Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-12-19
MR.. plDDLE on TIE CURRENCY

The phlad,l phi, National Gazrtr, al the l0,h
inst contains Il letter from Nicholas Bldiic To J.
10 Adams treating Of the state Of the currency,
and tracing the existing pressure In the money
market TO ais true causes, which regret that
W. are unahie 10 insert at Length this morning.
\ The nature Of the subject, no less than the lucid
manner in which il is discussed, imparts 10 Mr..
Bddr's letter hi.h degree OF interest.
Mr. Biddie attributes the pressure mani Y to tie
Encouragement Of the Revenue i-t, in the
mode Of executing the Opposite law, aud ily to the
order requiring specie payments for public lands.
In reference 10 the first, he takes the ground that
Secretary Woodbury., hv causing the removal of
,he public moneys from poi us al which it had ac
formulated, To others " wlicr' il would be needed
ahen year" MAS guilty Of a piece Of iolv as eerf-
sgous as has proved 10 be misrhtcvoliS. " The
Fac theory t,ays Mr.. Biddr) was simply to let
Pine escessrs Of revenue in the several States be-
transferred, IN the course OF trade, 10 the great
commercial points, and tlcn to pay the States BY
drafts on those points" lie cors to slow that
Pins arrangement wound have been beneficial 10 all
zparIies-o the Banks holding the rxcrsses, By
Enabling them TO discount upon them ~, To the
rmlod whrn the, should be required for dl>rrbu-
ilos under tine Dcpo,te act : and TO the States
themselves, because money in New York is worh
mnrr to them lhan any where else. But accor-
inF,o Mr.. W oodbury', policy, the transportation
o' millions of money must b. made 10 various dis
Pant points, and it has ncccssariI, had the direct
lrct OF Withdrawing mach of the circulating
"'alum from active Use, aud, 10 HAT extent, para
shng the business operations Of the country
Such a measure (says Mr. Biddlr) was of its II
'on'cen TO disor-anize the currency. Bur ii was
'''ompaned by another, which armed it with a
V"od power of mischief This WAS The Trcas,lry
Eo'oer' prohibiting the receipt at the Land Office,
- any hing but sppcic"-thc pernirrons con,e
l""ces OF which Mr.. 3. 90 $ on 10 illustrate b, Il
'""eht OF It's inevitable efforts" The interior
''""S making no loans and converting tn, il At
''''. '"nts INTO specie, The debtors in the inerl
w." "aNe no remittances To merchants in tlr
| ''''' Cities, who are ;hus thrown for sup
v" '"e d mks 81 those cities, at a mpmeni
'"" 'h'y are unable To afford relief OF. account
~.
n, "''''dcloa OF their specie To the Wrst.-
'''r States no, only receive no money.
"''' money is carried away to the debtor
~ VINO 'ntnrn cannot use il, either to pay
"'eh's or To contract new. By this I'M
process the specie of New York aud the
sn,.. |'"'"efe'a' cities is piled up in the Western
e0,. '' ."e"'aed, not used, bul held as de-
eanr.. o'''s' INC Treasury. And while the West
pf it. W rs' )" the East is suffering for the wan,
eou,.o Int result is TN, the commercial inter.
mos, -, S"een the West and the Atlantic is al
which A., suspended, and the few operations
,ra,,. ~ male are burdened with the most e,-
'asan' expense. In Novco,bcr 1ss6 n. ~.
'h,p., ''' mas risen 10 81 per csn.--mer-
Nfhseiing 10 preserve their credit b.