Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1855-12-19


an actual run, al principally if not exsE
elusiyely on the alleged GROUND of The eff
tects osbe apprehended from such suspt
3cion. hns, gBhi list the: en-. Y rk city,
banks are almost drained oil their specie, |
those in other places praservedthe amount
which they held before, the final catastro~
phe."
Such are the reasons assigned at that
day; and may we not reasonably expecti
that similar causes will produce similar
results in future.
Since then and up to thepresent time:
we have had frequent expansions and
icontractions in the money market, bor-
lderingion suspension of specie payne nts
by the banks, which has only been pre-
vented by the almost miraculous influx of
gold from California This alone has
prevented repetition of the scenes Of
1887. Indeed, but for this timely appa~
rent interpositiQn. of Providence, there is
abundant reason to believe that every bank
iRsthe country would ereI This have suspen-
i ded, and that we should now be anguish
ing under a heavy monetary pressure
This fortunate occurrence, thus Opportune
ly. interposed, had not even a remote con-
neCction with the paper system, except
SO far as TO invite US to substitute cur
rency, intrinsically valuable and Perma-
nent in its character, for one valueless in
: itself, and deceptive on its face.
1t is we'll established fact, and l ads
vert to it with pleasure, that the State
} banks of Virginia have generally been
7 iudiciously conducted and will compare
II
other States. 1t may be said, that Yir-
g ginia has made the most, of bad syste N
: and yet the effect has been to raise and
: fdepress, at short intervals, not only the
G price of labor, but of every article the la
i borcr is compelled TO purchase for the
n subsistence Of himself and family. To
Il give fictitious value to every species OF
r property, to multiply and enlarge schemes
h Of speculation, and thereby foster and en-
: counter an artificial and transient pr0spe-
e r!ty, by which the unwary have been be-
t trayed into an enlargement Of business
r and increased Indebtedness, and when
o The time Tor complying with their ob.igao
h tons. came. the banks have found it ueCes.
q sarv TO Curtail and withhold sccomuda-
q tons, or to suspend specie pAymen! uito-
= gether. The inevitable consequence in
S such cases must be depreciation in the
S value OF property and bankruptcy ii many
J Of our citizens. Nor is this the only evil
/; 1t ia a well aocersnined fact in political
; economy, that increased paper ciroula tioT
;; leads to the expectation OF the precious
/ metal drives it from circulation lessen:
}; the capacity OF banks TO redeem thcil
), notes, and thereby forces upon the public
Il q doubtful and Deprecated currency, from
: which relief is obtained only by tho6s
: COnyulsive and monetary revolutions which
8 at short intervals have visited our coun
: try.
d The above views on the subject O
r banking and paper currency have long
9 been entertained by ne. Tnoy are pre-
), Sented with some hesitancy, with gIca
y Difference, and but little hope Of meeting
3 a coincidence of sentiment on the par
!. Of the Legislature.
n The great question, however, for youl
5 decision is, shall Virginia continue to rely
6 upon q system thus defective, without al
d effort at Improvement and how shall tina
# Improvement be effected? I am not pre-
e pared to urge an immediate radical change
r lin our system Of currency, believing as ]
: affairs tend to derapge the general laws
n of trade, and unsettle the business ar.
rangements of the country and there
r fore, any attempt at change should be By
d cautious and gradual process yet, if eff.
!, fectcd at all, it must have commence
!, Inent, and probably there will never be d
e moro Propitious time than the present tc
: enter upon such change.
! The influx of gold and silver from Cali.
= Eornia, Australia, and elsewhere, is with.
n out parallel in the monetary history OF
;, any country, and proiters corrective,
! which, il rejected, will entail upon Gun
people currency upon which they can
c not and ought not to rely. But should
L The Legislature dissent from these views,
It and proceed to reorgani2e the banking
Il system, either upon the Old plan of & mo-
T., Their bank with breaches, OF That Of indie
G pendent banks, based upon State eccuri-
8 ties, | respectfully suggest the following
: changes or amendments to any charter
: now in force, or hereafter to be granted
: That all notes in circulation be made
} payable at the counter Of the bank from
? which they are issued that each stock
: holder be held personally liable for the
debts Of the corporation 10 TIE amount Of
f his or her stock respectively. 1 also re-
$ commend q prohibition OF he issue or cir
culation, after ~ specified Cane. Of any
, bank note Of less denomination than ten
, dollars. BY making the measure pros
5 pect!yc, gold aud silver viii speedily sup
, ply the vacuum caused BY the withdrawal
Of the prohibited bills. Like the act Of
t the last session, TO prevent he circulation
, of notes under five dollars, The whole>
some change will be speedily and imper-
: ceptibly effected; and thus, BY 2 wise
: and gradual process, notes of higher
/ grade may be excluded, until, at no dis
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