Scarcely were the country and Government
relieved in a degree from the difficulties occasioned by the general
suspension of 1837 when a partial one, occurring within thirty months
of the former, produced new and serious embarrassments, though it had
no palliation in such circumstances as were alleged in justification
of that which had previously taken place. There was nothing in the
condition of the country to endanger a well-managed banking institution;
commerce was deranged by no foreign war; every branch of manufacturing
industry was crowned with rich rewards, and the more than usual
abundance of our harvests, after supplying our domestic wants, had left
our granaries and storehouses filled with a surplus for exportation.
It is in the midst of this that an irredeemable and depreciated paper
currency is entailed upon the people by a large portion of the banks.
They are not driven to it by the exhibition of a loss of public
confidence or of a sudden pressure from their depositors or note
holders, but they excuse themselves by alleging that the current of
business and exchange with foreign countries, which draws the precious
metals from their vaults, would require in order to meet it a larger
curtailment of their loans to a comparatively small portion of the
community than it will be convenient for them to bear or perhaps safe
for the banks to exact.
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