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

Rna hissogy, u The development Of the
sacn rssourcee Of our eounky, the re-
Sefds Of industry. and ihs growth Of
Population, Ros TO satisfy IA that lis
egeuey has been extensively and si--
naiiy usefai- 4 respectfully sub,ast
thai POLICY repeatedly approved -
we u hoeFa,e sanction OF ihr Leei,ia.
:s<sss< =. =ssse ecSst>sa.is. AID -
TAR hiss cen ieund, ia friendly conaec.
ton with the great interest 81 The eon-
Incnwea!sh, shoaid not 90 lgaiy nor
hastily departed from.
his objected 70 banks thai they fes-
ter spirit ofFeckless speenlsi,ca. ere
ate arh6cisl values, And exrose the
currency 20 dszgeTous coavulsions.
The proof - said 20 be Ec0od ~ the
saa vioissitudes which We have lately
experienced. and from = hich We have
not yet recovered. Until The su,pen-
sion OF specie payments. the State
Banks enjoyed the confidence Of the
people sSd The Government: and their
agency was geseraliy concealed 10 be
ossfel. II not .indhpenssble. They
had been not lohg before selected as
the deposi.oFies ofthe General Goyern.
uent. and under that arrangement. a
large addition wss Rajo 10 the money
which they held on deposite. The
question occurs, whether the suspen-
sion Of specie payments be not refera-
bic to causes Which The Banks bad not
necessary sgcney In creating: and " he
Their Il be not IN the reach Of prudent
legislation 10 guard agoinst the reeur-
renee OF the evil. without impairing
the capacity Of Banks to be nsefol.-
And AFTER al. whether II be ncI better
10 incur the risk Of occasional incouve
nience from Encouragement orindis-
eretion, on The part OF The Banks than
submit 10 the greater and Inevitable
ineosveniences thai must at,eDd their
overthrow. Its By no means peculiar
10 banks, bnt on The contrary. Is pro-
Perly common 70 all the Invention OF
man. for contrira9ees which ar in the
main beneficial, 10 be now and then
the occasion Of mischief or confusion;
and Il IS the part Of wisdom not 10
soandon such as are generally useful.
but to apply itself to tho work OF Judi
cious Improvement.
IL Is Of the hature Of credit. a. I'M
piled in the objection, 10 present temp
tatons 10 speculation, and 10 enconr-
age demands for. and hence TO raise
The price Of " hatever is coveted a. an
object Of property. But are these re.
garded as evils TO warrant IN attemp,
to annihilate all credit? It's The char
seterisiic Of man, and OF no people
more than our Own; aud. regulated by q
prudent forecast, no disposition is more
eommendable, to aalioipaia coming
events, and risk tho present upon the
Tealization Of their bopes. This is spec
ulAtiou; and The American people v ~
have lost their energy and enterprise
Wien II ceases TO be & predicate ofthem.
Speculation win exist a. well without
Banks ~ With them. and IN either
case, the issue viii be sometimes IN.
Fortunate; and then those who decide
upon an enterprise by The event, wilt
arraign the prudence Of the adven,u-
Ters. But, what iS moro 70 the point Of
remark, Is, that. as without Banks there
will be speculation, snd speculation In
which largs numbers will oe embarked.
90. when ibe result IL unpropitious there
will be complaints Of artificial PRICES
aud disturbed currency as well in a
rmu0iiy in which there are no
Banks, as where they exist. Il is not
IN the power Of legislation 20 guard ef-
ieeti~ely against peeuniary vicissitudes;
and to attempt TO prevent .beir occur
renee by shutting up the Banks. would
add Immensely TO the buTsheas Of all
Profitable industry, without the recon.
Penss proposed ia security against re-
verses.
Among he causes Of The recent cen.
Vuision, certain measures Of the Gene.
raj Government must &c regarded as net
the least in6ueoiial. The measures
to. were. doubtless. expected 20
shswer valuable and important ends:
and their disturbing Influence in Other
respects was not designed or an,icipat.
ed. The Execniive Order. COMMONLY
known as the Specie Circular. however
saluiary, had the efeciio transfer spe-
eie from points where il had accumu.
lated by the ordinary eourse Of ira
10 points where il was not waited Coz
The curTent business of the country
This IS one instance Of dis,arbance 10
he currency, resulting frJm The indi-
rect Influence q the meiuures Of the
General Government. Another il.
''anee Is TO be found in The distribution
Of the Surplus revenue among the
States, performing tho operation too
suddenly, insiosd Of making Il Is gra.
dual as possible. Here again the act Of
Government came in conflict With the
Of trade, and bad the effect
81 disturbing the equilibFium which had
resulted from The general course of bu-
,iness. 10 10 these be added the in.
daeemeRls beld oai iosueh ofthe banks
- were selected - deposisoriss. ioex.
ercise ihe power Of diseoanlinz liberal.
y. We shall scarcely IN siew of these
eAiunfie and patent csuses. feel our
'eives iu1iiAed IN impuing lho evil 10
question 70 he ordinary end natural
oflha banking tyslem.
The large fBnds which The Common.
rrmntfk Ea. - 49, ID