Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-04-27

the tuiuous excesses IN oycr-trading and speeuiat on'
caused by its iargt and sudden eIpd7stoa Z" ls3a-S'
are manifest from the abosc."
These vain attempts TO make the Bank Of The Uni
ted States the stape coat for all benetai Jacksons
folly Of EMBEDDING with things lo did not understand,
merit a particular examination.
Iha, the Bank OF the United States ATTENDED her
loans aud discounts between the months OF No1em-
her, 1884. aud July, 1895, as asserted by the writer
IN The Globe, To the amount OF near twenty millions
OF dollars. vi notbe disputed. An expansion OF tue
loans of the bunk has always taken place at the time
., the year referred to, with the exception OF tn"
season previous 10 the one mentioned. The cotton
crop oi the South beginning To eolae INTO market nj
NV Orleans, Mobile, aud other cites III The month
OF October, and continuing to come III oiltil The 'oI-
lowing summer, IA lafPe share of The operations OF
the Bank of the United States, through It's branches
At those places, has been Ia purchase The olils otcI-
change drawn on Europe or the Northern cities ny
the merchants who llasc shipped eottnf. ~ the put-
chase of these bulls, payable IN the hates OF the
bank. the merchants Of the South have be Ell enabled
10 pay the planters OF Louisiana, Mississippi, Ala
hama. Tennessee, aud other States, iot tlleif coiioni
who ia mun have been enabled TO pas Their debis to
the country merchants and these lasi aeafG, TO the
merchants IN New York aud Philadelphia. In per
forming thu. particular function, the notes OF tho
Bank have in reality been nothing but duplicate bill'
oi exchange, absolutely representing a certain quan-
tuy Of cotton, taking the place oi the original bills
which the shippers ot the cotton had drawn, aud pos
sess,ng tins ADVANTAGE over the latter, that being OF
universal credit aud negotiable without endorsements,
tle> could be applied TO the payment oi every a
mount OF dent gleat OF sn''i'' my "'fe .nefo-
lore pt'iti'ea III any "ule' 'o''' ~ 9i's ~ "nen"
sale OF cotton could give rise; mud II they did not get
back To the Banh Ia Philadelphia as soon as the bills
ior the purchase u winch they wete l9sted, 1t
"a7 because they iia 10 "''o'Sp d "ofe '"'"u
route.
Now, for the writer IN the Globe 10 pretend ,ha,
such an operation - ms o'el''oh'" ,'e nm '''N'
II extend then loan4 one hUp5rC3 and siftg1oBr mil
i{eS n 10it17s, when WAS in' A"Iloae' tiil''"" u
III - total augmentation h't"'cn '' : u ''a"'9'
i7'''' 'i' 'e u u jam q" ''''' - '' '"o
want ol acquaintance "tht1' r,ineli''eso III 1h'fs noY
as that winch has been so s'Sn'"S ai.laHt" y! w.
nalal JicN"on ia the toel7e"' h' ae'a'i11 e'','.
! ne snort illle ''hl'e lhles ''','''',ou ~, - y :"
tllett RAPID ueil back 10 'l' jam II ! Ha49e'Il'''
scarcely permitted mem 20 '"''' '"t l''' VI '"o W
fcHcy, aud tleii lhllientr III 'Aeil'ls 'He sl'H'
speculation and oSftetr1dlng coild lave oe'n no
tteljcl uth Tat "iieh hl 'q'', llnl,''e' u otfS y
tafh2 pr cottb Delivered 81 nv on ~ III '."'"P'1
enuJd have tttat'a' na1 my "'c" '''' '''i'o ''@''".
ol The blok notes. ! lie - 'ooSii,ntiopal' currency
waters must be hlil p''NAc"' ''"'e''' ~ W oy'<'i
u t' OFT TO such etlnsN 'fSu''eots as 'l'a 10 "ol','a
t'e lolly ct lhet ''''''" "n'" : 49, 'V
"1lct OF me ''ioiHe aware, '"1' oe."''" ~ ~ "
January I''o' III" 'I' i" 81 ~ '''"' = : -
nB t' tHr f'sist"l' ~ il' ''''".9 : - " - '"'n
were hr. ha3aftI I'M H"Y "eht new tdnNs c't-
1tri ny 'tutiii llehsoh7 ""i''"le e''i.s' "pc"
could not possipi' have bech plooa9ta - any ~
1njl"u "u|y t3't5"aEet '"o ''''n'''' 49,. 'f ''""
i''' ~
D. '|s''' "e' I'D .a'"' ai"" ",
trading ana oN'i iliihlng ]" Wv '''Eili' '''''" ~ "a
lolh4 VI lh' hai", iilii iii''' "'it On nm ~ "''"
created ANA ~ ie aware ,''' .''14 ~ -"
80, the hdnh closed iloSt u - "'"i'i ~ ~ !"
dnt' her lo1ns ahl mat ~ ife Se3a i'52' "h''
HE influence ol lli otcI'''"l9 ooti' f'' p''n "'
other utrl II diminish the sI'lHo t,''l' '''',
werr one h@j'atea ana zen more ne" n'ahA 'ie''en'
Il Is all ioHy 10 attempt 10 maze 'ne i'anA u 'ne =
nlted >wte' beat the oanh o' ''ii'' Il '''hAo"S
plumbers. Inc l'nPli' may Nc "'ee''e' . Il pn1
by pafUNl anu a'e'o or" '''o"''"''' NV NV
The trHlh ihuNt 'l'l''i' ,.,.
There was orr eioiinn' however upon WITCH ="
writer oi these aiil'l's 'd '"l''' - mn 80 = ~
rect defence ol ''elei'l J"c"s"h 'i3e1ip'e'. !"
thought It Hfahaa.f ilI3' SOM u "a ~ y,
- the constitutional suilen'l' WIN ~
tie position, tint ihe "l gentleman VS. MOI u name
tot thr consequences lI7"ihi nom lae acts oi wen
~ eight state Of territorial &"Neiiiiiisais-'ha' me
creation OF 90 nf" banks Az" II ti'sht h,'Ion Vi
bank loans 10 the alnonnt OF 37o 'nlii'ons o' 9oi'Is'
IN SeftH yttfS, Wa an a'Hf o''i "'iieh III tn ~
c'nIrol, ana that consequently ho az "' '.sPpn.
sail' lor the liitt'tIeI "i''" ,"' 'su'',' III 10
M. d.oir1. Let ls eSallahc '''sc iosh'9ns' VIII"
appear to btSo llanai4te' -
Had trcneftl J1ehsoh, eh'cftl'hea constitution !
objections against Il National h'Hh''' many oi 'o
Southern people do, involving a eehae u oohSol,n-
tiollS obligations, NJ ane "ould pave oe'h lns'ile' III
eonirmuu Inn iof hiSl 'I",al to s,Snlhe oanA eH"t-
trr. Bat II 80 happens tlit he htu no suen oonsci-
cntious obligations AGAINST a bank, as I, tfiaei' iro'"
the following passa2s extracted noiil MS Ne'o neS-
SAT OF ION ol July, la5~;