Rutland Herald

REPEAL OF THE SPECIE CIRCULAR. One of the consequences of the repeal of the odious Circular will be found in the following article from the Philadelphia National Gazette. We have great satisfaction in presenting to our readers the following letter from Mr. Biddle to Mr. Adams. It shows how promptly the banks avail themselves of the first movement which indicates a favorable change in the disposition of the Government, and it furnishes the first intimation upon which the country may rely of an approaching resumption of specie payments. It gives us great pleasure to add that in consequence of the repeal of the Specie Circular, the Bank of the United States has determined to accede to the request of the Board of Trade of the city of New York, contained in the following resolution of that highly respectable body: 'Resolved, That our recollection of that liberal system pursued by the former Bank of the United States renders us peculiarly solicitous that a large banking institution should be established here, under the General Banking law, which shall be managed with the same enlarged views, the same enlightened and liberal policy.'

PHILADELPHIA, May 31, 1838.

My Dear Sir—In my letter of the 7th ult., I stated my belief that there could be no safe nor permanent resumption of specie payments by the Banks, until the policy of the Government towards them was changed. The repeal of the Specie Circular by Congress makes that change. I see now, what until now I have not seen, the means of restoring the currency. I rejoice very sincerely at the termination of this unhappy controversy, and shall cordially co-operate with the government by promoting what the banks are, I am sure, anxious to effect, an early resumption of specie payments throughout the Union.

Hon. J.Q. Adams, Washington, D.C.

This intelligence (says the New York Star) will be received with heart-felt pleasure in this city which has so deeply suffered by the various experiments of the Government, while the ample resources liberally dispensed of the new Bank about to be established here under the general Banking law, will greatly contribute to restore the 'golden days of our commercial prosperity.'—New York Gazette.