THE FARMERS' REGISTER. 



531 



posed and written, and (he limit of suspension | operation, eo treacherous to the object of the law 

 fixed, by the highest authorities of the banks i ol indulgence, and most injuslifinble in every 

 themselves. But no doubt the banks and their iispcct, was so enormous in the Farmers' Bank 

 most thorough supporters desired that no suspicion i during the first three months, that its net profits, 

 of their intended game should be awakened, until' (which of course are increased in proportion to 

 so short a time beibre the arrival ol the legal limit | (he excess of paper over specie,) were as hi"h 



of suspension, that the legislature would be again 

 compelled, by the then necessity of the case, 

 (though the necessity were to be produced by the 

 bad faith and improper conduct oi' the banks,) to 

 give them another year of indulgence and conti- 

 nued suspension. 



1/ our Association were to do no other good 

 than to induce these developemenfs, this alone 

 would be worth all the trouble, taken, and all sa- 

 crifices made or required. The issue between re- 

 sumption and re-suspension of specie payments 

 has now been made, and put fully beibre the peo- 

 ple, six months in advance; and the arguments 

 are presented, on both sides, on the important 

 question whether the banks shall at any time, or 

 never, pay specie lor their notes and other debts. 

 We use the word ^' never'' advisedly, and to be 

 taken to the very letter. For, the facts (so called) 

 asserted, and the arguments used by bank advo- 

 cates, to show the necessity for again postponing 

 the resumption of specie payments for another 

 year, have already served for the three preceding 

 years, and will serve as well lor every successive 

 year hereafter, and, consequently, for all lulure 

 time. We therelbre clearly have the right to in- 

 fer, that any one who is well inlbrmed on the sub- 

 ject, and who is not deluded in regard to facts, (as 

 are most of the disinterested supporters of and 

 apologists lor the banks,) and who advocates con- 

 tinued suspension of payments on merely such 

 grounds as these, is in fact contending, whether 

 he so designs or not, for the policy of permanent 

 stoppage of apecie payments, and an entire curren- 

 cy of irredeemable, and therefore n^esarily de- 

 preciated currency, as the fixed futore policy of 

 our country. 



TTie banks of Virginia not preparing for or in- 

 tending to pay specie next January. 



It would be a valid and conclusive objection to 

 the above inference, if the banks were indeed ma- 

 king any efficient progress in their pretended pre- 

 paration to pay specie. But it is certain that such 

 is not the case. The banks are not getting ready 

 for a return to specie payments, because they ex- 

 pect again to put off the requisition of law for 

 another year ; and, according to the rate of their 

 recent progress, they never will be more ready 

 than they were last winter, or the winter before 

 that. The first six months of the current year, 

 they have even increased their average paper 

 circulation compared to their specie.* And this 



* " The statements rendered by the three principal 

 banks of Virginia show their respective amounts of 

 notes in circulation and specie to be as follows on July 1. 



Bank of Virginia and Branches. 

 ^ Notes in circulation, . . $2,649,798 



Specie on hand, .... 821,442 

 Or $1 specie for $3.22 of paper in circulation. 



Farmers^ Bank and Branches. 

 Notes in circulation, . , $2,339,015 



Specie, 677,530 



Or $1 specie for $3.43 of paper in circulation. 



as 10 per cent, per annum. And so lost to all 

 sense of shame vvere the authorities of that bank, 

 that the official report, furnished to the newspa- 

 pers, was prelaced with a boast of this great pro- 

 fit, as if it vvere a notable evidence of their merit.* 

 'J'hus, according to our view, opposition to our 

 petition, whether the motives of opposition be 

 virtuous thouizh mistaken, or of less defensible 

 character, and the willingness to accord to the 

 banks a re-extension of suspension for 1842, 

 amount to an efficient support of the permanent 

 policy of an entire irredeemable and depreciated 

 paper currency. Are there any persons, except 

 those interested in the existence of banking 

 abuses, and the greatest possible extension of 

 bank loans, who will consent, for any considera- 

 tion of present convenience or profit, to fasten thia 

 fatal policy on our country? Probably none as 

 yet ; and even of the partizans of the banks, not 

 one would yet venture openly to recommend or 

 delend the permanent establishment of an exclu- 

 sive and irredeemable paper currency. But, ne- 

 vertheless, unless the movement of this and other 

 associations shall prevent, or in some other way 

 the people shall take the remedy in hand, this 

 general and destructive policy is as certain to be 

 established, as that another year of bank suspen- 

 sion will always be required "for the banks to get 

 ready to resume," after the end of each preceding 

 year of indulgence. 



The actual course, and the proper course, of oppo- 

 nents from good motives. 

 We readily admit, and incidentally and indi- 

 rectly have already stated, that many of our op- 

 ponents are impelled by motives as honest, as 

 patriotic and as disinterested, as we claim lor our 

 own. We fully believe that very far the greater 

 number of those who, because deceived by false 

 pretences, will now oppose our petition and advo- 

 cate still another term of indulgence to the banks, 

 and suspension of payments, are truly enemies to 

 this and to all other of the known fraudulent ope- 

 rations and tendencies of the existing banking 

 system of this country. It is ^nly because of 

 their having been misled and deluded, that all 

 these good citizens and disinterested and indepen- 

 dent as well as well-meaning and honest men, 

 and who in principle and in general opinion are 

 with us, yet lend their influence and weight to 



Exchange Bank and Branches. 

 Notes in circulation, . . $774,085 



Specie on hand 233,839 



Or $1 specie for $3.31 paper in circulation. 

 We have not yet received the report from the smaller 

 western banks, but presume they are no better off. 

 The general proportion of all the Virginia banks on 

 January 1, 1841, was $1 specie to every $3.05 of paper 

 in circulation, which was being something better pre- 

 pared to pay specie than after another half year of 

 pretended "preparation" to pay." — Farmers'" Register, 

 Jug. 13. 



* This statement, and the preparatory boast ap- 

 peared in both the Richmond Whig and the Compiler, 

 at the same time, and in precisely the same viords, so 

 as to prove a common soui'ce. 



