Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-08-24
POLITICAL.
OBJECTIONS OF MIR. SENATOR RiyEs
TO THE NEW PROJECT OF TIE CO.
NERNMENT.


We yesterday briefly noticed the manifesto
Of tbs Virginia Senator against the seheme OF
requiring the payment Of all public dues in
Gold and Silver, and eonfdmg the collecting,
keeping, and disoursing Of the public revenue
to agents Of the Treasury We now presen,
LIS objections at !ength.-I Bait. Poi
!. The faef that banking is so deepIy
rooted into our system, that IL uiH6e djf.
teuH TO get rid Of ii for many gears
II will be difficult to harmonize the
action OF twenty-Six State Governments
so as TO reform the banking system and
get rid Of its Objectionable features.
much more TO destroy il entirely. II
then, the system is TO prevail in any
form, paper will constitute a material
part OF the circulation OF the country.
l cannot, therefore, perceive the pro.
pretty Of the Federal Government re-
curing different medium for its tiAns-
actions from that Of the great BODY OF
the People. The transactions of the
People being so much more extensive
than that Of the Government. they are
as much IN need OF sound circulatino
medium as the Federal Government
The Federal Government ought moi 20
act upon the principle that the State
governments, representing the great
domestic Interests Of the People, will
institute or continue an unsound or un-
sale system Of banking. It's efforts
should be to aid the States in perfect.
ing a soun6 circulation, with the belief
that the States deserve il.
z. Such system UiW be hosfiL, In
The State LnSfItUtiSa.-This scheme. If
adopted, will be founded upon the idea
that the State banks are unsound and
incapable Of furnishing q sound cur.
rency--a belief that will discredi: their
paper snd cripple their efforts to furnish
. sound currency. II will reduce their
circulation TO such narrow limits as 10
render imperative any plan which they
msy adopt, thereby creating hostility
and alienation towards the Federal Co
Vernment on the part Of the States
which IL much TO be deprecated. I
cannot perceive Why that currency.
which will be sufficiently sound for the
People. should not be sufficiently 40
Tor tile Government. The disburse.
msnts OF the Government are PRINCIPAL
ly among the People; and the sound
local currency Of the States will be
amply sufficient for this object have
no idea Of requiring gold and silver for
the Ps'ricians, and leaving paper for
the plebeians. II IL an odious dis,iDc.
hnchOn, which an intelligent peoplc
viii never tolerate. IL no currency
but specie Is sufficiently sound for the
Government, none other is sufficiently
so for the People.
3. IAeP1bk'c money pWBe unssfs.-
Experience has proved. and Il - the
most uneering teacher. that the public
dePOsites are safer m banks than IN the
hands of individuals, and there needs
no argument TO prove a. Let the Co
vernment books be- examined add
venture the assertion that Il viii be
found that. IN proportion 10 the amount
OF money received, individual defslca.
tons are fourluld 10 that OF banks 49,
Where will these Treasury agents keep
the money they receive Will they
keep Il IA pile ia their Office. o. viii
they depOsiie u with individualsY-l
The nsk - great in either way. -
They cannot deposiie Il IN banks. for
that would be aViolatioa Ofthe scheme
Banks ase no, 20 BE- touched. Wbai
will ne collector 81 New York do with
Tie el6. 0o0. 900 which Be receives An.
nusiIyf Where vii he And a pJsee