Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22

in need Of unusual facilities. to put
down institutions which are 50 ineorpo-
rated with every public and individual
interest, and from which il would re-
suit 90 an immediate consequence, that
the difficulties Of paying would be aug
mented, whilst the debt 10. be paid
would be increased. TAsrs are fhose
who would have no Banks, either State
or Federal, ard are for enforcing an
exclusive metallic circulation. The
project, in the actual condition Of the
country, Ibelieve to be wholly imprac-
ticable, and the agitation Of Il at this
period, could have no other effect than
still further to dersnge the business and
oppress every interest in the commu-
nifty. And consider il Of the highest
importance to maintain the credit Of
the State Banks, as forming, under pro.
per regulations and reforms. the only
practical substitute for United States
Bank-and their preservation affords
the only defence against The dangerous
scheme Of powerful and oVeTshadow-
ing national institution.
BY the provisions introduced into the
charter of the Farmers Bank. at the
renewal 10 1924, taken from the char
ter Of the North Western Bank and the
Bank Of the Valley. the corporate pow
ers Of that Bank end OF the Bank OF
the Valley, except for the purpose OF
collecting debts and closing their Se-
counts, were forfeited by the refusal TO
pay specie: and they became thereby
liable 10 serious penalties. The same
act on the part Of the Bank Of Virgi.
mia and the Merchants and Mechanics
Bank Of Wheeling. ia not visited by a
like heavy condemnation. But whilst
in that respect these institutions are ia
vored'bV the existing laws, the CON-
munity, without your interference,
might be exposed 10 serious inconve-
nienee BY the provision 10 the amend
ed charter Of the Bank Of Virginia,
which declares, that III The said Bank
shall at any time fail or refuse to re-
deem its notes in gold OF silver. its is
sues shall be nc longer receivable ia
payments to the State
IL the Banks are not relieved, the
revenue, amounting on an average TO
upwar OF Tour hundred thousand dol
lars annually, cannot be paid except in
specie. This amount Of gold and silver
would be temporarily Withdrawn from
circulation, at the very time when il
would be most wanted in the country
to enable the people 10 carry on their
pecuniary transactions.
The suspension Of payments by the
banks being clearly the result Of causes
which. al the time. they could not con-
troll, and which in common with large
I portion OF our fellow-ciiizens they did
not foresee, they are surely entitled &c
the induigent consideration ofthe Gen.
ersl Assembly: and indulgence to them
seems to be alike demanded by q pro,
PER regard TO the general welfare. ia
addition TO what have before briefly
suggested, Il should be remembered
that the crop OF tobacco Of the present
] year, as I am informed, is, TO a large
extent, unsold, aud the crop Of wheat
will soon be mature6 The crop Of to.
bacco, owing TO the decline from for.
mer prices. and the limited demand foI
Il, or rather the difficulties which are
experienced in raising money IN puF.
i chase IL, has come with unusual slow.
ness TO market. Il will indeed be dif
feult for the planters and farmers "a
dispose Of their crops, if the banks
shall be unable or be prohibited from
afoTding facilities 20 the purchasers ia
their negotiations. Besides the evili
which would be felt at home, by any
obstacles in the way Of the sale Of these
great staples, there would be a lsrgs
reduction from the amount Of our TO-
reign exports, which il is important Il
encourage, with q view to satisfy lhc
heavy balance sgainst &c, and the re
IducliOn Of which can alone remove The
demand for specie.
Impressed with The soundness and
importance Of these general views.
ventpFa respectfully 10 recommend Il
the General Assembly, 10 relieve th,
banks from fhe penalties and disabili
ties incurred by them, and 10 authorize
for limited period, the suspension o
\ specie payments. The measure 4
Earnestly desired by q large portion o
the communify; Il will have the enec
Of re-eatablis ing confidence. and mus
sensibly mitigate The severity Of ID,
times. The currency, " u can b
ehanged 81 ali, pnd 4 BE- wise to a.
tempt u, cen be changed with saleil
only By slow and measured alterations
Injusiics, 81 well as great loss, mus
attend any sudden and radical attempt
81 alteration. AZ ibe same time tia
the banks ere relieved from their die
abilities. and continued IN The enjoy
ment Of their corporate privileges. grea
care should Be taken 70 guard agsins
I sbusss, and 10 secure ne resumption
Of specie payments a ihe earliest pos
siblo period The extension q thei
issues, as that would FeiaFd specie pay
msnls, should be carefully avoided
The longer she suspension coniinpsa
the greater viii Be- The difficulty In re-
covering from Il, end ibe more We shal
j 81. ~ fnns,nv n a ncFunanenflV dtaoF