Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-01-11
SPECTATOR.
Governors Message.
Feliotv Citizens Of The Senate,
DuH Tho Tyo,,co of DcT,n,y,e

sings which we continue 10 enjoy, demand
our grateful acknowledgements.
The sources of national greatness and of
individual wealth, for which our country has
been always remarkable, are yet fresh and
nnexhausted the energy and enterprise That
have already accomplished so much, are un .
abated, and are still allured 10 eXeriion by
The certainty Of success, willis. The inconve-
niences under which the country lahors, are
temporary in their nature, and referable to
causes which a wise forecast, lift cannot al
together avoid. may hereafter deprive of
much OF their power 10 do mischief
The subject which, uuhappily, at this
Iime, is forced upon our attention by its de-
ranged condition, is the currency of the
country.
The advantages on the one hand, of un
| uniform and stable currency, and the evils on
the other, OF a currency deprecated and I'M
stable, cannot be easily exaggerated. The
conviction Of this truth is universal. The
People, and the Government as we'll as the
People, have an inappreciable stake in what
Is permitted TO pass as money 1T was there
fore, 10 be expected That the first appearance
OF arrangement IN our monetary system.
| would give rise to earnest inquiries about the
causes which have produced 1t, and tina, these
would lead 10 numerous propositions of a.
mendment and as Banks form prominent
| part OF that system, and exert a controlling
influence over the currency, il is not a mat
ter of surprise that the evil by some should
be imputed 10 their agency. IL is all i'm
| portant 10 separate the accidental from the
necessary results of the banking policy, that
! we may not fall into the error OF abandoning
! institutions OF great and acknowledged use
| fuiness, under the mistaken impression that
they are:nIrinsically impolitic
| The opinions which had the honor 10 cx-
press, with much dil1idence, in a late COM
! muniedtion TO the General Assembly, have
beep confirmed by subsequent reflection. Ii
| wqoid, humbly conceive, be attended by
riineus sacrifices, public and individual, TO
abandon suddenly the banking system as il
has been established among US, or to restrict
I II IN such manner as to deay to the COM
muhiiy the facilities to which ii has been &C.
cusiomed. The interest OF the subject. and
the novel and fear dangerous tendency of
some OF the plans recently proposed in con-
nectIon with the currency, will excuse, if
| they do mol require, a candid, yet dlffident
statement oil The conclusions 10 which my
own anxious enquiries have led me-
u has been more than thirty years since
banking as now practised, was incorporated
| with the settled policy of The Commonwealth.
@>"HA W IItdtcQ III lOUt-
eight years afterwards, time having been al
lowed 10 witness the good or evil tendency OF
the policy. the Farmers Bank was estab-
llshed. Subsequently, the North Western
Bank and the Bank ofIhe Valley, and at q
later period, the Merchants and Mechanics
Bank OF Wheeling, were incorporated In.
stances yet more numerous, arising from the
| renewal OF Bank charters which were about
10 expire, the General Assembly has by de-
cIslVe votes given expression tc the sense of
! the community, III favor of the bar ing pol
ICY. Is II wise or polite, suddenly 10 absn-
don policy so long and foudIy cherished, &
Commit the property, business and welfare of
The community, upon the issue Of an untried
experiment Ifil could be shewn that the
! sources OF private and national PROSPERITY
would have been better developed under a
different system, still the consideration that
| The habits OF the community are adapted TO
! Inc existing order of things, and that revo-
| iulIons therein would unsetle public conf
dence, and involve unavoidable sacrifices
might well be set off against the demand for
iheoretic perfection. But the reverse OF tina,
supposlicn is believed to be true and that
we are IN no slight degree indebted 10 our
liberal system OF credit and exchanges for
The hitherto unexampled growth and pros.
perity OF our country. Without much &C,
tuai capital our country was magnificentIy
endowed with all the elements from which
wealth might be securely derived its posi-
ton, therefore, was that of all others in which
the facilities of a generous credit were most
needed, and could with the most safety be
J dispensed. Among other instances of great
| ana permanent advantage, may be mention
| ed the works of Internal improvements. Ca
nails, Rail Roads and Turnnikes These
must have been delayed 10 a remote period,
! II Inc spare capital necessary for their con.
suuction had 7Irst 10 be accumulated !; and in
'he interim, the whole country would have
suffered Tor The want OF The requisite channels
Of Inlercommuncat;oD and The industry of
those parts OF il, more remote from the sea
board, have been, 10 great degree, paraliz.
ed. Indeed, The fostering influence of The
credit system, hitherto upheld, is altogether
TOO visible in our past history, in the dsvel-
opment OF the rich resources of our country,
The rewards Of industry, and the growth oil
population, not TO satisfy us that liz agency
has been extensively and signalIy useful
respectfully submit that policy repeatedly
approved by the deliberate sanction of the
Legislature and the community, and that so
Tar has been found in friendly connection with
The great interests Of the Common wealth.
should not be lightly nor hastily departed
from.
IL is objected 10 Banks that they foster
spirit OF reckless speculation create artificial
values, and expose the currency 10 danger.
Gus commissions.
The proof is said 10 be found in The said
vicissi,udes which we have lately experiepc-
ed, and from which we have not VET yecov-