Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1836-12-29

-, - '' "o' ohiy receive no money
~ So, nohey iscarricd away 10 the debts
10 pay old engagements or to contract new
Dy inns unnatural process, the specie of New
horK and the other commercial cities is uiIed
ny In the western Statesmen circulated
not used, but held as defence against The
ireasury-and lille the West Cannot use !,
The East is suffering for the want of i,
The result IS, that the commercial 80,
course between the West and the A,,.n,;,.
almost wholly suspended, and The ,a,v ,,,,
,a "hich are made, are burdened with
."o ' ,oo eMUaVagant expense. In Novem.
twa,,.. "o interest OF money has risen To
eJ 'ouF per cent Me rchants are strug.
ens =" preserve their credit by ruinons so
10 u costs 1--we or six times as much
10 transmit funds from the Yves, and s".',,.
west, as IL did it November lS35 mr. 90 u.
SZ. Thus while the exchanges with Ill
world are In our tavor-wbiIe Euroro WV
aemeo, and the Bank of England itself nm.
sasf al The Quantity Of specie we possess
we a'e suffering because, from mere mic
cement, the whole ballast of The rnr.
!ency - shifted from one side of the vc..oI =,
the other. ''' 'cssei 10
In The absence Of good reasons ,,- ,ho,o
measures, and as a pretcxt for them !, Is
.a" TIA, Inc country has overtradeJ-,ha,
VIC banks nave over-issued, and that ,L.
rurcnasers OF public lands have been yeIv
na,as'nt. l am M, struck by the truth
=" " pr"p,ie,y oithese complaints The phrase
,erx ;.''mS very convenient but no,
very inteiligible. Ilitmeans ,nv H.. =,
means that our dealings with other cn,',,t, a ~
nave brought us in deb, TO those comn,,;as
10 that case the exchange turns arains, onr
country and is rectifed by an expori,tion of
specie or stocks in the first instance-apd
Neu ny reducing the imports TO the expor,s
~" Tue TACT IS, thai al this moment the az
changes are all In favor of this coun,, y-.,h.,
vs. you Can buy bill Of exchange on ,n'
reign country cheaper than YOU can send emo
clio 10 That country. Accordingly nn,,,
specie has come in-none goes OUT Th;s
,oo a' moment when The exchange for the
Ias' crop Is exhausted, ard that uf The ,.,,
Up mas mol yet come into the market-and
~, un'n We are on The point OF sending 10 Europe
p.'uuee vi me country, TO the amount Of
Uy VI one hundred millions OF dollars.
change with all the world j, in f,vmr ~ NJ.
YORK. dow then can New YORK. Ina Nv
o'ertrndsr Her merchants have SOLD ,rnod.
10 Inc merchants OF The interior. WHARF :. II
ing 20 pay, md under ordinary circumstap-
'o' aoie 10 pay--bn, by the mere iaul, of tho
se'h'neh', as obvious as il an earihouake
I"a'io"eo Them Up, their debtors are
uisaoieu from making Immediate ,avme,,
u IS not that the Atlantic merchants h,va
soid 100 many goods, but that the yo, e,,s
meat prevents their receiving p.y,pcnt for
guy. moreover In the commercial ellie.
money can be had, though at extravagan,
Istes, ior Capitalists add 10 the ordinary
nases 'oI Tie use OF ii high insurance A.
su't 'no ioss OIL II. II Is not then so much
80, ~ mol 10 tie procured, as that
o"uot ana alarm increases the hazards oi
lending it. ~ ""-a'us oil
ihen as 10 the Banks. 1t is quite prob,.
pie that many otihe Banks hav. exi.nLsd
.neir issues-but whose fault is il? Who
tailed these Banks into existence, TIA
Executive Who tempted and yoaded ,hen,
20 these issues! Undoubtedly The Exern'
lFs.-ihe country five years ar, wa ~
possession OF the most beautiful nscLosr,,
OF currency and exchanges the worId ey.y
ss" III consisted of number Of S,,,e
Duhks projected, and, at the same time re-
s', .rs oy the Bank o! The U. States.
Inc people OF the United States tbrousb
"sh representatives re-chartered that ins1;.
.u a. i'ut Tho Executive, disconten,ed
" I'm .t' independence, rejected the Act of
lion was, that the States would make Ranhs
ana that these banks could create i, Lot,a
ystem OF currency and exchanges Tho
states accordingly made banks--and ,han
,oI0"ed idic parades about the loans of these
Uta"AS' anu Their enlarged dealings in ev.
nj t'nge. ana what is The CONSEQUENCE. :,
ns DahK oil The United States has moi ceased
=" exist more than seven months and ,Ir.,
Wy 'hs whole currency and EXCHANGES ~.
."nhing into IneXtricable Confusion and NC
INDUSTRY OF Inc country is buideaed with ex
"nNasah' Charges on all the commercial in.
.ercourSe of the Union. And now. wbc,
80. 'anhS nave been created Ivy the Exe-
ah" ufsed INTO these excuses, instead
sn'ie and gradual remedies, il fierce cru
s'ue 10 raised against them-ii,r f,,J, $50
harshiy and suddenly taken from hsro "'T
they are forced TO extraordinarv ,noa,, '''', q,
ueience against the very mower HicI, bro,,,,h,
them INTO being. They received and 49,
expected 10 receive, IN payment for Tho
- The notes Of each other AMI
,nS no'es OF other banks, and the facility win
mn'Ch tney dId so, was ground of s,eri,J
communication by The Government Al
no" mat Government has let loose unn, h.
demand Tor specie, 10 the whole amoun, ~
m"Ss Ioies. go further There * an o,,'I
cry abroad, RAISED by faction and echoed ~.
i,11'y, against The Bank, in The United states
- p',' IL was dISt0rbedby The Governmen,
oa,hInS system OF the United STATES WINS
q; i'as. as good as iha; OF any other comner>
~, country. What was desired Tor ifs Der
.,.i' was precisely what have so lone
h,a;, sT y, accomplish TO " iden the metallic
ron 49,, "" - currency, by greater nfusio, Of
Tb;s ,va. "'na''er channels of circulation.
accomplishment. ''''''o"s Tram OF
nu' thls miserable foolery about an ey,.,,.
ICY metallic currency is quite az absurd as
20 DISCARD the Steamboats,, and 90 back, r.,
Po'Ing w The Alississippi Banks n,.,r,..,.,..