Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22

eose money, regulsts the value thereof, and
o. foreign coin, he power Of prohibiting any
thing bat the legal eurresey 20 be received.
ether IN wholsos In part, In ths dGes Of the
oovemmsnl
Tue mare power Of coming and regulating
the value % eOiss. of itsslf, and uns1sIa aimed
~ any other measure, can exercise but
nnitsd eonsrol ever tho actual currency Of
Ne eeuntsy, ahd 3 inadsq6ats 10 check ex-
$3.50, % correct disorder, ~ IL Demonstrated
~ ne present diseased Siate Of the currency.
C0osress has he4. from the beginning, laws
sPoo the statuis books % regulate the value
OF the eoins; end % an early period OF the
oorefnsnens. The Mint was erected, aud has
sesn u active Operations ever since; and yet
OF NE ianeoss amount which has been scia-
Cd. small residue oaly remains 10 the soun-
uyi the great body having bssn expelled un-
Ger the operation OF the banking system. To
give emeaey 10 this Possr. then, some other
muss Be eomblued with Il. The most imms-
diats and obvious Il that which has be.a suK-
gested, OF excluding all bot specie ia the ro-
esiPts or the Gosernmsnt. This MEASURE
wouid % easetuL 10 certain extsnt; but
van Declining income. which nust take
place under the eperslioa 0f the sct OF the
last session, 70 adjust the taEiG, and which
mast greatly reduce tie revenue, 10 point OF
ehs utacst imposIanes 10 The reformation
and regeneration Of our iastitntioas.) the
eocasy OF The measure musl be correspond.
tngiy diBiaishsd. From the nature Of
mlngs, cannot greatly exceed the average
81 me Government dsPosi,ss, which hope
val: before many ysarS, b reduced 10 The
smallest possible amount, 90 ~ 10 prevent
NE possibility Of the rseurrencs Of the
shansfei and dao gerous state Of things which
COW exists. add which has been caused b,
ne vast amount OF the surplus rsvsnue. -
bas thsrs e, In ~ opiniOa. = strong. u not
~ inauperable objection Againat rssOrtihg 70
this saeasure, rSsaltiog from the fact that ~
Ozeiunve receipt OF specie 10 the Treasury
So0lds 10 give IL sfIieaey, aud 20 prevent en-
eeasive speculation and fraud, require an
saiiTs StSconnecnon on the part OF The Co
vosn@eat with the banking system in all ils
sSrms, AID resort TO the strong box a. the
means OF preserving and guarding is funds
Ia meaoA " practicable a. all. in the pre-
SAINT state OF things liable TO the objection Of
ssiog iar less safe, scooonieai, and efficient,
Wan The Pressal.
What. then, hr. G. Inquired, what other
means do We possess, OF SUFFICIENT sHieaey.
- eo1eination With those 20 which have
rSterred. 10 arrest the farther progress and
Sorreet tho disordeEed state Of the currency
Ian . ths deeply important question, and
nsro eoHno diSisIsn Of opinion must be ex-
peetod, however uaiied we may be, a.
erust Ne are thus Tar, on all other points -
insend 20 meet thh question explicitly and
Aireetiy Ulthout rstsrvation or coneeaImen,.
Altar fuil survey OF the whole subject,
80 none; ean conjecture no means Of ez.
Fieauog thseounirJ from its present danger,
oad 20 arrest tie farther increase, but bank;
Ne eSeney or which, IN some form, or under
Oo@e authority,is Indispensable. The coua.
~ has been drought into the present dis
dressed stats Of the currency by banks, and
@nAt b s1tricated BY their sgeaey. We
1ase, 10 woTd, uSe = bank 20 uabahk the
esnEn, 10 the extent that may be neeesssry
torostoro q safe and stable eurrsney-iusI a.
~e apply S0oW to q frozen limb, 10 order 10
gessore Vitality and circulation, or hold I'D q
oorn 70 ths lame 10 extract the Inflammation.
Al aust aso that u l. Inn possible 10 suppress
ne Banking system az once. o. must con-
ela0s Tor tialo. Its greatest enemies, and
ne odVoeates Of an exclusive specie eireula.
tlco, aust make Il . part Of their system 10
soierata me bsaks for longer 81 . shorter
keeiSa. To suppress them 90 once would,
% we're possible, work . KroaiaP revolution,
. greater shango IN The relative condition Of
ne various classes Of the community, than
Soald The oOsquesG OF Ihs eouniry By . saw
Ags eesmy. What. then, must be doaei
aneuef, . new and safe y Sten must grad
sally grow up undss, and replace, the old;
tAttAttng, 10 this respect, the besutifol pro-
oSea, whieh We sOmetimes see Of wounded
or diseased PaTt IN q liViag organic body,
gsadaaliy suPsFSedsd b. the healing process
e nature.
Hos h this to b Elected How IL bank
- Be used As The means OF correcting the sx.
e1ts Of the bsnking systeml Add What osnk
= g Dc selected 80 the nseat 70 eject this
oslusafy ehanGsl kOow. said Mr.. c., that
adversely Of oPinioa will be found 10 exist,
se 70 The sgent 70 Be ssleeisd, among those
who agrse 90 every other point, aud who, in
Partseulag, agree 90 the nsesssily Of using
ao@e back - the Deaus Of cffsetinE. the OBJ
Jeet iosended; one PrefeFTing q mpls,reehar.
tes o. The existing Bask. smother the ehsr-
tsr o. . new Bank Of the United States; q
thisd, ssg bank sngraGtsa upon the old;
ard foaTih, the use Of the State Banks as
The agent. ! Wish, said Me c.. TO leave all
eheso ~ opsn qusaiions; 20 be carefully sur
vsyed and eo@pared with sseh other, calm
y aud dispassionatsly, without prejudice or
party feslins >; AID that 70 be selected which.
% The Whsie, shall spPsar 20 be bsat-the
IAost safe, tbs @ost efficient, the most prompt
u appileatioh, cod The isast liable TO soBsii-
tatioaal eejselion. II would, however, be
waatisg N ssadoF On ny part, not 10 declare
U.s. ny tmPt@ssaoa ~ tnat new Bank or
TIE Uniisa States, snEraf1ed upon tho old,
viii b found under 81 the circumstances
% tbs case, 20 eomhias The greatest sdVsnts-
gee, aae 70 b liable 10 the e seat ohiertioss;
ent tbs i@PFsssioa ia not SO 6Ensly hxed -
- Be iaeoasislsas with . calm reviss Of the
Whole EFoahd, o. 70 prevent my yielding 20
ths eenvieiioa Of Fssson, shoald tho result
eGsueh FOvisv prove that Any other i are
terrible. Among lie peculiar rseommenda-
hons @ay - ranked tbs consideration, thai.
While Z would sRord The mssus Of prompt
esd ehsetuai application foF mitigating and
aaally renewing ihs eRistiBg df,irsss, 4
would 81 ne SANE time open 10 the whole
so1mnnity fair opportunity Of psrficips.
uoo - the advantages Of ne iaaiisaHou, b.
ehsy wAsi iasy may.
Lst - tAsn suppose, (io oF1eg - tsirala.
eod nes p ieeioato = Pgsforsosa,l shat me
PFsesni pank BE- selected 90 che arsst b. sf.
feet tie isiesasd obisot what psovfslsbs
pfi - asesssasyl fWiH segEss thoss thai
Jaws oesufssd % @e, mainly, however, eith
q siaW 81 exciting ths reflection % those
@aeA sore fsmiliaF With banking operations
tasa mgraif sod Who. q course. are mors
go Peiaat % fsrm soFrost iudEmsnt 90
sheif pFeetical eject
Lets lisa, ihs Bank charter 81 renewed
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