Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-21

n & IA. = vi tftG COtNmuDIyV.
4 br;ne mai, by enabling individuals to
g;t;p m,o active employment that Ic.
: s;h;l;.n credit, based upon full respon.
49,, = meet engagements land ,hst
"hicn else would lie dormant
anu unpfouuclive, they confrihn,a ~
inc more RAPID development, OF oll the
sources oil national, as we'll as ;na;,,;J'
> ual, prosperity--trade, manueac,,r..
agriculture, and public improvomsn,.
few, perhaps, at this day, viii o,ss'
ton. Accordingly, no whers do wa
see these great results achieved bv a.
ny nation, save in connection with and
IN my opinion, in a great measure 90.
wing from a judicious, well guard,a
credit system. Notwithstanding. how
ever, that no instance can be pointed
out where this system has moi bean
promosive oftho general city prospe.
rity, yet so often have sudden and dis.
astrous reverses of private fortunes. m
wei as extensive arrangements Of the
business o. money circulation Of whole
communities resulted from il, as TO ex.
cite strong aud extensive preiudiccs A.
galnst all banking institutions wbntso.
ever. But, to nay apprehension, such
effects seem reierable rather to defec.
tive organization, or to loose or impYo.
per management, than TO any inherent
iault IN the system itself. Experiences
and observation have now for q long
period, been diligently applied to The
discovery and remedy Of these defects.
and with GItch aftnnnao -
to produce and justify an increase in
banks, based upon sound banking prin-
ciples, and established, less with refer.
ence to the gain Of individuals, than 10
the accommodation and safety OF tho
public. In a pre-eminont degree has
this success attended the banking sys-
tenn of Virginia-and at the present
moment, while stocks of every descrip.
ton have sunk greatly in all parts of
the country, under the existing pres.
sure and arrangement Of the money
markei--the steadinoss with which
those OF this State maintain their value.
bears the strongest testimony both to
the wisdom of their organization, md
he fidelity of their homogeneous
There a be no question that the con-
tldence they enjoy, results, first from
The requirement Of instant convertible
ty OF their notes into specie and Sec
ondly, from the personal examination
INTO their condition, made annually by
u committee of your own body. In re-.
spect to the Banks established here.
and the detailed statements required Of
those at a distance, with the publicity
OF that statement consequent thereon,
when to these guarantees oftheir sound
ness and good condition, there shall be-
added the further assurance of their
steady and uniform operation TO be af-
iorded by denying them the privilege
Of issuing notes of a less denomination
than ten, or, what were perhaps better,
twenty dollars, (oi course excluding
from circulation within our limits for.
eign notes under those amounts) they
will probably become to be universally
considered what, sustained by d large
specie circulation, they will prove to
be, institutions affordIng but little
cause of apprehension or distrust to the
community, yet most valuable a%uxilia.
rles to It's industry and enterprise.
The extent TO which banks should be
increased, and whether, at once, or
more gradually are questions exciting
more diversity of opinion, and present
ing more difficulty. A deficiency was
thought TO exist even before the with.
drowal Of 1.-THE capital employed in Vir.
GINA by the Bank Of the United Suites,
Since then our population, but yet more
our trade and manufactures have sen.
sibly increased, SO that n creation Of
perhaps double the amount withdrawn
might not exceed the just measure of
the wants Of the country. Whether il
might not be advisable, especially in
view of the present embarrassment Of
the country, to prescribe that such in
crease, as may be authorized, shall be-
paid in at such intervals, and in such
amounts, as may not sensibly affect the
business or circulation ofthe Common.
wealth, is respectfully referred to your
consideration.
But the measures which OF oil arc
calculated most to expand and fortify
our industrieal system-which act di.
rectly on the value Of land, and, indeed
every description ~ofproperty, & which
withal, are most needed by the States.
are those which have Tor their object
to quicken intercourse and cheaper
transportation. Would we add force
to the spontaneous conviction ofcvery
mans understanding Of the great adj
vantage of a wise system Of Internal
Improvement? Let us cast our eyes
on New York and Pennsylvania, and
imbibe, from the rapid developments Of
all the elements of wealth and power
there, a spirit emulous, but without a
mixture of envy, of that enterprising
policy which has crowded their cities
-. ......L A.. Aa...Ao-.a -