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

-
been burnt. The means OF paymeat
were thus diminished. priccs fell in pro-
pottion. and the pressure increased ~
They fell. Though the an,ount in cir
eula,ion DO greatly reduced. yet The
banks are afraid 10 discount. lest, on re-
sumption. the boarded mass Of depo-
sites held by individuals or other banks
should be- let loose. and. IN addition to
what might be put in circulation should
discounts be made. would cause ano-
thes innnds,ion, 10 be followed by ano-
Their suspension. How 10 this difficulty
TO be safely snrmoun,ed but by unlock
ing the boarded meanss And how is
this 10 be done without deciding the
currency question: This 10 the FIRST
aud necessary step. That done. all will
be able 10 calculate and determine what
10 do. The period Of inaciion and I'M
certainty would cease. and that of bu.
siness revive. Funds that are now
locked up would be brought again into
operation. and the channels OF circula.
lion be rel,tSnished in the only mode
that can ne done with safety. Thus
thinking. am now aud have been from
the 6rst in favor of an early decision,
and svcrse 10 all coercion. or holding
cut temptation 10 resume; leaving the
disease TO the gradual and safe opera.
ton OF time With as little ,ampcring rs
possible. In the mcsnyime. | hold il
TO be unwise 10 cease discounting, and
TO adopt an indiscriminaie system Of
curtailnent. Its effects are ruinous 20
the business of the country. aud caleu-
lated TO Tetard i1ther than 10 accelerate
a resumption. The true system, I
would say, would be TO discount with
business paper rs freely Is usual. and
curiail gradually on permanent debts.
The former would revive business. and
would increase the debts 10 the banks
less than it would increase the ability
of the community 10 pay their.
Having now shown how this league
or combination ofbanks. is 10 be formed
and revived. with the difficulties in
the way, it remains 10 determine VIA,
will be the true character and nature
OF the combination when formed. II
will consist Of State banks retaining
their original powers. that of discount.
ing, and all without being IN the kligh,-
est degree impaiied. To these the
substitute proposes to add important
additions 10 receive their notes as
gold and SILVER IN the public dues, 10
give them the use of the public Gepo-
sites; and TO organize and blend the
whola into one, as the fiscal agent oI
the Government, TO be placed under
the immediate supervision and control
ofihe Secretary Of the Treasury. Now
what does all this amount to- Shall
! name tie ~ord-bc not startled: A
BANK-aGovernment bank-the most
extensive. powerful. and dangerous
that ever existed. This substitute
would be the act Of Incorporation; and
the privileges it coniers. so much add.
tional barking capital. increasIng i'm
mensely lis powers. and giving il M
; unlimited control over the business and
exchanges OF the country.
} The Senator from Virginia fMr
RIvgs) was right in supposing thal
ibis new trial OF The experiment would
be made under very different circum.
stances from the first, and would have
a different termination. That, too, like
this. was a bank--a Government bank
as distinguished from the late bank, &c
which 1t was set up as rival aud wa.
} at the time, constantly so designated in
debate. But the circumstances now
are indeed different. very different
} and so would be the result of the ex
pertinent. THIS bank would no, be the
same. riekety concern as the former
That ended IN anarchy, and this would
in desPotism. will explain.
The former failed, not so much In
consequence of the adverse circun.
stances Of the times, or any essentia
defect 10 the system, az from the. " AMI
a head---a common senxorium-:o
|, mink, TO will, and decide, sor the whole
which was ibdispenssbIy necessary tc
ensure concert and give unity OF desiga
ADD execution. A head will not be
wanting now. MIR. Biddle' bank vii
: supply the defect. His would be no
only one Of the Tesuming banks. as
have ShoHn, but would also be one o
the twenty-five to be selected. 1
there should be the temcriiy 10 omit IL
the present project would share iht
tate of lie predecessor. Sir. Biddle'
: bank, al the head Of those excluded
would bean overinaich Cor the selected
IN skill, capital. and power; and III,
whole league would inevitably he over
thnown; bot IL selected, the position o
his bank in the league would be Ger
lam. It's vast capital. its extensiv.
connexions. as superior authority, ant
hlrskili, abilities, aHd influence. would
place /, az the head. 10 think and &C
for the whole. The others would DO a
; dependent on his, as the branches o
The late bank were on the mother iush
lotion. The whole would form on,
entire machine. inpelled by a singl,
impulse. and making perfect conifas
with ITS predecessor in the unity an.
eneTgy Of rs operation.
Nor would It's fate be less dissi,niiar