Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-05-11

Their portion, again. - kept in private
hands. 20 be used when eircurnstanees
shall tempt TO the purchase OF lSnds.-
And, gentlemen, am inclined 10 think
50 loud has been the cry about hard
money. and 90 sweeping The denuneia-
ton Of al paper. that private holding, or
hoerding, prevails 10 some extent, In
different paris of the country. These
eighty millions Of specic, therefore.
really do ne little good. We are weak
ct IN our circulation. I have no doubt,
our credit il feebler. money Is searcer
with us 81 this moment than if twenty
millions Of this specie were shipped 20
Europe, end general confidence there
by restored.
Genilemen. I viii noi soy that some
degree Of pressure might not have
come upon us. ifthe treasury order he'd
not beeR issued. will rot cay, that
there has not been oyer-irading, and
over-produciiOn. and . too great Cx-
pansion Of bank circulation. This may
all be 90, and the last mentioned evil Il
was easy 10 foresee was likely 20 hap
pen, when the United States discon-
linued their own bank. But what do
say Is, that acting upon the state Of
things - il actually existed. and - now
actually existing, the treasury order
has been and now is, productive, Of
great distress. II acts upon state Of
things which gives extraordinary force
to iis stroke, and extraordinary point 20
its sting. Il arrests specie when the
free use aad circulation Of specie are
most important; il eripples the banks al
q moment when the banks more than
ever need all their means. II makes
the merchant unable 60 remit. when
remittance Is necessary for his own
credit, and for The general adjustment
Of commercial balances. am not now
discussing the general question. " he
ther prices must no: come Down. end
adjust themselves anew, 10 the amount
Of bullion existing in Europe and A..
merica. ] am dealing Only with the
measures Of our own government, on
the subject Of the currency, aud insist
that these measures have been most
unfortunate, and most ruinous on the
ordinary means Of our circulation az
home, and on our ability Of remittance
abroad.
Their effects, too, BY deFanging and
misPlacing the specie, which is in the
country, are most disastrous on domes-
tic exchanges. Let him who has lent
an ear 20 all those promises Of more
uniform currency. see how he can now
sell hrs draft on New Orleans, or no.
bile. Let the northern manufacturers
and mechanics, those who have sold
the products Of theiFlaboF 10 the South,
and heretofore realized the prices. piIb
little loss Of exchange, let them try pre-
sent facilities. Let them see what re.
form ofihe currency has done for them.
Let them inquire. whether in this re-
spect. their condition Is better or worse
than u was Eve OF SIX years ego.
Gentlemen, ] hold this disturbance
Of the measure Of value, and the means
ofpaymsnt and exchange. this derange-
ment, and, ifT may 70 say, this viola.
ton Of the currency. 20 be one Of the
most unPa7dOnable Of political faults
lie who Hampers with the currency.
robs labor Of IT, bread. He pandeTs,
indeed, 10 greedy capital, which j.
keen-sighied and msy shit for itself;
bot be beggaFs labor. which Is hunet,.
unsusPeetinR. and too busy with the
present to calculate on the future
I The prosperity Of the working .classes.
lives, moves end has iis being IN esta-
blished credit. sad q steady medium Of
payment. Al sudden changes destroy
{ u. Honest Industry never comes ia
Cor any part Of the spells ia that scFam.
BE. which takes place, when the curren-
( ey ola country Is disogdered. Did vild
scheToes end projects ever benefit the
industrious Did iFFedcemabls bank
paper ever enrich the labonousl Did
violeni fueiuations ever do good 60
him. who depends on bis daily labor
f0F his daily bread Certainly never.
An these things may crafty REeediness
/ fog sudden gsia. OF the rashneas 81 dar.
tng speculaiioa; DO, they can bring no.
Thing bot iaimy end distress % ihe
homes o. patient industry snd honest
labor.
Who are they that profit By ihe pre-.
sens state 81 thingsi They ere nol ihe
masy. Dos ths lev. They ere specuia.
tors, brokers. desleB 70 money. sbd
lenders 81 money, % sxbotbiiaai inie-
Irsa. Small capiisiisla ere crashed .anA
thriF means. boiag dsspegsed 81 ususi
IN Varioaa paris ~ ths couniry. aB1
Iris miseFubis policy having destroyed
lezchangss. iheY base % longer riihef
money oT credit Aad aii efaeaea ot
LATER BaTiake end musl Psfiake in ihf
saua ealsaiig AnA ahai rDsaoiai,an
foT go iah 81 % fhti fbe patiic lends orr
I. eaid ~ ih pgcisl Thas uhaevsr
Iemeeffsasneut ED disiFefa pgFta3e fhe
c1aniFV. she weeiafn aiidernee 81
ihisii5 sa1iahieA osaq Wiih eoelos aod
fdliaa9 Thai eoi1 gees aeetiy hom
M1whutie aad Chicago 81 peirdii. end
tsrk eesfa fraG Ufteit % Mdwaukia
aat ct.rege. esd pt1l-grs ain,iis7 fsais
Iof eErca seas1gFres 81 aaaV iae,sncts
iis ths eeaega siaiesf Del ramafta-