Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-01-17
.N'lMBER IS.

'iceu ue TO It foa the North, which taat aus
peh'o', ietS ltno prospect OF Immediately adjust
ny, ~ u processing years, by the demand of
specie. It's effect, at any rate, would have b.,s,
"h ie The balance of trade was against the c.,
IN h"eailh.to occasion drain OF spec ie from tba
Iexporis. VI her
Another cause must be assigned for the s,,s.
'sisioh OF specie Payments to he North. which.
WIN the exception OF the banks Of SIssaclus.tts
ana Co9nectcnt, prevailed Throughout; The M
Gu s,a'es. This Cause viii be Fund in he er.
traordinafy loans of those banks. 10 the fs,la--I
ana state governments, IN the moment when tbs
paper mad not ITS former foundation to sustain its
! 800 tne existence or commerce and the good
| 'alth OF The banks themselves. 49,
| The extent OF this cause may he r..1;,
eeived from the fact that some of The Pb,I,de,h,
ranks nave trebi d her dividends since tI,. e.,
meicement OF The war, and white the no, - ~
mueh below, tier stock : as muc,l al,oye 90,
Wl'h tae war itself, all :hese .AiIses af tl, s,s.
pension OF specie payments, Us regsto, he banl.
OF TN communicable, may be SAID 10 have $500,
to operate. - ""' oeaseo
! me exp3rts OF Virginia have never in the o,-
gregate, commanded so high a price as IN rs
present year. The value hose shipnei Gu. a,e
Hlchinonu alone, ~ dc II > SIX mon,hs ar:e, Tho
resto"aticn OF peace, announced to a. ON nm IL
iaFS' or more Than one haif fthe total win. g
tie exports Of Virginia IN any flrnfr yea,. .,
o'e'eh'h part OF tue val of the expo.,s of 80
ah've Produces OF he United ) ates az .,,.;t'-
- sIe pest comnerciai year preceding ti,e war
NOT was the peace less prop.tious N rem6,,i,,,
'e 5, causes or ns suspension. The nr,ce q
.'e Nli.'a ott'es OK immediately advances
20 very near par, IN Tie markets of E,lrona. -
Nv hsequence OF the utfay 5rabie ex LIZ. i,''e-
'ups,s'ns between this country mid ,s,, -
.'eFe s.pSe demand for 1t, as n s,,b,t,t,, a -
, Si exchange, wihch raised II above he va
ie co., Oh tle paper c1rreacy or the middle states
me oahNs' IN genera, by selling tiieir p,1hI;e.
STOCK WA CHI suppl ell the place without .sst,a"
ing the purposeo sold and silver IL, Their y,I,s
"a 5it nave called IN their paper, 10 the t;ie
'n'Suh1 OF the ocx Which they had s,ibscr ~
anu nav { leducel their crcuat on 10 us or,I,,,,,s
eA'eN: The revival of ioreign Commerce. and
~l.'i mat OF domestic trade and industry. vo,3
nave gwen full activity To her circ,,Ia3,on ~
prevented run on them Tor specie.
AS regards TIE VI ginl.. b. ris. esoecs.Iy,, ,,,;.
i',i'cV Could not have faied of success. sumo,
- - Il was, and must have been bv rA,,,r, q,
..i.' iAyprAole balance of tide wt.cn aIavs nh
$50 pe!o1e me war, between this Commas
"e ,'. I'll and the Northern and Eastern srsfes
nv 10y eNent was wanting 70 complete ;hrs napa
y result II was t''i1ished in he rapid dc,Iia
o. value ofbul!on an Elgmd, and the scc',rn-
P'iy"s Ial OF EnGiIsn b lis N A me.,cal
20 connie nt, Was tile pubic expectation tt.e
VI t.i1 ence Gt all these CAUSES would
y iTAa % t.ie resumption or sp Gle psyn,sn,s.
4. 'is 'yous IselSs INSPIRED by the return
9i peace, the golfers were ualSckTd N WI, -
me precious metals had bee hotI ID ,I,-,rs .t,a
wars anu 10 moment, no w mt 9t sDec e f. .bex
orolArS purpose o. cialge was d.scotege.In th,s,
Comm unweaiti, = - "a NiiiS'
ne Backs If Virginia, however, did NOT Sc
for an instant = ~ o'-
Although the opportunity had been q rdei.
men s OF rearc;ns, ON adv~tageDs sern,s. tie
oii'nces Tue to them from TIE No-thero h.oics
INC preserved and III fact, 1t IS bcleled. co,t,.
haed % Increase these balaces; and t,e,, 49,
soid' II any, but small part ofiIetrp ublc stork
ans cad ot transferring for Their can r.cer 80
P'Slfc ae0fs due to ghem, they have called ~
,i'a are conIHung to Cyl IN ,Acir arsvG.s ,ls5t..
40 me uneXanpled t1fegn dsulaad .sc ,e.ssrs
nc N"iue OF All Tie natIye products OF yr,..n
~ are reducing the mercan lie caDesI .,eo,,,r,
ca 10 Pnrciis'e and rans port hose pfod,,,,n,
70 u,e markets }psned Tor tier Consumption
Thsy have Int, departed iron tue nr,n,.-,.
purpose Of the.f nstltut on, order 10 rcta he
public deb, WhSh 1t required sDas,s, law ~ .
enable hem To Nod.
Nord3 your committee perceive, how the bsrt,
can promo the interest OF Their stockb,,ier,
by ms preference of der pubic 10 Incl. or W.,
deb ors ~ 'A'S
On Tie contrary, they believe that the nnlJ;c
debts { ,ne banks cAiiiot ed 70 ne,
que eqH.vaent 70 th4t derived 1. ON rhe,r stand.
hs @cconm d4uors TO individuals, while tb.
'o''ous efct o. tls scjult OF real woe.
"a sustaining IN c. crlaIon OF their MOI so. ss,.
give 20 he iat,er DESCRIPTION OF TIER custou,s,s
. pref renee over every other.
Tie curtAiment ct the discounts of a b,,,r
WIN we" 10 enable II, by reducing The o,rc,,,
lAlion, To renew The en-, ssOa of soecie Il IN
Charge upon as Gus JIners, Inc necessity f m,
poT,nig Specie, wine tie means OF min fI,.
importation are de'ne to .hem
Nordoe' aPpearto your committee 10 bereo-
sonib.es that tne YnOie bur,hefi Of ucn ,,,,,,.,
tons oud be suddenly devolred ON Inc n.y.
dealers with the 1& k, When tle necessity Of re
cuFlailment las arisen not from the c bur, ~.
ct oil the b NJ themselves, tnl an act by v..,rl,
tIeY have greatly p?otted TIE interest D,.Ib,,
ths Commons e.dth 10 lie Bank, o.. E,r'
since they suspended the payment of spec 9. y,y,n
"liier 20 rs, me diocharSs0f heir own dcb nos
exceeded sixty thousand dollars
When a Dstk departs from u.c sDiri. Of i.sa,,.
~ in-ttution, It must be regarded rs aayi,., w..
l'ted me Pr'ic pies vt ~ charter. When ~ his
acting At involves itself "a Tie Necessity OF WIN.
h''uniS inc pas ment offs just dcJt, 4 csa,e. IN
Dc Z Ol'h Hid n IS existence dyes N &c. sur
we tAe Ell cts of % lie crtosat.Ol. it,tp,st h.
@'ClOei 90 'he detec's W rem3sness OF the laws
hc du.es wmch deyuye upon re CHAR ered
OShhs, il' the prescdt cHcam3isiCes OF he Com.
70 ADOPT he SpcedIest leg 81 remedy for .forc,oe,
tue payment OF the Gu .s.si dag 5d4aecs due 10
them from the = bern balks ard 10 MAINTAIN
no intercourse with any Of those banks winch do
not issue specie
?. Toreceive in The course Of their transact.
ons NO other paper lian thcirotn, or that oggieh
banks ae h,se never suspended OF have actu.iiv
resumed ,he payment Of specie