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

ardous-but On the actual shipment of the
produce to an American hoGsc in England,
willing and able TO protect American prop.
erty from the reckless waste with which it
hns been too ofen thrown into the market
with an entire disregard OF all American in.
tercsts. The combination OF these CAUSES
the application ofcap'tal on this side, and
the prudent reserve on the o;hcr--has saw.
cd 10 the planning interest an amour
which il is difficult 10 estimate below ten or
fifteen millions of dollars. | believe, too,
that nearly oae-half of the commercial
debt Of this country 10 Europe has been
paid by tho mere difference between the ac-
tual sales of the securities and the prices
they would have realized had they been
thrown unprotected iu'o the hands Of Euro.
peanS. These measures were essentially
ot a temporary nature they wer.: measures
Of emergency, adopted in the midst of
public calamity, and to be discontinued
with the nccessi y which caused them. As
soon. therefore, us the capital and iniuslry
Of the country had time to subside mo
their accustomed channels, these opera ions
were relinqu shed, AMI now they have 10.
tally and finally ceased.
I III. During these movem"n:s, it became
impor,an, TO understand distinctly the course
ofthe Government. In my letter 10 you Of
the 9th Of April last, stated my "convIc.
8 ton that there could be no safe or perma.
! nen: resumption Of specie payments by the
banks unt the policy of' lie Government
towards tham was changcd.' Tiis change
was soon and happily made. On the 3)th
fMay, the specie circular, requiring pay
| mems in coin in the land Offices, was re.
pealcd by Congress. On the 25!h ofJunc,
the bill called the sub. Treasury, requiring
coin in all payments to the Government,
was negativcd' In The month Of July tho
Government agreed to receive az an,icipa.
| ted paymen, Of the bonds Of the hank 10 tn,
the amount of between four and five millions
of dollars in credit TO the Treasurer on
! the books Of the bank, and arrangements
were made for The more distant public dis
burscments in The notes Of the bank. Th;se
; arrangements. as honorable to the EAcu
tive officers as they were beneficial 10 the
public service, broush; tn Government into
efficient cooperation for the re.es'abliSh.
mcnt Of the currency, AMI opened The way
to resumption Of sprcie Payments. That
resumption accordingly took place through,
ou, the Midle STATES on he l3,n of August,
and in many Of the Southern and Western
S es soon alter.
Y. Itremancj OIL 10 aid some OF the
Southwestern S ates for the same object.
Their activity in extending their pubic and
private Improvements had made them deb.
Tor States, and deprecated their currency
by its cxcrss. But they had abundant re-
sources and perfect Willingness 10 pay and
all that was nee led seemed 10 be longer
period to recruit iheir exhausted m ans, so
as to derive from ilie approaching crops. by
a short anticipation, ability TO meet their
engagements. The Bank of the United
States has used lis ulmos, cndcavors for
that purpose, by making advances 10 tie
amount of many millions to the banks in
these States al Of whom will, it is presum.
ed, bY the month Of January, resume spe.
Gle payments, and thus complete the circle
of resumption throughout the whole Union.
And now upon reviewing the events
which followed iie suspension, it is a
source of great qualification TO see iha, all
that it was Designed TO Go has been done.
Ii was proposed to protect tie character
of the country from the first shock of the
suspension TO ei!ec, the honorable discharge
of our foreign debt with the lcas, sacrifice of
the property ofthe deb'ors--to vndicale the
good faith of the Safe Legis!atures-to dis.
courage all premature attempts 10 resume
but, by cautious delay for those States
which were less prepared. accomplish un'.
yersal resumption, All these are done, and
the troubles of the Country have happily
ceased.
Of tho future it is difficult 10 speak: u:
in that future, The Bank of the United S'aes,
will no longer occupy its past positions
The Bank ofthe United States had ceased
10 be national institution in 1886, aud
vas prepasing to occupy lis new place as
State bank, when the troubles Of 1887
forced it in some degree back into its old |
position !; and it then devoted all is powerto
assist in carrying the country unhurt !
through lis recent troubles. Having done
this, its extraordinary duties ceased. For
the future, it abdicates this involuntary pow.
er: 1t has no longer any responsibility 10
the Union. 1t los no longer any contro-
versics with the Government: Of the Union.
Ii now desires only rcposc, AMI it will take
rank hereafter, as simple State lns:Itu-
lion, devoted exclusively 10 It's own specIa!
concerns.
Ir joice, too, that this new position OF
he bank absolves me from many cares
and dnties. In the general confusion of