Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-30

TIE Sub Treasury Scheme.
coScLuprp.)
besides the reform contemplated by this bill there
are others Of high Importance In reward /, Nm,
sonnnness aud uniformity of the general currency
winch an adherence to the policy of the Admins.
taton. with regard TO the EN- of State bank
IN the fiscal operations of the governments would AT
lord the means OF accomplishing. In what did the
boosted power OF the Bank of the United States to
preserve the souudness OF the currency consist -
Was II not in checking the issues vi the State
banks when tending to excess, by periodical an.l
frequent settlements with them. so a. to Keep them
TO use the language OF the President of that iDsu.
ton, IN the habitual presence of accountability ,"
lhe same practice has long prevailed in Scoila ltl,
and constitutes, by general acknowledgements tho dis.
tngn ished excellence aud chief security of the emf
nrnly successful system Of banking in tn 1t country,
All the banks have agents in Edinburgh who res,l-
| larry exchange their noies twice 4 week AMI the
balances are paid BY bills DAYS date on Ion
! don. BY this means, ovcr-issucs are encctualy
prevented aud the currency OF that country though
consisting almost entirely oiraper has been pre- .er,
ed ma condition OF constant soundncss Nothing
would be easier than To incorporate this same regtl-
iatins principle INTO system OF deposite banks. Ii
might he made the du, o. each of the,n as co,,li-
ton Ut their employment to have frequent and ne ~
lar settlements with all The banks with winch they
IN ,nalncd relations OF business aud 10 call II necr
sary. tor an adj ustmca Of the balances in specie
Fhls would be an efficient check upon over issues
1 !ilu administered ny twenty thirty deiO
banks IN different parts OF the Union, would exct
far more powerful and extensive influence over tlir
general currency oil the country, Than the same
check IN the hands of the Bank ofthc United State,
could have done. inasmuch as the aggregate capital
aud business of these depo.ite banks would, ~ all
/ probability. mach exceed that OF the Bank al the
! United States Here, then, is an object OF the
highest Importance IN regari TO the preservation vi
sound currency Ter the whole country. which MI Int
be easily aud certainly accomplished BY aper,cyer-
1nce In The policy of the late Administration. Ii 10
that aided, there isreasVn TO believe mig t
easily be 1sae, an arran cement among the ,lcPo itc
hanks receive aud credit each other Us a,
wheaeYtr offered IN payment of public dues, you
would secure to the country the advantages OF con.
eaient circulating medium Of equal and daasfe
ere Ut tlirou, bout the nation, and possessing ey@
tribute ot the paper of the late National Baak wll
the practical wants OF the country in regard cur.
rcncy. you put an end forever 10 the bitter aud
rag sru gle for national moneyed Institute /. and
would give that stability aud repesc the socrd md
business relations OF the community which ar. 50
mach needed iol its prosperity.
Bat all hose hig considerations, seems are DOW
to he di'regarded, and policy, announced with tn
most confident promises Of success aud prosecuted.
for more lhan four years with signal tnilmcnt pi
those promises, Is to be, at once, abandoned, fi
new aud un3ricd experiments. And why this sud
den change 81 pohcyl Because the suSpensioa /, {
specie payments by tbs banks has otcasonel soinc
monetary enbarrassmepts in the operation ri the
system Ii is, therefore, pronounced that the sgstc.n
has been trieR and failei aud | heard Yesterday
wiih amaze neut the Sen,ior from South Ct.ulIna
Mr. CALHoLN) appealing TO the .ricnis Of the att
Administrations IN the confidence that. Of all PARTIES,
they would be the most certain TO join him III oppo-
sition TO this system--,hat they who had bee. t
sponors, the advocates. the champions Of il, WIN
wsre identified with it in every possible mode Of no
nprab.c com nituent, would se the first u turn
rouad and sbaaion and disown il! Whv. >r, II
they are against it, who ara for il The Sc
sal II be NtoIly Il adopt an " untriel experiment.
1t il nalncss TO employ one Tint has becn tre aad
faiTd. Buf. sir. that is the question at IIAs
this sysiem OF State bank dcpos'ies tdilcd ! say
it has not. unless the explosion e a steamboat w)ul
justify you III pfononncing the great discorety OF
The a2e-thc anpc.ion Of steam TO navgat,o l-;,n
tMpostnre, or the sweeping away OF a ni by fresh
Fl would prove that most useful invention for The sub
sistcncc OF ni'n TO be an abortion. The recon, sus
pension Of specie payments BY the banks is
lent. and extra ordinary Occurrences. tho re sI
shall show, OF circu Instances peculiar in THEN cha
racter and unprecedented in their combination, ald a.
lords criterion by which tao general ulilit, or sue
oil system is be to judged Ii ne Wis, TO 10 IN
correct judgment OF the system of State bank lcpo-
stores, We mast review the whole history oil opc
| ralions. And here might appeal to the Senator
| from Missouri. (Mr. BENroS,) who was the zeious
champion Of this system at period when its ctpa-
cities put to the soverest test, if it did not then
give the amplest proof OF its usefulness and ecier-
cy reiar TO the memorable struggle OF 1884,
when the Bank of the United States enraged by the
loss of the public deposiles, and stimulated BY the
desire OF fegainnc Them waged open and violent " N
On these State INSTRUMENTATION some of the State
banks themselves, coerc ed or subsidized by the Uauh
OF the Unncd States, joined III the unnatural and
fr,trcid. conlict-wlicn the eloqucntc of this body
was laundering upon the system and the artillery
of,c press AZ the pouring in its nrclen-
ing and destructive fire. Did not these abused IN
stItutions then give triumphant evidence alike oil
their strength aud their fidelity, aud bear tho country
and themselves harmless through the conflict =
| There can be but Que answer to the question.
In reference to the stirring and important events OF
that day. Will say. that no one more heartily APP
proved the conduct of the late Executive in rsinnv
ng the public deposes from the Bank Of the Uui-
| ted States than | did. | believed that ia bank had
only failed in the prompt and faithful discharge
of its fist al duties TO the Government but in
| stance particularly, that it had baked aud counter
acted the execution OF great measure OF public poll
cy. 1t had moreover, manifested dangerous spiiil
OF ambition by active interference in tho politics oil
the country. held. therefore, the conduct Of the
late President in the removal Of the public depo
| sites from the Banl Of the United States perfectly
iustlblc: and viewed it WITH the more satialdc
ton, because, believing the institution Itself 10 b.
unconstitutional, | a2w in the measure OF the Press
lent the most certain means oi preventing It's fccai
ter But while considered the removal Uftiic pub
lie .lcpo sites under the circumstances OF the case
lawful ins ,ble, and proper it evidently a bolf
measure aud not without hazard OF disturbing, Tor
time, the business ahd pccunlaiy interests OF the
country. I, was the firm. lndlc'ous, and patriotic
conduct of the selected State banks, sustained a.
they we're by the prudent confidence Of The Govern
men tina, initigar,l. and, in great degree, obvia
tod ttr prpS