What would have been the amount of the failures of the banks of America
in 1836, if they had not suspended cash payments? It is very easy to
carry on the banking business when, in defiance of their charters, the
banks will give you nothing but their paper, and refuse you specie.
Banks which will not pay bullion for their own notes are not very likely
to fail, except in their covenant with the public. But it is of little
use for Mr Carey to assert on the one hand, or for me to deny on the
other. Every nation makes its own character with the rest of the world,
and it is by other nations that the question between us must be decided.
The question is then, "Is the credit of America better than that of
England, in the intercourse of the two countries with each other, and
with foreign nations?" Let the commercial world decide.