Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1836-12-15
NO. az.

tentios and sss ., homo a. money. hssIlowa
% % . matter of course. IL not dssigpsd By
thoss who csishlished the bask. thst the bank
became, In eject, substitute foe The mint u
The Unhsd States.
Such was The origin Of national besk eur
rcncy. and such the beginning Of thsss dir
eultes which now appear In the excessive -
sues of the banks Incorporates by the various
States.
Although 10 msy not BE- possIbis, By any
legislative means within QUE power, 10 change
st once the system y hich has thus been intro
dueed, and has received the sceuicsseacs Of
all portions Of the country. II b eestainly our
duty 10 do all that 10 consistent with cur con
stitutional obligations, IN preventing the mis-
chiefs which are threatened BY Its undue ex-
tendon That the efforts Of the fathers Of
our Government 70 guard against 10 By q eooA
stitutional provi.ioo were founded on an insi-
mats knowledge Of the subject, has been fro
queniiy attes,ed By the bitter experience Of
the country. The same causes VII ich led
them 10 refuse their sanction TO q power au.
thorizing the establishment Of Interpretations
for banking purposes, new exist In . much
stronger degree 20 urge Ne to exert The utmost
vigilance in calling lotto action the means ne
cesssry TO correct the evils resulting from the
unfortunate exercise Of The power, and u 10 30
be hoped that the opportunity for ehecting ibis
great good will Do improved before the eoun-
Try witnesses new scenes Of embarrassment
and distress.
variab.eness must ever be the characterize
tho Of q currency, OF which the precious
metals ara not the chief isgrsdients. or which
can 6e expanded or cootrsctsd without regard
to the principles that regulate the value Of
thoss metals - q standard 10 the general trade
OF the world. With US, bank issues cOpsii-
tute such q currency, and must ever do go IN.
al they are made dependent on those Just pro
portions Of gold and silver, 90 . circulating
medium, which experience has proved 10 DO
necessary not only In this, bot la sll other
commercial countries. Where IN % propor-
tons are not infused into the circulation, and
do not control H.. n 10 manifest that prices
must vary according 20 the tide Of bank issues,
aud the value and stability Of property must
stand exposed to all the uncertainty which
attends The administration Of institutions that
are constantly liable TO the temptation Of On
interest distinct from that Of the community
IN which they are established.
The progress Of an expansion, or rather q
depreciation OF the currency by excessive
bank issues, Is aiways attended By q loss 10
the labOrihg classes. This portion Of the
community have neither time nor opportunity
70 watch the ebbs aad flows of the csoney
market Engaged from day TO day 10 their
useful tolls, they do not perceive that, al
though their wages are nOtninaiiy Tire same.
or even somewhat higher. they are greatly
reduced 10 fact, by the rapid increase Of
spurious currency, which, a. 70 appears %
make money abound, they are NJ FIRST inclined
TO consider blessing. u Is not 90 with tho
sPsculatoF, By whom this operation b better
understood, and - taade % contribute 30 his
advantage. u h not until the prices Of the ne
cesssries Of hfe hoc0sno 90 dear that the ls-
boring classes cannot supply their wants out
OF their wages. that the wages rise, and gra-
dusliy reach justly proportioned rate 10 that
Of the products Of their lscvr. When thus,
by the depreciation IN consequence " the
quantity Of paper in circulation, wsges
Is well as prices become eXorbitant, Il
IL soon found that tho whole effect OF the
adulteratioD Is q tariff on our home indus
try for the benefit OF the countries wbsre gold
aud silver eireulste aud maintain uniformisy
and moderation 10 prices u Is then per-
cstved that the enhancement of the price Of
land and labor produces q corresponding In
crease 10 the price Of products, until thess
products do not sustain q competition With
similar ooes 10 other countries, and thus both
manufactured and agrie1lturaI productions
cease To- bear expectation from the cooDiry "
the spurious currency, because they esnBot be
sold for cosi- This - The process BY which
specie Is 6snisbsd by the paper Of the bsnks-
Their vaults are aoon exhausted 10 psy for To-
reign commodities; che next step y . stop
page Of specie paymebt-a total degradation
OF paper Is currency unusual depression
Of prices, the ruin Of debtors, Eud the acct
mutation Of property IN fhs hands u cEedi.
tors and cautious capitalists.
u vas IN view Of these evils. together with
the dangerous power welded BY the Bank Of
tho Cait<d states. hBd Is rcpugnsneo 10 eur
Constitution, that ! was Induced TO e1sr The
power conferred upon me by the American
people, 10 prevent the continuance Of that m
siitution. But although various dangers ~
our republican, institutions have been obVialed
~ 'hs failure u that bzhk to sxtoTi from thS
Government rene cal Of Ne charter, Il y OBJ
sious thst little has been accomplished, en-
eept sziutary ehsngs of public opinion, to-
~ards restoring ~ the country the sound eur.
rency provided for IN ihs Constitution. n The
acts Of several 81 the States, prohibiting The
circulation d small notes, End the auxiiisFy
snsciments of Congress % the last e<ssion,
forbidding their reception OF payment On pub
I've sccoani tie true policy u the country hes
hesn advanced. snd q larger poFtioa u tBs
precious metals infascd into our circulating
medium. These measures will probably BE-
foilossd up IN due time By shs snsefment q
State isss. bsbrbing frOm eircuislioa bank
not,s of SIN highsr denominations; and ne
object may be Materially promoted By further
seis - Coagress. foEbiddrng The empioymshts
~ heel sscbts. % aieh banks - c0siiaus ~
ISSUE notes - lgW DENOMINATIONS, aod ihroW
imEedis,eots b. the usy ~ Ne sHoulsiDs u
gold sf,,i sager.
Tie effects ~ 81 fxfes-;,.a n beck credits
aa1 svrr-nauts q bsfh Pspss, have tess strik-
hEiy hisstrated in the sales q ne publis
lands From ire FstgFns ms4s By Ne gsfsous
hesstsrs abd Receivers N tas ssfiy ysft ~
lasi summer, q eas psFseivs4 lbsf - fsssipis
arising IRON ne sales q ne publis lsnda usfs
incrsasing 70 an vnpreeedeHtsa sszeSal D.
sfsct, hoseveF, the8s rcreipla amounfet 70
nothing mors thaa eFodas IN bsaR. Tbs backs
Leaf ogt thsif nsisa q ppseniafsrs Ehay we're
paid 70 Ne AeeeiyaTs, sad iuEsedf.isis fsioFn-
ID - Ne bsuhs, - - isut otIi agsn sn4 eEaia.
1850 naeFe iaeifizl1esis 81 lFensfsr y speen-
'atoFs tbs 9iosi ssiuabls vubiie lsb5. ed psy
ne Gevefpn,ess ~ = seedn 81 ths boets ~
Ne haahs Those credits % As boohs ~
sosss ~ Ne ssslsrn t.azts, ssssiiy ealisd ~
posses. vcgs siseaag grssliy hsysHd dssif M
saediats Hesns ~ payosnt, sd wess rapidiy
laersasiAr. fafses, sach speruisfhsn hfrnlak-