Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-31

The resumption Of the bank d'pends in great mea-
sure upon the market for the sale OF state
stocks Europe Doubtless with view 10 enect TINS
object correspondence between Daniel Webster and MI
cholas Bdde has unfortunately been made public Wesay
bee ause Of such nature as not only
fail have an effect contrary to that intended but detracs
vary much from Mr. Biddles former reputation The let
ter from Mr. Webster is short one intended merely to
draw out Mr.. Blde, who commences by praising Penn
syyana being honest He then goes on TO point OUT
instances of bad faith in the French and Engsh govern
ments. He cites three cases-one IN the time oil Wis
and Mary when by Of Parliament the public debt was
cut half-anoher ls during the SUSPENSION
when bank paper as declared legal tender, and every
who passed or them for less than their
face to be imprisoned And asohc forced
OF French assignats in 1897 Mr. Bdde then sums up "
lows . :,
To make the case of the American states at all parallel
IN this i; would he necessary follow the example OF
England and lst forbd their banks to pay species ~
be ROW from these banks till their issues become oepc.
cated Al then declare by legislative resolution that
there depreciation; 4h, then as inc uei ,i
increased pay the public aes u, Of sPs not merely from
but from all Priya AmcrIan cil,Aes'
and end Sthy by enactng a any note Tor ess than ten
dollars although worth only six dollars or having
received it should exchange eher o ~ Is iI
less than dollars he Should De hnea ana put III jail
at the discretion of the American JUDGES
Now what are the facts Grst instance of bad faith
the part Of the English government wasin time oil re-
the whole derangod. The second was after
an IS years war; of banks suspensions and when
foreign inv aston daily threatened the country and mar
alaw was proclaimed In the Of the assignats OF
France il a Of anarchy, in the midst OF one oil
the most fghtfu revolutions the world ever saw, during
the transition Of mighty people from despotism 10 aar
chy and depotsm. These cases are cited as an
excuse Pennsy lvania in LIST alsing specie
3D. borrow ing from banks till their issues become de-
preciaed 3D. attempting foreigners to take that
deurccated paper pay of interest on money loaned
to them and only dessng from the attempt when TO-
reign broker them severe reprimand, and their
stock fell 20 per cent in the market
This has by Pennsylv ania, not in time OF
revolution war; foreign invasion, but in time OF uni
peace the abundant crops and apparent pros
oerjty of the country and all at the instgation oil the
Philadelphia fnancier and for the sole benefit OF the
cuators condition of the bank, the necessities
of the states their consequent inudcious ements
were result of the measures both OF Mr. biddie ana
the federal government Mr. Biddles system was wrong,
and il exploded the first part of the session at Harris
burg last winter the Bank interest opposed taxation,
in order to make the necessity of protecting the banks
more papable When it found that policy was running
its assets Europe changed its course and advocated
taxation All those who last winter advocated taxation
and immediate resumron were denounced as "destruc-
tves the proved that the opponents OF those mea
sures were the desrucves Since the tax bill has been
passed has risen Is per cent and had
RESUMPTION been orced would stand the highest
the list Mr. Biddle his letter, with schooboy argu
men attempts defend past plumbers by charging Europe
with the same false steps. Because rotten monarchy
swindled creditors $50 years very poor excuse
for a free people to do so at the present day.
The oppression suffered by the people of the United
States from the United States Bank during the past year,
has been great that suffered by any people
der despot has not only been the cause OF many di-
rect losses but brought them into dscred and act
Cd as an embargo business The West and South are
teemng with agricultural productions the cities are full
imported goods the manufacturers have their mills in
readiness to supply any demands upon them but inter
dict laid on the interchange in the shape of rredeem
able paper in the SOUTH which acts like duty of 10 to 10
per upon all purchases in the specie paying dis
trcts by the suspended districts While this lasts 1t is
idle TO look any great increase Of business The real
wealth OF the country which is agricultural increases so
fast however that IT must sweep the barrier in
terposed by the broken banks and force for itself
channels We have already perceived symptoms of this
in the Of healthy cash business which has
for the been increasing in this city, amid
the cry times raised by the Spectators The ire
sstbe progress business may the following
productions in the United States and imports
exports for the last five years. compiled from official data
PRoDuors AND BUSINESS y rnr usirEp STATES rOs
1880 1857 1888 1889 1870
Bdsufs
Tobacco, oooeoo * 900 900 ioo0oOo 100000 100000
Rec, sOOOOOo 2,soo,Oeo seoooo 5000 900 s.5Oo,Ooo
ghr 100000 100000 70 QUO 100 600 oco
Msaufae 10000
Total 5s7 100000 CCo 7a 900 co, 600
Exports I2s6sSe0 liT is96 l0ses6 i2
lmPeits is'sooSs itoss2s5 is7ioi saosasi oo0ooOOo
Total sss avs a5s sos asa on Qol oao ass ls so m oOo