548 



THE FARMERS' REGISTER. 



Nor has but one act, or particular course of ac- 

 tion, been justified and defended, even as a matter 

 made necessary l)y tlie extraneous and unjustifia- 

 ble action of foreign banks. This particular mat- 

 ter, wbich alone, among the host of banking 

 abuses, is thus de/ignded, is the suspension of spe- 

 cie payments by tlie banks of Virginia, and (as 

 now for the first time avowed by any defenders) 

 for the indefinite time that other states may per- 

 mit the payments of their banks to continue sus- 

 pended. Therefore, we wish it to be observed, 

 the defence of the banks is limited to one charge 

 only — leaving, as it would seem, all the other and 

 far more important grounds of charge unan- 

 swered and untouched. When so much has 

 been said and published in defence on one point 

 only, is not such silence an indication of the other 

 alleged abuses being allogether indefensible? 



We wish to treat the subject fairly, and our op- 

 ponents respectfully; and we shall aim to present 

 the purport of their objection in its full force. It 

 is said that the notes of the banks of Virginia are 

 received, in the ordinary course of trade, m Balti- 

 more, Philadelphia and other places, whose banks 

 are not paying specie; and if our banks were to 

 resume payment while the banks of these places 

 in other states still refused payment (or their own 

 notes, that brokers would collect the Virginia 

 notes, demand the specie lor them from the banks, 

 and drain the banks of specie as long as notes 

 could be thus obtained for the purpose; and, as 

 the notes of our banks in circulation amount to 

 more than thrice their stock of specie, and as it is 

 impossible for one dollar to pay a demand for 

 three, that the foreign brokers, and the other de- 

 mands which their action would induce, would 

 draw all the specie, leaving two-thirds of the 

 notes still unpaid. And hence the conclusions to 

 which these reasoners come, (and which, whether 

 named or not, are unavoidable on these premises,) 

 that the banks of Virginia ought not to be com- 

 pelled 10 pay, until those of Maryland, Pennsyl- 

 vania, &c., shall also pay. 



There are two ways of meeting this essump- 

 tion. One is to show that the premises are un- 

 sound, at least in part, and therefore that the de- 

 ductions, if not altogether illegitimate, at least re- 

 quire much abatement. But though this may be 

 done, and we trust t^aiisftictorily to unprejudiced 

 minds, it is not properly incumbent on us to prove, 

 or offer to prove, negative propositions. 1 1 belongs 

 to those who assert these propositions to prove 

 the existence of the premises and the extent of 

 their operation in results. Until that be done, or 

 at least attempted, it is enough for us, on the op- 

 posite side, to deny that the premises, and of 

 course the concluBione, are correct, or that their 



importance is such as to justify the continuance of 



the weighty evils of an irredeemable currency for 

 an indefinite time. Whenever 'he advocates of 

 ihe t/ariks, and of non-resumption, shall abandon 

 mere loos^e assertions of disastrous results, and at- 

 tempt to fully exhibit facts as premises, and thence 

 draw proper conclusions, w« shall be ready to 

 meet their argument. But there would be neither 

 propriety nor utility in our undertaking to prove 

 the negative of their unproved and unargued posi- 

 tive propositions — which indeed are but loose un- 

 supported assertions of greatly exaggerated facts. 



At this time we will merely take a rapid and 

 concise view of the question in a different aspect. 

 For the sake of argument, and to save useless 

 words, we may even admit as sound and true all 

 the premises above stated ; and then the mere ex- 

 hibition of the result, to which the argument in- 

 evitably and confessedly leads, will be enough to 

 upset the whole policy advocated, in the opinion 

 of every unprejudiced and disinterested advocate 

 of the wellare, and especially of ihe independence, 

 of the commonwealth of Virginia. 



Aduiitiing then all that is claimed as premises 

 for the oppisite side of the question, it comes to 

 ihis conclusion : The policy of Virginia in the 

 important matter of the currency — its stable-or its 

 fluctuating value — its rate and extent of deprecia- 

 tion, if depreciated — the fluctuation of the apparent 

 value of land and other property caused by real 

 depreciation and fluctuation of a vicious paper 

 currency — all the losses to the ignorant and honest, 

 and gains to artful speculators — the enormous 

 moral as well as political and pecuniary evils thence 

 certainly accompanying such a condition of things 

 — all these important elements of the policy and 

 the welfare of our commonwealth are to be always 

 totally dependent upon the legislation, not of Vir- 

 ginia, but allogether upon that of Blaryland, 

 Pennsylvania, and other states ! '. '. And we the 

 people of V^irginia, claiming to have equal rights 

 with, and certainly separate interests from, those 

 (^quoad hoc) foreign states, are to submit, now and 

 always, to be pillaged and oppressed so far as 

 fraudulent banking and depreciated paper currency 

 can serve to pillage and oppress, at the will and 

 pleasure of the legislatures of foreign states, that 

 have, or believe they have, an interest in continu- 

 ing the system of pillage and oppression!!! 

 This is the general proposition, or statement of 

 the general principle ; and independent freemen 

 will not rest their decision of a[iproval or rejection 

 on the mere balance^!' the possi6/e pecuniary pro- 

 fit to be derived from such submission. It would 

 be a matter of universal conviction, that no pecu- 

 niary gain to the commonwealth could compen- 



