Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-10-24
THE SUSPENSION.
FROM the Richmond Compiler, October Is.
SUSPENSION OF SPECIE Paw.
MEN'pS

morning OF suspensions by the Banks in Phil
adeiphla and Baltimore, and by the u. S.
Bank III New York, whereupon meetings of
the Directors of our different Banks were con-
payments for the present.
This course by our Banks. was ono ,r,-
voidable; and adopted in Justice to the Banks
themselves, to the trade and interests If Rich.
mond, and to the State: which is laree
stockholder in them all. For some time orr
Banks have had to supply heavy demands up
OH them from the North for specie; and there
were In this city, yesterday, several North
erh brokers' awaiting the hour of 9 O'Clock. tn
make large drafts upon them. But the Direc-
tors wisely closed the vaults against them. for
II would have been suicidal to paw ont when
there are no longer means ofreplenishing, left
them: The alternative was presented Of sus-
pending immediately, or of submitting to a
araih through the brokers, which would in
lew weeks either compel them to stop bust
ness or suspend specie payments. In the for
hier case our trade would have STONED. and
our merchants would have been ruined-in
the latter the Banks would have weakened
themselves In manner that would have made
resumption Still the more difficult with them
when the time might arrive.
Our Banks did not hesitate, and they ought
not to have hesitated. They are justified bv
our citizens.-Upon the annunciation of their
determination all was calm, and there was a
general indication of satisfaction at the event.
ne people In the country may rest assured
| 'ial our Banks have taken their course under
circumstances and in condition which should
impart the most perfect confidence in them.
Ihey Will be ready to resume the moment the
course of the Northern Banks render that ex
pedient and proper.
Inc country has fallen into its present mis-
eraDie condition, through series ofmeasures
winch nave been levelled at the banking insti-
tutlons OF the State, and have involved the
People and the Union in common catastro
phe. The National Bank was DESTROYED tn
strengthen the States; and to give them a
better currency in the bills of their local in
stitutions. Now the State banks must he
destroyed, to strengthen the Federal Govern
l'ieh' ana TO substitute the paper ofthe Trea-
sury Tor the paper ofthe States.
The whole process has been carried througb
from the beginning, the whole war has been
waged against the National Bank and the
state Banks, to realise the original plan of
Ien. jackson Tor the organization of an Ex-
ecutlVe bank,''wlth the necessary officers as a
Dranch OF the Treasury department.
Mr.. Woodbury. for the President, Custom
House Collectors as deputy presidents of the
branches, and your whole Post Office DEPART
nent an association of financial agents and
brokers: othis complexion comes the poll
cy OF the administration, painted though it
may De an inch thick. Are the American
people prepared to sacrifice the banking svs-
TEN the States, to consummate this dancer
GUS union ofpolitical and monicd power in the
hands of the Federal Administrator.
y ork Courier.
The Richmond Wing appropriately brinps
to mind the remark of T. III. BENTON. in a lot
'eI' liiaI ANOTHER SUSPENSION BY THE BANKS
MAY BE NECESSARY TO CARRY THROUGH THIS
GREAT misunderstanding the sub Treasury.
ms has been the whole and sole desire of
the government. ''Give us a suspension.''
say they, ''and we can carry the sub-Treasurv
ihey nave succeeded in their efforts-and
perhaps Will succeed in obtaininn their dar-
ling measure. We shall at any rate see how
tar they can succeed in repairing the mischief
they have accomplished. The people of all
parties will look anXiously for the result
BAIT. PAT.
shall ours be a Government of the Banks.
or Government of the People 20 asks Van
Buren, paper.
Since the expiration of the charter oftbe II.
States Bank, the Jackson and Van Buren, Le-
glslatures of the several States seem to have
wed with each other in the manufacture of
Banks.--Ihey have increased i'm the Van Blu
ZEN states as last as newspapers; and at the
present moment, Van Buren, men are giving
notice throughout Maryland of their deter.
mination to apply to the Legislature for Bank
charters. Let the Van Buren, people. then
answer the question.
"'>iiail we have Continues the Van Buren,
PaPer) constitutional treasury, or an uncon-
stitutional treasury %
we do not see that it is likely to make
much difference what the treasury is, mas
much as the public money is carried off bv
tne new kind of public treasurers as rapidly
almost as 1t is collected. Nothing of this
KIND took place when the public funds were
kept by the United States Bank.-Balt.
ChTon.
The qualification of the office-hoIders at the
suspension of specie payments may be traced
to the fact that now, as during the late suspen-
sion, they can make ''handsome penny'' by
selling the specie checks they receive for their
salaries. Specie will perhaps be worth 5.
io, or ID per cent, and the officers of the 90
Vernment being paid in specie can readily
make the exchange for bank notes, much to
their pecuniary advantage. Gone currency
Tor the government and another for the people.''
Is their delight, and so long as they can pre-
serve this state Of things they will doubtless
do it.-Balt. Chron.
PUT UP THE FENCE!
The opinion prevails extensively-it is
Spreading widely, and the conviction of its
correctness grows stronger and stronger-that
the United States, with all her mighty resour-
ces' cannot get along smoothly, in her bust
q fairs 1r-iti,o,t = - r.