Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-22

national institution.
BY the provisions introduced into the chars
ter of the Farmers Bank at the reurw.l i.
1874, taken from tho .h-rtet Of the North
Western Bank and the Bank of the Valley,
:ae corporate powers OF that Bank and of The
Bank the Valley, except for the purpose
OF collecting debts and closing their accounts,
were forfeited by the refusal TO pay rpscie
and they became thereby Liable TO serious
penalties. The same act on the par, Of the
Bank of Virginia aud the Merchants and
Mechanics Bank of Wheeling is not visited
by like heavy condemnation. But " hist in
that respect these institutions are favored BY
the existing laws, the community without
your interference, might be exposed TO seri-
Gus Inconvenience by the provision in the a
| mended charter of the Bank Of Virginia,
| which declares, that "ii the said Bank shalt
| at any time iail or refuse 10 redeem its notes
in gold or silver coin, its issues shall he no
longer receivable in pay men,s TO the State"
III tho Banks are not relieved, the reven-
ue, amounting or an average to upwards Of
fur hundI ed thousand Dollars annually, can
nat he paid except in specie.-This amount
oi gold and silver would be temporarily with
drawn from circulation, at the very time
when II would be most wanted in the coun-
try, TO enable The people to carry on their
pecuniary Transactions.
The suspension ut payments by the banks,
being clearly the result oi causes which, at
| the time, they could not control, and which
In common with large portion of our fel
low citizens, they did not foresee, they are
surely entitled TO the induIgent considera-
| lion Of The General Assembly, and indul-
gence TO them seems to he alike demanded by
proper regard to the general welfare. In
| addition To what have before briefly sug
gesied, ii should he remembered that the
crop OF tobacco of the present year, ms ] am
informed. is, TO large extent, uns"ld, and
the crop of wheat will soon he ma,ured. The
crop OF tobacco, owing TO the decline from
former prices, and the limited demand for il
ar rather the difficulties which nre expert
enced IN raising money 10 purchase il, has
come with unusual slowness 10 market. III
will indeed be difficult for the planters and
farmers TO dispose of their crops, If the banks
shall he unable or be prohibited from afford.
ing facilities to the purchasers in their nego-
tistions. Besides, the evils which would he
felt at home, 10y any obstacles in the way oil
the sale oil these great staples, there would
he large reduction from the amount Of our
foreign exports, which il is important To en-
courage, with q view 10 sutisfy the heavy bal
ance against us, and the reduction of which
can alone remove the demand for specie.
Impressed with the soundness and import
ance Of these general views, venture re-
specifically 10 recommend Ia the General AS
sembly, to relieve the banks from the pen
allies and disabilities incurred by them, and
10 authorize, for limited period, the suspen-
sion OF specie payments. The measure is
earnestly desired by "A large portion ni the
community il will have the effect OF roses
tablishing confidence, and must sensihly mi
i'gate the severity Of the times. The cur
ienGy, lift can he changed at all, and it b.
wise to attempt it, can he changed with safe
ty only by slow and measured alterations
Injustice, az we'll as great loss, must attend
any sudden and radica attempts at alteration.
AZ the same time that the banks are relieved
from their disabilities, and continued in the
enjoyment ofiheir corporate privileges, great
care should be taken TO guard against abuses,
and 10 secure the resumption of specie pay
ments al the earliest possible period.-The
extension Of their issues, as that would retartl
specie payments, should he carefully avoid
ed The longer the suspension continues
:he greater will be the difficulty in recover
! ing from it and the more we shall he in dan.
ger OF permanently disorderei and progress
siseiy deFreciating currency. Tits a matter
of great moment 10 the public, and il is i'm
portant to the banks, il they would preserv.
their credit with the community, TO guarC
against disordered and deprecated curren.
cy, aud there is no security against the mis-
| csrief but by rigid fulfiIment of their duties
uRder the laws, by the payment Of specie.
have endeaxouEed with brevity and
irankness TO communicate my views on the
present perpieXing state OF public and pri,
waite affairs. They are submitted with diff
dence, and the profoundest respect for the in :
| telligence and patriotism Of the General AS.
semb!y. We have but one object in view
1 In, f.lNn in Il At
common country ; and now that her prosper.
/ ity has suffered trans,lory gloom, let all
minor divisions be forgotten in hearty and
united devotion 10 her true and permanen,
welfare.
1hs IS season OF the year, when IL NAV
he unsafe ior many OF You to remain here
longer than may be absolutely require ed I,
mature acts for the relief OF the banks There
may be other reasons why the session shoulr
not be protracted-no good can arise from
agiIaing the public mind by proposing new
plans of reform-eyiI may There seems &c
be no settled opinion on many branches o
The sublect-COngress is about 10 meet-It
may be important 10 hear Whit they have &c
propose. The General Assembly will
Te-assembie at the next annual session. pre-
pared to act with greater deliberatIon, and
| time will have been afforded TO SEQ in some
measure the results Of the present state n
lhings. ] will therefore submit no yti,e,
subsection your consideration, and know o
none wiich"may not with propriely be post.
pOned.
DAVID CAMPBELL.
EXECUTIVE DEPARTMENT, }
June 18th, 1897.
On motion Of Dir. Wilson of Bote
lourt, the communication was laid on the
table, and 500 COMES ordered 10 he