Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1835-12-10

each othef bs many ttst ahote tttffhtH n III
subject to The regulation q many different govern
ucrt, ndcr such circumstances, nothne Ike
uniformity ran ic expected. The interest Of cae
State viii induce it 10 supply, It possible c'sfs
want Of oilers. iy IL Own particular means, and
tie temporary vacuum in tie circulation ct thls
Comm, tweai'h, if Tot supplied by herself, will
surely BE- filed ~ Issues from some other quarter
Tlcse issues will CROW tast upon tic heels OF oael
otter; tlc worst pctp, tuallS cNpcine the better,
until depreciation aitans a height apparent TO the
most dull selicd observer At tins point tie
Federal Government (Which as We know, enter
tain 80 doubt ri its authority to do 81 will oer-
anls interfere, in some Wy another, as hereto
fore TO correct tie tNi and then nov system
will nc, cssailly produce new revolution.
Exposed thus TO various pcrIs, Your most prll-
deIt caution will lie required to project tiIc III
lefe,t Of tie Gonmonw eatl--to render events
which YOU cannot control, as little injurious as
possiblc-and scasonably 10 provide Tor future
probable occurrences, b, tie best means in your
power, without putting too much al fi,k upon any
.inelu chance.
1t WAS mol practicable, as some have supposed
II 10 be, to nahc our currency consist OF nothing
but the precious metal, !; The immediate distress
which would ncccssaril, result from such an ,x-
pertinent, might pos,bl, be compensated hereafter,
bs the success that might tlcn attend II. But when
rciLd, that al no period Of "ur history has the
currency Of Virginia been OF THIS character that
her faith is already pledged 10 several corporations,
10 receive tier paper as equivalent 10 gold and
silver; aud thai the paper OF Other States, with
whom we have much intercourse, will certainly
1on il, upon Is, in despite Of every effort to pre-
vent il, the attempt 10 establish here currency
exclusively metallic, can only hc considered a
visionary proect, Of impossible execution, even il
it IRON. sod more desirable results than any that
TN be shown * kcly 10 few from it. Then
present situation seems 10 lc llis-our currency is
compounded in part, (u.d nee ssarlly so,) OF pa
per ot various drtrItiols. Only 4 PORTO OF this
pcfyddcs the ncd States, and Is made 10y law,
receivable every where by The Federal Govern
ment in payment Of the many and heavy demands
il Ia authorized 10 exact. Ills worry portion the
currency is about 10 be Withdrawn irom circulation
speedily. lis loss will be sonsihly idt every
where for season, and must be supplied by some
equivalent; il this equivalent is not furnished by
ourselves, twill be furnished by others. In the lat
ter event, should depreciation occur, and VIC have
no means 10 prevent ~ Our own people Will bear
the loss, without corresponding benefit to any Of
'hcm. But il We supply the vacuum ourselves, we
may prevent depreciation by wise legislation and
should it unhappily occur, III despite oi all our
ton, the loss portion of our community may
sustain, will be compensated in some degree, by
the gain of another PORTION; and although some OF
her citizens may suffer, the commonwealth itself
will sustain but little comparative injury.
II this be faithful picture OF orr situation, there
seems to be little reason 10 doubt tine prudence oi
increasing the banking capal ofthe State, att least
10 an cStert equal to the expected deficit But il
an, question the accuracy Of the description
have given. oi the policy of mt, ting the mpcnd-
ing DANCER h, a course similar to that which will
certainly be adopted by other States, caution " ii
require all such to toibeal any action until time
shall prove whether my forrhodines well or i'll
founded. The remedy Gt such it may be called
will be more difficult of adoption hereafter, certain
Is; but it is much better 10 pause when doubt,
than To run rashly into nnrird experiment, where
error Nay be productive Of such serious effects.
Should You determine 10 increase the banking
! capital of the commonwealth at this time, various
schemes present themselves. by any ot which, ii is
| probable, the dcsi rcd end MA, be attained ; but
while each of these holds out some peculiar ad-
vantage, all are obnoxious to several strong ohjcc
tons 1t belongs to YOU duly to compare these,
and To select that which YOU may consider the most
cNpcdcnt. Under present circumstances, the
N schiclobc provided toristha OF "A sudden reduced
currency, the vacuum IN which will be supplied by
others, and supplied probably by deprccating
paper, il ii is not differently rcpenishcd by You.
nc pIfdl lld2dfhtO re guarded against IN correct
ing this mischief, is the risk of running INTO excess
IN the application of the rcmcdy-a risk that be-
LONGS to the subject every where, but which is
much aggravated in country and under GOVERN
mcnt like this. Such excess, under any clrcnnl-
stances, would be equally pcrncious with the mis-
chet designed to be prevented and II would tend
necessarily, To the production of the evil of de
probation, which ii i, SO desirable To avcrt-Thcrt
is another peril too, OF but little less importance
than this. 1t arises principally from the nature OF
our government, in which rNrg alority vii
sometimes regard its own interests as those oil III,
whole, and overlook the claims of IA mnori,,
When the mischief TO be rcdrcsscd is general, Tho
partial application, even of proper remedy, vii
be of little avail. 1t may produce excess some
where, but the excess cannot supply the deficiency
IN other quarters. To make the remedy useful
the same caution is necessary in It's distribution tina
is required in lis crcaon.-'ims, while it will GUARD
against excess any where it will also provide fol
deficiency every where.
There is still another danger which ought not
Ia be overlooked in any arrangement that may b,
adopted IN reference to this subject 1t proceeds
from the fact, tla any plan YOU may think it wis,
IL cstahlish, may, and most probably will, be
crushed, or put in jeopardy, at some time or other
b, the action of the Federal Government
Therefore, common prudence requires that an,
scheme You may see fit 10 adopt, should be but
temporary, and that the immediate interests of the
commonwealth should not be involved in its success
further than is ndiSpcuSahly necessary. The un-
yIuI,auCp Driyatp interest and