Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-05-01
FrOm Mr Giiolf.

General jackson saw that thc public domain was
rapidly passing out of the hands of the government
i'll exchange for what the legal currency of the
country No, but for bank credits, bank notes bank
facilities &C Checks aud - drafts"
= 1t was the specie order alone which checked a
sli tulthcr increase of exchanging the public lands
Tor " checks" aud drafts" drawn by wlloln and
nfon whom. 10 one knows and tho notes ofb banks.
some OF whlch are reported To have suspended spc-
cit payments already. liut Tor the specie order,
there c1unot fenaiu duGht in tile mind of any one
At all conVersant with the subject that before THIS
We should have scores Of btpben ba1ls aud millions
OF their notes, and the 'cherks' and =. drafts of
bfohen merchants in the Treasury. which would
make a fine exhibit To the next Congress o INN
valuable funds = We should then have Mr.. Webster
retef@ting his doctrines OF l-l6, which have quo
ted
o. We copy the foregoing from the Washing
ton G!obr,-The government official. Taking it for
granted that the fact stated Is true to Wit that the
public lands were rapidly passing away in exchange
or drafts and checks drawn by and upon rrespousi-
bic or at least unknown individuals and for the notes
oil broken banks OF doubtful solvcncy, the question
naturally suggests itself whether this condition OF
things was produced by the Joint Resolution of c. on
gross, OF lSl6, prescribing the kind, of money W !cl
should be receivable in payment of public Dues or it
was a direct infringement of that law by Gen Jack
sons officers. 1t depends upon the answer to this
question whether thu repeal of that law bv the rrea
snry Order can be PaLljatea ii cannot be-
We assert that the receipt OF these .cherk, and
drafts" by Gen, Jacksons land officers was no, an
thor1ed by the law OF Congress- thus repealed, but
expressly forbidden and of course that 30 Execu-
tive odlct was necessary to correct :, stem ALREADY
legally intertllcted. The same NAV be said nj the
notes of banks of dubious credit The receivers ot
public moneys for the ional domain wer, as mn,
hound bv the law of 1916, protect the publc treas
SHY from loss, by refusing the checks and drafts
oi hfoAcninefchantS' and the unavailable funds OF
niso'oni banks, as they were by the Treasury OrIe,
OF so. But, II any change was called torbythe pub
lie interest IN this natter twas the duty of 0,res
to amend its own law, and the President ia usn,
the legislative functions But as Congress refused
To make the change, with all the facts before then,
just days before the Treasury Order was is
sued, we have the best possible reason for asserting
that no such change was called for.
Bntwe are a~tonishcd that the Globe shouIj he.
eiu to dread the augmentation OF" unavailable l1nd
in the Treasury. ri" as one of the consequences
olthe downfall Of the United State, Bank. forctoId
by the friends OF that institutions who in vain endea
Hored tn stem the strong of public prejudice
winch swept II out of existence. But the suogcs
ton was rldIculcd the false prediction of panic
makers aud the people were told that the currency
would not be deprecated even if 1t should not be i'm
proved; that the system of exchanges would be as
uniform and as easily conducted by the league of
Pet Banks ; and that the local banks, no longer in
danger OF being swallowed up by the monster, ;,
would be less liable to insolvency and explosion,
than they thea were. But scarcely has the United
States Banh charter cNpircd-the league of deposite
banks has hardly got under weigh, before we begin
To see and feel the disastrous effects of the not
letting well enough" alone; in the sudden dcprc-
eIalion OF paper money even at the doors of the
banks winch issue it, and in the interruption of the
system OF exchanges, Southern notes being at hea
W discount IN Northern markets, and rice rersa ;
and even the Globe begins to dread the suspen
SION OF specie payments and accumulation of una
Naiable funds IN the public treasury, There is moth!
lns strange IN all this: Ii is only repetition Of
what has happened before. under similar circum
stances. 1t was orescen and foretoId by those who
Judge what 'rodd be by what had been.