Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-01-10

restrict II 10 oucn manner da bouony
the community the facilities to which
il has been accustomed The interest
Of the subject, and the novel and lear
dangerous tendency of some OF the
plans recently proposed IN connection
with the currency, will excuse, u iney
do not require, a candid, yet dlfhdent
statement, Of the conclusions to which
my own anxious enquiries have led
me.
1t has been more than thirty years
since banking as now practised, was
Incorporated with the settled policy OF
the Commonwealth. The Bank OF
Virginia was created in ls04-eigbt
years afterwards, time having been
allowed to witness the good or evil
tendency of the policy, the Farmers
Bank was esta blished. Subsequently,
the North Western Bank and the Banks
of the Valley, and at a later period,
the Merchants and Mechanics Bank
of Wheeling were Incorporated. In.
stances yet more numerous, arising
from the renewal Of Bank charters
which were aboa; to expire, the Gene
raj Assembly has by decisive votes
given expression to the sense OF the
community, in favor Of the banking
policy. Is it wise or polite, suddenly
10 abandon q policy SO long and fondly
cherishea, and commit the property,
business and welfare of the community,
upon the issue of an untried expert
ment2 If could be shewn that the
sources Of private and national pros.
perity would have been better develo-
ped under a different system, still the
| co n%sideration that the habits OF the
community are adapted to the existing
order Of things, and that revolutions
therein would unsettle public conf
dence, and involve unavoidable sacri-
fees, might we'll be set off against the
demand for theoretic perfection. But
the reverse of that superstition is belize
we'd / DO true |; and that We are IN no
slight degree indebted to our liberal
system of credit and exchanges for the
hitherto ~unexampled growth and pros
pcrity ofour country. Without much
actual capital our country was magni-
~ficently endowed with all the elements
from which wealth might be securely
derived: its position, therefore, was
that Of oil others in which the facilities
of a generous credit we're most needed,
and could with the most safety be dis
pensed. Among other instances OF
great and permanent advantage, may
be mentioned the works Of Internal
improvements, Canals, Rail Roads and
Turnpikes. These must have been
delayed to a remote period, 1.-THE spare
capital necessary for their construc-
ton had first to be accumulated and
in the interim, the whole country would
have suffered for the want of the re-
quisite channels OF REORGANIZATION,
and the industry Of those parts of it,
more remote from the sea board, have
been, to a great degree, paralized. In
deed, the fostering influence of the
credit system, hitherto upheld. is alto
| gether too visible in our past history,
in the development Of the rich rcsbur.
ces of country, the rewards of in
dus,ry, and the growth of population,
not to satisfy us that its agency has
been extensively and signally useful.
| respectfully submit that o policy re-
peatedly approved by the deliberate
sanction Of the Legista ure and the
community, and that so far has been
found in friendly connection with the
great interest Of the Commonwealth
should hot be lightly nor hastily depar.
ted from.
1t is objected to Banks that they
foster a spirit Of reckless speculation
create artificial values, and expose The
currency TO dangerous commissions.
The proof is said TO be found in The
sad vicissltudes which we have lately
experienced, and from which we have
not yet recovered. Until the suspen
sions Of specie payments, The State
Banks enjoyed the confidence of the
people aud the Government /; and theil
agency was generally conceded to b.
useful, if not indispensable. They
bad been not long before selected a.
the repositories OF the General Govern
ment, and under that arrangement, {
large addition was made to the money
which they held On deposlte. The
question occurs, whether the suspen.
sion of specie payments be not refera.
BILE to causes which the Banks had ne
necessary agency in creating /; anC
uuhathar 10 ha not in tho ranch IF pru
dent legislation to guard against the
recurrence Of the evil, withou, impair.
ing the capacity of Banks to be use.
full. And after all, whether it be moi
better to incur the risk Of occasional
inconvenience from Encouragement,
or indiscretion, on the part of the
Banks, than submit to the greater and
inevitable inconvenience that must al.
tend their overthrow. Ii is by no