Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-10-17

ileti tor u Nait3 h1Ft been suicidal 10 nv -
waeh there are ia longer means OF replen,sh,,9
tlem. The alternative presented. Of suxn..,
iag lGiinrdialeiy, Of submitting to a drain lb,a.-,
the brokers'. WHO would in a few weeks either co.,
thrnto stap business or suspend specie taynet,,
LIN The former case our ira l. would hive son,.,
and our merchants would have been rniaed-n.,,..
batter, the Banks would have weakened ihem.,Iyo.
a maaner hat would have made resumption sui mn.
difficult when lhe tine might arrive"
The Compiler adds, thai, upon the annuncia,;..
Of the determination OF the Banks IN thai civ. ..,,,
was cain, aud there general indication Of ,,,,.
faction at the event" Indeed. there seems IN h..
been no excitement produced any where, althonn,,
desperate effort 10 get up commoion VA, nal.
in Philadelphia, by tie leaders of d" the Parry :
whose connseis we are indebted primarily for III.
unfortunate state filings, and no therefore shut
rather contemplate IN silence and regret tho NJ;
chlrfs they have Produced. A public mee,ips -.
held AT the Philadelphia county cunr,.bonso
which, the [. 5. Gazette SAYS zone person a,,o..
Ted 10 sin stir up the poodle acls Of ,ils,.
using that hind OF eloquenee mhich a CERTAIN ,...
vi JdcobncaI gentlemen find SD Elective for tle,,
pufposes Mr.. Vim. l.. Hurst, however, ald,e.s. hi
The meeting with great earncstness. eNhofti,g IL.
people 10 remember their duties as cilizens an,
submit every measure which they though, A ,,..
10 The peaceful settlement Of HE episla,,,o.,
The laws The meeting rlien adjourned :. -
10Th INST. Saturday las,) when COZ m,,ee =.
pointed Tor tie purpose, weIeio report upon " III.
causes which have pI,duccd The present sus,o,
SION ii specie payments, in other words 10 exo,.
eIate the Party" fron tlir ceusutes which ,!,.v
have inc0lred-ald into the expediency Of enG,,c,or
tie laws aganst lose who have thus violatrd hen'
in other words, oil taking from Tie R,nLs ,t
charters they have forfeited. Il is already sn,n,
sed indeed, that he Governo, OF Peuns, yauia al,
immediately issue lis proclamation 10 this eo,c,=
We shall sec.
IL NV Yorl the Banks have not suspended aud
is said that they will not. The journal of Com.
merce Of Saturday las, says. "lhere is no run uDoo
the Banks here, and expectation Of a run Th,v
have been conducted with 50 much prudence and
caulion,--they are in shou so sound and safe
that every body feels confidence in them" How
long this state of things will continue, we cannon
pretend 10 surmse, New York has great aIyaB.
'"ges in her position. The creditor city of nearly
the whole Union, she cannot be diained-whlIe sbe
can always drum Others. Her Banks therefore. NAV
continue to pay specie if there be heavy f5reioa
den and iol the precious metals. Shoud that ?.
vent occur, they must inevitably close their yaulrs
as they can 40 loneerre penish their Diminished re.
sources by drafts upon their Southern debtors We
hope, however, they may make good their boast
No movement towards suspension as taken para
in Boston OF PfoyIence and the 4 aston papers. Of
both parties, protest against such measure.
The Banks in Washlnpton city cd IA, l.,
day last.
The immediate causes ofthis suspension are lonbl.
less correctly stated in tie articles copied above
from The Philadelphia papers-but the primary
cause lies much deeper. and is to be traced backlo
the 3" lrar upon The currency' commenced ~ tie
preceding administration. and sill carried on by
this. The Banking System has been in L first
place, raned by the multitude Of institutions
brought into existence, immedltely after and asa
direct consequence Of tue destruction Of the N,-
tional Bank, willie every thing like unity and con-
cenlration Of means and efforts have been DESTROYED
by the same fatal policy. Weakened by this extreme
tension of the System in the first place, the Banks
have been rendered weake, sill by mutnli ipalons
dlsItnsl and hostility. They have no common bond
Of nnion-1o great regulator, to control their
ments-but each one fights upon its own ho X, and,
with natural instinct, seeks to maintain lis own 50.
lidy even, II need be- by the destruction Of all 9th
ers. They have been thus aiming each other for
months past-New York. the great creditor civ.
, running upon Philadelphia, and PHILADELPHIA npOr
Baltimore. and Baltimore upon the virginia Banks A
uni, At length, the Philadelphia Sentinel Ia |
Van Buren, paper remarks. !" they have course
left but TO ruin many Of their customers and opprrs
the whole mercantile community or suspend sppci.
payments and throw themselves on the mercy of The
| Legislature"
This view of the subject is clearly illustrated bt
an able writer in the National Intelligenccr: Whose
essay appeared in that paper several DAYS before the
suspension occurred, AID which therefore was no,
written to fit the case. lie says
al is not only the foreign effects or The effects
rather, of the ioreigp cause thai have named am
others combined with II, that operate with Auc
severity upon our banks, but there is one Of dol nh
origin, which is scarcely less if at all in il, Ter
nv his Sto be touad IN the totaLdcstructi0n of our
rINAHcTAL SYSTEM. We have now tsnte. in The
wisdom OF General Jackson, he thought proper
break lnto pieces scarcely the fragments Of syt
ten left We have, il is true hundreds of addition
al banks but they, so Ear from Sfreag theninq laH
weak the power of resistance. In commc
times, and when no outward pressure is felt. and
inward settlements pervade the country, thinGsr
/ along tolerably well but, the moment a speck
danger is perceived, that moment does each bark
about guarding lis own saieiy--with no concert wtl
other banks. and ~ ltle confidence in those VIII /
are around and about it. If there were system
conceft-confdence. the European blow would beNI !