Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-06-13

per Tomorrow, Congress Is convened, and APP
preI,cnsion is entertained that tins enormous
| plus may be called for. The consequence is the
dcposie banks must place themselves in a posi-
ton of safety they must curtaI their issues gath
err together their funds in order that they may be
ready 10 obey the summons of the government.
This curailment, on the pari Of the dcposte banks,
forces similar line of policy on the others, and
hence a money pressure. Alter short time,
Congress either approprairs the money, OF rises
without any action the subject. In either case,
the currency will again become suddenly expand
ed because of the restoration to the circulation of
tina, portion. so long held in state Of inactivity To
NEE, the public calls
The great pressure now felt in the large ctirs,
i, an e.empli6caIion of the views here submitted,
and shows most conclusively, that while Congress
iuroluntariiy holds suspended the sword of Damo-
elcs over the dcposite banks, they must and will
produce u money pressure, and n consequent de-
raner n,eni OF the whole monetary system. No
thing but the guarantee that tho money will not
be called for wthout years of notice IN advance,
can possibl, prevent these disastrous fluctuations
in the currency of our country, ia long as we
have a large surplus revenue constituting very
considerable portion OF tho circulating medium.
Til. tremendous, and may truly say, most aw-
tul Influence the whole trade and prosperity
of the country, exeried by the existence Of
1
ine evils which statesmen scarce dream Of before
they happen do not rccollcct ever TO have heard
or seen one single prediction of any such calamity
! as this, from an overwhelming treasury. And even
now do not think our statesmen seen sufficiently
impressed with the dclctcrious Influence OF our
surplus upon the whole monetary system. In fact,
il til, view of the subject has been presented TO
the public at all, it has not met my eye. Vow,
when We consider that the surplus will increase for
several years to come, and that if our government
shall be us economical in its expenditure ii ought
! to be-, the surplus may amount, before 1872, to
sum equal To all the money requisite 10 perform
the functions of circulation in this country, the most
vivid imagination scarce conceive the dsas-
trous consequences of such an accumulated trca-
sure The value ofcvcry item OF property in The
whole country will depend "upon the hazard of u
die" The sudden boarding on the part OF the de-
posite banks TO meet the calls Of governments
| would Instantly paruyzc the whole business of the
country, and nn,t deaih-lke iorpor on all the
opera,ions Of commerce. The sudden abstraction
Of so much money from circulation would at
blow annibatc all cxclangeablc value, and leave
debtors every where AT the mercy OF creditors \
sudden rcstoraiion after such an abstraction, would
again restore the currency, raise prices, and blow
up the bubble of spccula,ion,to burst once moro with
tho same melancholy consequences When we
of tnrnpkes rail roads, canals, tho building OF fac
tories, and the forming Of Join, stock schemes
Throughout the count Y, are rapidly increasing the
amount of stocks that all these stocks exceed
nglv sensitive to all the fluctuations IN the none
. market rising to-day and falling tomorrow that
all these fluctuations IN the stock market generate
gambling spirit a once destructive OF the mo ais
and religion Of the country, and fatal 10 the torma-
ton of those steady and persevcrng habits of in
du>try which alone can insure the steady accumu-
aton of national wealth we cannot but the more
lament the existence OF great surplus revenue,
which must of necessity, increase UNNECESSARILY
all these evils. These fluctuations are not matters
OF chance, OF the result of intentional oppression
by the government they are the necessary and
ia, ,itabc results Of the surplus revenue. Distr-
buttons OF such revenue regularly among ih aics,
seems TO be tho only remedy left il the tariff com
promise OF 1892 is to be considered as sacred and
inviolablc Tina, would not perhaps be found a
complete remedy but II IS certainly the best that
| has yet been offered.
Ifryer the Congress of the t. States was called
upon TO settle difficult and momcntous subject, il
is the subject of the surplus revenue. | wish that
every man in the United States could be made to
see the TRUTH that the whole property Of the coun-
try is involved in this qu s,ion OF tho surplus
nue.. II ii is suffered 10 advance until it absorbs
all the money OF tho untry, the value Of every
house, of every foot of land, Of every species OF
produce and property, will be AT the mercy OF these
fluctuations, occasoned by the contractons and
expansions o the currency caused by the existence
of an oversrown surplus revenue. And all this
will happen, whether the government should wish
to Cypress or not. The power OF the government,
becomes most irariuy great, with large accu-
INFLATED revenue, and the best government in III.
world, viii, such fund, becomes like Ahmed, til,
| u tluriu ar I.oXer n thr Tales of the l(h0nibru
when ca,cd in the enchanted armour and mounted
upon the enchanted seed an impetus was giver
to him which drove him urious y II ,ainst friend an,
foe in spite of every effort restrain himself unit
he had FRUSTRATED in universal run all who lay be
fore him.
hope this. my hasty sketch of the inilucnc,
ofihe surplus revenue, will at least have the etlcc
of calling public attention TO the subject.
l.. W.