Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-02-18
(From oar Richmond Correspondent }

|
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| From oar Richmond Correspondent
| RIcHMosD Feb. 10, I84l.
| The Bill authorisins the Banks Of this Common
wealth, to issue and dollar notes, has pass
ed the Senare with little difficulty, and with the
concurrence OF both partie. The opposition which
at first, was SO strongly arrayed against it, gave wsy
with the FIRST that reached here of the recent
monetary crash at the North. This bill su,horises
small issues to the amount of four per cent, upon
the capital of each Bank. (The Valley Bank may
therefore, issue upwards of $40 900 of small notes)
and extends the privilege of such Issues to the
lat of January, l842. IL is not only required, I'M
der heavy penalties, tina, they shall be redeemed
in specie, but the Of the ranches and mother
Banks all alike redeetnabe at any of the Offices
of the Bank. The inducement, to The passage OF
this law were lst to aid Banks in the munte-
nance OF specie payments, and 2dly, TO Danish from
circulation the spurious deprecated notes Of
other States, and to fill up the vacuum with sound
redeemable currency of our own.
| Tha suspension of the Peanss lvania Dank of the
| United States could scarcely have been a matter Of
!
ton TO It's proceedings for the last few years ur
who has carefully inspected the semi-snnua exhi-
biton OF tie affiir,. In my letter of The 29lh oi
January, expressed the opinion that it was the
least prepared of all the larger Banks of the Union
TO resume specie payments. trust, it's Affairs will
now be put into course of liquidation, and that
Ne shall again hear Of it as an active busi-
4 :.
upon which it purchased at so enormous a bonus
the renewal of its charter sscertained to
be unfounded and the unwieldy magnitude Of its
capital, incapable of any just application to Bank
ing purposes within the restricted sphere OF its OPP
creations, was squandered in wild and visionary
mercantile speculaions to the disturbance and al
most destruction of the General Banking system of
tho Nation. Our Richmond Banks sul continue
TO pay specie. The demands upon them, al far i.
have been very light. The community here 10 of
course deeply interested in the preservation Of their
credit; and the poor foreign brokers have become
tired of Inc ,rade Of purchasing up Bauk latei
| for the pun pose Of making u run for specie,
since they uave found 10y sad experience. that 81
ii Is presented in large amounts the vaults
II the B ,nks are Instantly closed, leaving them
nothing hui" their labor Tor their pans
lhr Bill anth'Ii>ine a fnrhe increase of the stock
Of the VALLEY Turnpike Company passed Tie Senate
yesterday BY vote of % io7. The Substantial,
ben'f isl character Of This Improvement; the ensr.
~, SKID, AMI prompulude with which ii ha. been
constructed the small additional SUM re CURED r,r
the erection OF the ssary br'dgcs, and the en-
tire completion Of the ,pad have brought il under
our consideration under circumstance hg hly favor.
able. and ensured it hospi,able reception. In
uuth whilst Ran Roads for The great thoroug hfate
Of travel east aud w'pr north nd .ouih are d.si.
rable. it is this species Of Improvement which j.
best adapted for the internal usde of the county
generally. IL requires bat small advance of nu-
ney TO construct il; but little TO keep il il repair
Il is permanent and enduring; il is adapted to ihs
tastes, habits and pursuits of an agricultural yupu
!ation; upon II, the farmer can drive his own vehi.
Gle and convey his own produce TO market, and i,
Is free from the disgusting impertinencies which
too frequently assail you upon closer monopoiies
II is the popular improvement Of the country. /,
IS that sort OF improvement which empha,icsly, ia
tho language OF the herdsmam. ieapeS as fat upon
tAe ribs cf he cOuat,y through which it passes.
Along iis entire length you perceive spring up as
by magic, comfortable farm houses cspaciou.
barns, commodious taverns, permanent stone fence.
and all the other indications Of highly slimuIa ei
and ilaurishns condition Of agricultural prosperity
was grauhed 10 perceive by the discussion which
the Valley Turnpike Bill elected, that the road
! fGOm Stanton IN Winrhe.ter WA viavad hy tt.
most sagacious aud discriminating friends of I'm.
Provement, but part of more extended work
and that the idea Of continuing it from Winchester
through Mafnsburg, to Williauisport and from
Staunton South TO the Tennessee line, was broadly
advocated and fave ably received. How sincerely
is IT to be regretted that the County Of Berkeley
has mantle led much indifT renee 10 her true in
terests ia mis- matter But tni-t brighter pros
poets are yet ~ reserve, and that the d,y is not al
distant when sound views OF the PUBLIC GioD will
: triumph over all Liberal ptions and parsimo
nious con. Aeration,.
The House Of Delegate, is now engaged upon tn,
revenue Bill
In the Senate, an animated debate is in progress
upon motion to postpone, indefinitely, tho resolu
ton to proceed wiki the election Of Senator on tn,
18th instant