Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-11-07
THE SUSPENSION.
From tn. Poushke.p.ie IN. w Times.

ANOTHER SusPENsION.-Not long since,
Thomas II Benton in substance, declared,
sit needed only the additional argument of
another suspension" to secure the adoption of
the sub-treasury, and from that time to this,
all the energies of Van Buren, and his man.
ayers have been directed to the bringing a.
bout of another suspension. They have sue
ceeded In Pennsylvania, in Maryland, in the
District OF Columbia, in Virginia and else
where at the south. Their chief agent in
this business and the first to suspend, was the
U. States Bank, which for about year past
has been the pet agent of the Government
The connection of the Government with the
monster was fully exposed by Mr.. Rives last
winter, when 1t appeared not only that that
institution had become the purchaser of it's
own bonds to the Government on the most
advantageous terms, and kept the proceeds on
deposite, but that it held other monies of the
Government by like tenure.
An officer high in the confidence of Van
Buren,, pronounced the issues of the Bank to
be better than specie, and advised payment
to the troops to be made in it's bills. They
were also received in payment for lands, and
in every possible way the Government gave
its confidence to the Bank, and in return the
Bank played into the hands of Van Buren,
We then viewed the connection with suspi-
Sioiis dliu WITCH NIL DOdSIlDGlN Do
claimed that the Bank was no longer at war
with the Government, and that the most am
lcable relations existed between them, we
feared for the result. Experience had taught
us that 1t was an eng inc of great force, that it's
immense capital in the hands of politicians
might be welded to the injury fthe republic,
and as the result shows, we very Justly drea-
ded its power when placed under Government
influence. 1t made compact with Van Bu-
rem, and since then has been the subservicnt
instrument for the accomplishment of his de-
signs. The Bank made heavy drafts at low
er rates than others on houses in England
and In France, and though when it stood in
an hostile attitude to the Government, it made
1t point of honor to meet all foreign liabili-
ties, these since the connection, have been
neglected, and drafts for immense amounts
are now under protest. 1t made large issues
of post notes, and at rates and times such as
induced other banks to invest, and thus lock
up their funds, that when the day for bursting
the bubble came, the lead of the u. S. Bank
IN suspending might be more surely followed
by others.
Pet Banks in New York bought these notes
-dePositors Withdrew their funds for the same
purpose, and Of course discounts were cur
| tailed, merchants were deprived of their usual
facilities, and the funds which ought to have
been used by the business community, were
carried TO Philadelphia.-The u. S. Bank bv
this sale of its notes, obtained possession of
New York funds, forced contraction and
hoped by this means, to make the banks of
New FORK concur In the suspension, and thus
create an excitement against these institutions.
with view to affecting the elections. Mean
while the hard money doctrines were pressed.
panic created, and the country brought to a
condition to be easily led into the snares ri
the managers, who through the whole, were
contrlying how they could most effectually
furnish the last argument, another suspen-
sion, to convince the people that they must
try the sub-treasury.
This they early proclaimed, was all that
was necessary to insure its adoptioD,--they
have provided it, and it only remains to be
seen whether the people will be convinced of
Its force. We well remember the declara-
lions Of Mr.. Clay, when in this state, that
the chief object Of the Government was to
produce suspension, and we now see his
pIedlchons fully verified. His familiarity
with their mode Of operation enabled him TO