Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-12-22
MIR. BlDDLE on TIE CURRENCY.
PHILADELPHIA, Nov. II, 1886

Nv Deat Sill proceed To the SECOND subject
OF our uasfi,titon-lh present state oi the cur
~rcnes-Nniei | shah treat d,spas,ionatel, rs an
abstract question ut mere Guanrc.
Or pceunarY Co1i ton seems 10 lc a Stfsnse
anonai, Nhen Congress, adjourned, II left the
country with abnndint crops aud high prices ioi
them with every branch ui industry hsui,,lnug
with more specie than we ever possessed be-
lore-aitl all the elements Of universal prospeIi-
~. .Not ono ol these has nnjrtgone tho slIght-
est change, ,eI after u few month, Congress will
reasonable aud find the whole country suffering
intense peeuniar, distress. II" occasion of
dis, the remedy for II may well occupy our
thoughts.
IL my Judgment, the main cause OF 1t Is tie mis-
management ri the ACKNOWLEDGEMENTS ia
tNolesprcts the mod. OF executing the Dsirl-
hutton law, aud HE order requiring SIP &C for / T.
Pubic Lands.
isl. The Distribution law.
Ia July, 1886, Congress declared that the SUI
pIu. "a the | rrasury Oh the l,t OF January, 1886,
,!io"li u diyide among the St,tr'. That It
nisi.I u DON : .,ntiy q. pes,b.e, the .d> Hieni>
"'r, ~ :. aiaIt, mol Al onee oa lt 1t ol J.iu-
AIRY, bu, quarterly throughout the whole YEA,
1887 and a. the a. regate sum 10 be distributcd
IS from i!IirIy-ssto tort. millions, Ne may assume
The inst pit ncnt IN January IL br about ninc null
lions. To prepare for this, the Treasury has had
IN hand i0Iiy "r hity millrons-ii would receive
~ the course ot III" operation thirty OF forty mil
hons ol revenue morc--and a, there MAS proha-
bly, money III every State, and the pan mcnt> Ia
make IN every State, the operation Was ., simple
and .asy that II ought not 10 have uccasionrd tho.
slightest pressure either on public ar private IN
irr.Sl> and ihe =" liole might have been ACCOM-
pli>lied without any arrangement Of trade and
without the movement Of single dollar IN spccr.
l. al tlI< mol uutk ra11i Ia. dane lut has .,tu.I,
been donr, J, ou vii had in the pubic documents, OF
1929.
La that year tuc nav administration OF Mr..
J icAs-n, An,Iuus 10 naprnpriale every dispos,ablc
dollar al the revenue IN the reduction of the pub
l'c debt, sought and obtained ihc aid oi the Bank
ot the Unit.d State. Nj, &c was accordingly
given On the 3l,t OF Marrh, 1929, that on the Isl
OF July, tie deb and interest, Amounting to S.
7l5, f02 81 wuuld be paid. At the D. rod Of the
notice, The whole available means nj tine rIca>u-
~ were only sa millions, scattered throughout The
tnIied STATE, and these, Il atcfuiug lrSrnur IN
the l,tci val, we're al a notice of ninety ,ls>s, 10
br collected, TO pay nearly ninety silt ons. So
closely was the Government pressed, that aft !
paying these sums, the aclual balance IN the Iiea-
snty throughout the whole United : ats, was re-
d"ced to Sibf,355 O5. The Bank however ua-
def'ooh the arrangement, with what success may
Dc seen IN the i"l wing part o.thc message OF Nj.
jackson 10 Congress IN u, ccmber 1925. "lhc
payment ON account oi the publ, debt, on the Isl
oi July last, was S. IL, i62 81. Ii twas appr,-
hcndrd thai the sudden Withdrawal Of so LARGE a
sum from the Banks m which, II Was deposited AT
"A time OF unusual pressure in the none, market,
might cause much injui to the interests dricn-
dent on Bank accommodations. But this evil WA,
who'll, avcrtrd by an carly anticipation of il a, the
Treasury, aided by the judicious arrangement OF
the Officers OF the Bank Of The United Siatcs."-
The respective shares of the Bank and the T,e.-
s,lry may be conleciured from the Secrrtary's let.
ter OF he Tin July 1926, in which he take, occa-
SION to express " the great satisfaction OF the
Treasury Department in the preparation for III,
heavy payment Of the public debt on the Is, in.
stant-wlich has been effected b, means of the
prudent arrangement Of your Board, At IA time of
severe depression ON all the productive en-
ploy iienls OF the county, without causing any sen.
s'o'e addition to The pressure, or even vi.ibie ef