Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-01-02
Philadelphia, d C. 10, 1888


NY DEAR SIR: The general PRESUMPTION
of specie payments presents fit OCCASION
to close, our correspondence with On ex-
planaton otlha course Of the Bank OF the
United Sites in regard 70 that subject. This
shall be done briefly and fin lily.
On The 1Glh of May. 1887, the banks of
New York suspended specie payments, and
their exampsc was Immediately and neces-
sariy followed by tie oiher banks in the
United States. The country was thus
placed in situation of exreme difficulty,
from mh;ch it could be- exfricaled only
Dy ins all and vigorous measures for It's
ro'cc,icn. TIE dangers werc-sotal pros.
trat!on Of It's crcdi: and character abroad
the Depreciation in prices of all lis public
curiles an3i lis s;aple proJuclions--and,
,ast and worst, that The defensive remedy
of suspension might be prolracted until it
became Itself disease. 1t was manifest
too that the calamity had outgrown the CO.
pacny of mere poliicians-that the country
must take care OF itself, and rsly only up
on itself aud as in times ofperll, the voice
of he humb,est citizen may sometimes be
heard above the tumut, my own prsonal
position seemed TO justify the assumption of
instant and deep responsibility. According
ly at the very moment when this nntonaI
misfortune occurred, immediate measures
ware adopted to mitigate and TO repair it.
OF these in their order.
l. Aware that the first intelligence Of
the suspension would degrade tho character
of The country. and subject US TO the re-.
proach of bad faith and insolvency, I ad.
dressed 10 you published letter, which
went to Europe at the same time With tho
news of the suspension, in which veniured
to pledge myself forlhe fidelity ofour ,un-
trymen. In that letter, of the l3.h of May,
1887, said: '' In the on al time two great
duties devoIvc ON the b.nk and the couu.
try. The first regards foreign nations {; the
second our own. We owe deb, to for.
eignsrs, by no meats larga for our re-
sources, but dispreporiioned 10 our present
means of payment. We must take caro-
that this late me-. sure shull not seem to be
an effort 10 av id the payment ofour hon.
es, debts 10 them. We have worn, an ca
Ten and drunk the produce Of their indus
ry-oo much Of all perhaps-but that 10
ur fail not theirs. We may take less
81 re ,fter, but the county is dishonored un.
ess We discia'g' that debt to the utler-
most farming.
For this purpose-;he early and total dis
charge Of our debt to foreigners-lhe who"
power of The Bank of the United Stat:s vas
devoted. In such crisis it was evident
that if resort was had to rigid curtallments'
the ably to pay would be proporlonal'y
diminished while the only true sys'em was,
to keep the country as much at ease as con-
SIS d with its S fety, so as to enable the
debtors to collect tneir,resources Tor tie dia-'
c! arge cf their detti. For the same pur-
nose the bank, though entirely out OF its
course ofbusincss, and in some degree Of
collision with lis own exclusive interests, as.
sumed an active agency in collect
ing the debs Of the Bank Of England,
gave facility for ihe recovery of all debts,
aud stimullted our country,nen to this DUTY
by earnes. and consians appeals to their
honor and their true interest. With what
a generous emulation that appeal was an
swered you we'll know for it touched a
chord vhch les deep in all Amtncan
hearts. Ifthe un versal distress winch per,
yad, d commuuit, collI not bt witnessed
without paia ul synp thy, its melancholy
was reIeelncd by the high and manly spun
{ which i; reused ,hrou 1hout the coun'ry
For never, on its mos, glorious fields o
. battle, was there displayed more 'o'!