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

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metallic enfrency-more especial, as ii was mpos
sibe Tot them 10 lorrsce those wonderful strides to
political and commercial power and the rapid dc,e-
'"pnent of our Intent and then undreaned OF re-
sources which, within half century, have raised MS
ON feeble, insulated aud despiscd people 10 the
foremost rank in the great family ofnalions and which,
IN commercial point Of view. have so closely con
hected MS with the trans Atlantic world-rendernc
such an idea. though perfectly natural then, not less
absurd aud Inpracticahle Nor should be for
gotten hat their anpath, paper inedium of cir
cnlailon not eneemered b, the abuses OF the |
6d"hiag system which is sought to be made the
seapc goat, upon which all the evils o, paper money
are slsited-but against paper tokens issued bg nc
eorrrament-ncmly akin To The treasury Mates of la
Ter day, Which, during the war ol 1872 underwent a
similar depreciation, teven comparatively wnh bank
hotes') though OF course not TO the same extent
those issued during the Revolutionary struggle, The
Statesmen of 1889 more lorcsaw the results and |
influence of the banking system upon the prosperity
and welfare OF the country, than they forcsaw the
adaptation OF steam 10 purposes OF navigation, the
growth OF cotton as the chief staple of the Southern
region, OF the redemption from the wilderness and
the savage III forty years OF the vast and fertile al
ley of the Mississippi. 1t was evidently their design
therefore, in coninng the jurisdiction of the general
government TO the CIRCULATION of coins, 10 fix cer
nal barrier To the issue, medium OF enc ua,ion
Of paper money by The Government. And yet, strange
10 say, this is the very mode recommended and re-
sorted to. by the pretended hard money men, in OF
der as they say, to the administration of the
government to ''orieiRdt priacipieS.' They autho-
ri1e emission Of government money in the shape of
irpD Will 1,J no
hibucd, in order make upon the banking s,s
TEN, TO which, in the OF things. it Was utterly
i'm possible, that the trainers of the constitution could
have had any reference,
But this. at last, is not the true question. As an
ar guincn against The constimtionaliiy Of National
Bank, there would be plauSlbiIity in it, But
when it i, remembered that the banking system as
at present organized is the creature of State lepsla
lion, aud that It's constilutionaIity, though doubted
b, some, is conceded by general acqnicsccnce and
sustained by the highest legal auihortes,--low can
it be admitted that the general government has any
ri9H, much less that il is its dutq 10 assume towards
this system attitude of direct and me xorabe hos
tiiny,-by discrediing its paper, as IT, though good
enough for the people, their masters ii is not fit 10
be received by the Office holders, the peoples
wants If the States have the righ 10 charter Banks, |
il is the duty Of the general government to do moth
ing arrest the exercise Of this right. But if II make
upon these institutions. by The adoption Of Il po
Icy which must inevitably crush them, how can il BIZ
contendcd that they not tlampl'ng upon stair |
Meht>? And it is marvellous to us tina, any man |
should be bold To hois, the State lslits DAG as
the leader and champion of that school, when the in
ovirable effect of his policy is negative inpor-
rio In ar tho Inv its
excise impossible, lit do crush institutions
ile,aly brought into being BY their authority.
The truth is, that paper money, in some form or
other, is indi>penslbe-and the true question wh,hd
the people called ulon decide, is, not as be |
tween specie and paper, but between bank notes
aud government notca-wlethcr the banking system |
atprcscut organized, but pIgcd Of it, abuses shall
be maintained, whether shah have government
banh based upon the nat ona revenue. in accordance
with Gen Jachson's recommendation IN 500 in lieu /
Of ii This is the true qucstion-lud every attempt 10
make different issue is fraudulent and dccep1ive
aud is intended 10 cheat the people with deusivc |
Inant"ns. similar those which have Knocked their
hopes during the last five years nccs>aut pursuit OF
the Gold Ilunbng,' aud which has resulted ia the
Punishment of hard MONEY from circulation, and IN
the substitution Of ''shn- rlaslcr," iol the "consm-
lloual currency OF gold aud silver"
Even il lle bansliment Of paper none, were prac-
tlcablr, howcscr,-ii thu channels of circulation
would Immediately upon ihelf withdraw be filled |
with the precious metas,--whch one, except |
Mr.. Calhoun and Mr.. Benton, believes to be pos |
sible,-wha benefit would result from il j, Would |
fluctuations IN commerce, and rcunary COMMISSIONS,
cease : Would the value Of property be rendered
more stable than 1t is We link it has been
cieatl, demonstrated that tie Character of the cir
cla,iu. medium Ii Is little or 40 influence in produ-
eng these fluctuations x commissions that they
greatly who attribute to Of the instruments of
commerce the disasters which have resulted from
the nature Of commerce itseiE IT, for example, we
had plentiful supply of gold and silver coins,
swcr the demand for them, 10 day, what guaranty
have We that more urge ut demand and consequent
~ higher premiums FOR them elsewhere, would not
to-'nolro" diminish our supply a? And liza considc-
rablc portion OF the coin should be thus Withdrawn
from us, would not that which remained appreciate
in value, 10 the extent of such Withdrawal And, |
the other hand, fa glut o the precious metals in
other countries should cause their expectation to tins
country i'll large quantities, seek more profitable
investments, would not the sudden influx produce a
depreciation in like manner-aud thus lead TO the
same fluctuations in commerce and III the nominal
value of property, which we now attribute TO bank |
expansions and contractions, and which, because
this is always hand, seem to think can