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capital of the Bank of the U. States, render 1t the natural rallying point of the country for the resumption of specie payments. It seem cd wiser, therefore, not to waste its strength in a struggle which might be doubtful, while the Executive persevered in its present poll cy, but to husband all it's resources, so as to profit by the first favorable moment, 10 take the lead in the early resumption ol speGI1 payments. Accordingly the Bank ot the O' States assumes that position. From thlS iilo- ment its efforts will be to keep itself stroh9' and to make itself stronger-always prepar- ed and always anxious to assist Ill recallihg the currency and the exchanges ot the coun- trv to the point from which they nave ialleil' If will cooperate cordially and zealously with the government, with the government banks. with all the other banks, and with any other influences which can aid in that object.

 In the meantime, two great duties deVolVe on the banks and the country.

 The first regards foreign nations-thc sec- ond our own. We owe debt to foreigners, by no means large for our resources, but dis propol.ioncd to our present means ot pay ment. We must take care that thls late measure shall not seem to be an effort to avoid the payment of our honest debts to them, We have worn, and Gi.ten, and drunk, the produce of their industry-tUo much of all, perhaps, but that is our fault, not theirs We may take less hereafter, but the country is dishonoured unless we discharge that debt to the uttermost farthing.

 The second duty is to ourselves. we should bear constantly i'll mind, that the step which has been taken is excusable only on the ground of an overruling necessity. We must not make the remedy itself a disease.- It must not be the pretext of extravagant loans or issues. These are already sutti- ciently inflated, and if we have voluntarily removed the most familiar and established check upon all issues-their immediate con- vertibility into coin-it is our duty to substi- ute some effectual restraints, which may en- able us to restore the currency without delay or difficulty to a safe and wholesome condi- tion. The result of the wtole is, that great disaster has befallen the country. Its eXls- tence thus far is only misfortune, its contin- uance will be reproach, from which all true men must rally to save her. We must try to render it as short as possible, waiting patient ly and calmly for the action of the govern ment and in the mean time diminishing its dangers by great prudence and forbearance. For myself, you know how zealously have labored to avert this misfortune. With not less anxiety shall now strive to repair it.

 With great respect and regard, yours M