Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-15
FOR THE SPECTATOR.
III a X ID TIM ES-No I,F

u. l.
In our first number we announced the
startling proposition that the remedy for The
present deranged condition of our currencv
would he found in one of two alternatives
d ~ "A ZION AL BANK, OF REVOI,U>
!iON IN OUR GOVERNMENT Ann
a DISSOLUTION OF THE UNION
" 9 SIN adhere 10 the opinion then express-
ed' ana We now proceed i'm our rude way in
assign few OF the reasons upon which i, :;
founded. ""'1" u l.
we do not know the exac, number If
n'hks In The United States, but we believe
COO nay ~, ne stated IN round numbers at abou,
hese are scattered through, and de-
'he,F existence from tweniy-six sepa-
~ anu 80 lar as these institutions are CON
cerneH, independent States. Each State ex-
ercIses exclusive control ever its own Ill
and dIsclaims all power 10 interfere with
nose OF It's sister states And even in tho
same S'ate, u often happens that the charters
v. 'he banks are SO variant in their proyi
sions, as TO place them on essentially d;frer-
en-. grounds. For example, in Viroin;a n.
charter of the Bank of Virginia ia moi Tor
'ened ny suspension of specie payInepts
"hiist The Charter of every other Bank IL
'os. ny similar suspension. The same state
ol 'h'hgs exists IN New York, and probably
o'her stale. This circumstance
- ~NbShObJ ulhCuL lOr even
e'e state 10 adopt any efficient means NJ 90
curing a resumption Of specie payments
ror example, the Legislature of orr oven
stare al The extra session now in propress
may remit the forfeiture of the chartero ~
me Farmers Bank. the Valley Rant anJ
me w heeling Banks, upon condilion tha,
Ihey Immediately resume specie naymon,.
Tins the Legislature clearly has r;gI, f.
uo-'or II has right in making the ne,o
contract Tor nsD charter, 10 ippose nom
Terms on the Banks But how can the Leo.
stature compel The Bank OF Virginia In 20
Su,ne specie payments. That bank has mot
r",y.yg" aus CHARTER. The Legislature has
1910 "D'" upon II. Ii asks no favostrs AZ The
rInut I'm: y, the General Assembly. 1t can
PAM 1tseH upon ais chartered righfs and n.
~ me General assembly. How we rensa,
Sah you iorce ii to resume snecie nav 49,.
W cannot DO 1t. What then will be tbs |
consequence OF her refusal 10 do so? YorI
nay Compei all the other banks TO resume
sPeCIe payment, and the moment ;hev do o.
'ne Bank Of Virginia may draw from ,be;r
''u'S every dollar Of their specie. 10 no sold
!" brokers' at premium, or 10 be exnortsd
20 europe, and she resting secure bebind
nel charter, is relieved from all appreben.
.t % any retaiistory measures. She can
ue pay one'slded game, in which she
firm n - I''''''' 'Oee, until The eXpira-
',on OF her charter, some fifteen years hence
hha every one will see that it would he n
neI interest to pursue this course II would |
certainty be improper :or her TO do an but
the improperly OF the set wonl1 aff,rd -
security against its being done. Where IN
is'eSt IS concerned, most men do moi lool ,o |
principle ! And il this be true Of men bov
inuch more So is it OF CORPORATIONS sb;cb
have no souls P0'"''O"S WHICH
his view Of the subject sbews The prs,,
difficulty which exists, even in a .;,gI. s s.sa'
IN adopting any uniform rule ofact;o1 wb;c1
Whi produce harmony and concert anono All
Inc Banks. Bot how much greater is the