Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-20

Il
nom >. Carolina has said OF my remarks lor
ner day that where lrc LOOKED Tor argument, ht
found only denuno ation. But there are always
two sides IN such casc II may certainly happen
that denunciatiun j. given instead ot argument; hui
II may also happen that arguments which cannot be
answered are got rid OF Ivy calling them denuneiaion
That, however, Is a question which is not for the
imo parties themselves 10 decide. listened with
great telcet To the opinions Of the member 1t Is
IN, constant practice To dn, aud meant To express
IN, as'onishlnent that, AZ this period OF his public
''e looking backto his former course in relation In
the currency OF this country for the space Of nearly
twenty yeais-l say. must give Inference In my rs.
constituent NJ finding hun where he now ~, namely,
| according To ns own avowal back again In the old
continental money Il this Government paper cur
rency, of which the gentleman is now beeome the sud
deo aud Jealous advocate, not what pronounced 1t
to be, continental money what Is II II II not aspe-
ors Il eNcheqncf notes; it's mere Government pa.
per circulating without interest, receivable Tor the
daes of Government, aud with no certain provision
Ion lis redemption and that is villa, the old CONT
uehtal money Bun the gentleman SAYS that
there IS no analogy between his proposed money aud
the old continental. because Congress then levied no
taxes. But congress made acquisitions on the
b States, and did NOT the States lew taxes
The greater part ot his remarks 50 ta from hring
any reply the subjects under discussion, have been
taken mp w,,h general history OF the banking sys
tenn No doubt much oi the outline he has gwen may
be correct, bu. there's nahne Ia all he has advanced
10 justify the leading inference winch lie makes, and
winch ~, that the credit system oueht To be de
,tros ed, and the hard money system hrnceinrth be
acted upon. In coming To this conclusion, he Is hy
far too general he seems indeed 10 have generaz-
ed hins" out iall power oiapl, ing practical truth.
to rulluuu subjects.
lie has referred 10 the Bank Of Amsterdam as an
argument IN roofolthr superiority ota bank Of dcpo-
>e over one oleircnluron But 50 Tar from hank OF
dosc beng safei HAN one o oilrulaon,wc all know
'had the Bank ri England took the character OF u
bank III circulation, among other things Ia atuud the
dan ul hlnk ~ dup,site. making the money
tue bank h,blc "a Constant eall By the bills. Every
la eypr rucr IN lhis brings the solIdr, of the
~ IL Ia the test II /, a-onlshn ,hc should ls,er The
sfp-fini'y aud greater SAFETY o such hind banks;
ia : had al the dan !rts at banks oiclcnallnn with
our a9y ot then srenti'v, which is the liability OF an
imnad ue dcmlnd any time, for HE specie repre-,
se1ta by tller Notes. Certificates al dcposIie Issu
i l." lul OF deposlte are not subject 10 this test,
When ccrtijc a'es uroA sums il aci'' 'tPos''e
l,sasl, ho ato know whcn te sfue beeHIs upon
H. lsHr.y Hot in e<i>'cnccl Nhoi, t, know where
such N ISSUE otsuch certificates may end ! con
clude, therefore that the notes or certificates Ola
btia al d'prsile are NOT IN their nature - good as
The eo n bic noes OF onr common banks oi circl-
anna Nu, If tie certificates issued upon actual de
Ste 1iG not sit the natrS ri aahks always
r"f rtib' at III. pleasure of the IL ldrr, then how
.osc cS- sale arr thr proposed by The gentle
ma1l y Dtc- To be ISSUED on deposltc, and con
prftahlr nj no tne Tnrse he would lssne NOT up
IN the basis OF any d,posle. nnt convertible at the
vii o ~ hpicr, and not bcarng any interest! Now,
her. upon all the character and all the
d'b-el at the vii continental money, aud this
t1.'il a. ,clsonlns the Scntieman siIs - pESu>cl,-
IT,,
HE eruuo lan b,ing' an Objection against the
Bunk of Ealllnd ~ = hauk ot enculanon, which he
ubicS deems great cist ~ Itg all such banks.
he The Bank ~ En- ilmi made successive aug
menlsiIons al rs capital beginning first with capllal
Of quarter of Million aud ending, after the lapse OF
one hundred year. with capital OF clcsea millions
Bn mllI ihc genlielnln call this rapid advance
" lthu the pace III hundred years, has not The al
y,noe ol commerce. lr,dr manufactures population,
aud cr"ry thing else, bcrnir more rapid l. II not
The fart that commerce and manufactures have out
grown the bank aud thu ii his Jagged behind! The
capital Of that blnk nov. al .cgrn millions, Tor
conli"rrr vtst and 80 extended as that oil Eng
land, much smaller capital, III point OF fact. than
rs ORIGINAL capital ol qnaitei Of million century
ago Surely the gentleman must admt that. III the
course OF one hundred years manufactures and
commerce iia'e under gone an increase beyond all
proporiion To the capital ol the bank.
Again. TIA, gentleman SAYS that, III 1885, when the
Bank Of England suspended specie payments, then,
to the a,ton>hmpni ofthe world tc suspension pro-
ducel no great shock. think somewhat differ
enrly It Is trgc there was no immediate. insauta-
neoas shock, bui the waniso the Government and ri
The community were such 10 give rise to con
saat ovrrissur. 50 dat, NJ one time. the depreciation.
think, was nearly twenty per ccut. Wien Gov
ernlncut afterwards threatened 10 resume, a Clchi
contraction OF issues became necessary. And II lie
usprnsIon rendered such contraction, Ma subSc-
uuruL period, necessary, or, rather, inevitable. how
can he asserted that the oecasioncd
any great SHOCK
That contraction oi Itself great shock ANA "A
great distress. II made violent change III the fela-
tive interests of debtor aud creditor
SO III this country in lott the gentleman says he
asouiseh thai the suspension produced 50 little
effect. What cilrct, would ASK, would satisfy hun
What sort Of shock must be before he will feel
The fact ~, i.t n that tine, he well remembers,
exchange was IN some places /" eniy five per cent
discount between part OF thc counir, and a
mother.
\ man here could not buy bill upon Boston ri
less than that discount IN Other words, money
here deprecated twenty five per cent. And
was mol that shock enough Was not that shock
10 tie credit Of the counIryl 10 me il appears that
the seneman IN his general view, and III his desire to
fix great aud establish lew sweeping PROPOSE
tons leaves out quite too much ofwdt Is practical
and precise. lie expresses his astonIshmen a what
he say he in 1916. when, although the banks
did pay specie yet he says they Kept their credit
He ccrtainlv saw what | did not see. Their credit
was deprecated from New England, proceeding
south 10 Washiuglo on; in all that extent their credit
fell 10 various low rates. Beyond ,hatpoint have
less recollection of the circumstances. Granting
however, the gentemans argument that when banks
have suspended. sill their paper has maintained lis
ground does IL follow that "A paper starting INTO eXlS-
tcnee the yer, ,IlncIpc al Suspension, ana never
Promising pay. VIII be a good paper curren-
/ cy Does he think such paper can MAINTAIN It's
! ground, or ever, indeed, obtain any groundto stand
upon ut all Yet such Is the currency the gentle
/ !nan has proposed, aud the argument by winch lie