Lexington union. (Lexington, Miss.) 1838-18??, 1839-11-16


which so enormous power was suscept.
bic. The wings would listen to no remon-
strnces-they would be convinced BY no
argument They disdained the appeal oil
her sister States 10 Pennsylvania--he
Bank of the United Safes was revived,
with the srmc amount Of capital under
similar auspices, with almost the same
stockholders, with the same President,
with the same grasping and arrogant spirit,
which had characterized its previous ad
minsration. True, il had no, the dcpos.
ties of the Revenue Of the United States.
But Mr.. Biddle congratulated his stock
holders on the separation, and vaunted
! that bis bank was stronger then than il had
ever been under financial connection
with the Government.
What were the consequences of an in
corporation thus ru'hlcsslv established 10
the temporary heyday Of the whig power,
and whose immense influence was destined
to atlec, the prosperity Of every State in
the Union? Was it so conducted as to
evade tn, suspension of 1872 No,
was compelled to suspend It's specie pay
mcn.s-but with the hyrocri'ical assu-
rance, that il had yielded out Of regard to
the other banks; that it could easily have
avoided it, and that it would be the first to
resume payments.
Did it comply with this pledge? No
it threw Geld water upon the BanllConven-
ton; and refused to acrede to the arrange
meni Of The Banks of New York, and oil
the other banks, fixing upon day for the
resumption Did it accede as soon as
they had carried on, their resolution? No
--hut this boosted bank, the hvorite pet
Of Tho wings, stood out, until it found lis
credit dishonored abroad, and its stock
falling a; home. Did it refuse upon the
ground that The other institutions were re.
suming at too early day? 1t first took
that ground; but it subsequently, abandon
ed it, when The repeal of,he Specie Circu.
lar by Congress gave it fair pretext to
abandon it,and to resume specie payments.
1t is therefore, rather too late in the day
for the Wings to justifyis present suspen-
sion upon the ground of too early re-
sumption; for as Mr.. Biddle wrote to Mr..
Adaps on the 3lst May, 1888, that lie
had previously stated to him, 'there could
be no safe nor permanent resumption oil
specie payments by the banks, until the
policy Of the Government forwards them
was changed. The repeal of the Specie
Circular by Congress makes that change.
see now, what until now, have not seen,
the means Of restoring the currency"
When it resumed, how did it conduct
itself? In way calculated to confirm
The resumption, or disturb the currency
and commerce of every State in the Union?
Did conduct itself by the rules OF a sound
discretion, or did it "shoot madly from the
legitimate sphere Of Banking? Did it
husband its resources, or did it weaken
hemf Did it use its power wisely, or
wantonly abuse them? lis career was
marked by no wisdom. 1t assumed pow.
ers which were never given toit. 1T VIC
lated the provisions Of its charter. Where
are the regular returns Of its condition,
which it is called upon to make TO the Ex-
ecutive of Pennsylvania? 1t was permit
ted to issue no notes under $40; but, on
the contrary, ii threw It's old IS notes into
circulation. These notes ought to have
been cancelled instead Of being used. IL
undertook to conduct commercial opera
lions on lis own account. 1t inferred with
] IL, IF nd pI-
Their purchased for itself, or made advan-
ces upon cotton. 1t kept ont the article
from market, and prevented lis proceeds
from leaving the exchanges Of the country.
it has contributed to accumulate such I'M
sold masses of cotton in the English mar
kets that, as Gen. Hamilton writes uhless
we keep back the new crop until Feb
ruary, the article will fall to 6 or cents
a pound. / is said to have wasted some
Is or 10 millions in State Securities
These too, like its cotton, are not availa-
BILE, but an enormous sacrifice. 1t then
threw large quantities ofits post notes in.
10 circulation. These have been dishonor.
ed at home, and its drafts have been pro-
tested abroad. The magnificent boast Of
Mr.. Biddle that he had sent Mr.. Joudon
"to England to protect the commerce and
maintain The credit of the States" is dis
slpaled into thin air. The operations of
The bank are likely to have very differ
ent result; for the london Times of the
l7th ull. coatends, not oaly that its own
credit is essentially shaken, but that it
| will BIO extremely difficult to establish
confidence in American securities of any
description" Aud il adds. that atbe ef.