Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-05-25

A.RENEDY PROPOSED.
Z That sbla writes In thu Naiional Ca
zttle who writes hi~ essays under the
signature cf IAN Examines',--said %
Be Coady Rag0et Esqs--proposes .
fcherae Tor an easily sesumption Of Spe-
Gle Payments, which viii attract alien
ton. He shows that Q. general sds-
peSsioa- Of specie payments by the
banks. IL long Continued. cannot fsii
20 lead 20 results. even. moTsldisastrohs
than those which have been witnessed
Tfos tho 1asi two months; and unless
public opision can at once be led in q
proper direction. ell The anguish and
dislres which so many thousands have
lEisly experienced. viii De visited again
upon. fresh set Of victims,. thereby
rendering Of no effect the sscrifces
which have thus far been made, :.
He also shows that al attempt on
the part OF two o. three hanks--Depo-
site or othefvisf-wilhooi Res eraI cok-
cnFredes, would be kogse than useless.
A resort TO the messararsfsffed 70,
wpuld only raise up new Get sf bro
kofs who would locate themselves neaE
the banks 10 sell specie 10 those who
Min, and to buy 10 of those who
lcame out.
He then proceeds 10 give bis plan. Of
the proposed remedy. which we sub
joins
Every one knows .,hs, there exists
vith = very large portion Of The people
cfthe South, ea'Well a. others, consli-
Ftutional objecti6ns against a NATIONAL
bank. That influence always has sx-
isted in CosRfess and viii probably
eoplinps so TODD for y<Ss 70 come
/. IL pefhipS suficiently strong tp. pre-
vent the passage of = hahk chatter
withoat ihe concurrence Of tie aclusl'
Rfesident who - umfeniood 20 e09er-
rain the same eonsAitutioakl scrnples.,
and who eAnnst therefore BE- expected
to sign. ode. be idea tharsFore.of the
.eharte6nE 1f such. = back, within. four
lSsAris bsesi scarcely be enlstisi0sds-
Hew, then. h mag be Ssked. can the
power % the. Federil GoFeshmeat DO
brought tosbeaS upoa the cGrreney-i-
] aIsweT, hroegh. the agency. % the
Penpsylyania Bank Of. the u. States,
which, being already in opernfioIi, pre-
.ehts fhS. only practicable mode BY.
which immediste actioni ean'be effect.
led. II. That institalion Were to Sc
adopted as the sole depository i, Of .ibe
public Ioyenus il Would beitho interest
Of all the State Governments. to allow
her 10. establish branches within their
limits. But even S0pposing this not to
take place with all, the feIuEal OF those
who might be 50 bind 10 their own in,
tteTest, would be productive Of no in
convenience 90 tie Government or. to
its creditors. The disbursements 10 be
made in those States. could elf be. ef-
fee'ed By. Treasury draftr on The bank
81. Philadelphis; which in livery part
Of the Union. could be readily convert
ed into current. money at par or ct .
premium: But hoy can the govern
mentemploy the Bank Of the Cnited
Stsfes as depository Of the public mo-
ney, under the existing laws. so long
ss.she. does not pay specie for her hottest
The answer Is plain enough. Let
pledge be given Of the Government pa
troDsge as 10 ell future collections Of
the revenue, and she can resume spe-
Gle payments ia less than ninety dayS
Upon the faith Of such a pledge she
could INSTANTLY negotiate loan in Eu-
rope for ten millions Of dollars. and by
selling bills on London al q. fair and
liberal rate, payable oply in her own
notes or in specie, she would al once
raise her notes 10 specie value by di-
diminishing their amount. and Ut the
same tine Oil her cofers with coin
The public revenue might then be col.
lecIed aad It's disbursements made in
specie OF notes Of the bank. whilst the
power Of the GOvernment united 90
that Of the hank would form a ralIying
Poiat for public opinion and for the
honest and sound portion Of the banks;
which would compel the others to
come into the measure, or break them
down in diseFedil. n