Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-11-04

would not take away their charters as Tie, have com
"tiiea no iahi. HEY are not hfoarn banks. an,
h'o'e than Al. ii'd'fiua Is hekeH who cannot on the
ihsiam pay an tiat he owes. The banks. from, u
peculiar cohInnetne of circumstances are sudden
" called on To pay all that they owe There are
itw individuals Ia the State that can ,lo This The
bahhs nave large balances due them give us time +"
say theN, 10 make collections. and we will pay eve
~ dnlaf We owetrqnire il of MS on The instant and,
We confess our inability To pay \ merchant has
customers, whu owe I'm one hundred thousand dol
lals; lac owes 10 "ihei customers Tor deposits ten
thousand dollars. Property suddenl, falls and these
deposnors wish 10 lay out the thousand dollars
N land u, negroes. The merchant eannot pay MI
he makes colleeiois and he a>ks Indulgence. Tins
Is precisely the situation Of the banks. They ash
the Legislature to indulge them.
The cause OF the evil being a state Of commercial
dependence on England, modneed by the immense
debt Which We owe 10 thai county. tie remedy must
be to pay the della aud keep IL down fot IL future.
How this IS 10 e done II may be for Congress To
irtrtmine but Certainly tot Tor the Virginia cgis-
laiute. II tie tounny should be now satisfied that
the Srtes unequal 10 the task of regulating The
currency, perhaps the duty may be drvol-
ven. ny concurrence al public sentiment. on
The National Legislature. A sound currency We
must have; and II TAM be essary give il to MS
let MS have Tarn. Any thing is better Than The
present deprecated currently. Our Legislature can
no, improve our present banking system. The evil is
beyond the reach OF its remedies. All that il ought
10 do IS To legallze the suspension, and limit dis
counts, so as 10 prevent further redundancy Of de
preciated paper Every step beyond this will be
productive Of evil. The evil is not that our banks
have disconntedtoo much OF discounted mprndent-
~. 1t is that The great creditor Of the L. States
calls Tor the payment of our debt AT in Gold
and Silver, and takes from the prop aud basis al
our banking institutions. II all the funds and re
sources oil The State were pledged by the banks the
same difficulty would exist. The difficulty with
a want of gold. Every body believes that they
will be ultimately good, but the money is wan
ted now 10 SATISFY pressing, urgent demand.
So great Is tins demand present, that II
the banks had hut The smallest conceivable excess Of
paper in circulation the specl" in their vaults,
they would be compelled 10 stop. So long specie
commands premium the dram must continue, and
the rapidly OF il would increase diminish the
premium was higher or LAWYER. How absurd, then,
the eilor 10 organize any banking system 50 as TO
enable Withstand such state OF thugs ~ now
exists 1t is folly which il is TO be hoped our Legs
larure will not fall into. As there ac diseases
which a n3e physician leaves 10 The healing hand OF
ture so are iheIe political malades which pin-
dent statesman should iorbear to meddle with. but
leave to the slow but operations OF Tune. Aap'e
all things, let the Legislature beware OF political
quacks aud their nostuns. AT least LEI them not be
resoited 10 till the case becomes des crate. H.