Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-04-19

ment Of the uRi'rd States,
2. Discount 10 those ~ho bad pay menis 10
make 10 the Government, The ~Lols amount
OF their hotd.I sLd 10 sedhicn
;. Discount to th,.c nut Indebted 10 the
) Cos,tIwtni Two millions In New York. iwo
millions 'n Phiistslphis, one and n half mil
lion ia BsItiu.ote, and half million In Rich
nosid-sad
y T.. Mould sustain the resuuiiss Banks in
case the resumption brought them into dits-
Guilty.
The Bask Ut The same time imported az an
'trxperse of more than half n mil,sos, the sun
OF seven millions Of specie, Sod two months
alter The resumption its discounts reached
t~eniy milioas. Compare with this state
mem our condition now.
Then the Government agreed To receive for
all dues the notes OF the Bank OF the uoiled
States now al Bank notes are refused aud
disc redhed. Then the Government eRdea-
votesi TO sustain the Banks-How II j. striving
TO destroy them. Then u established u new
fsud vigorous Bank esPital--now IL refuses 10
create u new Bank. and seeks 10 cripple those
IA existence. Then we had two hundred and
.ixiy Bsnks-now We have nearly nine hun
dred.
n ." short, what reliance have tie Bank,
now with the Executive hostile 10 them -
what protection like that of the late Bank of
the United States have they 20 sustain them ?
None whatever.
Tho only circUmsianee not wholly unfaVor-
able IN the comparison, u the low tate OF ex-
change with England. hut nothing general
Or.permsnent can be inferred from this cir
teumstsnee. which frequently occur. and on
the present occasion i wholly accidental 10
New York, from the unnatural condition into
which her measures Of extreme rigor have
driven every thing if under ordinary cir
cUmstances, " hIle other things underwent no
depression. exchange on Engiard should de-
cline, IL might be inferred that England owes
4 g. the Uniied States more than we have yet
) dawn fs.sm her. But. IL il not exchange
\ aloue that has faiien. Exchange On England
has not fallen in New York Ss much the
internal exchanges or socks or real estate, or
house rent have fallen. This fact seems de-
cisive ~ TO the cause Dui can this dspres-
sion continue Ceitainly not. These risor-
Gus me asures are understood TO he only pre-
4 IIm Bary-only preparations Tor M expansion
by the Banks Of New York, which il TO re-
stote ease and confidence. Nell the mo-
msnt this ease and confidence return, All
things will rise, aud exchange OF course
I among the number. Besides tiis unnatural
condition will work iis own reGfedy, a. all
irregularities arr cured by their own excuses
To sell every thing and To buy nothing - i'm.
A. anu E-ftEittl nave Ool.tt
all the produce We have 20 spare, aEe must o.
course buy from them what manufactures
I they have 10 spare. As som as the proceeds
Y or our Industry arc realized in England
while we have gradually exhausted our sup
[ ply of English goods = our own me rchants will
convert their produce Into q fresh supply TO
he brought over; or II this process be too slow.
/ The English manufacturers themselves will
send their own goods for safe. In either case
the exchange viii recover iis equilibrium, and
Of course Will Tise here for between too such
countries a. America and Engisnd, perna-
( heni inequality Ot exchange, n basis Of The
metallic currency OF = her ;. impossible
V. PeTceivIpg nothing in the conduct of The
Government to justify an early resumption,
'tt US sc Il there he any thing IA the ,taie ol
the country hieh recommends Il Now what
- tie condition &c cur sGsirsi The suspen-
sion found "a with heavy debt To the BAnks-
not les probably than five hundred millions
/ with large b5lalccs from tie Southern AID
: NesIrrn States 10 the Atlantic cities and Is ith
\ very considerable debt to Europe. an par
( ties we're willing TO pay, almost oil were sbie
: To paS; hut great forbesrsDce and great ibdui-
gence were necessary from the creditor, and
I above oil, after such a CONFUSION. the great
resiorer vaS time; time 10 settle time 60 3D.
jIst accounts; time to send the debtors crops
iO market; time TO dis pose of his property with
/ the least sacrifice; time TO bring out his re
sources TO pay has debts. Ia all The large
movements Of humsb affairs, as in the opera
iioDs 81 nature, the great law - genileness-
violence - the last resource Of weakness
/ The disclose of the country was az oveTsFain-
ed aud dlsiempcred energy. The remedy was
repose. The question Oithe currency though
/ important. Was only secondary. The first
concern was 10 pay our debts, aud especially
not 90 depresiass tie value of our means Of
yayiag them.
Accordingly, II seemed 10 me that after the
suspsns ion, ibs tue course of this country was
10 begin gentle aud gradual diniBu,iVn Of
loans sulficicm IN event the hazards Of ex.
pension while the Testraint ~ spec,e paw
u'cnts was removed. and is prepare for TIE
ru-umpiion. bat With no fash cympsiiIion ~ lo
tho amount uhfch ths several bauks could
eufiaii--to mske no ,I'leIt changes m the
standard ef Ssius. aHd gee time fsr = settle
nett shh fore ixnefs. aud smong Ourselves,
uu the same Or reafiy the same basis upon
which these muIupi-- egg gemenis were con-
tfsrlc . leiiirg the crops ca % their dtsiin-
Ell markets without depteriaiIng tbtH price
f., After this, the FeshmfiiUn With the ID ui Con-
gfsss, world have been essy and sp0niaueous
81 vas IN 80. spirit that she Bark 81 he a.
states has not dssaiatshtd ten per cent % It,
fttANNs WINE fatia ANNFH NNtttNiHtA "
its specie sed uii have given the NECESSARY
f.e,lhiss for shipping The crops az ihe s0uih
ond West 90 iise amount Of probably Eileen o.
.tUrsiy Hitious q doliarsi plaeinE iis own
4 confidential agent in EaElahd 90 project re
great commercial aud pecuniaTy interests q
Ihs coHujfy Ihs seemed 20 be ne proper
function.
u wss thus that hrPed 10 discharge Sc
duty o. ihs " hole Union u Nss thus. TOO. ~
could show he fdsifg 60 Fsnnsy wants. ~
siiine Hs public improve msnts- ~ heering
iis btriress ahd he people IN eompaFstits
rse~. sad ~ rsf seGefhg BE PFnspafhs q ts
eommcrsisi capital % BE- rrosirated - offsets
ihstr, fsf mnfs imgorpH thsn sheihFf fps.
sie rsJmrr;i BE- rssumed q fee mouthstoonsF
90 hfgf
Tito 20 juriaus effects Of ecrifary couue
arc seen in 30 ite relations ofbusinfas Tske
ior intisHea the dsbis % Backs sd 81 inii-
yiiusis The dstfs we're niaiHly ronirseied
vien 90 fhsfsnrs uss ntu1ifant 1hfy must
n0R BE- pad 81 . ssry aiisrfd state n iis eur-
Fenrg - snd u b. nsressafy % ffntefd = iih 80
lfsmu eaution uhrn TIE Fsisii,n n Ne dshasr
% be- creditor 81 rhalsed ~ crsnie 9hHh