Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22
VOL. SO.
WWVCh@H U0C0
Delirerrd to botA Housss Of tie General
-dssenbIy Of prgtnia. At fhs opening
offk. Erfra Nession- .Erns N. l63T.

and House OF Delegates,
The sudden and uuexampled reverse
which has occurred In the currency and
business Of the country, in the view
which I have taken Of the subject.
made II my duty, under the Constitu-
ton. 70 convene you before the period
for the annual session. The resolutions
OF the Banks TO suspend specie pay
ments-ihe penalties incurred thereby
by some Of them, and the difficulties
likely TO arise in the collection Of the
public revenue. furnish the grounds for
che Executive proceeding under which
you are assembled. A state Of things
most unfavorable TO the industry and
prosperity Of the country. has nnex-
pectedly come upon rs, requiring, a. ]
humbly conceive. the early and solemn
consideration ofthe General Assembly.
The Bank Of Virginia. the Farmers
Bank Of Virginia. the Bank Of the VAL
ley, and the Merchants and Mechan-
ice Bank Of Wheeling, have severally
suspended specie Payments. The North
Western Bank, at the date OF the latest
accounts. continued TO meet its engage
ments with punctuality, and is the only
banking Institution in the Common
wealth which has not been compelled
70 neck protection against the pressure
Of the times in suspension Of payments.
The Bank Of Virginia declared the re-
solution on the 10th Of May; on the
day sfier, the example was followed by
the Farmers Bank. Before this step
was taken, and even before IL appears
20 have been anticipated, il had been
Tesorted 10 by the Banks Of the large
commercial cities Of the North. Suisse
quenily, and in quick succession, Bank
after Bank has followed the example
set FIRST in the City Of New York. and
now there is scarcely Bank Of large
capital and extended operations in any
part Of the Union, which redeems lis
notes In specie. -
It was not to be expected that the
Banks Of this CommOnWealth-those
Of them at least whose issues had been
largely and widely difFused-couId long
continue 10 pay specie after the Banks
Of the Northern aud Eastern cities, had
resolved to withhold IL. Prior even 10
the declaration Of the Northern Banks.
specie was at premium, aud had be-
come an article Of traffic; and the de.
mAnds for il, and the premium it would
command, were sure 10 be increased,
and IN point Of fact, were increased, by
the determination OF those banks to
close their. vaults. Asa consequences,
large and increasing demands would be
made upon our banks. to redeem their
notes and liquidate balances; and their
ability TO meet such demands was di-
minished by having the chance Of sup
ply from that quarter denied to them.
II was apparent that the Banks Of this
Commonwealth q refer especially to
the two principal insiiIuti0ns.) would
be brought at last to denial Of specie
IA course Of vigorous collection. whilst
Il would have aggravated greatly the
public distress, could at most have but
delayed the evil day: and the banks
were reduced TO the necessity Of ehOos-
ing between a suspension Of payments
as q measure Of precaulion, and Of los
ing their supply without being able ef-
fectually TO resist the run which would
be made upon them. The former alter
native was recommended by the ex-
amples Of other banks-by considera-
tons Of impartial justice towards every
ereditoF-by the embarrassment 10
which their debtors were Unexpectedly
involved, and the fnal security Of their
dsbts-and was the course apparently
best calculated to avoid agitation and
alarm, and 10 enable them 10 assist in
correcting the arrangement which he'd
occurred in our pecuniary concerns.
Whatever differences Of opinion there
may be as 10. the cause, here can bo
but one opinion respecting the reality
and extent Of the public distress. Fail.
ures Cor unexampled amounts have oc.
CURED; confidence, and with II, the
immense credit which Il upheld, !,
gone The price Of every agricultural
product hes declined aBd 10 time Of
peace, end 10 the absence Of physical
calamity, the whole country is uneasy
end anxious about ihe future. Patience,
economy, snd industry reliance up
on themselves, and the exertion Of lheiI
sturdy virtues, will enable our citizens
20 recover speedily from their smbaF.
rassmenis, and thus afford the only sure
resource againsl the evils which ere eK
psrienced, aud the besl defence sgains
their recurrence heFeaDer.
The time IL unpf0piiious. IL Il were
otherwise desirable. 70 attempt coy rad
zeal changes 10 the policy q the con-
monwealih. The system q banking
has been long since Introduced, end va
End u fixed upon us. The Common.
wealth is largely interested 10 The stocks
81 DOR banking institutions, through the
fund fog internal Improvement and the
literary fund and The stock which u
thus held. is . pari Of the security
which has been pledged 70 the holder,
OF the public debt. Bank paper hes
long performed al The purposes q cur.
Fency' snd BY the holders Of H. che
poor abd the rich, !, counted 81 money.