Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1836-12-15

ferred 10, (P Should you decide on bchaI
of the CommOnw eaiil, TO accept OF the depo
sites, the proprieiy is obvious, before th
termination Of your session, of making du,
provision for the redemption OF the faith of Tho
Stale, that will have been pledged 10 IFS sal,
keeping aud repayment. The best mode o
DONG This, depends so much on the direction
which ynu may sec fit; 10 give 10 the fund
that, content with bringing the subject un
der your notice, forhear TO make any par
tIcuiar suggestion respecting il.
Turning our eyes 10 the internal condition
ol the Commonw ealth, while we behold mucl
Ia call forth our gratitude, we have yet iC
deplOre, with all submission 10 that power
that has seer iii la afict us, that the year has
been one unusually calamitous 10 the great
farming and planting interests OF the Com
monwealth, and marked by some adverse
circumstances oil a still more general opera
ton. The extensive failure OF the wheat
harvest, uncompensaled as il has been by an V
unusual abundance OF The other grain crops
| though Ia some extent mitigated in its ci-
fecis, hui the unusually high prices com
man9ed by every species Of farming product,
has yet disappointed the farmer OF the usual
returns Of his labor and capital the planter
has felt seriously the great fall that has late
| ~ taken place in the price of his tobacco
while every individual in the community has
suffered more or less Inconvenience or loss
from the extraordinary arrangement and cons
fusion into which the currency has been
plunged, and which, still undated, coniin-
ues To press with especial severity or the
mercantile class, and 10 emharrass material
~ The uonicd uperationS Of the whole Union.
On the other hand, we have the graiiiyiu
spectacle presented to us, both in the East
ern and Western sections OF the State, Of
manufacturing interest, encouraged 10y the
success OF establishments already in opera
| ton, rapidly, yet steadily extending itself, 20
| the great profit OF the adventures and adj
vantage of the public We see the enterprise
OF the seaboard engaged IN charging direct
importation and augmcnating our foreign
trade, responded To by an increasing dspOs>
lion of the interior 10 trade al hOme-a course
of trade destined 10 prove mutually advanta
genus 20 the importer s. the inland merchant,
and 10 confer gren, and solid benefits on the
State al large and we see in every Part ni
| the STATE, The laws faithfully administered, 6;
cheeriully obeyeh: prevailing spirit of har-
mony and mutual good will among the people:
an enlightened regard 10 order, the principal
| guarantee, az il is also ore OF the choicest
fruits OF good Governmental the full en-
| jnyment OF The blessings OF peace.
On the whole, however, I believe there
was never "a G;ne when the best interests Of
!,
| al present, wise, liberal, and energetic legIs-
lat'oo or when the Legislature had il more
III liz power 10 reinvigorate the Enterprise
| and industry Of the Commonwealth, and 10
aid the development Of those clements she
possesses ofna;ional wealth and power, which,
| unassIsted, may rest for years, or forever, in
unproductive repose.
In furtlerance o! these great objects, |
submit 10 your better Judgment, the eXpedi
ency OF augmeniing the Banking Capital Of
the State: recommendation, am the more
em5uldened To make, 10y reason of the favor
shown 10 similar proposition By the LegisIa-
ture OF 1884, when tina, capital was COnsid-
erably larger than al present-of the known
| sense Of lis eXpedicnCy entertained by The two
last Houses of Assembly, and OF the notorious
inhdequacy Of the existing Banks 10 supply
banking facilities 10 the extent required by
| The actual business of The country. Banks,
ii may he admitted, add little or nothing,
directly, 10 the wealth Of the community,
but that, by enabling individuals 20 bring
! into active employment that legitimate cred.
| IT. based upon foil responsibility TO meet en-
gagemenls (and That oniy) which else would
he dorminl and unprOduciive, they Contri-
! butte 10 the more rapid Development of all
! the sources al national as " ell as individual ,
| osperIiy-tradc, manufactures, agriCGi-
'urc, and public improvcments-few per-
! haps, at This day, will lie found to question.
Accordingly, no where do we see these great
results achieved 10y any nation, save in cen
nsclIon with, and, IN my opinion, IN a great
measure flowing from iudicious, well
| guarded credit system. Notwithstanding
| however, that no instance can be pointed out
| where this system has not been promutive of
The general prosperity, yet so often lave
| sudden and DISASTROUS reverseS OF private for
! tunes, as well as extensive arrangements ui
the business and money circulation OF Whole
communities resulted from il, as TO excite
strong and extensive preiudIces against all
banking Institutions whatsoever But, %
my apprehension, such effects seem refcra-
bEe rather 10 defective organization, or 10
! loose or improper management, than To an}
inherent fault in the system itself Expert
enCe and observation td'c now FOR long pc
id, been diligently applied 10 the discovery
and remedy OF these defects, and with such
success, a. every where 10 produce and jus
tiy an increase in banks, based on sound
banking principles, and established, less will
reference 10 tho gain OF individuals, ,han t.
the accommodation and safety Of the public.
In pre- eminent degree has This success at
tended the banking system OF Virginia
and al The present moment, while stocks o.
every description have sunk greatly in price
throughout the country, under the existing
pressure apd arrangement oi the money
markei-:he sieaOrcss with which those c
the banks Of this State maintain their value
bears the strongest testimony both 10 Tx
wisdom Of their organization and the fidelity
OF their agemenL-There can he nj