Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-04-16

laiures had passed law forieinhs 'he sh"''e
the Banks. II they were nnah'e 10 w. - ~
notes ia specie public CALAMITY osefisS's '"e
eoun,,y aud The declining pay specie. 50 Tar foh
being criminal. became an act ol puhhe smeH
adopted bv all the Banks. and so oonhrmeh nE "l's
very Legislature. The provision "rieinahs aes'sue"
to guard AGAINST fraud. nias thus hecnnle ihe pun"
,shu,eut nj bonestv anh ability. The Legislative DO
tlv wb,eh prnteceJhe Bauks Tor years 20" ~ ses-
sion and IN twenty four hours c1N extend tie lhheH-
my I'll \ norr appropriate sraaon Tor iesum'ng.
presume no difficulty vii occur III TIM WY
should there be j. II possible thai such oous
can see with Indifference the distress winch " pr
severance m this course aust inevitably erenie or
,,.,,,,it ia. ,il If npinion or any political or
marty consideration topfeyent Them from inierposlns
tn nroIeet their noble but suffering civ II thcN
decline low can We 81 Penus,I'1nid interfere =
Why should We voluntarily place ourselves IN the
same situation into wlch New ORR has been 'or'
eed BY dong - we share only common disaster
-iu,iead of outstanding a0r resources against the
period when our intcrposItion may he really uselui'
la the men while. the most eheetual service winch
we can render SPEAK IN atone OF frank sncetiy'
She may perhaps bear IT from one, than whom sue
has never had 4 more true aud constant Trend
who although an entire stranger. las ior long
series of wars done every thing IN hls power To
advance htr prosperity. and never saw her IN any
misfortune which he did anNiously strive Ia INIT
gate. But wish TO serve her. not In Inter her.
believe t1rn that at tins moment New ORR - ~ an
ting law 10 do what she feels 10 he "roug. Her Ia
mral course Is to appeal 10 her representatives To
icctiy lhelr mistake, not to thrust out then own
STATE Banks to be crushed by the Executive III
stead Of doing this, she perse',res from mistaken
though honorable pride III not asking relef where re
lief Is atanabe, but Is preparing Tor the event by
-acric8. her own interests an lnHicung distress on
the community, The apparent superiority IN the
exchanges which this produces IS wholly iallaclons
as well - injurious. 'ihc state OF the exchanges III
New OK proves nothing Whatever, except the scar
city of money IN New York. The exchanges are
even less deprecated than many other things. The
bank notes ofthc Southern States arc al great de
prcciallon But the store ren aud real estate IL
the vcr, spot where these notes are sacrhred are
much moff deprc CIaied-than the notes themselves
so TOO New y ork. the notes OF Philadelphia are
at discount. Vet at Tins moment New DIRK has IL
pay 10 Philadelphia little less than ten millions o
dollars for actual debts to Philadelphia, and to 10
reigrcrs represented by Philadelphia 1t is no
therefore the abundance, but the want oil means-it
is not strength. bat weakness which causes tins dii
ference. By the same process bread and meat may
be reduced IN price lor the want Of purchasers. ou
make artificial scarcity OF money, and then boas
how much the l,te Which remains Will buy-bu
your superiority Is punished by the debtor, "ho does
not >eltle with creditors much above nm Ant
what is the benefit of all this The other States
not obliged to submit 10 this local legislation an'
the suffering of New DIRK is certainly not hlcd lt
MAKE lnfln ADOPT IL fbHiiflN u - p'iltI NItlc-
FORE FOR them state with perfect l,ankness tina
they do not ncIn to unite with her IN ihls forced re
sumption-to say this decidedly and finally 50 tha
she may apply the only rcmrdy -lu extension oil he
law. The whole subject would then be open Tor Ia
turc adjustment upon principles of sa!ety, alike tt
the Banks and to the community.
On the whole the course which IN my Jnd Jincnt
The Banks ought To pursue, Is mply tins:
The Banks should remain exactly aS they arc
preparing 10 resume. but DOL vet rcsoming.
They should begin. rs the Bank Of England dld
under similar circumstances, by paying the snal
notes. restore com 10 all the MINOR c'1nnet
of crculation-but not make any general resumption
untIl they ascertain what course the Goverumeh
Ill pursue, employing IN the meantime tlIeir "hoi
power TO forward the crorsto market. The Amen
eau Banks should do III short what the AmericaI
Amy did At New Orleans stand list behind thei
Cotton bales. until the has left the county
These ~, opinions very deliberately formed
and very frankly expressed. They are thus set tort
to influence the course OF others, but 10 eXpiai
my own.
With great respect and esteem, your,
\. BIDDLE.