Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-24
[WHoLE No. 40.
From the N. Y. Commercial Advertiser OF oct. l6.
PHILADELPHIA MANIFEsTOs

II From the N. Y. Commercial Advertiser OF Oct l6
PHILADELPHIA MANIFESTO
The following article appeared in most ~
the Philadelphia papefs yesterday. No inis
nation is given on which conjecture may be
founded as TO the authorship; but here, Ne
understand, il is ascribed to Mr.. Bddle, and
as we were informed that he was preparing
communication to the public, we think Il
probable that the opinion is correct although
tho style differs in some respects from that
of acknowledged publications BY that dIstin-
guished fnancier. Certainly the paper is
drawn up with great ability, and some of our
great men at Washington might take exam.
pie from its clearness and freedom from oil
ambiguity.
But what Of its tenor For our own part,
we have read it with satisfaction, and strong
hope that it tells just the truth. For, assuif-
ing its statements and reasonings to be all
correct, it follows os a necessary inference
that our banks have taken the right course,
and can maintain themselves in pursuing it.
The causes that are alleged to havebroug'rt
on the Philadelphia suspension have not
operated or have operated much less forcby
in New York. They have been able to with
stand all the pressure that has borne upon
them; and now the worst Of the pressure is
over. The financial difficulties of the coun-
try, it appears by this document, are bot tenn.
porary, and the hour Of their cessation is
rapidly drawing nigh. Moreover, the course
taken by the institutions South of us has
given relief not only to themselves, but to
tho whole country-better times are coming
of course, then, if our banks could stand
through the worst, they will continue to stand
now that the worst has passed away.
SUSPENSION OF SPECIE PAY.
MENTs.
This step, on the part of the banks Of Phila.
delpha, calls for full exposition Of the eau.
SOS which have rendered that step necessary.
h These causes aud their operation will ba
treated in a national point Of view, merely,
aud without special reference to either OF the
political parties into which the nation is dr.
vided. To this end it will be necessary TO
take retrospective glance.
H The peace Of 1915 found the country in
volved in a national debt OF about one hun
drsd and twenty millions of dollars, some of
it held abroad, but by far the greater portion
at bom,. This was regarded as burthen,
and the policy of the government was strenu-
ously directed to its extingnshment. To &c.
, complish this object surplus revenue, de-
rived wholly from the fruits of foreign COM
merce and the proceeds Of the public lands.
was the sole reliance. Credit, which has
contributed so largely to the advancement uf
the prosperity of the country, was greatly
llcxtend"d, the banking institutions fostered,
and the whole policy Of the general govern
ment seemed directed 10 the expansion Of
commerce, and the increase OF the tribute
which it should pour into their Golfers.
The first day Of the year 1895 exhibited to
the world the unparalleled spectacle Of
nation free from debt. That proud distnc-
ton belonged TO these United States. Tho
heavy obligation which had been incurred by
the prosecution Of two successful wars had
been extingushed, chiefly through the in
strumentalty of the credit and commerce Of
the country, enriching both the nation and
individuals. Such an epoch was well calcu-
lated to cause jubilee to be held on the oc-
casion, rs 1t did at the metropolis, by tho
dignitaries Of the government.
a With tho extingushlnent Of the public
debt new era was oponed but the accumu-
a lation of revenue beyond the wants Of tho
0 government did not cease nor diminish with
the dlmlnution Of these wants. The stimu-
0 us that had been so abundantly admins
0 tered, caused the revenue To continue to in
0 crease in an extraordinary ratio, when il was
, mo longer called for, and could not be legiti.
mately used. Under the encoura ge me mt
} which had thus been given for the purpose
} OF raising revenue from sales of the public
domain aud from imports, the amount derived
from the former was increased between 1884
and 1886, from $6099,9Sl to $23, ,9S3, I92
and the amount of foreign imports from
II Sl2G52I 800 TO SlS9,9S0,035 and the sur
plus revenue accruing therefrom in the short
space OF two years, amounted to but little
less than forty millions Of dollars. That sur
plus, Congress, with the sanction OF the Ex-
,s:utive, directed to be distributed among the
staies
In July, 1896, measures were commenced
by. the head Of the Treasury Department to
carry the law into execution. OF the man
, ner In which this was done, or Of the skill or
Judgment exercised on the occasion, n rs
D deemed unnecessary here to offer an opn-
ion, but with the beginning Of the execution
of that law, the previous seeming prosperity
;, that had existed, received a severe and sud-
!. den check, aud difficulties and enbarrass-
q ments both to the government and people
o rapidly succeeded.
o The monetary affairs Of the whole country
:. were convulsed millions upon millions OF
v v coin were in HanSifu in every direction, and
= consequently Withdrawn from useful employ
ment. Specie was going up aud down the
. same river, to and from the South and North
' and the East and West at tire same time
millions were Withdrawn from their usual
- and natural channels, aud forced against the
current of trade, in literal ful6lInent Of ths
distribution law, To points where public mon
ey had previously never been either colcc-
ted or expended, except TO a very limited
extent. The consequences were obvious and
inevitable. The duties which were imposed
=, on the banks, acting as agents Of The govern
II mcnt at that time, became so oncrous that
= many of them were obliged, in tbe space