Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1855-12-08

mess was the consequence, followed BY say
laws, property laws, and other ineffecua ex pc.
dents, all OF which were brought into reauls
lion TO avert The catastrophe, but in vain. Debt
or and creditor suffered ankle, produce and labor
were comp iatlveiy yalueless, and every inter.
est III the country became stricken Al, paraiyzrd
HE ipe'e recent but equally disastrous ex.
Poslan, OF 1851 IS Within lilo recollection OF all
II CANE when He were al peace witt. all the
worid-Nken commerce. iou,ished, AMI the
bounteons band OF Providence htl blessed us
with propltous seasons and Abundant har.
vests--wheh the country was flooded with
promises 10 pay specie v liich had ceased 10
circulate, because ii had been sent abrosd,
locked up III the vaults oil the banks or bought
UP BY The brokers, preparatory 10 the coming
crIsis, ioIeseen only b. the snrewd specu ator.
who lattens upon The misforlunes Of his unsus
sp9ctins nelshboF.
lhen, IN less time than one revolving moon,
eight hundred banks simultaneously closed
tteif doors, and herme icaliy seael lhei, iron
sales, Indignantly squirting from their couli-
tiers The unfortunate holders oi their paper
whose credallty had Induced them 10 rely up
on deuslvs promises. And VIVA: strange or IN.
loreseen event produced this sudden, unlocked
tor and disastrous calamty2 A highly respec
table and Intelligent committee, in their report,
hunks in The city OF New York and eIsewh here.
say, The intermediate cause which compelled
the banks ot New Yolk city 10 suspend specie
payment on the 10Th Of May last, are well
kHown. The Simultaneous withdrawal of the
large public deposits, and OF excessive foreign
Credits, combited with the great and unexpect-
ed fall lna'he principal articles OF our exports,
with an lalport OF breaJsuffs, such as have new
TT before occurred, and with the consequent i'll
ability OF The counlry, particularly of the south.
western States, 10 make the usual rernitances,
did, d. one aud al the same time, fall ptInci-
paliy and nece.sa rsy on the greatest eonliner-
cial emposum OF the Uuion. Aiier long ana
most aidnous snugsls though hot altogether
successfully resIstIng the imperative foreign
demand Tor the precious metals, were gradually
deprived OF great portion Of their specie, some
unfortunate incident oi local nature, operating
IN concert with other previously exciting causes,
produced dls,Tust and panic, aud, finally, one
Of those general ruins, which, if continued, no
bank that issues paper money payable OH de-
mand. can never resist, and which soon put il
ouI OF The power of those oil this city to sustain
specie payments.
The example was followed by the banks
throughout: lie whole couhtrt. with as much
rapidIly as the news oil The suspension in New
York reached them, wtlhau' Waisng Tor an
tiial run, aid principally II uot exclusively on
The alleged ground oi the effects 10 be appre-
hended iron, such suspension. Thus whiist he
New York city banks are almost draned of their
specie, those i'll olhsr places preserved the amount
" hlch they held before the final catastrophe
Such are the reasons assigned at that day !;
and may we not reasonable expect that SIM
liar causes Will produce similar results in III
ture!
Since then, and up to tue present ime, wc
have had frequent expans .ons and contrac,lons
IN The money market, bJrdeIing Oh suspension
OF specie payments OF the backs witch has on.
ly been prevented by The aluos. miraculous
Influx Of guid from California This alone has
prevented repetition OF the scone oil 1897
Indeed but for this time apparent inierposilou
oi Providence, there is aoundset reasnn 10 be-
i!ese that every bank IN the country would ere
THIS have suspended, aud that we should now
be lananlsh!tig, under heavy moae,ary pres
suie. Tbs fortunate occurrence, thus apppr-
timely inlerposed, have not even remote Goa.
nectioH with the paper SYSTEM except 50 far as
10 invite Us % substitute u currency lalriaciesl-
~ valuable and permanent IN lis chsrac.er, for
one yalaeess in Itself AID deception ca lis
lace.
|. Is II well established fact, and avert tc i,
WIKI pleasure, that VIC State Banks vi Virginia
aass esteiaH3 ose" u iie'9eHtA 'o"Nae'et tffu
NH compare iavoiahiy WIN any similar iiisii'
sulions o. "aef States. IL niay lie SAID shi vi
einia mas mate me hhos' OF oiu system AMI
yet VIC eli7ct has oeet 10 i4,se AID deP!esssl al
shosi Intervals, moi oaly III pfce oil aSoi, hui
., WV "."eae 'he la'oie' 10 eoiitehsa - pun
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