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Mr.. Mcfarland, President Of the Far
mers' Bank, Of Virginia, in his report, on
the condition of that institution, to the Legis.
lature Of that State, gives the Legislature
clearly to understand that few more reslric-
tions on the banks will render them SO un-
profitable to the stockholders as TO make them
surrender their charters.


He also aflirms that, in bank suspensions,
if the banks do not overissue, the difference
between bank paper and specie does not prove
depreciation in the former, but an apprecia-
ton in the, latter.


This shows the injustice Of that rule which
the President seems to have established for
asceraining our losses by the banks. He
sets down the depreciation Of paper as one of
those losses which is not fair. Certainly, in
the last two suspensions, there has been no
depreciation Of paper--tthe prices Of the Co.
vernment, 6 per ct. stocks, which, perhaps,
offered the fairest test underwent no change,
unless, indeed, slight fall after the suspen-
sion.