Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-26

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! mcnts by the banks. The banks themselves deter
mined in formal convention held tor the purpose
not resume MI the lst ot July, II; but The firm
adherence OF Congress 10 thet original resolution
forced the banks to yield, aud they huaN aud smut
| taneOuslv resumed specie payments on the 2oti
February. 1917, tue day Indicated by act OF Con
gress.
The inducements early resumption of specie
| payments held ont To The banhs by ths ball are two
fold, It addresses itself both 10 thcf hopes and
then fears Il SAYS 10 them. III effect that whenever
youlcSumc specie payments. (nosldcd II be before
aecrtain daN Your notes. under the rcNtueons Of the
bill sall be receivable IN payments OF eroBbra7ch OF
the public revenue, whether ion lands customs;
| but II yon do not resume by that day, Noui notes
shall mol be received III payment ei public dues.
| though ,au may therealerfesmes The backs viii
thus be douhly simulated 10 ISL nllon OF specie
paymcnts--by the promise Ola benelt on thu one
| hmd-by the exhibition Of penalty on tie u
! tier.
/ With ,hc>e provisions do not doubt he cul, lie
establishment OF a sound aud healthy statv of rhmg>.
What is the present condition ot the country, aud
What the lrcalif eth II dcmnds 1t We look abound
u.s. find all the great sources oi national prospect
t, still unmpaledte land, the labor, the capital OF
the county IN thu accustomed tertli and abun
dance Aud srl industry Is pHal ysca, commerce
al a stand the cmu ney degraded and delan, ed, the
precious mctas He'd trom circulation, the land ovcr
run with spurious substitutes ui money, exposing
every iuteir, Of society 10 insecurity aud halad-
| an Insecurity and hlaad involving alihe the WAGES
OF Labor the ,alur al properly, the tuIillmrut u con
tracts, Ill the acquisitions oil the past and all the
hopes oil the iuutc. Now what Is the remedy tol
tins extraordinary state al the body poliuc 1t Is
camprellended III >a5lc "olh ! ne restoration oil
confdoaee,
it Will be admitted, ON all hands, that the inst
thing to be brought about, with Il view 10 the anne
Intallon Of the present condition oi things, Is The
letum Ia specie pay menlS by the bauhS. Bnt that
return cannot lie effected Without the restoration ii
Ia lp
" nv the policy aud example OF the Governments
With lis aid mlhe te.c>t 81 shnent oi confidence
nothing clearer Than The ability Of the banks At m
early DIV 10 resume and maintain specie payments.
Let H. lal moment, look at the condition al the
connrr, aud ollhr banks ia regard to those p0lcu-
las winch toimthc leading elements ei Tins qucS.
ton Nnd hr>i Ia the storh al precious metals III
the country. The supply II the country Is most a.
handdul, Tor altliu good deal has gone out re
"a, aN, To pay oiuut fore debt, an equal OF nearly
eanar rha1:tIly ms come IN. 1t Is shown by official
returns that the mportations and explorations oi spr
cle dulug the Nrdr WY nearly balanced achoihct.
The quantity ia HE eountiN,a this moment. accord
nn to the estimates and statements We have ieccIy-
ed hum The Treasury Department, IS nearly three
tunes as .tclt rs it w, four years ago. 1h mems
10 cuobie the bauhs y resume aud sustain specie
paymc3a, ac, ll, cIel5 am c AMI G.., Sonlbc,
is SOON Is confidence shall he restored Then, 10
The balance ol our foreign debt, winch tons another
inpptilat clement oil mis- quesliun--,t la, b, enin
cour>c oil ,ot>tau aud progressive reduction lot the
l4st six noulll-, and with the and OF the new
,rop winch Is INV coming AMI the eleat dlmluu-
tlaii OF orriga urs, we shall soon sre II cnlcl
eXtnguishrd. At the m Time, the great nlls, ui
tie banks tlrou 2hout Tie country have been dgcn=
Is preparing themselves iol Il return 10 specie pay
uaens. bs steady and Judlelous duellon OF men
circulition.
Nothing, len, Is wanting TO speedy accomplish
meut oil tlal efrtt OBJECT hat the feStotaon III con
nlence. and depend, matuiy on the ,uon and
I'll,