Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-02
LyNCuBURG, AUGUST ,. ls3s.
SPECIE PAYMENTS.

/
were read from the Banks in Massachusetts,, Rhode
Island, Connecticut, Virginia and Kentucky, p'edg-
ing their operation in such measures as the dele
gates present might adopt to facilitate the resump,'os
"tspecie payments Whereupon, on motion of Joseph
bailey Esq. President of the Bank Of Delaware, &c
eonded by Mr. Chauncey of the Philadelphia U. s.
'a's' II was unanimously resolved that the Banks ro-
presented in this Convention will resume specie pay
'e"'s on the 18th day of August, and recommend
'ns' Jay Tor the resumption by the Banks general
Y'-"f' Evans of Baltimore made an unsuccess-
ui o''oh 10 substitute tie 9th for the 18Th of Az
gust maryland and Missouri (e) voting in favof
II, and fennsy lvania, Delaware, Virginia. Massa-
chusetts Connecticut and Rhode Island On against
it.
The I'ortll Carolina State Bank, which was no,
represented in the Convention, ha%-given notice of
ITS intention to resume on the lst of August (yes
terday)
On this subject, we find the following para,
graph in the Richmond Enquirer Of Tuesday last:
The friends of the Bank of the u. States b,vo
claimed the credit OF its being the active cause r
restoring specie payments in 1Sl6-The theory b,s
been denieu-bnt what is the ttct this time -
llat the other Banks have been the first TO sten o
ward TO resume payments--and that the 80 ,p;fyon
Penasylranta Bank Of the u. States has absoutely
tons and the force Of public opnion to fall into ,ho
ranks. Thus the would-be Great Regulator b,s
been regulated by others ~
For months past, the Enquirer, the Globe. and
other papers of the same kidney, have been assid.
uousy labotng to demonstrate the insolvency of
" Mr. Bidde's Bank aid its utter inability to ra.
deem It's obligatlons-and now, when simul,ape
ously with the other State Banks in the c;,v NJ
Philadelphia, and elsewhere, he announces h,s
readiness to resume, and thereby shows thar hi.
enemies have spoken from their hopes rather than
their knowledge, in depicting his ruined condition.
is is said that " he is compelled by the cxamnl,
ofother institutions aud the force of public opn,ou
to fall into the ranks" Bur, how could he b,ve
" fallen into the ranks at ALL it. as his enemie, b,vs
been asserting, he is insolyent, and unable TO meet
his engagements The fact that he has fallen ;n,o
the ranks, shows The iasiiy of the charge of insol
yency. And it is not whit more true of that. than
Of the other BauAs with which it is acting in con-
junction, that il has been Z" forced to assume this
position. II be ofone, il is of ALL or nearly
all Of the institutions represented in the late Convex
ton.
But our main object in quoting the Enquircrs
paragraph again to call public attention to the un-
candid and deceptive manner in which that paper
thinks proper to characterize that institution aud
from its false premises to draw differences of conrso
equally at variance with the truth. The design of
the Enquirer is to show that National Bank would
be an inefficient instrument in e1ecting restoration
of specie payments And, in order to sustain this
hSinuatioa,-lor it hardly amounts to an assertion,
he compelled to prelcud to deny the most
prominent and until now never disputed his,ori.
Al C,ctc tod ,,itt IA
currency consequent upon the incorporation Of the
L. S. Bank in 18l6 without whose aid, even Nh
Calhoun asserts, it would have been impossible to
have resumed specie payments al that day. Blu, nor
other State Banks have preceded the IS million
Pennsylvania Bank of the U. States" and the in.
ference which the Enquirer would have its readers
to draw is. that the National Bank in lslC cxered
no beneficial influence whatever and would not have
done so recently had one been in existence. What
possible connection, however, is there between the
premises and the conclusion =! The ENQUIRE
knows that there Is none-not the slightest Ehe
efficacy of a National Bank does not consist in lf
magnitude Of its capital, but in the extensive lhcf
IRE OF It's operations, and in the unity of it's actiC
over that extensive field. State Bank, with
capital OF 100 instead of 35 millions, whether called 4
me tntted States Bank Of Pennsylvania Of The
BANK OF North America or the Bank oiN X
sin'a would be equally impotcnt and powerlesn
the attempt to restore Sound currency" fmN
very obvious reason that its mammoth capaI lr6
1t no opportunity 10 extend the sphere of its opr
tons beyond the limits of the State by which ia n
incorporated, and does not necessarily inspire p0
pie at distance with that confidence in its sabili
which is essential to the credit and circulation Gifts
notes abroad. But the Enquirer knows all this as
well as we do. 1t knows that of all the efficient char
dcteriscs Of National institution The PENNSYLVANIA
bank otAe L. States is entirely destitute aud that
ii can do no more than any other State institution
except as there may be more general reliance upon
lts greater safety, consequent upon extensive
confidence in the skill with which it is managed, TO
create or TO preserve circulating medium Of uniform
etrequircs such powers can only be given by
Congressional act Of incorporation, to maintain
sound currency, or 10 restore it healthy condi
ton when it shall have become dcranged, either by
commercial commissions, by over banking, or by the
experiments of ignorant rulers.
1.-THE Enquirer aware of the disgust which
its frequent attempts to identity the Pennsylvania
Bank of the u. States with National Bank ex-
cites in the mind OF every intelligent man, of IFS
own parly,we persuaded il would discontinue
them and it is for the purpose of apprising Of
the feeling inspired by its unoandid attempts TO mis-
lead and deceive the ignorant portion Of its readers.