Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-15

we had some experience on another sub.
Ject si the difficulties arising from these ans
taSonist interests in the different states, at a
very early period ofonr history. alludc To
.he Su'gec' OF the arrangement Of inposi du-
Ties under the old articles of confederation
Before the adoption of the federal consti,u
lion this subject belonged, in a great mea-
sure, TO the several states. The consequence
was, That after the Legislature of one state
nah arranged IFS duties, another state, in or.
aer 10 gam an advantage over its neiyhber
ny drawing the importing trade 10 its own
coast, would fix MS duties probably twenty.
hre per cent. lower than The first and an
"'her still lower, until there was continual
see-sawing OF commerce, and such decree
~ transportation OF feeling produced, as to
threaten the peace OF the country IL NAV
probably be something new 10 some uf IN,
readers TO learn, that under this system of
| legislation Y0rk>town-a small VILLAGE with
out inhabitants, and only remarkable from
Us association with the most glorious event
o' our revolutionary struggle-was once the
importer for PHILADELPHIA
wat will he the effect of an attempt nv
Inc various states TO compel their Banks TO
resume specie payments?' Hcw will thew
proceed IN order 10 effect it, Each state
VIII no doubt, feel a most anxious desire 10
Prolect ITS own banks, because its character
"s wen as It's pecuniary interests are con.
nected with these institutions What then
VIII be the course adopted? Lei no then
suppose that New YLrk, actuated by n I,uJ.
aoie spifn to return 10 specie payments. pro.
S'a'hs her intention To do so on the Isl of
January, 1898. What follows: IL no,o.
.'ous mat there are in the U. States al leas,
.our times as many dollars in bank n ties az
IN specie Of course then all these notes
Cahho, he redeemed at once in specie. Well
We" 1ofR announces her intention 10 com
, 'nnn specie pay ments on the 1 $; of Jan'v
iooo' IL wIii obviously he TO the interest of
each slate, for reasons 10 he stated ia defsr
us commencement few DAYS or weeks,af.
Ter It's neighbor. And then we shall witness
scene precisely similar in principle 10 thai
enacted under the old articles of contedera-
''"h' IN relation to the imposl duties Penn.
syivania W i'll probably follow the exam,Ie -,
view York, and agree TO commence ON tho
ION of January, lS38-Nlaryland on ,hs
Isl February, and Virginia on the 18th and
SO on. The result will be this. The mo-
,nen' 'ne Ne. York vaults are opened
enhSyifania bankers will commences run
ON ihem lo supply their own Golfers Mar
land IN turn will entleavor 10 f,r,;5v b.,
ranks 10y drawing all the spccie from Penn.
syNahia, and Virginia in turn will drain the
BANKS OF Maryland. And ~ha, a Stale of
'hings VIII this produce Will the ir;uroJ
states submit 10 ii! Will thew NO, Is,ter
lake up arms and yindcaie their riohi. If
The point OF the bayonet!
nut IL may be said that the states i'll a.
siee 10 ACT IN concert, and commence snecie
70 '' ,.a On me same day, so as 10 obyis,e
s an,s aihiculty. Why did not the old states
"s' III concert IN paying their quotas for The
support of the General Goyernmen, nndar (
.ne oid confederation, and on the snhiact ~
"e ihposis, and have a uniform tariff? The
ans"er IL because il was not their interes, /
eouo -" ihose states which acted in hal
'.hh gained an advantage BY II. And will I
- ho' DE 10 The interest of each state 70 hold
oack now, until after its neighbors have
I'll specie payments, so as 10 enrich
49, os me Piunder of the banks Of Other
nor anu are The states moro pure
'o'o utsin 'eIesied now than they were q, ,hs
close OF The Revolution /? WbS,ever o.h .mo
may mink OF this subject we arc lar from,
oe'iepIng such 10 be the fact Can
iiohai man believe that 90 states wbos. -;
'elests are all diYellent, can he bro,gh, -
act win concert on this subiect5 Ao5 90
u me state Legislatures were to co.onerata
I eau me most credulous simpleton believe
,t ooo corporations-lookin SOLELY 10
.iieit own interests-can he brought from
,'ons oil patriotism to sacrifice these
interests for the public good
But what are the lessons nf erpor;o,o
ms subject? Look 10 the history nf omr
country from 1914 to 1917! Can 9nv man
oelieVe that specie payments cnnIJ -
oee, iesumed without the and of n national
o""h w as there single financier of any
ho'e at that lime who doubted for ronr'a;,
'naI that institution was the ins,r,n,on,
"nIcn ehecied that result, and tina, wi,hom,
us aia II could moi have been effected !
,hat ,bs, we may safely hazard the statement,
that mere was not one
Let us next enquire what willie a.
payments. '"''0" Vi specie
ne currency Of a couatry has been on,Iv
termed lis iife-blood. IL is the rneJiun, u
no Exchanges. and it is the aliment oI ;ls
,:'oSPeIHy. Whatever for any length nj
.ilhe ueranges IT, will derange The wboIa
3''en si government This is mora mar
nS"'aiy 'he Case in our government than
dd "'her. Most governments consist ri
toa1; "ne n'tIon having the same interests and
,ee"eS. Ours consists OF % separate Gov
Noes RI "ed together for specific pur
i = sensa "e ooDd which binds us together S
. sense OF common interest. Tbe ~ 7
neht that bond is DESTROYED we fsl, t,,,;o o'
!" W. are then naturally led 10 enon;re Ie'. =
c. n's suspension of specie payments viii ~ :.
~: ms 9ohu. Our view Of the subiec, =
MS hen The check which The obI;,.a,;a |
70 - IeHeem bank notes in specie is removed !
mere VIII be complete race between H. S
psnks 81 the various states in their enissions i
o"e VII commence IT, and another viii he r
,sIf doi, !" follow suit or il will find Il.
.tates oaJ Win worthless paper from other /
,'a''9, ana VIII suffer all tie evil. viii,
loy OF the benefits Of The excessive "i'49ul
WI 90 on m opposition to The remonsI.,a nis
u some o. The states, until finally the lbs ubCI
'yslem VIII explode, and those ST., 10 "hDie