Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-06


To JON lloIirNAy, Ed
Chairman Of the Committee on Banks
Sir do not know that can better respond 10 the
enquiries contained IN Your letter of the llth Instant
b, furnishing the committee with copy Of my let
,cr to ihe acting Governor OF the Commonwealth, in
swer received from him on the I'd OF September
last, In truth have but ic to add 10 the contents OF
my letter 10 Mr. R1thertpmd. Eariy IN the summer
large ma-~,s Of the paper Il the Banks Of Wheeling
RENTED hhor from Baltimore, deposited IN tho Banks
OF Richmond. aud notes dawn ont IN lieu 81 that pa
p.r. II then became necessary 10 ascertain IN what man
ner il wo,l be- redo cucd bu, arrangement could bc
made b, which should not sustain considerable loss
in the exchange. w e had unrendly feeling towards
the Banks II V hetln- and had question of then
bilny 10 mccl then engagements wei could
own but II entirely affair ol exchanges,
s neither paving specie. From III greater dis
lance oil location their paper was at greater depreca
ton in BalinJrc than ours, Of coutsp II came here
long would receive Il aud pal out paper uf It.
Had paid II out again, it would soon have become
the general currency IN tins quarter and Increased the
unavorallc rates Of exchange with the No,hcin cities
which we wished to avoid Under such circumstances
conld only receive il ON special d,poSlie to be paid
cut In Kind, and tins were always Willing 10 do
Cur policy would have been unaNang. had We recev-
cd general dcl,site account Of the Common.
wealth, A. 1t would all have taken that direction aud
nearly the whole nihc public revenue of the State becu
PAID Ia that paper We an, now receiving II from the
shens special dcpasle. and II Will be for the Logis
lanrc to decade now II IS to be disposed Of
| beg leave TO avail myself OF this OCCASION most
spccully TO invite the prompt attention OF the Commit
tc, Banks 10 another subject Of grave import 10 the pub
lie and private stockholders and 10 the dealers ohs Bank
Before the annua meeting takes place ION the
dth olJanuary next the law OF the 9Th March, lSil lh
sectiUn1 will iao operation Raihothan incur ihcses
penalties OF that law the directors 81 the Bank. in all its
departments, vii, feel II incumbent them resume
specie payments under the noward circumstances
They abandon all making any dividend.
possible to the great dciment of all concerned II
will be al a season when more money is temporarily re
qured than at any other OF the year. and such must be
the pressure 10 leopard very many OF the
who might otherwise meet their engagements withou,
difficulty The balance OF trade, too, is now against
Virginia and claims from the Northern cities Will proba
bly, pour in cupiously on the Banks to ovcrwheln
them, when the ayas Of our crops. together with c
economy on the part Of the Banks may coun,crhaanc,
those claims in the OF months. For ihes,
reasons take the liberty suggest. for the consldera
ton of the Committee. the pohc, oi suspndug the op
Grafton OF that law, until such general shall b,
taken in regard to the resumption Of specie payments
as the General Assembly may. in their wisdom thnI
proper 10 adopt take leave add that the direction
well Is small stockholders. have other wish OF
the subject than tn lie enabled conscenclous, To per
form their duty TO their constituents and To the public
am. sir, with the highest respect,
Your most obedleni servant
JOHN BROCkENBROIi GIL Prrsi