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


history, mol only Of all other countries, but ol our
own country. must have been lost upon ne.
The gentleman next proceeds, alter his strong
testimony IN FAVOR even ri broken bhnss, to desean
schrinently upon the dangers which he none arpfe-
hends from thc whole banking system, aud of course
even from good hauksl lie has clnssed all these dan
gers Yer, Systematically. ard finds that the banking
system ~ full oi dangers; lst,io civil liberty ely
TO industry aud 3dly, 10 ia, moral aud intellectual
development OF mankind
Now, asfeiatcs to liberty, the oni, question IS whe
ther the extending the property aud business al the
great mass ot mankind can be adverse aud noiaseta-
bic to liberty. 1t the raising the great mass ormon 10
ahrtter condiiiou--u surrounding Them with great
er comforts y greater abundance ofall hngsli thus
raising then social condition il uniayoiale to liberty,
then indeed the bankng sicn or,in other words the
credit system Ioi II Is the snnc thug, they dre en-
teal u.s. as the gentleman maintains, full OF danger To
liberty TORT ~ thatvety system, * none other, which,
within the last Two hundred years. his raised the cum
dlion Of the body OF the people IN all commercial
eountics. II IL that system which has made the
working and the inll,is,rous olasses Of modern
times superior even to the landau mopfleoi aud leu
dial lords Of former times.
The institution OF banks is one pan IN that great
system Of trade. commerce, aud credit, which has
gown up within the last two ccniuries and let nae
ask, what has been the progress of liberty during The
lapse OF these centuries 7 Dors not the slightest
Prospect conillic the genllem,n's argument Ale the
ideas OF liberty less distinct lis enjoyment less
general ess secure, than IN the days oi the
Sinalts' Thanks are useful TO trade aud commerce
ii they give To industry the facilities Of capial-
they thu. raise the OF r,y into better con-
dnion-pto,,ding for them bru"r--nahinc thcm fehS
er--muliiplyng the means ot employ ncnt Tor all
enabling ihr industrious 10 maintain thcmselves bet
ter, and to educate their chll%n better. who Is ca
dy To assert that all this has unta,oiabe eset
the progress ol civil hbcn,
IN reply 10 my arguments on II iuilner day, slow.
my it to be the duty Of the Government regulate
The currency. (Which can agree with the gentleman
III calling the very litebood vi the political bods,1
the honorable gentleman asserts that Government
Inns no rehito interfere with individuals. lie there
lure proposes fis dual banking, aud ma,n,alus that
credit Is mans private property that Government
es no more right TO interfere with thus than with my
other Kind otproprry that Government has 40 right
10 put rrst,i1tlnas Of any kind upon IT, But tins, !
which the gentleman as,erIs Is not the right al TO
rernmcnt, is the very especial object tor which
Government is instituted. Government doe, inter
iete aud place restrictions III thousand ways upon
every Kind ol individual property and is DONE AID
Is nrcessar,l, done, By every Govetomont, tor the
cool VI the whole community. But 1.-THE gentle
IAN u 40 very degrous Of establishing suchr sss-
tenn Of private individual banking, lie accd uoi - |
lar, lac need not even STIR FROM his spa lie may
every where around him al the BILE Sings of thc.s>s-
tenn Of individual irresponsible BAN nv which he re-
commends. lftls is the currency which the Go-
veruncut sethsio give Us, VIC have got II
The gcntlcman's system has been nied, it IA now |
upon as; and the cuuutf, hss suffered enough, aud
too much iian II already. featsago, aswell ~ now
we had private banhlng-eycry body turned banker
EVERY body nn out hs notes iur circulation. I'LL II I
WAS at last found necessary to restrain This right
This right-Nhlch the gentleman SAYS Government
has the right to rosrn right which, however.
has more than once been proved TO he, after al /
nothing more than the right OF practising fraud and
imposition upon the People. Many, perhaps nosl I
Of ,hc States therefore, have restrained by Law Il /
i the very necessity Of checking and restraining the
hccntious exercise s Individual rlghl which l. The
oiieii of banking communities.
BY the institution ol such corporations, the com.
mon igh IS restricted for the sake oi The good OF the
whole, and the issue of paper rs money is made 10
bc founded assigned capital on recognised credit,
and issued under administration Of responsible eli
iizcns responsible individually and eotporatrs, Ia
the laws II is restrain right which lead, To 50
much inposltion that has breu found necessary 10
CT cate banking communities and by menps of tAenl
To establish commercial credit on II safe ionn,lalpn.
This is the system of credit which the gentleman Ia
now joined with the Administration 10 urroot aud
10 destroy instead OF this lie would LEI loose indi-
yldual bankers with then spurI,us paper all over tic
country and IN proof Of tlIr rxpcdiene, o dong all
th- he mautains thai the banking system IS il Of
danger To liberty, Thai it may b" daneerou, to the
liberty of delrandlng and imposing upon the poor,
have already conceded 10 hIn. and believe there are
few who ullnol agree With me that this, If danger
IS wholesome aud valuable onr.
But the gentleman has also dlscoNfred. not only /
that the credit system slali ol danger against liberty
bat that II exercises pefuciuts influence upon the
industry Of The People This indeed is to me rn-
ttely new Surely the gentleman has been dealing |
with things unreal and imaginary II is quite anew
thing To me thai the young mrn "i our country are,
rs the gentleman says, seeking after education 10
make Themselves banker clerks and that there is
other road 10 distinction bur employment behind the
counter and in the banking ho,IscS! How oug has
this danger been hanging the land, and has ne
yer till been suspected or drrdnI ol +!
Even the late lllustruns President, and the gentle /
man from Missouri (Nr ,ENroN) never discovered |
or suspected much as this m all their industry aud
zeal against the banking Institutions 81 the country
1t Is quite novel TO me, that the ingenious youths OF
the country, all the colleges AMI halls, are onlN
seeking prepare themselves to he cashiers and tel |
lers, wrlcrs aud accountants have never head |
that their desire Of dstiucten has taken such uin.
hai. OF gard To such pursuits they had Sit
fed their ambition for literary and professional dis /
lncliou. Ga the contrary, il we look At the slbec
n. it is, we shall discover that wclregua'ed bank
ing system "a rtninenty favorable 10 the mdustr. OF
The People BY assisting the industrious who have no
capital, and lending aid To enterprise, which other
wise would waste itself in Intellectual efforts. This
system. Invaluable to county, has a tendency Ia
break down the influence which dead capital con-
icrs upon the few Who osscss H. While II hiis up The
many who have got no capital. In So dong, II pro
inoles industry. and betters the condition oi the
vrcatcr number. Look al out villages and manu-
tacturng cities in the North they sm,en aud
wilhercd and destroyed by this system! They all
have their hanks which established according 10
the nccessft.s and prospects oil the People and
wherever they arc there industry is in full and
vigorous operation, and the People busy in pfos
porous empoyneut But where the credit system.
by any cause PROSTATE aud injured las i>