Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-04-10

will present increase IA the NUMBER u O'dA -
ON, 6s5tzrf ui. ssrenai-o0 ; in the banking capiia
of ore iatgrci oa2 teeay-toar millions OF dollars Ia
the dfposiies OF aereHiei4 millions 81 dollars anu
IN the loan, and discounts, ri go hundred ana Stt3
sir millions OF dollars.
Thus does il appear by documentary endehee'
which cannot be eonroycfted that the result u 'o
Of General Jacksuns .' humble efforts to restore
the constitutional currency, within the short space
Of seven years has BEEN
The creation of three i,uarsd and .f)g-serea
aftrb7s5. making total Of 81 6est4tS lao bfah-
chcs:
OF ,af enc huoifef ant sereaty-h5He millions OF dol
An increase in the circulation of paper money Of
ar hpadfei and hreaiyh,rce and ha.i millions oil
dollars;
An increase ia the deposes Of al,y eiaht millions
An increas, in the lonas and discounts of dtfec
hg0irc7 a1d cieiy-aiac millions of dollars
These iIc, well calculated TO std,le the reflect
M portia.. Of the community who have not minute
!, attog1el to the course ofcyents since the q" Mon
SCI" fsa uu the aa,r O: the .e.o. They will
see what every one acknowledges that, in srs2t
commercial country, banks, il an evil are necessary
crii-and the question, which, good citizens and
patriots they called upon to decide IS, wheth-
cr the banking system should not be placed under the
best possible organization, and to determine, IN the
face of these facts (corruboratiye they ofthc
experience of the country under similar circumstan-
a former period, and fulfilling they do the
predictions of those, who, arguing from the past, tore
told what is passing before eyes) what that
best organization is--whehcr National Baak, re
strcted by such wise limitations as experience may
have suggested, with few State institutions, in good
credit an indefinite number of local Banks, i'm
potent for good IN of commercial distress, but
potent for mschetin contributing by their uncon-
trolled and extravagant issues, these sudden and
overwhelming shocks--prostratIng commercial cred
it, deranging financial operations, d,rcciating the
value property, aud involving thousands in poverty
IN ruin
Doubtless, there are many individuals, whose juag
mcnts have bcea intoxicated by the idea of il hard
money currency, and who have been looking for the
advent OF the golden ace the era Of stability in
trade. But bow do the practical results dssipatc
ther dreams Is The precious metal, have flowed
into por;s, lave We see bul. charters surrender
ed aud banA-note5 disappear tic DARKNESS Of ngh
IS di,sipaed By the hight of the ris NJ sla Ne. Sc
TAR from IT, the accumulate, with tie other: eve
~ additional dollar OF hard money turni, hing ihc
basis upon which the new banks, which us ace anna
laton CALI INFO existence, Issues romtlrcc to five o.
papef--and s"et paper as is-pos3es~ag no uniform
and certain ralue throughout thc fl.oa. the result
Of universal confidence in the stability Of the ilstitr
tions by which il is issued but VARYING in mar
hetabf prIcc it rcccdcs from the lmital circle in
which alone its real is equal to its nominal value
Bus the great ell Is that a YOU augment the Il
mount ol specie hey ond the actual WATTS of the cDi
try, }oa lead 10 the multiplication ri banh, bs fur
nlstllns aciltiesas well Inducements for putin.
them lato operation and Yea multiply hanhiu,
Institutions youof course stimulate and eNpaad lu
credit system 10 Indefinite c<telt enecnIcriu,
and encouraging spirit of extrayaeamt speculation
limited emily By the ability Of tho banks to accon!no
da' the thousands who are awas~ cla,uoling for d
coHnts-unuI presently the buo1.s nur,Js. end =.
most universal bankruptcy closes tie scene.-Q-
ar" now witnessing the rc-enactiun o. lie coavill>
iAt succeeded the expiration OF the OLD l4i.c
States Bank charler-- commissions ulnea, then com
PEELED 50 many wise and goodm 10 rcno,rish tlei
objections. even those of acoastia.4a1 clarat Ter, f.
! the reeharcr Of that institution; which induced ",
Madison, who had before been one Of i,< moss dee;
ded opponents, to atlix his signature to the charter
which justified Mr.. p. p. Barbour. in his own ui
meat, inabnudonng his seat in the House of Renre
s"ntatites rather than vote against bill, to which
while h. believed the state Of the country called 10
ITS adoption ne entertained constitutional objections
ana winch s'eneed even the nice scruplcs Of girgi
MA herself We have not the slightest doubt tha
the country, suffering under the same evils will he
tore long call for the same rcmedy-for now as thrn
we believe the disease will admit of no other cure