.'dicdI: III" Sooi Lana 0t the state legis-
Ia'nres-to discharge all premature at
tcmpts to = sumc-hut, by Il cautious de,
lty TOR those states whnh were less pre-
pared. accomplish universal resumption.
All these are uune, and The troubles of tho
country have happily ceased.
or the future, II is difficult 10 sneak: but
III ihai tu;nre, lie bank of the United States
viii II" longer orcnpy IT'S past position
The bank of the United States had ceased
10 be Il national institution in 1896, and
was preparing to occupy its new place az
stntc bank, when the troubles of 1897
forced II IN some degree back. into its old
positions; and then devoted all its power
to assist in carrying the country unhurt
through Its regent troubles. Having dono
tins, lis cXiraOrdinar duties ceased For
he fu'trc, II abdicates this involuntary
power. IL has II" longer any responsible
~ TO the Union. II has no longer any
controversy with the government Of tho
Union IL now desires only repose, and
II will rak" It's rank hereafter, as simple
state institution, devoted exclusively to
It's own speciai concerns.
| rejoice too, that this new position OF
the hank abSolveS me from many cares
aud duties. In the general confusion of
public affairs during the last two years, it
has been my lot To he more prominent
than my own INCLINATION prompted, and
often To assume Il station which would
have better fitted others. But public ca
In mites Justify the apparent forwardness
they rrf"ire-as great dangers are best
mel by dcIyins them. My task is now
emd"d-aud I gladly Withdraw from these
responsible les, carrying with me The only
satisfaction | ever sought in them---ris
c"nscnusnrs> of having done my duty TO
the country as n good citizen.
With great regard, yours, DC.
N. BIDDLE.