Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-05-25

between the above mentioned Banks and our
own, mat Tor TINS institution now 10 contin-
ue specie pay ments, would not only be hiyh-
ly iDJudicious, but would inevitably very
soon absorb It's specie, and thereby render a
continuance Tor any length of lime impossi-
BILE: Therefore,
Resolued, That painful and abborrent as
Tins course Is, IL becomes our duty nj once.
and we do for the present, suspesd payment
IN specie, and throw ourselves upon the JUS
t,ce and liberality Of the Legislature. to re.
i'eSe The institution from the pai,ial ioriei-
lure OF its charter, hereby incurred
Hesotoed, That although we cannot but
consider the terms of our charter as exceed,
ingly oppressive, aud such as no Bank can
do business under in times like tie present.
yet we regard the laws the land as sacred,
and will cosntenance no violation of them.
except so far as is forced upon us, by the alb
solute necessity Of the case
| ResolUed, That the President and Cashier
ct the Bank communicate the above TO the
different Branches with all p,ssible expedi-
tor, and earnestly recommend that they u
dopt a similar course.
JOHN G.. BLAIR, Cashier.
10 the Stockholders Of the Farmers Bank OF
1ngsssaiii n gen as H. c''''"s of the 49,
ln'ions adopted by the Board of Director.
that the Farmers Bank has been most re-
'ucian'iy compelled to suspend specie pay
ments
his IS measure abhnrrent 10 every
member of the Board, and which nothing
nut considerations paramount in their bear
ing upon the hole community, could have
induced a resort TO.
While all of the Banks, with the eXcep.
ton OF one or two in Washington city, from
Boston 10 this place, aud also our elder sister
the Bank Of Virginia, have actually suspen.
ded specie payments, il seemed To our Board
oil Directors to he wild and visionary, To cal
culate upon being able TO hold out single.
handed through the storm which has pr ostra
ted SO many similar institutions. To have
attempted thus TO continue specie payments
while we would have been exposed To the
drafts OF all Northern Banks and Brokers
without the power of drawing one dollar in
retaliation, would seem TO be ireachery 1,
! the Common wealth in tamely submitting tt
the loss OF our specie TO the benefit of foreign.
ers, and Ia the detEiment of our own citizens
With these views, our Board came 10 the
resolutions now presented 10 you-and moi
from any inability on the part OF the Bank
under ordinary circumstances, Ia maintain
specie payments. The Farmers Bank. not.
withstanding many heavy drafts for specie
since the LIST sf January last, holds an ample
| iund IN current coin and this, by being
preserved amongst US, will enab lie the Bank
10 resume as soen as prudence may require il
10 the holders OF notes OF the Farmers
Bank, il may be proper 10 state, that they
viii be received as heretofore in payment OF
taxes and all other dues to the Common
wealth and the means and resouI ces of the
Bank have in no wise been impaired
| The public at large aro assured that the
suspension so far from being used as means
Tor expanding discounts and circulation, will
De taken advantage of fer The purpose of con
tracing both, and it may be viewed as the
settled policy Of the Board to pursue regu-
lar system OF curtailing, so as to prepare the
! bank with great case in resume.
The President and Directors throw them
selves upon the clemency and liberality OF
the Legislature, and the public at large, to
sustain them in a course which no set OF ia en-
could have adopted with more reluctance.
JAMES VIKINGS,
President Of the Farmers Bank of Ia.