Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-22

ShAu have Tho excluklvo prtNheGo foE-I
srer OF having their notes receivable sn1
the daes of the Government, N COM
mon with gold and silver. Ii the banks
perform their psfi. VIC shall be bound |
I in hoaor and goodfaith To perform ours. \
Ia would be complete coatrsct. a.
obIigaiory as il signed. Sesled, aud de- !
,hye,ei. Sach il the iaducement.
The aeSt question is. viii IL be sde-
quaiel Yes, sbundsnily sdequsie.-l
The battery is strong enough % an aiken
the dead la life; the consideration SUI
Gcient 10 remunerate the banks foswhat-
ever sacrifice they Insy be compelled TO
make. IN order TO resume payment. 1t
| il GIiiiculi TO ssfim ate she value Of these
high privileges. or rrerogaiiSes, as !
might justly call them. They are worth
millions. Ii you were 10 Eater into
: similar contract w,ih an individual,
doubt not that he could sell on. IN open
market for at least thirty. forty. or fifty
millions Of dollars. do then the
mover The Justice TO say that hts means
are ample To effect what he proposes.
As dltncult as is the work OF resump-
lAtfIs " W AAt Ouh W bN
when tried, tie inducement will prove
sufficient. But the resumption. how
ever desirable. may be parchased too
dearly; and such would prove 10 be
The case, should the projec; succeed.
Not cnly is the oder too great. bu, the
mode Of e.lecting it Is highly objection
able. lis operation would prove not
less disastrous than the bargain has
been shown 10 be unconstitutional,
which I shall now proceed TO establish.
The Offer will have a double effect.
II will act ~ powerful stimulus 10 re-
sumption, but will act al the same time
With equal force 10 excite n struggle
among the banks. not only 10 resume
themselves, hut 10 prevent Others from
resumins. The reason is clear. The
advantage 10 each viii increase, as the
number OF the resuming banks de-
ereases and Of course, the great point
Of contes, among the strong will DC TO
restrict the prolIered prize 10 the small.
est rumber. The closer the monopoly,
tho greater the profits. In this s,rug-
gle. combination Of few powerful
and wealthy banks, the most rcspecia-
bic and solid, as designs.ed in the SUBJ
,,ituie. viii overthrow and tramplc
down the residue. Their fall will spread
:. dcsoia,ion over the land. Whatever
. may be the fate Of Others in this des-
pereie contest. there is one 10 relation
10 which no doubt can lie entertained !:
! refer 10 the United States Bank OF
PenB-ylysnis, long name and q mis-
| nomer; aud which. for the sake Of
. 5re,i,y, but with no personal disrespect
! 10 the distinguished individual at its
z head, ] shall call Mr., Biddles bank
, That, at least, will be one Of the win
; ners. one of the twenty-five 10 whom
the prize will be assigned.
Its vast resources, its wealth and in-
, fiuentisl connexions. both at home and
: abroad. The skill and ability of the off,
e Ger at lis head, and. what is less honor
able, the great resource i. holds IN the
i notes Of the late United States Bank,
+. of which more than six millions have
: been put into circulation, ia violation,
! 10 say the least, OF a trust, constituting
| more than ive-sixihs Of all lis. circuia.
. ton. and which IL Is not bound TO paw,
= with the still greater amount on hand,
! making 10 the whole more than twenty
: six millions, and which may be Used
? The same way, If not prevented. would
I place it beyond all doubt among the
I vIctorS.
. lie starts without proper weights. and
! will lead the way from the FIRST. Who
the oihefs may be 10 uncertain; this
will depend mainly upon his good will
aud pleasure. Il may be put down as
, Icertain, whoever they may be, that
: they will be powerful aud influential,
D and not unfavorable to his interest or
aggTand;zsment. But the mischieyous
effect will not be limited 10 this death.
r like struggle, IN which SO many must
fail and be crushed tina; might other
, wise weather the storm. The forced
! resumption. for such it~ III be in effect,
; would be followed by wide-s spread de
? ISOLATION. IL is easy 10 sink 10 suspen-
sion, bnthatd to return 10 resumption.
CndcT tie most favorable circumstan
2 ces and when conducted most leisure
5 " aad cautiously. the pressure must be
severe bet, ii coerced or pfecipijatcd
E by bankrupt laws or temptations such
4 as this, II will be ruihous. To make il
. safe and easy must be The work Of time.
? Government caa do but lille. The
b disease originates in excessive indebt-
E edness, and the only remedy is pay.
E meat or reduction Of debts. IL is esti-
. mated that when the banks suspended
: payments, the community was indebt.
ed 81 item the enormous sum ol
S-!7o. 900 $50. To reduce ihis within
!, the proper limits, is not the work Of a
: few days. aud can be but Little aided BY
!, us. The industry and the vast resources
Iof Ihc country. with time. are the only
: remedies 10 be relied on for The redic.
lion; and 70 these, with the State lie.
gIslaiures and The public opinion, the
resumption must be left. To uader.
stand tie subject fully. we must look q
I little more into the real cause Of the
~ =.