Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-11-25
RANk RESI- MpTLON.

rbe Richmond Enquirer of the 10Th contains two long
communications. one signed ~ Planter and the 9th
cr John Tay1r ofCaroline, both urging the mpolcy
If forcing an immediate resumption of specie payments
The former writer ntmatcs that the Isl of September
Is the proper period of reaumpton--the Enquirer it
elf in to ITS correspondents ESSAY. expresses
adherence for the LIST of Auyrst-Ne adhere To the
rinon formerly expressed, that the LIST Of Ocober will
no the more suitable period, il the designation of day
isto be all influenced, it ongh to be, by the elosc
If the tobacco and wheat year. the returns from the
sales Il which, it is certain cannot be rendered entirely
va sie sooner than the LIST Of October. Whenever
resumption again attempted, ii rs intended TO be per
,nannt The Banks to be allowed farther grace.
This is conceded all hands. Aud hence in desiena
ling day, which is designed be thus obligatory we
ought, far as possible, to guard against prccpancy,
which may lead TO the necessity of abruptly closing their
doors and winding up their concerns. 1t is, we pre-
sumo. matter of infinitely small concern in a question
of such magnitude and importance whether the resump
ton take place month or two sooner or later The
great object is render the operation sacand permanent
without forcing the Banks pursue policy which will
crush the community.
We shall not prcrendto deny or to deprcciae the ad-
vanages of convertible paper currency though must
lie confessed, that, in Virginia. have suffered
well managed, that their notes have always answered
local purposes, while they have maintained an enyia
BILE credit abroad 1t hehooves every man in the com
munity whether Bank debtor or not who is at all de
pendent upon the credit system TO ask himself what
benefits he expects, under such circumstances to derive
from forced resumption which will probably counter
balance the evils to which he will be subjected if that re
sumption shall compel the Banks to cease dscontinr
and TO pursue rigorous system of curtalmcnt-and IS
pecally tthey should be compelled surrender their
charters, and TO call IN all their outstanding debts pa,i
passu with the rapid withdrawal Of their notes from
circulation! The effect would ben DISASTROUS not on
y upon all who are indebted, whether TO the Banks or to
individuals. but upon all who nave property deprecate
produce to sell. What will be the price Of tobacco
wheat, flour and corn, next spring and summer it. before
the crops are brought in and sold, Bank facilities shall
be withheld from the purchasers, and the market is
thrown under the control of the very few who have
ready money! and who arenot dependent upon those in
situations for leans? We need not picture the distress
which would ovcrspread the country-thc ruin which
would TALL like consuming blight upon every man.
who relying upon present prices, may have made en-
gagements which he expects to meet from the sales of
his next years products. And yet we hear men every
day clamoringior . Resrnproni Resumption" and de
nonnclnT the Banks swindlers and robbers heclusc
they decline to pay their Obligations in specic-in or
der to save not only themselves. but the country
iron rum We venture no rash prediction when we
say that II this measure be prematurely forced hc
sands whoare swelling that chorus without aljnc
the pains to estimate the consequences will curse the
day when they induced in pursuit of an imaginary
good, bring down upon their own heads such a train
Of practical evils. h0lg Log may be a very inert and
gooitor nothing soyere9n but with all his impotence
In kiur
blindness we pray and who, when he is oiven in an
swer to our applications will "devuIr orr substance
and snlte sn with rod of iron When we hanis ~,
per from circulation, many persons expect to SEGA ry
val oil the holden Age, Of indeed any such aoe has
'e'ereNisted) Thousands expect when bank notes ar,
expelled from circulation, to their places slapcd
dollar Tor DOLLAR with the precious metals These men
'eh' given themselves the trouble ioenauire where
'"so precious metals are To fron--or by what
mighty eohJoraton SO.oO0,0OO of specie are to per
form lhe functions OF 100000 600 of paper Nor have
''s paused To reflect upon the dtsoatnr effects which
must follow the sudden withdrawal of the la,ter with
on'any substitute to fllup the vacuum They donot see
'llat the silver dollar appreciate in yalc nrecsI,
as the amount ofbank paper in circulation is diminished
ana That property of all descriptions whether land r ,
Poducs' or the labor by which its products are created
' Pi' or, and of the value of which the dollar Is ,be
~ representative must Ito speak ncommon parancc J
S,'s''' corresponding depreciation There is but one
S "iocan profit by this sudden revolution of p,icv-
e men "ho ore notttng and hare nloneg toiend Who
ana no" numerous are they? Not one in hundred Bu
"'y were more numerous. when did it become demo
.a'c doctrine that shall, by our legislation. make
','e rlch richer, and the poor poorer?
we are, however, in favor of bringing this opeson
70 an issue The Banks shortly resume and we do
"'' hesitate to add, that they ought to do So Al, that
iss' upon Is. that shall allow them few months
oeer-lot tor their benefit but for the benefit Of the
poPe-in order that they may gradually prepare for the
''' ana mat they may have the benefit of our next
bringing about nearer approximation to an equal
ny vi eNchahgos Come when it may the GENERAL ro
Vi specie payments will be grinding operation
Wv o"'9 aesire 10 mitigate as much AS nossille IL,
'oce' Its victims will be not a few-v-e wish to ,oo,
','e NUM- er. Amoagthem, wedoubt not " II be- many IF
we crusaders themselves, who, like the Jews of old ,o
'"'oAi"S curses upon themselves and their children
knowing not what they do
W Albert Gallatn, ESD has rocentl,, ov ,ross1 , 10