Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1835-12-14

'houtu , ~ IN one central Government Law. h
'' III di,bur.,rlcntS and corporations with exclu-
o,;,iI,ges would be its substitutes iaf the origl-
'H' Ind ne vet sound checks and balances of ihc
"a" ,;trtion-thc means by " hose silent and secret
fo,;n !, control would be exerei I'd b, the few
P'. ,h, rolitcaI conduct OF the many. b, trst ac-
o." W; ,h.t control over the labor and earnings If
i '', bo1, of the People Wherever this spirit
W. sgc,ed an alliance alih political power, tyran.
IAsI an have been the fruit Ii IL is ever
" Car the ends OF Go, ernment II has TO be inces-
I'll, watched il corlupts the sources of the VIZ
s', 4 ,itatc, the country with questions uniay o.
'u vi 70 the harmonious aud steady pursuit OF its
| true interests - L,la :;
"I condition OF the country, We cannot
Ia, aacctual stand against this spirit Of monop
,,"A nr,rcai.y prove, IN respect 10 the CURRENCY
~ I as other important interests that there is no
;ty for so extensive re-. orr tot as that Inch
n L,n heretofore practised. The experience Of a
p'I ,ear has confirmed the utter iallacy of the
noun ht the Bank OF the United States was neccs-
'ue' fiscal agent of the Government. Without
t'! / nc sucb. indeed Ill dies pite of all the EN-
tn,.mtu il was in It's power 10 create the revenue
s hc.n maid with punctu,ity by our citizens the
,;.ss of Exchange, both foreign aud domestic has
- .,,,nctcd wish convenience and the cnCulat-
p'en ol,um has been greatly improved. BY the use
w. state banks, which do Tot derive their char
s,s from the General Government and are not con
lleI by its authority, II Is ascertalned that the
no,,s rf the United States can be collected aud
a. ht,l without loss or Inconvenience and that all
~ or,s Of The community, in relation to exchange
J cnrrrpcy are supplied well rs they have ever
hon belnrc IT, under circumstances the most uuia-
or,hlo to the sleadincss OF the money market, il
L been found that the considerations which the
Rank the United States rested It's claim, to the
nblc favor were inaginar, and groundlt ii can
mt he doubted that the experience u the future Will
be- more decisive against them
# has been seen, that. without the agency Of
qr,a moneyed monopoly, the revenue can BIZ col
1ected and conveniently and safely applied to all the
purposes of the public expenditure ltls asoasccf
iai,ed that instead Of being necessarily made to
rouote the evils OF an unchecked paper system the
monaorment of the revenue can be made auxiliary
10 the reform which the Leg slatureS OF several Of
the States have already commenced IN regard 10 the
,uppres>io Of small blils; aid which ha, only to
eo,tered BY proper regulations the part Of Con
rress practical return to the extent re
oured for the security OF the currency. TO the const
mtional medium. Severed ifom the Government as /
political engines and not susceptible of dangerous
extension and combination, the State bank, " III not
| he tempted; nor will they have The power which we
have seen exercised to divert the public funds from
the legitimate purposes of the Government. The
collection and u>tody Of the revenue being. the
contrary source of credit to them. will increase
the security viii, the States provide for faithful
execution OF their trust, by multiplying the sccurI
ties to which their operations and accounts Will be
subjected. Thus di~po- ed, we'll from interest as
the Obligations of their charters II cannot be doubt
ed that such conditions Congress may fit TO
adopt respecting the depo,tes IN these institutions,
with view 10 Ike gradual dlsuse oil the small bills
. will be cheprrully complied with and that we shall :
,oon gain in The place If thr Bank Of the Unite
S.a e. a practical etorm IL the whole pa er system
| of the country If by this policy. ultimately
WITNESS the suppression 81 all bak bills below TWEEN
I,f dollars, it is apparent that gold and SILVER VIII
axe their Mace and become the prncipal clrcula .
IN IN ~
nd mechanics of the country. The attainment OF
Inch a reSu!t will form an era IN the history OF our
|onnlry which will be dwclt upon with delight by |
EVERY true friend of its liberty and independence.
II viii tighten the great tax which our paper system
has 50 long collected from the earning oflahor, and !
10 more 10 revive and perpeiuate those habits Of r.
onomy and simplicity which are so congenlaI to !
The character of republicans than all the legislation
which has vet been attempted.
To tls subject feel that canno, too earnest
" invite the especial attention Of Con gress, with
out the exercise of whose authority, the oppor- /
tunty to accomplish much public good must
pass unimprovcd Deeply impressed with lis Vi T
tai Importance, the Executive has taken all the
steps within his constitutional power, to guard
the public revenue, aud defeat the expectation
which the Bank of the United Satets indulge of
| renewing and perpctunting It's monopoly Oh the
ground Of Its, necessity fiscal agent, and us
atlordlng soundcr currency than couldb obtain
led without such an institution. In the perform
ance of this duty much responsibility was incur
! red which would have been gladly avoided, if
| the stake which the public had III question could
! have been otherwise preserved. Although cloth ,
ed with the legal authority, and supported by
precedent, was aware that there was, IN the act
OF the removal of the deposltcs, liability to ex-
cite that scnsltweness TO Executive power which
the characteristic and the duty of ircemcn 10
indulge but relied on this feeling, also, direct
eddy patriotism and intelligence, to yIndlcate the
conduct which, i'll the end, would appear to have
been called for by the best interests OF my couh-
n.y. The apprehensons natural 10 tins feeling,
mat there may have been desire, through the M
Nrumeniay of that measure, to extend the IN
'cntNc influence, Or that it may have been
prompted by motives not sufficiently free from
ambition, were not overlooked. Under The opc-
falion OF our Institutions, the public servant who
Is called on to take step of high responsibility,
should feel in the freedom which gives rise to
such apprclcnsons, his highest security. When
nnioundcd, the attention which they arouse, and
u'e discussions they excite, deprive those who IN
o''se them, OF the power to do harm when
just they brit Hasten the certainty with which The
II erc' BODY OF our citizens never fail to repcl an
ut.ehpt to procure their sanction to any exercise
Vi power Inconsistent with the jealous malntc-
nance OF their rights. Under such convictions,
anu entertaining no doubt that my constitutional
o'"ga'ons demanded the steps which were taken
~ e'erehce t" the removal fthe depostcs, II was
'nrP"sSlple Tor me to he deferred from the path
"'!' ny fear that my motives could he mis-
IIuse"' or that political prejudces could defeat
" Just consideration of the merits OF my con-