550 



THE FARMERS' REGISTER. 



ments in Virginia 1 If they are not willing to 

 abide ihefull time, it will be useless to wait for 

 a part; for if we wait four years for Pennsylvania 

 and Maryland to resume, and then resume beCore 

 them, all the evils which it is alleged would occur 

 from resumption next January, would occur as 

 certainly and as injuriously (if indeed at all) at 

 the later time. 



In a word — this argument against resumption 

 nt any fixed time, and before other states shall 

 resume, leads but to one conclusion. It is in fact 

 (though not so meant by most of those who urge 

 or submit to it,) as full and imperative lor a per- 

 petual irredeemable paper currency as it is lor its 

 continuance during the pleasure of Pennsylva- 

 nia and Maryland. 



And if the people are not prepared for a sus- 

 pension to be continued as long as five years 

 more — and still less for ever — and lor the perpetual 

 policy of irredeemable and depreciated paper cur- 

 rency, they should act speedily to compel resump- 

 tion of bank payments as early as possible. The 

 longer it is put off, the more difficult it will be to 

 be brought about. Almost every packet that 

 sails from this country to Europe carries a -large 

 amount of specie, which as a regular commercial 

 business is a necessary consequence of the non- 

 specie paying policy of this country ; and, so 

 far as the quantity of specie in the United 

 States has a bearing on the ability of the banks 

 lo redeem their notes, every month's additional 

 delay will increase that obstacle to resumption.* 



* In addition to the sundry facts before published in 

 the newspapers, and of which enough have been co- 

 pied into our summaries of news, on which the above 

 general statement was based, the following have reach- 

 ed us within a few days after the above article was 

 written, and before it could go to press. 



" The last London packet from New York took out 

 more than $200,000 in specie." — [Bait. Sun.'\ 



The last National Intelligencer has the following 

 passage in the letter of its regular New York corre- 

 spondent, who is a thorough bankiie, and advocate for 

 the paper system : " The rate of exchange is gradu- 

 ally becoming higher. As a necessary consequence, 

 specie is shipped. The Havre packet, which sailed 

 this morning, [Sept. 16,] took out $240,000." (Ac- 

 cording to the " Money Article" of the Herald, it was 

 $250,000.) 



Now, if the whole issue of the proper time to re- 

 sume specie payments were to be made to turn on 

 this one point alone, we ask was there ever a more 

 gross deception in the pretence, or more gullibility in 

 the belief, that the continued delay of resumption, 

 which confessedly causes specie to be exported conti- 

 nually, will serve to make more easy the future re- 

 sumption of specie payments by the banks ! ! ! 



The non-paying banks (if really solvent) 

 could prepare to resume specie payments, and 

 beneficially for the community, in two months. 

 For (his assumption we have the authority of 

 Mr. Appleton, (in his recent pamphlet on this sub- 

 ject,) which, as that of a most enlightened bank 

 advocate, and long experienced bank president, 

 must be respected by those who would count our 

 opinions as nothing. The great difficulty of 

 getting ready to resume is in fiact a mere trifle. 

 It is merely to draw in the excess of circulation ; . 

 and, to do this, it would not even be necessary to 

 compel the payment of existing debts to the 

 banks faster than ought otherwise to be required. 

 It would be enough that they should make no 

 more new debtors to the banks, until the payments 

 of the existing debts, (as coming in every dis- 

 count day, according to the ordinary course of 

 business,) had reduced their circulation and liabili- 

 ties within their means of meeting them. Of 

 course the banks should stop selling specie for the 

 premium, (as they do now, in drafts on New 

 York payable in specie,) and should even buy 

 more specie, if necessary. The community 

 would not suffer at all, or any thing worth naming 

 in comparison to the suffering from the opposite 

 cause. There would be only two minor classes 

 who would suffer a loss of present illegitimate 

 gains ; and for their gain, all the present general 

 evils of an irredeemable paper currency are en- 

 dured. These are, first the banks, or the stockhold- 

 ing interest, which of course would lose the pre- 

 sent large and unrighteous profits made by their 

 violation of all legal and moral obligations — by 

 their greatly expanded issues and loans, and by 

 trading and practising indirect usury upon the 

 depreciation, thus produced, of their own notes. 

 And secondly, the speculators and traders on fic- 

 titious capital, who depend on bank loans and 

 accommodations to carry on business, would ne- 

 cessarily have to contract their operations — and 

 of many, perhaps, it might be found that in fact 

 they had nothing to trade upon, except the credit 

 thus furnished by the bank, through the irredeem- 

 able paper system. If the insolvency or bank- 

 ruptcy of any such persons were to occur, it would 

 not be caused by bank resumption, but simply 

 thereby brought to light. But let the loss to these 

 two classes (stock-holders and bank borrowers, 

 and we may add stock-jobbers and speculators,) 

 be what it may, we submit the question to the 

 people, whether, to prevent these losses, incurred 

 as they will be solely by the participation of the 

 losing parties in the long continued abuses of 

 banking, and aiding their injurious operation on 



