Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1859-05-24
Mr.. I,etcher,s Address.


Being laid ND at home, unable to speak, MT
Letcher has published in the Democratic news
papers long Address to the voters OF virginia
There is nothing new or particularly interesting
in the production, and we allude to 1t lot tne
purpose of noticing only one point. Mr. Le'cnei
adheres to and reiterates bis previous utterahceS
in reference to the Banks, and attempts 10 10
fend them. He mentions the fact that the Ley
islsture passed an act, March Is, 1890, 10 SCI
srste the State from the banks by ssie VI 'n'
stocl therein - and relies uponit to show that LIE
i endorsed by both branches of the General AS
,o,b1n IF the State. 1t is readily admitted that
not only the Legislature, but large majority
of the people, without respect to party, faVor
ola Of the Bank stock owned by the State; bul
rbe poiut against Mr. Letcher is that he selected
tor the time of sale, above all others, the Crisis
of 1857. In his speech of December Il, 1906
delivered in Congress, and repeated since' 1t
said: 81 have no hesitation in saying now, 'na'
| if was in the Legislature Of my State ~ "''
crisis, should 90 for divorce between oanh
and State, and for selling every dollar Oh s'ooA
that the State of Virginia has in banking lnsIi,
tutious. and for the collection oTere''us IN s0s@
and silrer.n In other words, Mr.. Letoher would
90 for selling the stock at time when few per,
sons were able to buy, and the properly mus.
! therefore be sacrificed. This is his practical
| craftsmanship. 1t will undoubtedly commend
him to the support of all voters who own Bank
stock!
Mr.. Letcher proceeds to argue that Banks
should be wound up whenever they suspend
specie payments. He draws wide distinction
between the Banks and "the people-the toiiing
and Woodworking millons"-and can see NJ
reason why suspension BY the Banks Should
be- legalzed, and a suspension by the "laoorlng
mem should not. Passing over the pathetic al
Iusiops to "toilipg millions" and "labOring men,
wa wonder what sort of thing Mr.. Letchei
takes a Bank to DO. He talks as if he verify
thought the Banks horrible monsters, hyine
dragons, which he, like second St. George OF
another General Jackson, was called upon 70
slav And in this manner Democratic politicians
generally talk about Banks, although their party
has done more to multiply such institutions than
all other parties put together. But let us en-
CURE who are the stockholders in Banks, VINO
the officers, and specially who are the creditors
and debtors? All these are people, having nc
separate interests from "the people" and effected
by everything that effects "the people" Every
man in the community is interested, directly OF
indirectly, in the Banks. If he does not own
stock, he holds c note or two and If he does not
owe money directly to the BANKS, almost every
one is more or less indebted to those who have
dealings with them. In this way the ramihed
business of the community is connected ulti-
mstely with the Banks. When, therefore, the
crisis of 1857 came upon Us, the business men,
including some of Mr.. Letoher's "toiling mil
lions" desired and demanded suspension Of
specie payments as measure ofretisf to them
ss1res, and the Legislature legalized the act to
prevent widespread disaster. Gov. Wise un'
derstood these matters, and acted accordingly
Mr.. Letcher tells us what he will do.
Mr.. Letcher persists in the notion that Fir'
GINA ought to collect her taxes in specie, and
holds I'd to US the example of Mississippi, Ar
kansas and other equally enlightened States Of
this COnfederacy. he also pommends the work
/ ing Of the National Sub Treasury System. IL
reference to tho latter We may say, that the la"
Z hSs usye- been executed and csRno. be, and with
At the t.osssing aboa; hard money the Govern
-ecc issuss Id c;,calstss paper Currency in thf
? ssss,s q T-szgzry nG-ss- And then TO think o
he Erss-;fv=. which processes to believe II
po;hisg b7i gold ard silver, actually making al
arrangement, With the Banks of Tennessee to ad
vance rag money" TO Government creditors, Il
help the concern along in the present emergency