Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-28

Grange III hs condition the vIeNs of
the famsrs OF the Constitution could
not be carried out BY the mere force
OF the Con st'tution. especially in refer
enee 70 the regulation e the currency.
he GesenoeJ the evils which are con-
nected with the Banking system and
took the ground tina, the Banks derived
their greatest profits from small notes.
and he; u Is from over issues OF these
, small notes thu, the danger from the
suspension of specie payma nj. mus,
come. He relied much more on pub.
lac opiniOu han on hanks 20 re form The
currency snd lie believed that public
I oilnion would cCcrce government 70 u
correct course at measures He saw
no difficulty IN correcting he currency
w The sg"ncy OF State Banks Unl-ss
these agents could be successfully en-.
p.oyed IN Controlling he cnrrcocy the
| people will not be long satisfied with
on, . as',ansl institution such as lie
most ier'e ntiN deprecated. He deaf
cd that the pr"l"c, ~ Safe Banks had
iNled II Nigh; go Uel! Ne SAD on tho
explosion 81 4 Nteo .nhoa' a. al this great
discovery f tho s;e has turned on, 10
Ne failure. He Vcnt into . history
~ the expeu-,en; il the S,,,e Banks
He justified The removal of the dnpo.
sites from The RsoL of the q. S. and
condemned the fr.ll'ess and ambition.
course Of that institution. The con.
duct OF the State Banks. in this crisis.
he !auded "a deserving Of all praise
and al confidence. The Secretary OF
the Ire rSuty had shown in his repor,
tia: these banks could still sustain them.
selves II the State Banks had failed
he l. 5. BAuS bad titled aud The hard
money system had fsilcd bv the same
lest. He con.iie;ef the fictitious and
forced importation OF specie into the
county disturbing tho level Of the
currency. forced into The banks be.
Gauge ~ could n2t occupy tho channel,
which are C,!ei with small notes. MS
one 81 "a" causes of the existing evil.
II Induced ihefc banks 30 issue three
dollars IN paper FOR every one thus fore
ed INTO their vaults ia specie The
treasury circular was also another o!
the great causes Of the evil operating
most iniuriou,iy a. soon a' that became
the Pcrmaucnt policy OF the govern.
ment. Is eF-c; was 10 create a run
on banks. diSplhcing the precious me-
'als, and thus having no small agency
IN introducing the present distress. -
: He defended the DePosi,c Ac; a. one
OF the wiScst efforts Of American L.
ci3lahon but thought there had been
great error IN the administration Of the
Ian ov which the currency had been
disturbed. As 10 the surplus revenue.
he believed We should now hear no
more OF II, nni We should consequent.
, ~ have no more dcpositc acts. rs 10
tie Treasury Circular. it Vas Tor Con.
sress 20 determine whether II ,hould
be tie settled policy Of ihr country -
Whenever gentlemen could show him
one republican authority for a sub-irca.
sury scheme. he would show hundreds
II republican authorities in favor of
. state banks; and made some quotations
from Jefferson to sustain bin. He in.
, ieF5ed the inatequacy Of The sub tres.
sury system from tie frequent dific ul.
Ties which occurred in the settlement
. OF the receivers OF the public money
and The Treasury. He wa. not dispos-
ed 10 lay go heavy trial on human
'"hrmi:y as 10 leave depnsi'-s Of grea'
magnitude in The hands OF individuals.
The. OIL which had been passed was
but the germ Of an immense machinery
, which would spread over the land -
When he lived 10 France. I've undcr.
stood tina, under the su5-ireasury sys.
tenn there. l00,O 600 persons We're EN-.
ployrd. This was tie grain OF mus.
tard seed. the smallest NJ all seeds which
would grow up and become a large
tree, whose branches would oycrsha
dow The land, and TIC birds Of The air
he would not say the birds q prev
! would take sl.!ler therein. lie had
no dogb; that the system would ullr.
na'eiy become bank az such a cha.
rae'sr IS would provoke the people to
call for Eaiionsl Bank disconnected
Ni'h the Government Dsclliming
ony leTsonsl or Lecunisry interest 10
any bank o"ing nothing IN any. own
inE no share IN any, and having no
friend Who held any considerable in.
'cr"s' "a any. he called on the Sen~'e
. and the couL'ry 10 credit the purity of
hi' motives. lie invoked gentlemen
% 30 desire god currency TO unite
"nh iirn 20 get that Currency FOR u.
SONS und,F twenty d5l!srs before they
vent Toy f.i'Ler. lie thought there
! wa oo.0ron ground ~ this hill on
I which Ar nigh; stand AID carry out
/ 'bcI! paiu &c 'ieas
Leave was ,Len given 70 introduce
ihc oil winch vas read first ume and
/ ordered 20 second reading.
On motion Of Nf. Hubbard. the Sc
nate proceeded 20 the confederation oil
E2oru'i'e business. sner which the
Senate adjourned.
HOUSE. or REPRESENTATIVES. !