Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-01-11

duu 10 theIr dlhcultIes, and delay the return
10 specie payments; and il in view of tina
elect, The Governmen; should for the pres
ent forbear, and adopt the resolution wher
specie payments had been restored, il will
he found, fear, 10 bear with severity on The
banks, 10 sink their credit, and 10 cripple
them. If Banks be admitted 10 he safe, im
portant and valuable agents in the economy
OF The State Governments, and may not will
just regard to the interests OF their constit
uents be dispensed with, respectfully sub.
NIT whether the policy OF the States in this
respect be not so far entitled TO respect from
The General Government, as that il should
not, II TO he avoided, pursue a course calcu-
lated TO Cypress and embarrass
( There IS another view of the subject which
demands the solemn consideration Of the
| General Assembly. The State Banks have
| been heretofore regarded and as il seems TO
! me with much reason, the only safe and prac-
| tical substitute for great national establish
menl oil credit and finance under some form
or other. III these institutions, therefore,
shall now be allowed 70 be crushed or dis
credited, their efficiency impaired, or the ac-
COMMUNICATION they are capable of Welding 10
both government and people thrown aside.
the consequence will be, sooner or later, a
resort 10 some central monied power az the
exclusive fiscal agent of the General Gov
ernment and the privileged dispenser OF
national currency, unfavorable as has been
our experience OF such an institution we have
not yet seen IL, under its most dangerous as
pect. lis natural relation is that Of ally and
instrument OF the Federal Executive, no, its
rival and opponent. Where two such ior-
mIdable engines shall work in concert, as,
under their natural bias and impulsen they
would do, the result must be a fearful en-
iargement of The powers Of the Federal Gov
eminent, destructive alike TO the rights of the
States and the liberties of the people. Is il
not then incumbent on the friends of our Re-
publican system, to uphold the institutions OF
Inc States, IN all their competent functions :;
to oppose with tirmness every project which,
| IN rendering the General Government indie
pendent OF The people and the States, shall
strengthen the arm of Federal power, and
which, by leading 10 multiplication of ex-
ecuilve ofhcers, and by giving 10 the eXecu-
| i've head, direct control over the public
money, shall augment the patronage, and add
10 The already formidable influence of tha,
branch OF the Government The measures
recently proposed in the national councils
before alluded 10, force these consideration,
on the attention of every refieciing patriot
ana they will doubtless be weighed by the
General Assembly with all the deIiberaiior
and solemnity due 10 the occasion.
The approaching expiration of the chart.
ers OF The existing Banks, will present an
early occasion for the riyision and improve
ment OF our Banking system. The defects,
winch experience may have disclosed, will :,
II Is 10 be hoped, be remedied, and new Sc
curities provided against the dangers and ex.
cesses 10 which il is occasionally liable but
| oIt
and civilization, considering the vast and in>
creasing amount of exchanges 10 which the
extraordinary developments Of modern in
dus'ry and enterprise have given rise. and
contrasting Herewith the limited supply of
the precious metals in the world, the idea Of
aboiishlng every conventional medium of cir.
cuiaton, and returning 10 an exclusive me-
'aiiic currency, must be regarded as altos
gelher behind the progress Of the age. Least
OF all, is IT adapted 10 new and growing
| country like ours, where credit and antici.
pateo capital have already achieved such
wonderful improvements and where so much
yet remains 10 be affected by their necessary
aid.
had hoped 10 be enabled 10 communicate
10 the General Assembly, the ntellip ence
that all the principal Banks in the Union had
agreed on day 10 commence redeemipg
their notes IN specie, and lament that can
not convey that desirable information.
understand, however, the prospect Of com.
mencing al no very distant day, is favorable
and that The banks in our own State have
oeen and are now ready TO fix on on early
day that they should do so, is greatly 10 10
desired, but however anxious we NAV feel on
The subject, IL is our duty so 10 act, as 10 rem
der The operation aslittle distressing az posi-
bic, and avoid every thing which NAV TEND
unnecessarily TO disturb public confidence.
u VIII be seen from the last return Of the
Bank Of Virginia, made the Isl of Novem-
Der, 1887, that her liabilities for notes in cir
culatIon, debts and deposites. amounted n
The sum Of SIS ,6S7 500 81 and her means. ex.
elusive OF her stock, and excludinp her real
estate, to meet these liabilities to s;9 .325 O26
3.-Ihe like liabilities of the Farmers
Bank OF Virginia, al the same period amoun-
led TO "a III, 1854 81, and its means in lik
manner, inclusive Of lis stock and exc,udiny
lie real estate, were Sc ,437 1896 SIS. The con-
dIlIon OF the other banks in The Common.
wealth renders no less secure The hoIders al
notes and deposlors of meney.
The report Of the Second Auditor on the
state OF The Literary Fond, and The condit;o,
OF the Common Schools, will be laid before
you, and from ii you will see The proores,
made and making In the general system ot
education. The success ATTENDING fbe edu.
cation OF poor children, is highly gratifying
and 1T is reputable TO the country, thai tbis
| suhJect is attracting more general attention.
feT certainly in whatever aspect we viaw IL
there is none more important. An enIi-tt'
ened Legislature will not in the psrf,rmanrc
OF their duties in the great work, halt at the