Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-01-11

elf. To renoonco this policy aud at
tempt 70 Cibtsin a currency exelusively
metallic. Mould be attended By conse-
9neHees extensively. fatally h.ischies.
Gus. OOseFSs iis operation upon debt
ora Toe Tsduciio8 % She circulating
medium Wouli " ecGFsc reduce toe
pace az prJrery --thc Effect Of which
! osld b. relatively n snxment tbe
debt &c br paid. And thus a debtor
wi.ose engagements werc ccnndesed
j sht when iheS wefe contracted. insight
Eaa bis whole means lad become snad.
eqa4ie. BY feteia,ioa - the currency.
70 the pay meats OF his debts The ciii-
zen ia Tie case supposed. might well
arraigq The Justice OF his Coz eminent
that By is ineoBsisncy had produced
his ruin. Th,s Is but one iasisaee OF
the mischiels OF the innovation. M
merous others will occur TO eyery.con-
sideTaie mind.
Deeply Impressed With these views,
/ cannot bat regard Nth anxiety. any
proposition proceeding from on impos-
ing quarter. calculated. TO discTedi; the
Stale Banks or ioimpair their usefulness.
I respectfully submit u neither suchmay
not be the tendency of a proposition en-
tsr,ained in the national councils 10 re-
fusebsnk paper. and coIIeetihe hole re
venue ofthe Government in gold and sil-
yer. IhbeGeneTalGov shall come
TO that determination before the banks
shall have resumed specie payments. IL
must add TO their difficulties. aud delay
tho return 10 specie payments; and Il
IN view Of shat effect, The Government
should for the present foTbear, aud
adopt the resolution when specie pay
ments bad been rcsiored. it will be
found, l fear, TO bear with severity on
the banks. 10 sink their credit and 10
cripple them. Ii Banks be admitted
TO be safe, Important and valuable
agents in the economy of tho STATIC
Governments. AID may not with Just
regard 70 the interests Of their cons;iiu-
ents be dispensed with. respectfully
submit whether the policy Of the State
N this respect be not so far entitled TO
respect from the General Government,
as that It should not. if to be avoided
pursue a course calculated To Cypress
and e,nbarrassii
There is another view ofthe subject
which demands the solemn considern-
lion Of the General Assembly. The
State Banks have been heretofore re-
garded. and as IL seems 10 NE With
much reason. the only safe and ptac,i.
cal substitute for a great national es-
Enlistment OF credit and finance under
some form or other. If these ins,iiu-
tons, therefore, shall now be allowed to
be crushed or discfediied, efficiency
impaired. or the accommodation they ere
capable Of yielding TO both government
and people thrown aside. the conse-
queuee will be. sooner or later, a resort
to some central monied power as The
exclusive fiscal agent OF the General
Government and the privileged dis
PeuseT Of \ national currency. Urfavor-
able as has been our experience Of such
an institution, We have not set seen il,
under It's most dangerous aspect. Its
natural relation is that Of ally and IN
strument Of the Federal Executive,
not iis rival.and orponcn'. When two
such formidable engines shall work in
concert, as uader their natural bias and
impulsion they would do, the result
must be fearful enlargement Of the
powors Of the Federal Government, de.
struciive alike TO the rights Of the Stale
and The li3eTties Of the people. Is Il.
not then incumbent on The friends. OF
our republican system, TO uphold the
institutions Of the States In all their
competent functions; 10 oppose with
hrmness every project. which, in rem
dering the General Government inde.
pendent Of the people and the States
shall strengthen the arm Of Federal.
power. and which by leading 10 a null.
iiplicalion Of executive officers. and by
giving 20 the executive head a direct
control over the public money. shall
augment the patronage, and add 10 The
already formidable influence Of thai
branch Of The Government The uea.
sures recently proposed in ibe nBiional
councils, before alluded 10, force these
conslJeraiions on the attention Of eyesy
rejecting patriot and they will doubt
less be weighed by the General As.
fembly with al tho delibe.aiioA sind
solennily due to the occasion.
The approaching expiration Of the
charters Of The existing Banks, vii pre-
seat an early occasion for the revision
and improvement Of our Ranking sys-
ten. The defects which experience
may have disclosed. will, ills 10 be
hoped. be remediej, and new teeusi.
ties provided sssinsi The dangers end
excuses TO which Il Is occasionally liz.
bic, bui N ihe present advanced stage
Of commerce and civilization, eonsid.
ering tho vast and increasing amount oil
exchanges 20 which the extraordinary
Of modern industry and
eniefprise have given rise, and con.
irasiing Herewith he limited supply Of
The precious metals in lhe void, the
idea Of ab0iishing every conventional
medium Of circulation and returning l.
an exclusive metallic currency. musiI
be REGARDED as altogether behind the
progress o. the age Least Of sll. is itI
adapted 10 q new and growing country
Ike ours, where credit and anticipated