Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-09

II concerns. on the other hand. if the country shall
leect tbs proposition. aud az, that rejection; II
II shall decide that Congress has power, noi isun-
der any duty, in relation the currency beyond the
mere regulation OF the coins; then upon that eon-
sttnction OF tie p0weisand duties ftougtess. AN
willing Ia acknowledge that do not feel mysrlirou-
peten 10 render any substantial service TO The pubic
councils, ON thcSe great interests. admit, Al once,
that II thc ctnenr, is Ia bc preserved by the thy
crnmcn ol the United States, knew not ho" II isto
hc guarded against constantly occurring disorders
and arrangements.
Bclo,c catering nto the discussion oi the grounds
this proposition. however, allow me, sir, few
words by way of preliminary explanation, In the
first place, wish II la BIZ Observed that ! an NOW
eontending only oi the general principle, hlnl mol
insisting either the epnstllui,ounli,,, cNpcdicn-
", oi any particular means OF any particular agent
am not saying by what instrument OF ageu Cunar s.
ought to peftafni this duty only IL isa duty,
which IN some mode. andbY soine means, Congress
IS bound To- etloii. lie ueN place, let II be re-
membercd thai ,auy tho ais ouc duty OF Gn1rn-
ment, IN regard 10 exchange, no farther tlan the
operations al exchange may be refIonrd by eht1eo.
cy, No doubt, sl,, proper institution, tHlhhllsued
by government, might, is heretofore, give other IL
ellies 10 exchange oi great Importance AMI Ia We
~ great extent. But Intend, on tins oec soa, IN
keep clearly within the Constitution, aud Ia assign
40 duty 10 Congress not plainly enionedhy lllc no
visions u thai instrument. hfly Interpreted aud rs
heretofore understood.
The President saNs, II IS not the province Of Glow
ernmcnt 10 AID individuals IN the ,tansler OF liejt
lands, otherwise than by the Of the post office
aud lhat II mig ht Justly be called pr vide ipf
the transportation oi ihrr merchandise.
Nov, bee leave Ia say, 81, with all Respect and
Differences. that fluids transferred rCm uliy ldutl
10 mdly,lua usually ior the direct pHipnsr Of The
payment andicceip OF debts; thai payment and 70.
ecp are duties OF currency, HAT, III my opinion.
currency IS Il thing Which Government IL bound Ia
provide Tor and suprrutend; thai the cAsc therefore,
has not the slightest resemblance I" the tnnspotta
ton ol metchandlse hceause the transportation
of metclmndpe IS carried on hy ships and boats. hS
carts and Wagons aud moi by the NV ot currency uf
ot naN tlHng else ugrf Which Government haa usually
exclusive control These ding individuals eaanfo
vide tor themselves. But the transfer al funds Is
done BY credit, aud must he 81 donf and some fo
pei medium 10, tins i,a,lr It sthe duty OF Govern
meut 10 provide, brc1nse II belongs tn currency, Ia
money, and is therefore beyond the poMc, q lud
yidnals
The nature ofrschangc, 81, is well understood by
persons engaged Ia commerce but rs IFS operations
llItlr out al iht sight al ahf classes o the eul
munity, nnd though they have ii. deep aud l'erma
ucn interest in the subject, in,s be lailioued 'dr u
word ~ Two ul general explanation. | speak al de-
mcslic cNeaae - only w mem.thcn, hY exchange,
tins same transfer of fund.-. We mean tie u l,iue
OF payment IN a.i5ti place. o. tiIa receiving ~ pay
mcnt IRON \ distant place, by ,ou1o undo al lnpn
credits. II done by ltt, ordcr, ball ol exchange,
that i. iotm; II done ly the nalsml sion OF hauh
'''' . '''''~i' - ~ 't''' ~ ~
another TOM. In each, credit IS used IA the FIRST
lhc credit ul the patiies whose names are on The bill
dralt; III the last. tie credit ol the bank. Every
man, SIT. " hu looks over Ills vast country, n con
templates he commercial eohnrAion ct us various
paris must sft lie Rledi importance |1a d'F ~
change shohId he clrapah' easy. % NE pioaRr'
'hd I" we consumes 10 'n' hhnui'.'u'i ','u IA"
piAhlti' 10 ne h''thahi' To an ~ AL classes, 'hishr-
comes matter "l m"meni. We may see an instance
IA tie common Articles OF 'nmndttlfr produced IA
tpe N"lt ana sent 10 tue ''"n'ii ana est "f SAFE
ana consumption. llais' shoes lufnl't'' 'aIi"et1'
domestic hardware ana V"fi"ns nh'r atieis' 'ht
produce :" nose manufactures ana oI 'h"sr ehl")
mehta Nlleh Az thtl'd on without Inc ail 81 large
M The iahrts OF cotton aud wool Now sa'c OF eS-
change which shall enable the producers To receive
a}mcot regularly, and without loss, ~ indispensable
to any usclnl pfost'uii OF tins intercourse De
Engagement o' currency ana exchange - ruiions. he
notes 81 oe' pahhs WIZ I"' answer me purpose 81 re-
mliiancci ana II bills Z" exchange taoho be llld' "f
can be- hah only ahi2hiil 10" IS payment TO bfie-
ccHeI, or 10 be received without Glrdt loss 1ls
evl was severely le even be'oe The suspension oil
specie pay mtii by TIC hunks hh1 1t "hl always be
ltH more OF lras' lii iblfc l. tuH'ItS ~ HPlti"
credit and circulation Though the country. bui
"hch the banks shS, ended II became overwhelming.
MI gentlemen having Nortian acquaintance, must
know the existence ct tins cth have heard II sdij
hat the huher'" prosperous aud leurisuos town 81
Newark had aic'}y lost eopsd,rabe iai Oh rs
pHulHlHh ny TIE beaili1 NJ "l us business neon
sequence ol li'se ephnheitll tlnhaftas.inrns' ANA
IN taseN III wltth business - ot wholly hrntPn mp,
live al sIA per cent, or nat., Is to II pad Tor eN-
change, II by "a much "nlfics lie eusi 10 ih' CO..
suinef CT takes away his pt"!i rnln The producer.
have mehIlop0d ttse araclts OF common product OF