Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-05-11

low rates As 10 le20 ana cher yoars !
Every one here knows that alI The ben.
lells q this experiment are bot injury
and oppteeaion; ell lhie Feform hni e..
lgEayaied distress.
And as 70 the soundness OF the cur.
rency, how does that slandi Are The
causes Of alarm less nov than in ls-
20i IL there less bank paperin eircu.
laiioni IL there less fear Of 4 ReoeFal
catastrophe J Il property more secure,
OF Industry more certain Of is reward :
We ali know, gentlemen, that during
all this pretended warfare against eli
banks, banks have vastly increased
Millions upon millions or bank paper
have been added 10 the circulation.
Every where. and no where so much
as where the preseat administration
and lie measures, have been most yea.
lously supported, banks have multi
piled under State authority, since The
decree vas made thai The Bank Of the
United States should be suffered 70 ex-
pire. Look a. Mississippi. Missouri,
Louisisna, Virginia aud other States.
Do we not see that banking capital
and bank paper are enormously To-
ereasingi The opposition to banks
there, 90 much pFbfesseA. whether
Il be real. OF whether il be but pre-
tended, has not restrained either their
number or their issues Of paper. Both
have vastly increased.
Aad noE word or two, gentlemen,
upon this hard money scheme, and the
fancies. and the decisions, TO which II
has gwen birth. Gentlemen, this il
subject OF dslieaey, and one which Il
is difficult 10 treat with sufficient can
ticn Ia popular and occasional address
like this. l profess to be bUllionist,
In the usual and accepted. sense Of that
word. ] am for a solid specie basis
for our circOlAlioh, and for specie as
part ofthe circulation. so far as il may be
practicable and convenient. / am for
giving no value TO paper. merely as
paper. / abhoF paper; that is 20 say,
Irredeemable paper paper that may
not be convertible into gold or silver
81 the will Of the holder. But while
hold to ell this, believe also, that an
exclusive gold and silver circulation il
an utter impossibilily in the present
state Of this country, and Of the void.
We shall none Of as ever see il; and il
IS creduliiy and folly in my opinion,
TO act under any such hope or expecta-
ton. The States will make Banks,
these viii issue Psper; and the longer
the government Of the United States
lneglecls its duty in regard 20 measures
for regulating the currency, The greater
will be the amount Of bank paper, over
spreading the country. or this en-
terrain not q particle Of doubt.
While ] thus hold TO The absolute and
Indispensable necessity ofgold and sill
yeT,as the foundation Of our circulation,
yet think nothing more absurd and
preposierons, than unnatural and strain.
ed efforts 10 import specie. There is
but so much specie 90 the world, and
/ lie amount cannot be greatly or sud.
denly increased. Indeed there arr
reasons Tor suPposing that iss amount
has recently diminished, by the quanli-
/ ~ used in manufactures, and by The d.
Rinished products Of the mines. The
existing amount Of specie however,
must support the paper circulaliohs.
end the systems of currency. not Of
The United States only. but Of other na-
lions also. One Of lie great uses is 10
pass from country 70 country for the
< purpose Of settling occasional balances
10 commercial transactions. Ftalways
dBds be WAY. naturally and easily, 20
4 places where 4 Is needed fog lhass
uses. But 70 take extraordinary pains
% bring i, where the coRrse 81 Trade
does not bring IL, where De state %
debt end credit does not require Il 20
BE-. end then 20 sRdeavoF, by other re-
I gulations, treasury oeders, aecumnia-
tons 81 The mint. end other coagriyan.
csa. there 10 Feiuin q. Il 9 coaFss a
policy. boy6eTiDg. e. Is sppeeFs % ne
on political insanity.
I It's boasled that We hsVe seventy
hve Or eighty millions Of specie 10 this
country. Bot what more sanseiess.
" hal more uhsufd lbau ghis boaal. y
there e g balance against be abf6ad, d
/ which payment is desired, sooner ihan
FemiiiaBces al opr own products ars
ihhsly @ make that paymeni2 What
more miserable lhnu e. boast ~ having
lhai bieh Is DOT ours-wbich belones
50 others, add ehieh ibo convenience
81 others, and oaF oan convenience.
aiso. require thai they abopid poasgss
" Boston were 10 debt 10 NeW York
aould d Be wise 81 Boston ihdead q
] paving be dehi 90 cnniiVe all possible
means If obiaiaine specie from lhe 81.
K0Tk baBkr. and boarding Il 81 homef
Ard yet ihis. 81 thick, woaid - pre-.
Z eisriV 81 wnfible 81 ihc couTts which
che gogeFnmeai ~ tbe u Gtaief 90 pre-
I arui pursuee
We laee. without 800 doabf. r1aai
ameiiai q specie % lis coubtfy, ST u
eeoa nol snseeF Be- accuiiomr3 snd. 4
toes aui peFiofm 10 proper duir. 81
iaefaeF Eors stfoe5 90 settle haiaaces
Issa'nri 81. end fhegeby auisi ihosa b.
base femandaugon ~. 80 % i 90 DE-
pPd efet bone. ~ o. sssisin ihr circe.