Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-12-08

to which The currency Of the country has
been plunged, aud which, siill undated, con-
times 10 press with especial severity on the
mercantile eIlss, and Ia rnbarass material
" the moni,d operations ot The "ho.e Union.
On lire other hand we hive the gratifying spec
tacle presented 10 Us, both IN lie Eastern and
" esiern sections OF tie State, Of a manufacturing
interest, encouraged b, the success OF establish
mchts already 10 operation, rapidly, SCI steadily
rNrndinc itself 10 the great profit Of The adycn-
iulcrs aud advantage al the public We see the
enterprise of the scaboard engaged in enlarging
direei importation and augmcni,ng our foreign
trade, responded TO BY an increasing disposition OF
lhe interior 10 liad. al holn.--a course Of
trade destined to Prove mutually advantageous
TO the importer aud ihc inland merchant, and TO
confer gicai and sold benefits Oh the State al
large. And IN every pat OF the
STATE the laws faithfully administered, aud CHEER
fully obcycd: u prevailing spii OF harmony and
mutual God will among the people an enlightcn-
ed regard Ia order, Tie principal guarantee, as it Is
also OF The choicest fruits 81 good Government :
and The full enjoymcn, OF he blessings of peace.
On the whole. however, believe there was
never y time when the best interests Of Virginia
demanded, more mpefously ,hanat present, wise
liberal, and energetic legislation; when the Lee
glslatnre had ii more in its power to re-nyieora,e
the Enterprise and in us,ry VI the Commonw ealtb
aud to aid tie developer cnt Of those clements
she possesses OF national wealth. and power, which
unassisted, may rest for Years, for ever, in I'M
productive repose. In ilrtherance of thes great
objects, submit to Your better Judgment, the ex-
pedcncy Of augmenting the Banking Capital OF The
State accommodation | am the more en-
holdened 10 make, by reason of the favor
shown TO sim lar proposition by the Lee
glslature Of lS33-34. when that Capital was
considerable larger than ut present, of the
known sense OF lis expectancy entertained bv the
Two last HOUSES Of assembly, and of lhe notorious
'nadeqnacy OF the existing Banks 10 supply Bank
my facilities 10 the extent required by the actual
business OF the country.
Banks, II may be admitted, add little or nothing
diIcclly TO the wealth Of the community but tina,
by enabling individuals 10 bring into active en-
l7otmen that legitimate credit based nnon full
responsibility to meet engagements land that onl,
which else would lie dormant and unproduc,iye
lhey contribute TO the more rapid d. yelopmeut
81 an ne sources OF national, as well as individual
pfospernN-lradc, manufactures, agriculture, and
p"bic lmprosements-tew ,perhaps, at this dav will
be found to question. Accordingly no where do
We see these great results achieved bv any nation.
save IN connection wnh, and, in my opinion, in a
great measure flowing from IA udcious, well guar
r.
that no instance can be pointed gu, where this sys
TEN has not been promo,ive of the pcnrral
prosperity yet so often have sudden and disas-
no"s fcVerses OF private fortunes, as we'll as extern
sNe arrangements of the business and money cir
c"allJn OF whole communities, resulted from IT, n,
10 excite strong and extensive preudccs against al
barking institutions Whatsoever, But to NV an.
prehcnsIon, such effects seem lclerrable rattle
10 detective organization, or 10 loose or improper
management, ,han TO any inherent fault in til,
system itself Experience and observation hav.
now for long period, been diligently applied /,
the discovery and remedy of these defects, ano
with such success as every where 10 produce ant
Justify an increased confidence in banks, baset
on sound banking principles, and established, les
with reference To the gain OF ndi> iduals than /,
the accommodation and safety of the pub
| lie. In pro-emincnt degree, has this sue
cess attended the Banking system of Nirei
MIA; and at the present moment, while stock
of every description have sunk greatly in prize
throughout the country, under the existing pres
sure and arrangement OF the money market, tn
stcadness with which those of the Banks of ihi
State maintain their value, bears the strongest ties
timony, both to the wisdom Of their organization
and the fidelity OF their management-rhere cal
be no question that the confidence they enjoy re-
suits, FIRST from the requirement OF the instant con
vernblIty OF their notes into specie; and secondly
from the personal examination mo their condi
ton made annually by a committee of your ow,
body, IN respect to the Banks established here
and ir detailed statements required OF those at
distance, with the publicity of that condition con
scquent thereon. When TO these guarantees of the
soundness and good cement, there shall b.
added the further assurance of their steady and II
INFORM operation, to be afforded by denying then
the privilege Of issuing notes of a less deuomna
ton than ten, or what were perhaps better, TWEEN
t. dollars, (of course, excluding from circulation
within oar limits foreign notes under those a.
monnts,) they will probably become to be uniy,r
sally considered, what, sustained by larg.
specie circulation, they will prove TO he, institu.
lions alIording bu, little cause of apprehension OF
disrust to the community, yet most valuable AJAX H.
'aries to ITS industry and enterprise.
The extent to which Bank Capital should b,
Increased, and whether al once or more gradual.
", are questions exciting more diversity of opin-
ion and presenting more difficulty. A defcienc,
wastloughl to exist even before the wilhd, avail o
the Capitol employed i'll Virginia by the Bank OF
the United Statcs--since then, our population
but yet mere, our trade and manufactures, have
sensihly increased, so that creation of perhaps
double the amount Withdrawn might not exceed
/ the gust measure of the wants of the common.
| wealth.
Whether 1t might not be advisable, especially
Inview 1.-THE present embarrassment of the coun-
try, to prescribe that such increase as NAV le
authorized, shall be paid in mt such intervals &
IN such amounts as may not sensibly affect the
business or circulation of Commonwealth. is re-
specially referred To your consideration.
But the measures which of all are calculated
most to expand & fortfy our Industrial Svstep,-