Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-23

could not he obtained without prejudice to tn" local
! banks.
What is the ,clci lor which all hearts arc now 50
nnNaus, thtuhhu. lsitte pun the hanks aeHn III
motion; to restore eNchana - aud revive the dtoop-
/ M business OF the country Aud what aIr the Oh
sheles They ave, FIRST the intrlgn debt, aud, Sc
eondlN, i want OF confidence. II the banks were 10
reopen ,hc', vaults apprchended that the specie
would be immediately exported 10 Europe to dis
clntge the foreign debt. Now # Bank ot the nj
the stock Of that bank Itself moull form Que oi the
best subjects OF remittance; aud an amount ct II e.
quail 10 what remains Of the foreign debt would prob
ably be reunited, retaining n hene 81 drawing from
ahlnad the equiv alrnt IN specie.
great itnot the greatest existing evil is the want
o confidence, MOI merely III the Government, but Ia
distant banks, aud between the bauks thcustNrS.-
There Is 40 tie 81 conneNion blnihs lhrm together,
and they arc often suspicious Il earh other To
this "ant of confidence among tie banks hrm,tlNcs
Is to he ascrlbcd that extraordinary arrangement III
the exchanges ut the countiy, How otherwise can
Ne account ior the fact that the paper oi the banks :"
MlsSsslpp, cannot now be exchanged against the pa
pei Of the banks OF Louisiana. without discount III
til iolnrr of 10 OF Il per cent; mon that ct the
banhs of Nashville, without discount oi or 10 per
cent against the paper OF the banks oil the aIluiulug
State Of kentucky J 1t IL #min,irst that whatever
may be the medium OF CALCULATIONS whether il be IN
convertible paper, OF convertible paper and specie,
surprising couGlcncci exist. the rates oi exchange
III both cases ought 10 be nenl, the same. But IN
tunes he these, no bank will allow its uud to accu-
mnlaie, bN the operations oi exchange, IT poruts
where 10 present use can BIZ nude ol thrm.
Nnw, If Bank ofthr nied States were establish
ej, with proper capital, and II were made the sole
depoNtor, otthc public mone>s aud tsuotcs Wcrcrc.
eeWable IN all Government dues, II mlg lat commence
operations forthwith, with small amount OF specie,
perhaps not more than two nllllons. That SUM
would probably he dtlN ttom ia community, where
it's NOW hnNdcd aud dotmani ~ II II were taken
t 4 Inc bp Itlt
compensated IN the security Which they would ruloy
by the remittance u the stock III the new bank To
Emope, rs a substitute Ia, then speelr.
such new bank, once commencing business
would form a nllNng poI0t; confidence would re-
we, exchange be aealn regulated, and the bust
nesr aud prosperity Of tie country be speedily re
stored. And 1t Is by 10 means certain that there
would be ANY actual augmentation al the hnuhtu.
capital oI the country, 10, II Is highly probable that
Tie aggregate amount ot nnsound banks, which can
never resume specie payments, would be quite equal
IN thai oil u new bank.
AnanNllmry resolution mie h be adopicd with Salu-
taiy effect, similar TO that which adopted IN lsl6,
offering the State b,nhs, motive 10 resume spc-
- payments that their paper should be received Tor
The public dues; o. then number has sruoc tlIlt
period gtcatl, increased, 10 make the motive more
operative, the offer might be confined 10 one OF two
banhs N each State known 10 be trustworthy. l.rt
them aud Bunk of the United States commence
specie payments, aud all HE oler sound banks would
be constrained, by the united force ri public opinion
md the Law" to follow the example.
II, IN contrasting the Two periods OF and 49,,
advantages Tor the re4npiio oi specie pay u1us
existed The former epoch others which distinguish
the present greatly preponderuc. At the first there
except he cxistcnrr oi public debt aud
smaller number of banks. But thcn an cNhausllng
Wal had wasted our means Now We have iutullcl,
greater wealth, resources are tasil, dcrc-
ofed aud increased, our population neatly douhlrd
ON knowledge olthr disease much better, aud what
/, ol the utmost Importance, a remedy, lappcd now
would be administered IA ,lmurh earlier stage Of the
disorder
general currency of sound and uniform
value is necessary the well being Of all paitirs OF
the tnnlrdcrtcy, bu, II II indispensable Ia the mite
rol States The sraboald State, have each OF them
banks whose paper freely olrculacs wilhn thcIrrcs
pccl,r limits, and serves alle purposes of thcl bu-
sness aud com .l.Icc Al lelr capitals, aud though
on rhrr whole cNtc,n The, riatio.l. in the value
ol TN. paper IN passing Though tllose States from,
one tonncrrll mctropol, 10 another are not otdt-
natlly very great. liut how are We oi the interior
In como 10 the Atlantic GILES 10 purchase sup
plies Of foreign aud domestic commodities, without
general medium 'lln paper o our own banks wall
moi b. received but At a r,,,nou, discount. Wcwanr
gcncral currency which will serve Al home aud ca
able II to carry ON our accustomed trade with oui
brethren ot the Atlantic safes. Aud ,ucl cu'rrn.
ry We have 4 riglit 10 expect.
do not arrog,te 10 mysrlia rslt speak for
,nd IL behalf ui all III Wc,;er, States; but 80 a
Senator from Que OF them am rnicd to be hrlId.
Tn, niun ~ Is formed to scccure certain general,
but hiphy important OBJ, eis oi which The common
defence, ca nnrrrr and \ n8,iinrln currency were
lraIlna olr> To the interior States none is Of more
importance tlln that OF currency. W where Is the