Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-01-02

49, ~ N.kAla
information in relation ~ this subiec;.
ihssc heneso;ors sssignsd 10 coagrcss m reasons for
that she eslablisameni of an lndc.endent
Nauonei Treasury ns contemplated " the Conr;ilu-
hoh' 10 necessary 10 the ss:s Ec;ion OF the Federal Gov.
The saspcns.oa O~fspecie payment- in 1887.
by the banks having the cusiDty of m, nub,,c uro,.r
showed M so alarming a degree our dependence en-
'aass ihsu''iioas tor tbs Performance az duties reqnir-
ei ~ iaw. that then recommended no ea,.se diasolu-
tioH OF thi coRneeiloa- THIS Recommendation has
oeen s~ai;eet-d. az desired IL should ~. TO scvsrc
''4s'iay and a.;riaied discussion ami I ulloS myself
20 believe thai. 0,Niihs:and,n the natural diyer.ities
'iai4n'on which may be anticipated sn all subjects
ihNoiFihs suca important csnSij orailons, il has socurr d
IN lis iavor as general a concurrence of puhNc sru,i.
'aeh' nscoaiG u expected en- one olSuoh magnitude.
Recent eEc~ts have also continued to GSyc,opc
hS" oheecitsis 10 such a Coancc,ion. Seldom ia any
bank, under the existing system and practice. ,blc a.,
meet on derHand. NIL is liabilities Cor depos:,.S and
toies m citcaiai.on. II maintains s.rc,e rayln.nt.
a"o tfaaSac's a p~fohtalis business. only by the conf.
l'pce OF tAc public IN is' solveuey; and whensv.r
Us = uci'roy sd. The demands Of ia drpUsilors and
H"~lthoti's-fress.d rsoTe m, idiv than ~ can rake
colceuOuS from - dstiors-.c.ce IL 10. s.op rn-n,n,
ne ,os'"i cohir!cnce with is Consequences occurred
IA 1887, ard sifordeJ Ihe q, ology ofIhe be- - fr their
snsitns'on. The public ihcn acgsisscCd in Inc vai. 4.
~ Of ;he excuse. aud, While the State Legislature.
@- al exact ir'm lhem their io-.hl.cl char err, Con.
eres'. IA accordance with he recommendation or,hc
Executive. Above them time 10 Law. over N. p,h,;,
money 'hey held niiheugh compelled 10 iSsre Irrasu.
y Hoies TO supply the deficiency thus creu cd.
now appeais iasi there are other motives than a
"ah' OF tuti'c confidence under which tLe lants seek
'"l'S'iy themselves m : refusal Ia meet their obiig -
hons. Scarcely were IL. country and Goyernmsn,
rclis we'd, IN . degree. from the d fferlti,s ore,s;o,cI
oy 'he general Suspension o. 1887. when a rariial orc.
Occurring within thirty of The former. p.olue,d nsvr
ana teIioIs r'nharrassincr's, though IL had no all q
ai ~ ,'eh circumstance as were alleged in jusIif-
.s''oh 81 maj Mhieh had previously taken rlnce-
ihoES "as no;hirg ia The condition. of the country 10
cndangrr n wellmanngtG lansine irs;;tu,;cn. ,,r.
nefce Mas denG.ed by 40 lor.icn mar: every branch
Oi manufacturing industry vas crowned with ron re.
"'ids' cni ii's more is.a Usual abu ndanee Of sur
nar''s's. alter supplying our Gunlt sic wants. had left
or srahaFirs ana sloTe-hsus,s Gllcd with a suTplu, for
eiIoE'ai'oii. IL IS ~ the midst OF this. that an ,rr,.
dee msh!e and drprccintcd PAPER currency !. .p,,i led
upon The people BY "a is7Eo portion of The Lanka. They
are not driven 10 II Ly Inc exhibition Of = lcss orpub
lie conhGcnec.or oGa sudden pressure from lhsir Do.
pnsItnts OF note htldcys. Eri they excuse ih,in,c;,e, lv
4irghg 'ia9 the current OF basiness. and exchange
MI. !2fc.Sn SoSaiIies, which draws lhc precioa, me-.
as i!'m Their yCuli,. would require. IN order "A r..,
a. a i7fs'T eurisj'ia'n. Of their loans Is q co,nrauuy.ly
''hE'' pOFiion O: .hc crIara ar!iy. III an i, vii be conre.
n."n' Zoe ihrn u bear. or perhaps safe for the Lsnl,
. exact. The Piles has csHsst 10 be one of nee.,,;,y
N"hNea''nee chd Ioliey are Row deemed sufficient 10
warrant these institutions N d.sreesnlinr their ,.leu,
obligations. Sach conduct ia ROT merely ar ;,,,x, >.
20 individual creditors, bot IL is q wrunc 10 ,i,e vh,l.
community. rom whose Ab-Faliy they hold nsst vain.
able puri!egss-whCse right they viols,e. ~Lose b,.
s'ies 'hey deranse. .Ed he value Of whose r.oper,,
'hey rene' u'is'akie anG insecure. Enusi be wildcat
ilial Tins new ground fpE bank Suspensions, in reference.
20 "h'oh ihcis action Is nOi' only disconnected with.
oaI wholly independent r. that of the ruhlie. give. a
character To heir snspsisicns n )re alarming than my
which ihey exhibited oiSrc. and greatly Increase. a.,
in.d'9yrisiy Of relying on the bands in The Transaction,
oil The Governments.
a large AID highly respectable Tornon ofopr La,l.
ing Institutions arc. il sfjris me unlc,rn.s plcns.r. y,
siaic. exempted iroE' Al blame on accom-; of this ..c.
oni telElxucnry. They have, to iheir great Sr.S;t
ao' en!y continued 10 meet I.eir cuyagsnen:s. t,ut
Ei'e eN1a re fad..isd The grounds Of suspeus on row
10. Ills oEly by snch n course that the conf
and cord viii of The oCn4 nuniiy can lie nr.ser.a
and. in tho toqaol, the best interests Of Inc in.ulu;oo,
promoted.
New dangers 10 tho banks arc also daily
disclosed from the extension OF that s,s
oil eNtrayagant. cresil of which they
the pillars. Formerly our iurc,pn
commerce was principally founded OF an
exchange oI commodities, including the
precious metals, and leaving in iis ,rans.
actions but iIttlc foreign debt. Such IS
"ot nov The case. Aided by The facilit;c.
by the banks, mere credit has
BECOME too commonly the basis OF iradr.
Nany OF the banks thems%o solves, not con
ieni with largely stimulating his .ystom
among others, nave usurpcd the business.
while they impair !hc stability, of the
mercantile community: they have b.con,c
instead 81 lenders: tAey cst,h.
ash their agencies abroad; they deal
IN Stocks and merchandise. they
encourage the issue OF state scritritia.
lhtl the foreign market is gluitcd with
.hem;a and, uusdiISd a with the leg ,im,t.
use al tAsIr o"n capital aHd the isc
'heir lawful pr.yI eyes, they RAISE, by
age loans, additional mCanS. for ,y,rX
."ficty OK speculation. The disasters
.t'cnddni on ihis deviation from tho {,
Nor course oil business IN this counfr
now shared n kc bv banks ard lodi.
'idGals, To- an extent OF which there j.
'cFhaPs no previous example in The :,
vi oar country. So long Us a vii.
r"s.iS5S 81 the former lender, and a sufi
len: cx .ort of u ~prodac1:o 10 reci
necessary partial Payments, leave the
OF credit unjls;urbrd, all appears ,n
y prosperous but az soon as il Is check
II ~ any hes idtIUR abroad, or by my
nah ~ to make pas mcnt there IN on, |
rodncli"ns, the evI!s OF the system nre
.'s:ioscd. The paper currcncy VIII ;cb
answer for domestic purp, ses, i, /
Ise'css pay tho debt due in rurope-
sold and SIiser a'c therefore draw, IN I
Kchange " rlheir rolcs, f-om the b.nks
o Keep up their supply Of coir, these
h~stIdi'onS are obliged ~ call upon iicir
WI d"6:ois. who pay them piinciuall, I
'he'r " notes, which are rs unavaii. !
bic g" them hs they are to the merchants,
? mfci TIC Foreign demand The calls oil
Ie 1anbs' therefore, la such emergencies
. brce"S'iy, exceed that ccmand, and
n corresponding curin'lnent Of
ir.r accommodations and OF tho cneren
; al Tie very moment v hen the state OF
AIDE renders u most announcement TO l.,
The intensity oru.is pressurc -,