Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-24
EDITORS CORRESPONDENCE.

Eli lORS Oh hESi On f,f~Nt II.
RlcnMoNn. March 10, 1872.
The Senate to day passed the Bank bill having
first. however, amcnGcd il in several particulars,
some Of them important Among lis amendments was
substitute for the 18th section which, retaining the Isl
day Of November the period Of resumption strikes
ont that feature which requires the Banks to resume
within SIXTY days after the principal Banks of Philadc
phia and Baltimore shall reco,mrnco specie payments
regard this very saluary change. in view of the
peculiar circumstances by which the Banls of those
States have been induced to open their vaults In both
the apprehension ofp,ruar tunus growing out of the
peculiar character Of portion Of their population, al
ways iuaammable and easily excited TO deeds of vlo
cnce, the primary and influential cause Of rcsump
tion at so early day infer this from the fact, that
ior to the exhibition Of any symptom of mobocratic un
ro r. the Philadelphia Banks had clearly indicated that
re- ,o,e day should be fixed upon while those Of Ba
more nd OF Maryland generally had declared that un
der no c, rumsiances would il be safe resume sooner
than the Ia Of August. The Legislature Of the latter
STATE too il is not improbable. was itself precpitatcd
into the adoption Of the law which ultimately passed
by the en- hattie procc adopted ly the mob of BALI
more TO maxi, 'nown its wish,s-2C0 Of llc;r number
under the jnn,s, name oi committee of the people
bavinr visited Anna Ills learHg the high lchcsts of their
constituency. and app 'ched the Legislative hall in
martial procession with ban ers and music in their front
to give emphasis 10 their mum, ions Such proceed
ing indicated distcpercd condin, OF the public mind,
which II was probably safe disre: 'd but by which
no legislative body ought 10 have permit cd Itself 10 be
ovcrawc 1t finds parallel and precedent lily in the
history oftlc "ench Revouti,n, when bodies !, sans
c,iies and cut is invaded the halls of the Nat al
Assembly to dictate law to the mock Republic, and to
bo a, IOtIne such Oh
had nerve enough to defy the It, rorsis A rcsump.
ton brought about by such means ma, be permanent.
but ii is hardly probable that will be- but Ii these who
entertain this impression should be deceived ana these
institutions shall show their ability to maintain spec
payments, have no doubt the Banks of Virginia will
roLmtaity place themselves in same attitude before
the LIST Of November. The Senate also struck OF, thai
section of the bill, it from the House. author-
zn. the appointment OF Commissioner TO examine in
TO the condition of the Banks of this State and q be
evc) that also prohibiting the sale of drafts and bills Of
exchange. cannot predict with certainty the fate Of
these amendments IN the House, lhuuoh from the pro-
ac"d period OF the stsslon, aud the universal anxiety
to bring 1t to Close think probable they will be as
scented TO- Another may operate TO the same end
and that Is. the certainty that Of the members who
have been III favor OF the vigorous measures auan,
the Banks have run rather ahead of their constituents
who, more consd,rate not more wise than their dele
gates perceive that every blow aimed those nsu-
tons, the Interests OF which inscparahy nertwned
with those Of the people at large, fall with accu
mulated force upon their own heads See, for example
The proceedings Of the people of Buckingham at which
leading Democrat was Chairman, another one of the
Secretaries, and third George Booker. Esq) whose
abd antiPathy to Banks has been for years proverba
in all buckingham and the region round about was the
chief orator-in which it is recommended that an asAl
rance shall be given by the Legislature 10 the Banks
that they shall moi be required resume before the list of
February, 1874 And yet Of the delegates from
that county voted for immediate resumption, and the
other for the earliest named day. Others, | have no
doubt, have equally misunderstood the clamors of few
dcnagoeues and slavers for the Voice Of the people
who, whatever may be their conviction that the Bank
ing system has been grossly abused and perverted and
requires 10 be rcioned, in favor of oyerthrowng
II suddenly, and by the process Of involving every
class and every profession in society in indscrimnae
ruin. If the Banks were hostile, or even a separate
and distinct interest. which might he reached with
out involving others in their downfall they might be
perhaps properly visited with the s,onest rerbution de
manded by their alleged delnquencls--but when the
the edifce cannot be destroyed without crushing the
builders, they will wisely pause before they begin to
sap its foundations.
While there can be doubt that the Baltimore Banks
will attempt resumption, in compliance with the law,
and perhaps maintain it,-as sincerely hope they may
be able to do-l have faith in the capacity of those
Of Philadelphia TO do likewise. The hcsiancy which
has marked their tlsfar, shows, that fthey
make the attempt it will be with fear and trembling
to the result And well may they be thus apprchensve,
when, in anticipation have been commenced upon
some of them indicating ftverish agitation Of the
public mind especially unavorable to the of
their efforts The Bank of Pcnntownship closed It's
doors on the 18th, and the 7th the Manufacturers
and Mechanics Bank, after having sustained
til l2oclock followed suit The Mechanics Bank, and
the Moyamensing also beseged by their note hol
ders, but strong enough meet all demands. The
forthwith to comply with the law-with what effect re
mains yet to be developed
The Tar Bill was to-day ordered TO be cngrosscd by
the House Of Delegates, and will be passed and sent to
the Senate Monday morning The rates Of taxation
the those of last year, except that the license
of broker is raised from to $780, and that Of vender
ofdomcstc lottery tickets from 500 to $1,000. There
are, however, several subjects Of taxation. VIZ:
gold watches, dollar. and silver and other metallic
watches % cents; piano fres, of 500 value 81 and OF
500 value and upwards s., except such as arc used In
scnnlres or by music teachers. Silver plate, over
certain ,alue, ~ hLcrise subject 10 faAatFn bank