Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-02-24


RESUMPTION IN VIRGINIA In answer ID
: n1mber of gnsries uf a Cummiiie 81 the Mouse OF
Irlsgaiss of V~irginis. Dr. Brockcnhrough, he Pres
ideni OF The Bank of virgiuia. has Wr'inen a lStsh
which % published in The Richraund Compiler Re.
reised this morning. A number " the qaes'es re-
late TO the probable circulation ofthe Rank. OF Vir.
xinia oni of the State. and oiher Information of that
char icier. and the ansW crs are not generally or in
rcrs.f. DR. b supposcs. loNsver. that a great pro-
p>rf,oa of the circulation is without the State. The
-irsh question is as ollowss
6ah What would be The earliest day nj which The
virrinia Banks ian resume. md maintain specie
r-sments Vih the cooperation Of the Northern
Banks; and when, wihsuf their co-operali1n.
To this the answer il somewhat indirect. E,r
the question j. acknowledged 10 be a "~puzzlipe
ene"-Aut The conclusion j. that lit woulS seem ,D
he imp,'itic 10 attempt n resumption of specie Ray.
rnents until after The expiration nr the RIP of to-
hseco now beginning To- come to market. and of our
Enwing crop Of whoa"
la connection with resumption. is touched The
.tnnitcr Of reduction Of discounts. and - much Of
The letter. together with a suggestion as to ihe value
&c small silver coin aul the advantage Of small
noiss. We copy
Ia regard 10 the reduction nf discounts nv The
baaks. I use the language Of Mr.. Gallaiin. a s.rorpr
resum?lipnist The Legislaiurc does MOI anl can.
not he aware how slow AID gradual The diminuiion
81 discounts must Toe. IA urIor that universal distress
ny not cnsue"
1fnicr as The subject ia. ! must say that should
sejocsd TO see such = diminu'iu n. wv lhe slawe.t
-laciirable process, persisted in. until lhs balance
offrnie shall he IN favor Of Virginia. or at least.
hccome equalizci.
Chiess this can nc accom- olishsd befirc a resump.
uon - commenced. | can sec no security Cor the per.
in1nrncy of specie payments. IA rs much as the bal.
rlccs mus, constantly he dischtrgsd ia specie. &
ioog a. We bny mire IN value ahro,d than We sell.
we cannoi miiniain specie payments with a circu-
atiou of two or three dollars ia paper for one in
rom. when MVuchlseiis from her economical ha-
bits and we'll directed industry eau keep mp cir.
c~iIalion of paper with perfect safety oC eight for
on~. simply because she sells mare than she buys.
and her pcolle are satisfied with ihoir paper cur
rsncs Sc domestic purposes.
While on this point | avail myself OF the privilege
nccocled In The ninth inierrog rtnry. TO hazard the
renlah that. bad rs The general policy is until Goa
GEES .hall reduce the standard ni silver ia ue frac
'ioHaf paris of dollars, 81 rs TO prevent expiration
Nd zhail cause an abundant supply of such coin. IL :
siil ~ most necessary That the nse of small mt .
hopid b. continued aner tho resumption Of specie
yfu<nis under ten dollars. In New York and in
Ve~ England small notes are in common use with
20 complsinrs on the part OF those meet concerned
The answers Of DR. B particularly in reg1rd % the
Iayof resumption md the reduction ofdi-counis. not
'eing altogether satisfactory. he sent an additional
eitor, Il IN which we have only nom 10 make the
V.toHfng exirntt
faep siuon I taFe Is this.thaf until there lssnmething
pproaehing equality in value between the exports
AL imports OF the Safe. especially N a time Of dis.
pist. there can he NJ security for the manier ance
specie payments. The arrival ofevery railroad
AZ VII bring demands UPON US. and a premature
temps will only p%rDluco a worse state Of things
lan now exists. IL will he in my opinion. Ear mpre
lst that INC banks shoutl surrender their charters.
y which clsimlnts will have an equal participa.
on N ne assets Of tho banks. than Ia undertake
pay al a specified tins (when they are unpreaa.
~ theec more i'm. orunate applicants Who will
o,sd iheir counters until their specie - exhausted.
vi leave distant notsholdcrs Q. await the colIec-
'us w1ich shall be made from the deh;ors To he
ak ~ however, the leg slatnre can have suhi-
ant rehanco on the banks To allow Them lhsIf own
us aua M amer Of resnminy. and will only re-
trt them. every hank AMI branch ~ rcluce their
g+ctiee loans. inclulins also thiir real estate 10
fyp9r cehi an their capital. bcfIre the frat day
I'm nf 1913. thcy will al 6oRa Els resume.
"11enfy believe. benre that day, provided the \
sgiilffHg States viii co-operaiS with rhcm The Il
g'rintsfe comet nagine hiw irk~o ne II 10 TO tho
sher olrers of Ih- banks % carry on their opcrl-
nsupicr The presenf m%nriifying incidents 10 which
y are eSPosed. They wouIi, | an justified in |,
cia1nffhsil with the greatest satisfaction The re.
rn - md Maintenance Of spcc.e payments.
No r7n Is more strongly conviNced OF the evils
M inconycrtible paper carrenry than I nm. and
nmn mo 10 say, those evils cannot be successfully
feciedhy hirsh and prccipiaie measures. IL :
= - >fhich the While system is deranged and 10
the AanEnage vf my original profession. the rem ,
~N rpnsist inihc alternative courso ofpractics
Tad "a PIE more violent AM active one.