Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1857-10-10
The Money Panic the Banks. Brokers
and Merchants.

and Merchants.
A ge stated last week VIC we're not in
formed as to the real causes which have led
10 such general suspension of specie pay
ments by the Banks throughout the Union
we have carefully examined our exchan-
ges since in order to gather information to
solve the enigma that eur Banks arc in as
round condition MS at any previous history
Of the government there can be no ques-
ton, and that there is no ground for alarm
on the part Of the people is as certainly
true. What. then, has led to the suspen
sion There can DO but one answer to this
qnestion-overtrading The extraordinary
high prices Of the last few years induced
such state Of prosperity as to create the
impression that revgision could not take
plaee--a fictitious value was put upon eve
TT thing town lots which one DAY sold for
thousand dollars would the next DAY COM
maud double or treble that amount--hun-
dreds of thousands of dollars were invested
IN Western lands which distracted that A.
mount from the home circulation, whilst the
apeenlators IN town and other property in
volFed themselves heavily in debt In this
season of general prosperity, while the
Banks have not exceeded their chartered
limits, their Accommodations have been
greater because Of the prosperity, aud hence
greater amount Of bank paper has found
i;s way into circulation For this the Banks
are net to blame They have been but pur-
aoing their Legitimate busines, in lagiti-
mate way, aud are now ready and willing
% meet all demands agains; them in the or
dinafy channels Of basioess There is,
therefore, &c cause for pani, Suspension
was forced upon them By tie city Banks
which first Set the example, thereby dis
erediting our paper. causing it to fall into
the hands Of the Brokers, who made rnn'
upon the Virginia Banks, and to prevent q
dfnin of speeie fgom among us. suspension
sas right and proper
But the Brokers--s;hat shall Be sold of
them Their rod easpst bags can be
seensin every town and city Of the State
where there arc Banks What is tue bust.
ness ef these modern Shy,ocks ard why do
they make such frequent appearance. Its
their business to bug and sell moneY, and
harvest approaches when panie occurs and
paper money Is disnFe1itoi We have it
from un4aesiioned authority tina issl before
tue suspension Ct our Banks they wee here
demanding from these Institutions near
500, 900 in speeie. Suppose this demand
had been complied with The abstraction
Of 50 mach specie from the vaults Of the
Banks would have forced ,hem to curtall
their Issues, ard this would haze created
pressure thu! weHld hare been seriously felt
The law-rakess certainly never cont snpla.-
ed giving such license to the Brokers "a that
they might run ON the Banks wheceVer
they pleased draw the sPecic from one p. iut
and convey it to another that they migl t
make premium. while the interests Of tn.
State would suffer less 10 the depreciation #
her owl pspcf 10 remedy this evil, the
attention Of members Of the Legislature Is
already called to the fact that the law with
regard to Brokers needs smandmont--le
The operations of these gentlemen be oonfn-
ed to their own cities, and let them pay
INK according 10 thsir business That is the
Jaw with regard to that meritorious and use
full class OF citizens, = the Merchants who
pay large proportion Of the revenue Of
the State, and in undue proportion to that
paid BY the Brokers. Tie Broker has the
State to operate in while The Merchant, whe
often pays as large tax, Is confined 10 the
town or city limits
But with the present pressure. We repeat
there is ne occasion for alarm or distrust--
the Banks are as accommodating as ever
and will cheerfally pay ont specie for purpo-
ses of chauge,--there is an abundant crop.
which has not yet reached the market in
the meanwhile eurtail all needless cxpendi-
ture, be indulgent to your neighbor, and
things viii soon move on as usual.