Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-22
Virginia Legislature.
EXTRA SESSION.
HOUSE OF DELEGATES.

took the Chair, aud called the House to |
order.
A Communication from the Governor
was then handed to the Speaker, by
Capt. J. b. Richardson, private Secre-
tary, which was read as fellows:
Fslloto- Citizens Of the Senate,
and House Of Delegates.
The sudden aud uneXampled reverse which
has occurred i'm the currency and business of
the country, IN the view which have taken
sptthe subject, made :, my duty, under the
Constitution, 10 convene or before the period
for, the annual session. The resolutions OF
The Banks te suspend specie payments-the
relalties incurred thereby by some of them,
and the difficulties likely TO arise in the col
lection Of the public re,e nue, furnish the
grounds for the Executive proceeding unde.
which you are assembled A state OF things
most uniavorable 10 the industry and pros>
perity OF the country, has unexpectedly Genre
upon US, requiring, as humbiy conceive, the
early and solemn consideration oi the Gems
eral Assembly.
The Bank Of Virginia, the Farmers Bank
OF Virginia, the Bank of the Valley, and the
Merchants aud Mechanics Bank OF Wheel
ing, have seyerally suspended specie pay
ments. The North Western Rink, at the
date Of the latest accounts, continued ia meet
No S"S"SSmShtS WIN anu Us Tue
only banking institution in the Common
wealth which has not been compelled 10 seek
protection against the pressure Of the times in
suspension of payments. The Bank of Vir-
ginia declared the resolution an the 18th OF
May ; on the day alter, the example was fol.
lowed by the Farmers Bank Before this
step was taken, and even before il appears 10
have been anticipated, il had been resort~d to
by the Banks Of the large commercial cities
oil The North: subsequently 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 M tho Uni0n, which redeems it's notes in
specie.
IL was not 10 be expected that the Banks
of this Commonweallh-ihos of them al least
whose issues had been largely and widely
difused-ooaid long continue 10 pay specie
aker the Banks of the Northern and Eaitern
cities had resolved 10 ithhold it, Psior e.
ven 10 the declaration Of the Northern Banks,
specie was al a premium, and had become an
article OF traffic and the demands for il, s.
the premium il would command, were sure
10 be Increased, and in point of fact, were
increased, by the determination of those
banks 10 close their vaults. As a conse-
auenoes large and increasing demands would
be made upon our banks, TO redeem their
notes and liquidaie balances; and their abiI.
ity TO meet such demands was dimn shed by
having The chance OF supply from that quar-
fer denied 30 them. IL was appsr ent that the
Banks Of this Commonwe nl:h, I refer espe.
ciaily 10 the two principal Institutions
would be brought at least 10 denial of spe
cIe-a course OF rigorous collection, whilst il
would have aggravated greatly the public
Distress could at most have but delayed the
evil day-and the banks were reduced; 10 the
necessity otchoosing between suspension
sof pny ments, as measure Of precanLion, and
,ot4oSsing their supply without being allie ef-
3ectuaiiy TO resist the run which would be
made upon them. The former alternative
was recommended by the examples Of other
banks--by considerations Of impartial jus
tice towards every cretiitor-by the embar-
rassment IN which their debtors were uneX
pectediy involved, and the final security of
their debis--and was the course apparently
best caisuiated TO avoid agitation and alarm
and 10 enable them TO assist in correcting
the arrangement which had occurred in our
pecuDiary concerns
Whatever difference of opinion there may
be as 10 the cause, there can be but one o.
pinloE respecting the reality and extent OF
the public distress. Failures for unexam-
pied amounts have occurred confidence,
anu WITH 1t, the immense credit which IL up
held, IS gone: the price Of every agriculiu.
raj product has declined and in time of
peace, and in the absence of ply steal calami.
'ty, the whole country is uneasy and anxious
about the future. Patience, economy and
lndustry-a reliance upon themselves, and
the exertIon OF their sturdy virtues, will en-.
aote our Citizens TO recover speedily from
their emOarFassments, and thus afford the
only sure resource against the evils which
are experienced, and the bes, defence against
their recurrence hereafter
he time IS unproPitious, ifit were OH.
e,"ise desirable, 10 attempt any radical
changes IN The policy OF The common W caIlh
Inc system OF banking has been long since
introduced, and we find il fixed upon us
ne Common wealth is largely interested in
he stocks OF oar back ing institutions,
ihroughtbe fundsiorsin4ersa! Improvement,
and The literary fund; and the stock which
rs thus held, is part OF The security which
has been pledged 10 theiholtlers Of the pub
nc debt. Bark paper has long performed
az the purposes Of currency, and by the hol.
uers OF u, the poor and the rich, is counted
as money. The merchants and traders off
our towns nave been accustomed 10 look I'm |
JDe tanks Tor facilities and aid and throurb
their fundamentally il was, they have been
enabled to m Ike their purchases Of the plan.
Ter and farmer. Ii would surely be unwise
IN period Of difficulty, and when private
CTedIt IS IN need Of unusual facilities 10 p,iI
doign institutions which are go jncorporated
with eFeSy public and individual interest |
and from which il would result AZ nm imme, |
date consequence, that the difficulties of nav
ing would be augmented whilst the debt In |
be paid would be increased There are
hose who would have no Banks, either Stale
or Federal, and are for enforcing nm exclu. |