The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1828-12-22

= Al
~;,,,,. a, ,,,s public service nave happen"d' a"
,,a.e,. have l.esn PAID q, the time, aud al me
Mace. whcre they we're rshuhee To d pas" a"'
:, the personS .ntnled 20 teteiyc ihrn ms
,.n.eity IA he Treasury TO apply ths panhc
E,ad. AZ the proper uionuni ~ Every par VI
sssnatrs ofsaeh side rxient. has beta esse"''a's
,,n,,,,srn +, t,,, Banks ai the unned States
IN p,4,st,,ne4. t,ris an obligation OF os's Z"
,ear - testimony. founded on COUSIN. eAPei,
<,a1e znil,g TIE term in gurs'soa, 70 W. "se'a'
irrs,r-rrtalty ofths institution ~ 81 '"e mos
in,p.r ant fiscal operations OF INC ""'V" ~
fotbuI obrtl, nee q The candi.ieas "' t'' Charter
"a .iI,,l by II. b,,nchss, II NJ. afforded the
,,.e..s,,y faculties iar transferring the pubiic
uasaeys from place To place, concentrating 'hs'n
nj tnr mint teauiI,sl. In this ,nanne'' al pay
,nent. on necoun, of the pali,c ht, whether
a., interest 90 pr.ncipai all IN account oi pen
SANS all Ter M. eivrl list for he R'niy, tor
an, navy. or for syhstever oihrr purpose wanted
Ia any i,sr Of the tInion. h I'VE been pnnciuslly
,,.t he Bank 10 also The depository WITH ns
taanrhes. tor the pub &c money, ifom Whatever
s,.,,r. of revenue received, aiding, too, ~ ihfif
collection thereby giving safety To the Keeping
rs well ~ promptUde aud ccriah,iy I'D the us
h.r..n,en, Of the nehlie treasure. II receives
the eaper of - state Banks paid On pabi,e ae'
,t,a, a., the iliterior rs sell Ms elsewhere, and
ls ,se,ps Il TO lhe credit of the United States M
,n,h readetsn available wherever the public
sesy,cy NAV reqnire. BY This course, u oaursf
moi eniained hs its ohsrir. u wd a. The heli OF
tu.iosss aud usefulness TO tie state Banks.
sneh. also. is tho confdence roposed IN tie stock
,f IN. kaak of the United Stats. that Il serves
d medium III remittance abrosh IN satisiac-
Won of debls due from our oiIcns Ia those nj o.
thn, countries winch othe nise would make
Call upon the .pe,s OF the country for lhen Dis
.s,atsa AoI arr these all ihn uses OF ihis M
s,,tuI,on ~ winch the Government participates.
II in the preservation ola good en~ency that
.an siooe Impair stability 10 prosperity, aud
crevenI iho.e dlc,uauons In It's VALUE. huriiul
iike 10 individual and 10 naioGal wealth, his
advantage th. bank has secured iothe oommu'
ny by con6nins within prudent hunts its issues
If ,,apeT, wbereb, y rrsirsint has been imposed
opoo excessive importstions, which are thus
l.,a ,sorr nltl,,i the true wants and capacity
OF The eounirv Some times Gndlciously vary
jng ~ course II eniafRts us Assures, la relieve
sea, ctts, a. under the disastrous spaculatlont OF
ls25 The state Bhnks following. M Controlled
Nv iis general example. have shaped tbrIr poll.
:, towards the salae sauary ends--1iiing
fresh Recommendations 10 the ttuih. that. under
tne n,sed ulisdieiion and power Of the state
and National systems of government National
RHuk u the msirumen, alone by winch Congress
eiiaIilYtiY regulate tnb SWtthtJ ~ '"t IN
Ton when the Go0grssB Of the Revolntion,
undef the seyersst pressu,e OF financial dlfheoi
~, established in 1881, the Bank OF Norm \
n,srica /. when the Ipcrintendant of Finance al
tina, period, predicted that II would become rs
usentl 10 tts commerce aud agriculture ~ pebre,
q. 10 he Government during mr. = when 'he
same public Officer speaking from an srdnous
and enlightened experience subsequently, sad
shat without Ihai Bank, Imperfect as was its
organization, " The bHnne,sot The department Of
J,nues roNid not hare been formed, II affords
n testimony, thr memory oi which Is conceived
20 he not Who'll. relevant 10 that which Is here
intended TO be- borne ~ the kindred but better !
institution OF our day.
The policy of Congress having established !
.EHsacnl connexlon between the Hank oi the L. |
STATES and the Government of the Union, II Is
Conceived to deyolve upon the officer Of the lat
Ger, whose post charges him with close ohsei
gance Of the, connek ion, to report 10 Congress
its practical effects. The benefits cfs remedy |
haoo,ns o.tteu most apparent by n recollection of
he evilsSsliich called iur 1t paper currenc, |
too r,d,asaha bncsusr without any basis oil
r-,in or other effective check, aud OF no value az
n medium OF vce,iltl nee or exchange beyond the !
uti,deiuu ot the Sdate whence IT had been H.
.spad currency ,i,st not unircquen " imposed
uron f3,s,I ruasnry thc eoessry OF meeting by |
eItraysqan1 premiums, the nse act OF transfer |
ring the revenue collected a. one point TO deiny |
auavoidablc expenditures at Mother; this Is the
,-s,e Of things which the Bank Of the United
St,tee has superseded. IN the haanc,ai opera
tons Of the nation, as in the pecnn ais nansnc-
tions how u msu and mnn, conhde nee hAs sue
caeted To disrus, slcadiness To NoctGaiion
ami reasonable certainty 10 general confusion
and risk The very millions Of dollars OF innd.,
~ "a he inF ma
vcnrs has brsuobligsd TO speak, rs bat rem
RAM ofthe losses arising from she shattered cu /
r.ncy. which the Bank. bya wise manag cement
Of its affairs. has cured. In oonclusion, the
mode Of Us agency 10 large payments Of The
t,rincipal of the debt, 70 not 10 he overlooked.
Nv it's arrangements for them, II avoids the racon-
s.enienee OF too great an accumulation OF nroney
n the vaults ~ deposes used 10y thr Geve.n-
tprnt aud the vacuum thai vouid succeed to its
too Sudden distribution. II does this by an,ici-
pating. rs the periods 81 payment approach. the
d,shursemp,H af a considerable portion Of the
stock in the foro, Of discounts in favor of those
-Eho are TO hr paid on, thereby enabling them
otherwise to employ their capital rs oppoJiun,
ties may odrr beforehand In 'his mnnacr hca.
w parn,snts ofthe debt are, iU effect, made ara.
SuaN,, INSTEAD Of the whole ma" being thrown
nj once opon the money market, which might |
'~y,n,,ee iniurinns shocks. so pruden,Iy in this
IA o,L.p rs,vecis does the Bank aid the opera.
ii IN Of payins OF the debt that the copmun.
~ hardly has consciousness that II is going
on.
Anact of Congress was passed on the oath |
oflast May, directing the Secretary oil the fres.
An 10 subscribe n, the nam" and forihe use Of
the tiri,ed States, for ten thousand shares OF
cap,ial stock o, the Chesapeake and oh'o Canal
Company, an enterprise designed 10 open the
>shor,e.t outlet between The waters OF the Ohio |
ma the Atlantic Ocean This duty has been
u,,foro,sd. and il is satisfactory 20 be able 10
state that i've nationalworh which IL is designed
"a advance, a work distinguished from kindred
enterprises to which Congress has heretofore
len, lis powerful aid by its connection with the
,,ational metropolis, has been commenced. A
.e,rs derable portion OF the line ofthe canal is in
pr,cess Of excavation, and under circumstances
that prou,isc well tow ards tile successful prose
,otion she whole work. In its completion
large aad cnriehing increase OF home trade IN
r A.. T. nj