South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1835-12-19

u :"
wealth, If not supplied by herself, will
surely be filed by issues from some o.
Their quarter. These issues will crowd
fast upon the heels Of each other, the
worse perpetually expelling the better
currency, until depreciation attain .
height apparent to the most dull-sights
ed Observer AT this point the Fede-
raj Government, (Which, as we know,
entertains no doubt of its authority to
do SOY will certainly interfere, in soma
way or other, as heretofore, to correct
the evil, and then q new system will
necessarily produce new revolutions
:. Exposed thus to various perils, your
most pruden. caution will be required
to protect the interests OF this Com
monwealth-to render events, which
you cannot control, as little injurious
as possibls-and. seasonably to pro.
vide for future probable occurrences,
by the bes, means in your power, With.
out putting too much at risk upon any
single chance.
II it were practicable, as some havs
supposed it to be, TO make our curren.
cy consist Of nothing but the precious
metals, the Immediate distress which
would necessarily result from such an
experiment, might possibly bs COM
pensated hereafter, By the success thai
might then attend il. Blu, when W
reflect, that at no period of our histo-
~, has the currency Of Virginia bean
Of this character that her faith is al
ready pledged to several corporations,
10 recsive their paper as equivalent 70
gold or silver and that the paper Of
other States, with whom we have much
intercourse, will certainly flow in upon.
us, in despite Of every effort TO prevent
1.-THE attempt 10 establish here cuEs
rency exclusively metallic, can only 30
considered as visionary project Of
impossible execution, even if-it prom.
ised more desirable results than any
that can be showa as likely % dow
from il.
Then our present situation seems to.
be shis:--Our currencyis compounded
in part, (and necessarily so, Of paper
Of various descriptions. Only q por-
ss~.a ~ ssts Wv. d. .i-- y.-i.-a O.-.~vr
and is made, by Law, receivable every
where by the Federal Government, in
payment Of the many aud heavy de-
mands it ia authorised to exact
This very por,ion Of the currency 10
abou. 10 be Withdrawn from circuia-
ton, speedily. Its loss will be sensi.
bly, fei, every where, for season, and
must be supplied BY soma equivalents.
lfthis equivalent is not furOished By
ourselves, ii will be furnished by 9th
ers. In The latter event, should depfe-
citation occur, (and we shall have no.
means to prevent it,) our own people
will bear the loss ,withoata correspon.
ding bsne6s to any Of them. Bu. if
we supply the vacuum ourselves, We
may proven. depreciation by wise le-
gislation and should is unhappily oc-.
cur, in despite Of all our caution, the
loss one portion ofour community may
sustains will be compensated, in soma
degree, by the gain Of another portions 5.
and although some Of her citizens may
suffer, the Commonwealth itsalf Wilt
sustain but little comparative injury.
Ifthis be faithful picture Of our
situation, there seems 70 be little rsas-
on to doubt the prudence ofincreasing
the Banking Capital Of the Stale, at
least to an extent equal to the expected
deficit. But il any question the accu.
racy Of the description have given,
or the policy ofmesling the impending
danger, by course similar 10 that
which will certainly be adopted by o.
thes States, caution will require alb
luch to forbear any action, until Tins
shall prove whether my forebodiags
are we'll or ill founded. The remedy
(if such it may be called) will be more
difficult Of adoption reafter, certain
~ /; but it is much better TO pause whsa
we doubt, than TO run raahly into un1
tried experiment, where error may be
| productive Of such serious effects.
| Should you determine 10 increase
the Banking Capital Of the Common]
wealth, at this time, various sehme!|
present themselves, by any Of which
i, is probable, the desired end may bl
attained. But while each Of ,hssI
holds out some peculiar advantages, a
are obnoxious to several strong objsc|
tons. Il belongs to you only to com
| pare these, and TO select that whic|
you may consider the most expedieni
under present circumstances.
( The mischief to be provided for,
that Of a suddenly reduced curseac
/ the vacuum ia which will be supple
L 4 IL 4.