Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-10-21
utary consequences TO all classes Of our fellow ci

iottu 10 paw lneH uehts ny summary pfoCest win.
out rnnous injury 10 both debtors and creditors
aud nothing but time, economy, and rxeriion can do
the nsedful IN such cases.
| am not an advocate tot the expansion Of the pa
per system beyond the wants Of legitimate trade nor
do ] believe that, under a suspension, such eopse-
qucnoes would follow. since ltho intervention 81
legislative action could be applied to regulate their
issues. The banks in Maryland have nothing TO
tear from the State authorities, a. they have Tho
power by an exhibit OF their books, TO proclaim the
,mporan, and hat discount
aud issues are mueh below what they were nj the
retiod Of the resumption, aud, indeed, much moro
reduced than they have been since their estab
lishment The strict integrity Of their adnlnislra-
non during tina, suspension is also guaranty Of their
future correct tness. II istruc tina, the duration OF
the charters Of the banks in Mary land aud in some
other States has been made 10 depend upon a conin-
nance Of specie payments; but who can imagine
that policy so destructive to public and private in
teresis would he pursued ~ the cxaction of such
penalty especially when the performance OF VIVA, Is
required by the law would visit upon the Public al
large ,ndeseribable ruin and misery and upon tho
States, also. assloekholders loss OF NJ least fifty per
cent. on their investments IN bank stock
The cntta,lments OF the banks here and To the
North have already reached a point beyond winch
they cannot be continued without general pros,r,-
ton oi mercantile credit and if the banks to
wind up and dls,olgc their connexion with tho mer-
chants aud traders. by refusing 10 gran, the custona
~ iae,liies iot commerce, the People must necessa
tily adop some other system by which our relations
W otnef business, well rs private Iitf may
be continued as they have hcreiofura existed. We
are told that the banks here and 10 the North can
pay Their circulation and deposes and defy tho pos
s,blli,y frisk In the redemption Of their liabilities
AMI That The merchants must take OF the mselves.
The result OF such determinations IL carried into ei
iect, will destroy mercantile credit, aud produce
solvency IN all classes Of debtors who may but
one. nth par, OF their property. and thus make pau
pefs OF the greater proportion OF our population
and, after The crisis shall have passed away, what will
Ina hnys off buuI
OF 10 eoniinne 10 loan upon ausw er "calamies -
New DIRK term Tor lnsolvenls. IInl such ria,e
OF things could not be tolerated by tho Public IN
these enlightened days, nor could receive the sane
ton Of single State Lcgisl. tune. II the present
system IN be persevcred IN by the banks, let
ask wha, can be done with the bountliul crops with
which Providence bias blessed us Are the supcta-
bundant supplies o gram TO be suffered in the
hands II our tanners for the of gold AMI silver
10 purchase them howevc, much they may be wan
ted abroad Aud who mc T., be the shippers Of our
coton aud tobacco cropsi Shall the Southern
planters depend wholly upon the European purohas-
swho may appear ~ their markets with gold and
SILVER, as II is obvious that domestic bills cannot be
negotiated as formerly upon the South by means OF
bank facilities
The banks, FOR asla,e Of suspension, would have
the example III the Government, which ~ IN the prac-
ice daily OF issuing paper money itredee,nable in
specie and which system the Treasury Department
has been compelled resort to, BY the same causes
that will mperionsly demand the ado piion Of The pa
per system by the banks. These institutions would
lorg since have suspended but for the Of the
moral iirmness required the part of those no con
due, them, To declare, by public aud manly appeal
TO the nation, their inability continue the pre-
sent system ofbauking upon the principle Of cash
payments without the AID OF u national bank, pro
tected by the strong arm OF Government and the re-
gua,'on OF our ,sde By appropriate duties, payable
IN such manner Us to put a conservative limit upon
wants from abroad.
II has long since been held rs a W ell established
maxim that no nation can remain IN prosperity Which
shall depend upon foreign labor for articles of the
first necessity and lis truth Is cstalJish by The
condition oil these United States the present crisis
We have now population little short of6iteen mil
lions d souls, clothed almost exc lusvey IN British
manufactures. while England ptuhibms the inpor-
talon OF grain or breadstuAs from the United States
1t will become the duty ofibe public authorities of
the several States TO PROVIDE NJ an early period, the
necessary means 10 prosecute To completion their
most important works Of internal impro cement upon
VIII cb So much capital has already been expended
aud which. II abandoned or long deferred, would in
volye the States in great pccuniary embarrassment
And as II IL scarcely possible that money can soon
be borrow nj home or abroad, ioi such obje cts the
Legislatures will hnd II necessary, al once, to grant
authority 10 The incorporated companies TO whose
management such works have been committed, and
IN winch the States have already made large invest
nenis 10 issue Their notes ~ Sums To suit The public
convenience, bearing interest at tho rates expressed
IN the State bonds, upon which they be pre-.
dioaled, with the right OF into funded debt
IN sums not less Than one hundred dollars. The
punctua payment OF the interest, annuaily and the
guaranty OF the State by the by pothecalion OF IT'S
bonds, with tho Treasurer, d his aliestation of the
Tact, enherby his signature, by that OF autho.
rlzcd agent appointed by law, would give general
currency 10 the notes; ms, IN poin, OF security, they
would be inferior only to Treasury of the Un-
ted Sales Government, but superior 10 all others.
by the concurrent acton OF the States. through such
companies, they could furnish within shorI period
currency of undoubIed value, TO circulate freely
throughout the Union, to the extent Of at least
~ millions OF dollars which would supply the
cum occasloned by the Withdrawal Of asa large a
sum OF the paper OF the late Bank of the Uniied
States, and of the State banks by the recent cura-
ments OF their issues The greater part of such pa
per. issued by the authority Of the States, would re-
man IN circulation until the maturity Of the State
bonds, not being subject to redemption specie, and
would only be diminished gradually by the subs,uu-
ton oil funded certificates; as ii is not probable that
there Will be- either ~ this county 10 Europe, a
redundancy OF capital FOR many to come, seek
! ing employment AT low rate Of interest. | enter
tam no apprehension that such paper would not be
received with aVidhy by the banks, in payment of
debts or oihermise--or to them ii would be vitality
important as an auxiliary measure for n timely resor-
alton OF our currency condition Of comparative
soundness.
duly appreciate the insuperabe pref udces in the
public mind IN relation TO the value oil specie. and
feel that II would be an idle expenditure OF time TO
urge the conviction IN the OF the People that
allthngs else which will command il are Of equal
value. IL IS an incouslderable item in the sum total
of he funds banking institution, or Of a wealthy
individual nation or the GODS Of this world and