Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-06-21

would have aggravated greatly the
public distress, could, at most, have but
delayed the evil day and tho banks
We're reduced to the necessity Of choo.
sing between a suspension Of payments
as measure Of precaution, and of
losing their supply, without being able
efectuallyto resist the run which would
be made upon them. The former al.
Tentative was recommended by the ex.
ample of other banks I; by considera.
tons of impartial justice towards every
creditor; by the embarrassments in
which their debtors we're unexpected.
ly involved, and the final security of
their debts: and was the course appa.
rently best calculated to avoid aglta.
ton and alarm, and TO enable them to
assist in correcting the arrangement
which has occurred in our pecuniary
concerns.
Whatever differences of opinion there
may be as 10 the cause, there can be
but one opinion respecting the reality
and extent of the public distress. Fail.
ures for unexampled amounts have oc.
| CURED conidouce, and with it, the
immense credit which il upheld, is gone;
the price Of every agricultural product
has declined and in a time of peace,
and in the absence of physical caami-
ty, the whole country is uneasy and
anxious about tho future. Patience,
economy ard industry; reliance up
on themselves and the exertion oftheir
sturdy virtues, will enable our citizens
to recover speedily from their embar-
easements and these afford tho only
| sure resource against The evils which
are experienced, and the best defence
against their recurrence hereafter.
The time is unpropitious, if it were
otherwise desirable, 10 attempt any
radical changes in the policy Of the
commonwealth. Tie system Of bank.
ing has been long since introduced,
and we find it fixed upon us. The
commonwealth is largely interested in
stocks of our banking institutions, thro'
the fund for internal improvement and
the literary fund and the stock which
is thus held, is part Of tho security
which has been pledged TO the holders
of the public debt. Bank paper has
long performed all the purposes OF cur.
rency, and by the holders of il, the
| poor and the rich, is counted as money
The merchants and traders Of our
towns have been accustomed TO look
to the Banks for facilities and aid /; and
through their instrumentality it was
they have been enabled TO make their
purchases OF the planter and farmer.
1t would surely be unwise in period
OF difficulty, and when private credit
is in need Of unusual facilities, TO put
down institutions which are so incor-
poraied with every public md indivi.
dual interest, and from which il would
result as AN immediate consequence,
that the difficulties of paying would
be augmented, whilst The debt 10 be
paid would be increased. There are
those who would have no Banks, eli.
Their State or Federal, and are for ell.
| forcing an exclusive metallic circula.
ton. The project, in the actual con.
dition Of the country, believe TO be
wholly impracticable, and the agitation
of il at this period, could have no other
effect than still further to derange the
business and Cypress every interest in
The community. And | consider il Of
the highest Importance TO maintain tho
credit Of the State Banks, as forming,
under proper regulations and reforms,
the only practical substitute Tor H..
ni:ed States Bank-and their preser.
walton affords the only defence against
the dangerous scheme Of powerful
| and overshadowing national institution.
BY the provisions introduced into the
| charter of the Farmers Bank at the
the renewal in 1924, taken from the
charter of the North Western Bank
and the Bank of the Valley, the corpo.
rate powers Of that Bank aud of the
Bank Of the Valley, exception the pur-
pose of collecting debts and closing
their accounts, were forfeited by the
refusal to pay specie and they becnme
thereby liable to serious penalties
The same act on the part Of the Bank
of Virginia and the Merchants and
Mechanics Bank Of Wheeling, is
not visited by a like heavy condemna-
ton. But whilst in that respect these
institutions are favored by the exist
ing laws, the community without your
interference, might be exposed to Sc
rious inconvenience by the provision
in the amended charter of the Bank of
Virginia, which declares, that /" if the
Bank shall at any time fail or refuse
to redeem its notes in gold or silver
coin, its issue shall be no longer recei-
vabIe in payments to the State"
If the Banks are not relieved, the
revenue amounting on an average to
upwards Of four hundred thousand
dollars annually, cannot be paid except
in sneaie This anount of GOLD and