Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-07-27

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% praclica q hes i1lolf been obiiesd % stop
payDsns. end has forced he eanks universal
y, aud alnest al he people. 70 Do ~ sAns.
With the knowledge q bitter and
vindietive enmity Of the party leaders
10 tho credit system, carried TO The ex-
tent even Of the cruellest .ealumnies
against the whole body Of those who,
by the means OF credit. united with high
Intelligence. have enriehed their coun-
Try. and elevated and embellished is
character. the reader may Judge Of
Our surprise NJ finding in the Globe, al
this late hour, the following admission:
BANKS caanoi Be dispensedvifA, ex-
cePt at ne sacrifice Of sH Justice in re-
gard to the contracts made under a
mixed currency. nor without UiolG-
fio1 Of tie fsifh pledged IN sAs kgislz-
fion fwhere honestly obasined) by
which they were established. The
subject must be left TO gradual reform,
20 whIcA the intelligence Of the people
OF the respective States is fully EIDE
quais."
Here we have an explicit recaniation
OF all the menaees which have been
thrown out against Banks. and an ad-
mission Of ell that We and others have
ever maintained on the subject, viz.
that. under present circumstances,
Banks cannot be dispensed with. -
To whatever cause il may be traced,
even this glimmenng Of light from
amidst the Cimmerian darkness which
envelopes "the Government must be
welcomed by all considerate men with
sincere and lively ss,isfsction.
We have recsived copy OF The Message or
Governor DuNcAN, Of Iliinois TO the LeElsla-
tnre Of that State, part Of which bears 50 d.
reetly uPoo the Executive doctrines which
are oow sueesssively exploding. that ne sx-
tract u, with the single remark, that no one
better knows than Gov, ID. what were The
real designs Of the late Administration, OF bet
Ter understands the motives q hs Issdine
measures, which. being himself behind the
curtain. he bad ample opportunity 10 become
acquainted with ;-lJNai. Int.
Erirasf Iro@ Gepernsr Dssaeans .lfsssage.
In my message at the opening OF
the last session, il was my happiness TO
congratulate you on the prosperity then
so eminently enjoyed by every portion
OF our beloved country; and from my
Utmost heart did l rejoice 10 see the
industrious citizen every where reap
the rich rewards OF his labor. And al
though, even then. | was not without
strong apprehensions Of an early re-
verse. am confident no human FORE
cast could have anticipated so sudden
calamity a. has beer. brought upon
the country by the action Of the Fede-
raj Government upon lis currency
AZ the time the President Of the United
States assumed the responsibility Of
Ordering .he public money 10 be re-
moved from their legal deposite In the
Bank Of the United States, for the puF-
pose. IS be aVowed. OF preventing the
FeehaTteE Of that institution by Con-
gress, there never was q sounder cur
rency or more healthy state Of things
10 any Government ia the world. To
effect this object, namely, that Of de-
stroying the United States Bank, rvaI
institutions were 70 be created: and il
will be remembered that Immediately
after the removal OF the deposites, the
Government party commenced estab-
fishing State banks. whilst State lie.
gislatures, deluded by the fallacious
promise Of advantages to be derived
from the dep0sites to be made ia these
institutions. which were 10 be fiscal
agents OF Government, re adiIV fell into
the measure. As might have been
expected, hundreds Of new banks in
Sianily sprung up, their enormous vs.
sues OF iFredeemable paper afforded
the inducement Of universal extrava-
CANT speculation, and gave as what al
must now regard adePrayed and worth.
less eorrency.
" Before the public were aware Of
the ruin which this wild scheme por.
tended. the Executive, end a portion
Of its party. seeing their error, il would
seem, endeavored 10 escape its eonse-
queuees by amusing the people with an
absurd and impFaetcable project OF an
exclusive hard money currency. I
say absurd. for - well might the Exc
cutIve Of che Uaited States expect 10
compel the citizens Of the Great Valley
10 abandon the use Of siPamboats and
regume the fat bottom and barge in
the navigation Of its thousand streams
and rivers. a. 10 force them 10 give up
= sound paper currency, a. ali times
convertible into gpecie, With ali lls
adaptedness TO the purposes Of the
commerce and business Of the county.
Before each . scheme cen be proseep-
ted 70 the results they promised, the
intelligence. commerce, liberties, and
bouadaEies - these Unilsd States mus,
be obliieTated, and TIE people yield 10
The sinbboFn will and rule OF a dsrpol.
These Ezpsyf@safs, as they have been
styled by their authors, may, cod I be-
lieve, have bad their p6kfical eject
bui they have aiso bad ther effect %.
% the county acknowledged 10 Sc
i5ii 81 resources. 6isliassished % u
intelligence, ice enterprise, and Won
deFfal prosperity IN reducing Il 70 81
almost nnivsrusl bankruptcy; 10 pros.
llaiing alike iis business, iis eBergios,
and condolences"
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