FROM THE ALBANY (N. W ARGUS.
A FALLACY OF THE U. S. BANK EX.


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The resumption of specie payments by the
banks of this state, and the course which Mr.
Biddle has been driven to adopt since COM
pletely solves the problem in regard to the pow
er OF bringing about resumption without the
aid of national bank Mr. BiddIe in his let
ter ofthe 5th of April, claims all the merit for
the U. S. Bank OF the resumption after the war
and he intended to deter our banks from resum-


ing by conveying the idea that without the aid
of this bank, such a thing was impossible. But
it is now demonstrated to the world that the
banks of single State can resume specie pay
ments not only without the aid OF national
bank. but in the face of all the hostile influence
Of a U. S. Bank. This is great triumph to the
cause of honest principles, and effectually over
turns Of the fallacies most relied on to force
a >recharter of great national regulator.


What fair minded man can review the events
since the suspension and not come to the con-
clusion, that to the frmness of the general ad-
minstration in adhering strictly to the laws of
congress in regard to the currency. are we main
ly indebted for an early resumption Of specie
payments? If:he administration had given way
and adopted the irredeemable policy is there tine
shadow of probability that the banks would have
been paying specie at this time2 II has requir-
ed the whole power of the government, and of
the banks of New York, aided by the powerful
impulse of public opinion, to bring Mr. Biddle
ana the cotton SPECTATORS up to the standard OF
gold and silver. The profits ofhis bank in buy
ing by one measure and selling by another, were
too important to be surrendered without strug-
gle. And it has been by compulsion alone, that
the great irredeemable has been brought to the
constitutional standard. An army of public
opinion, too formidable to be resisted, was array
ed against the shin-plaster dynasty and on see
ing the determined spirit of the people the great
captain of the irredeemables concluded that the
better part of Valor was discretion, and that it
was better to compromise and settle balances,
than to grapple with an abused and indignant
people.