Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-03-16

powers when have not been granted. II is,
moreover, sy stem ofinjustice, and, if per-
sisted IN. will inevitably lead to corruption,
ana must end in ruin. The surplus revenue
VIII be drawn from the pockets Of the peo-
pie, from the farmer, the mechanic. ant. the |
laooring classes of society: but who will |
receive it when distributed among the States.
where II IS to be disposed Of by leading State
politicians who have friends 80 favor. noliti
cal partisans 10 crafty lit will certainly
not be returned 10 those who paid il and
who have most need OF il, and are hones,Iv
entitled 10 il. There is but one sale rn,e
md that is, to confine the General Govern,
meni r,g'dty within the sphere of its appro>
pr,a'e duties. II has 20 power to raise a
revenue, or impose taxes, exces. Ear the pur
poses enumerated IN the constitution and if
Ns income Is found 10 exceed these wants, il
should be forthwith reduced, and the bur,b.
ems OF the people 50 far lighiened.
In reviewing the Conflicts which have In.
Ken place between different interests in the
United States, and The policy pursued since
.ne a'oPtion OF our present form of governs
ment, we lind natEins that has produced
suCh ueep-seated evils as the course OF isgis.
iation in relation 10 the currency The con-
stitution oil the United States unques,iouahly
intended 10 secure TO the people n circula,ipS
medium OF gold and silver. But the es,abs
iisnment OF national bank by Congress,
WIN me privilege of issuing paper money
receivable in the pay men, of the publ;c dues
ard the unfortunate course of Ieo;sI,,;,o IN
the several States upon the same subject.
drove from general circulation the consiitu.
tional currency, and substituted one of paper
In its place.
IL was not easy for men 10 engage in the
ordinary pursuits of business " hose atten,iun
hau NOT oeen particularly drawn TO the sub
Jec', TO torsee all The consequences Of cur.
rency exclusively of paper and we ough,
not; on 'nat account, to be surprised nj the
Iaciii'y win which laws were obtained &c
carry into effect the paper system nnnes,
and even enlightened men. are somst;me!
mised by the specious and Plausible stale.
menis OF the designing. experience has
no" proved The mlschieis and dangers of
paper currency, and ii rests with YOU to de-
tsrmine whether The proper remedy shall be
applied.
>. Inc paper system being founded on pub
TIC commence, and having of itself no ntrin-
BIC value, 1t is liable TO great and sudden
fluctuations thereby rendering property i'm
eecufe' and The wages OF labor unsteady and
uncertain The corporations which create
the paper money Cannot be relied upon I'm
kecP the circulating medium, uniform i, a.
mount: In times of prosperity, when conf.
oence ~ high' they are tempted, by the pros>
Pec' OF gam, or by The iG .iuerce Of those who
nope 10 proht oy 1t, to extend their issues of
paper beyond the Bounds of discretion and
the reasonable demands of business. And
when these issues have been pushed on, from
uay 10 gay, until public confidence is at
shaken, then reaction takes Mace
aaa tiiey immediately withdraw tho credits
Iney nave gwen suddenly curiail their is-
sues; and produce an uneypecteJ and ruin
Gus contraction of the circulstinp medium
"hlch Is feiI oy the whole Community. The
uanSs. oy this means save Themselves. and
'ie hiSch'eVouS consequences OF their i'm
~ ouence ana Cupidity are visited upcn the
fnoiic. Nor does the evil stop here. These
eooS and flows IL the currency, and these in.
d!screet extensions Of credit naturally m
eHnuer spirit Depreciation injurious 10 the
nIo's aho character OF the people. Wehave
a'Feaoy seen Its effects in the wild speculation
- . 'ne PUBIC lands, and various kinds of
s:cck, which, within the last wear or ,wo
seized upon such multitude of our citizens
and threatened 10 pervadc all classes of soci'
ely, and TO Withdraw their attention from the
Soosr pursuits OF honest industry. II is no,
NY encouraging This spirit that we shall best
preserve puDiic virtue and prYn.o.e the true
interests OF the country. But if your cur
fehcy continues as eXclu,;vuly paper as il
now 10, II will foster this eag.er desire to q.
mass wealth without labor il will multiply
the number ofdependan.s o. bank accommo.
oations and bank tavors; the temptation 10
oo'a'h money at any sacrifice will become
stronger and stronger, inevitably lead To
corruption, which will find its yay into your
pubic councils, and destroy, al no distant
Gay, The purity your G. ,vernmen,. Some
OF Inc evils which arise fr,m this system Of
paper, press with peculiar hardship upon the
Grass OF society least able TO bear il. A nor,
ZION OF this currency frequently becomes de
Pfecialed or worthless asd eli OF il is easily
coun erieited, in such manner as To- reon;rc
Pecai lar skill and much experience 10 dis
lihguiSh the counterfeit from the genuine
note. These frauds sre most generally per.
'etrafeh IN The smaller no,es, which are used
I'D ms naiiy transactions Of ordinary business:
ana me losses occasioRed by them are com
monty thrown upon the iaboring classes of
society, whose situation and pursuits nut il
out OF their powerto guard themselves from
'nese tmposniOns, q whose daily wages are ne
ces5aFy for their subsistence II is The duty of
eVe1yGovernments so 10 egulate its currencyas
10 protect this numerous class as far as prac-
tieabie from the impositions ofayutice and
fraud, II IS more especially the duty the
~ Sta'es there the Government is emuha-
NIany we Government of The people, and
"here This respectable portion Of our citizens
Are SO proudly distinguished from the la
pouring classes ofallother nations by theiy
independent spirit their love of liberIv
their intelligence, and their high tone 81 M
ISl character. Their industry, in peace is
.ne source OF our wealth and their bravery