South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1837-04-15

Circular. Prospectively there can be nc
doubt of its being rescinded: The objection
| seems more to have reference to blow anti
| cipated from abroad, than to relieving the
pressure at home; and fit is the design Of the
| Bank of England to draw the specie from this
country to prevent or check embarrassment
abroad, it is clearly our policy to avert that
! blow by every possible effort at home. Lei
us, however, hear the reasoning Of the Attor-
ney General.
"Nr. Butler represented, that, ifthe
order was now repealed, the western
and southwestern banks would not be
able to keep their specie, and while
they parted with that, they would al
the same time increase their issues and
other facilities to large extent. The
specie would flow to New York, in
payment of debts due to the merchants
and jobbers ofthat city, for the last
years importations, and would be inn
mediately shipped to England, to pay
the forty Or fifty millions which we owe
her, on account of those importations.
In few months our stock of specie,
which now exceeds seventy millions,
would thus be reduced to less than 80
millions, while, at the same time, the
bank issues Of paper would be greatly
increased.
The consequence, he urged, would
be general crash of all the banks, and
the total loss to the government of the
revenues which have accumulated in
the deposite banks. He represented
that the deposite banks will not, even
under the most favorable circumstan-
ces, be able to pay the next quarter
instalment of the surplus ordered to be
distributed amongst the States, without
greatly distressing their debtors; and
that if the small specie basis, which now
barely sustains their Calculations and a.
greements, should be much diminished,
it would be idle to expect them to pay
one dollar ofwhat they owe to the gov
eminent.
He also Urged that, by the revoca-
ton of the order, the speculations in
public lands would be vastly increased,
and the whole national domain, so far
as it is now subject to entry, would be
Immediately bought up by the specuIa-
tors, with deposit bank notes, not worth
farthing. The people, he further ar
gued, who had long been passive, under
the fluctuations of the currency, were
becoming uneasy, and, upon the first
explosion of a government deposite
bank, would demand the re-establish-
ment of national bank. The utmost
prudence and precaution would be ne
cessary to avoid that result.
Letters were also produced from Our
minister at London, from our consul at
Liverpool, and others, suggesting that
every practicable method should be re-
sorted to by the government, to retain
the specie, now in the country. They
state that England is on the brink of a
great financial and political CONFUSION
and that the bank Of England will be o.
bhged to suspend specie payments, un-
less the efforts then making for procur-
ing supply from the United States,
should succeed; and that the question
in fact, was whether the banks on this
side Of the water or ON that, should
first blow up. -.
The political disturbances of Eng
land, says Mr.. Stevenson, are greatly
promoted by her financial embarrass-
ments; and if the latter continue, the
storm must soon come to a crisis. Ifthe
money power is crippled and embar-
raised, the democracy of the country
will triumph, s. Ireland viii be eman-
cipated. To send orrspecie to England
at this crisis, would therefore, destroy
| ot,rsnlrns and I'D the RritiS h torine In