Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-11-07
SPECTATOR.
-STAUNTOM-
THURSDAY, NOV. Z, 1899.
THE SUSPENSION.

nc dfucie OH the louItn page OIL THIS pa |
per, from the Poughkecpsie Times, gives
new view of the cause of the present suspen-
sion by the Banks-and one which, we con-
fess, came up to our mind, at the instant we
that we could scarcely resist. The know
ledge that another suspension was desir-
ed by the Administration in order to cany
the Sub-Ireasury schemc-the friendly rela-
tons which have subsisted between the L
States Bank and the Administration, for some
time past-and the fact, that at the first meet
ing of the Philadelphia Banks, where the
suspension commenced, large majority of
them were opposed to 1.-THE United States
Bank and three or four others only in favor of
It-and that finally, next day, it was carried
more by the force and influence of the United
States Bank than the conviction of its ncces-
sity by the other nine Banks-were circum-
stances, taken in connexion with the acknow-
lodged strength of that institution, and its ex-
tensive operations, up to the moment, exhib:-
ting any thing else than feeling of weak
ness, or apprehension of embarrassment-so
mysterious, that we could scarcely suppress
the expression of our fears that the Bank had
lent itself to the Administration to aid in for
eng on the country its nefarious project, the
Sub-Treasury scheme. Nor have subsequent
developments tended at all to weaken this i'm
preston on our mind. Nearly every where.
we hear the declaration that the Banks which
have followed in suspending, are in a better
condition than they have been for years, and
that TREY have closed their vaults only from
policy, because of the suspensions in Phila-
delphia. We have, besides, the farther fact,
that number of Banks, at the most exposed
points, are still standing out against the sus-
penslon-thus evincing, in the clearest man
ner, their conviction that the measure was
not justified by circumstances.-Then again
we have the remarkable conduct of the Loco
foco Governor of Pennsylvania man who a
few months ago, was so rabid in his opposi-
| ton to the U. S. Bank that he permitted the
public faith to be forfeited to the contractors on
| the State works, and actually sought to bor-
! row money at any rate of interest, rather than
bound by its charter to loan, at an interest of
| four per cent, because it might be construed
as an acknowledgment on his part of the le-
gallty of its existence. Destruction to the
Bank, indeed, was the battle cry of the par
| ty which elevated him to office; and the char
| ges of fraud and bribery, in the attainment of
Its charter, were rung during the canvass
through all their changes. Look at Gov.
Porter's recent course, however, and explain,
If you can, his altered conduct! He has not
actually become an apologist, in some sense,
of the suspension! Is this the course which
| could have been expected of him and his par
ty, considering the leading part which the u.
). Bank took in bringing it about. Certainly
not, if the same feelings were cherished to-
wards that institution. On the contrary, the
suspension would have been seized on with a
greedy and ferocious pleasure, as the sure har-
bnger of the easy accomplishment of their
long cherished wishes for its destruction.-
Whence then this change? But we have run
our remarks to a greater length than we intend
ed. Our design was merelyto call attention to
the article from the Times, and give circum-
stance or two in addition, which occurred to us
asjustitying the view there taken, that the pre-
sent suspension is political in its origin, and
has been brought aboutby most corrupt and
wicked coalition between the .sMonster'' and
the Administration. As Mr.. Benton said
''another suspension must be added to the az
gument before it 1.-THE Sub-Treasury] can be
carried''-and ,ce hare gotH.