Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-12-12

the way oi the circulation Of gold ana silver Il"
Tie ELECTS OF an extension OF bank credi,s,.,
over issues oil bank paper, hasr been s,t,1ian"
illustrated III the sales oi tine public lands. IS
the returns ma by the various Regstcrs am, -
cescrs IN the early part ii last summer. :,
pei cciyed that the receipts arising from III, al
The public lands, were increasing 10 an un,
dcnlcd amount. la effect, hewrvrr th,s
celpts amounted 10 noihine more l.an credit.
bank. / he banks lent out Their notes ie surr,l
tors they we've p I'd 10 the Receivers, and ,,,n'
dla,Cl, returned IL the banks, To be lem I'm, -
,nI gam, bclng mere Instrument, to- lran,l,r
spectators The most valuable publlc land al "
Tue Government by Il credn on the book, NJ,
banks. / nusc ctcdils on lhe books al Ann,
" eNtern BANKS, uNaali, Called dcpo<Ite> ,,.,..I
ready giediiy beyond then Immediate n,,,n. :,
payment, and were rapidly Increasing. lnd,,'1
each speculation furnished means for auulh,r =
10 sooner had one individual or COMPANY mani
the notes than they were immediately LEM /, an
tier ior HE like purpose, aud the banks wcr, A.
tending iacn business aud Their issues SO afy.,
as 10 ALA III considerable men, ana render IL ,n,,,'
lul whether these bank erediIs, II permitted lo,s
camulatc, would ultmatel, BIZ u unc least ,,L
the Cover nmcn,. The sIlri, oil .Auanxi,n
speculation was not confined 10 the den Vt"
banks, but pervadrd the whole nll,tudc of is s'"
throughout the Union, and wa, giving rise,o
Institutions TO aggraNate lie evil.
iln safety 0i the public funds, and the n,,,...
oi the people generally, required that ties. on,,
! uonS should bc checked and II became 1hr d,
! Of every branch Of the General ana Star. -
'nents 10 adopt ali legitimate ana proper n,c,n.,
i produce that shlutaf N-eiecl. Under thi, ,;on
my duty, directed the issuing Of the order WI,
will be laid before You by .lle Secretary If ~
i IA \ t,,ri l,.,t,
he made N Specie, with an exception until ii,
! 10Th o the pr, sem month, III favor of actu.l -,
Hers his measure has produced many >,lu,,,,
'n>i qurnccS. 1t checked the career OF the A.
I tern Banks, and gave them additional slrcnn,h -
anticipation OF the pressure which has since ,tr,,
+ dcd our Eastern rs well as the European con,r,o,
inrical cities by preventing the extension of III,
credit system, ii mcasurably cut of the mean, #
speculation, aud retarded ITS progress in mcnopoI
zng the most valuable oi The pubic lands. II h,
4 tended 10 save the new States from Il non.rr,lLn
rroprielor,ip, one OF the greatest obstacles 10 Il
advancement OF "A new country aud the pro,prry
OF az old one. 1t has lerdcd to keep oprn TIM
public lands Tor entry by emierants at Gov, rnnrra
price, instead OF lheir being compelled to l,,
chase of spectators al double or treble pr',,.
And It Is convey INTO the interior arue sum, IN
silver and gold, iiltre to enter permanently Inn,
lTu
er foundation. II is confident, believed. tia, e
= -.eennt!y will find, in the motives which ind rcd
that order, and the happy consequences which vll
have ensncd, much 10 commend and nothing T.,
condemn.
1t remains for Congress, it they approve ii, |
policy which d ctatcd this orirr, Ia follow il nm IA
IFS various earrings. Much GOOD, in N, uoc
ncnt, wenld be produced, by prohibiting SAL, u!
the pubic lands except 10 actual settlers Il, t,a
sonahie reduction OF price, and To limit the quaint.
" winch shall be sold to Them. .tlttyoueE i, h.
hrNcd the General Government never ought iou.
cclNr any thug but the constitutional cnIruH "A
exchange ior the public lands, That poir.i voa he
OF less importance, II the lands we've sold for IL,
mediate seltlcn ent and cultiya ion. Indeed tI,rc
is scarcely IA n ischct arising out Of GAY pr,,r,
land sys.c including the accommodating >,rplI, d
: revenue. Whcl, would not be rcmcdird, at ogo
by restriction on land sales to aciu, settlers. nd
II promises Other advantages to the country IN ac
eral,ind iothe new States In particular, winch la.
moi ia 10 receive the NOS! ptoi.aUd con,drr,5,.
of Congress
Experience continues TO realize the eSperl,l9t
entertained rs To The capacity OF the State BnI,
!" perform the duties OF fiscal agents for the GOV.
'rhmeti, III II e time OF the removal .. Ihr a4r
sites. 1t was alleged by the advocalr, Of ii:
u 'ht oi the United States, thai the Side BmA,
"h'''N'' "F1t pn iile regulations Ui the In dsHi
i'hIihcnt, could not make the transfer, r,og.
red ny the Government, or negotiate the don,,.t
exchanges OF the county. 1t Is nov well a,r.,
iainc'i that the real domestic cAclGnrr, rer,omJ
ttro9ah discounts, by the United STATE, Bank and
us twenty live branches, were al asst onc.lIh
less than Iilose oi the drpOSitc bank, for AN c0a
period ol time, and IL Il comparison be ipsilu,i
oe'"crh Tue amounts OF service rendered by these
'iSiIt"t'oIN, on the broader basis wlic, la, tern
used ''N tue advocates of the United States Dia
IN estimating what they consider the domestic et
changes transacted by IL, the result i'll be more
favorable 10 III" deposilc banks
ihc. Whole amount of public money! tranic.
Itrrcd by the Bank oille Uniied ) .atrs in 1884,
Was SlO,OoO,OOO The amount transferred, and
actually paid by the dtposite banks. in the veal
""'''e ''e lst "i October last, was $50, 3l9,>N
''c "'"oo'l 'ratsIerr, q and paid between thai le'
rIod ana the otl of November, was S539900
'hd i''e amount OF transfer Warrants, oatslandn.
On that day, was Sl4, 100000; makIng an ACRE
gate of $50, los ,o9i. These enormous suns
money i'st mentioned have been transferred viii
me greatest promplitude and reg, Iarity. and III
ra'es al which the exchanges have been nrgOla
'eu' previously 10 the passage Of the dcpose act
were generally below those charged by the BmS
OF TIE =. Stalcs. independently of these Sr1
cts' winch are lar greater than those rendered "
'"e =. States Bank and twenty five branches
NUMBER OF the depositc banks have, with com
n'endhbc zea aided in the improvement OF N
currency, and imported from abb DAD, at their ON
expense, large sums Of the precious metals,
/ N Irtrc ,l.t..,