Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-04-24
H'Os.aEIs AL.

phia National Gazette, showing the dcplorablc con-
ditionto which Gen. Jackson's efforts "toIostorc
the Constitutional Currency" had reduced the coun-
try. We invite the attention 10 another ESSAY
from the SAME pen, still trthe, illustrative OF the
writer's VERSAILLES JUeoidp.
From The Philadelphia National Gasttfc
THE CONSTITUTIONAL CrRRENCY."
Ne II.
Ia an article under this head published IN the Va.
tional Gazette OF the 3Oth of March. 1t was prov ed
from dncu ment, aid before Congress hN the Secea-
" of thn Treasury that NO of Cen Jaeksans " hum
bic Efforts" 10 rcstorr hr constitutional currency o
poLi da} stirer." namely. hs#war AGAINST The Bank
Of the unitea States, AMI ms removal ot tbr public
deposes had IN The seven wears winrh elapsed be
the stot January. l33o AMI the lst ri Janul-
", So, produced the following results
FIRST Nn augmentation IN the nmn'e' of banks
from 800 To 81. brne m increase oil rifee haHifs
ami NJ ySerfq, besiies 1i6 bfhch.,.
Secondly. An augmentation N th7 Banking capital
of the y htel States, from slljlae,26s 10 S12L-
2l0,2D1. beng ~ nere lsc ot np'efd, 81 one A6-
drst ana sercHt4-Hiee Hitj'oas at dellu,.
Fhudy. IN expansion IN tn rienllDoa OF h1nk
mott, from i 800 - To VI 81, 80 SOC, h'n4 an
increase IN the paper monry Of the county, nj up
"nd- at aac h}af1f,t a9a teH4.faW aat'i,ifs of
dollars.
fouuhls. IN aoeneuranon oflhc ampuntot depo
sites pubic and private. from IS - % Ito - IL.
lions OF dnais.
Filthy. IN extension al the amount of bank lnlus
m discount, from 500 t3l.3ll 10 $500. aq9 G6l,
heinz an increase OF upwards oiFfef haa3r / anil
niaetg md}oHs nj dollats sum oul, tNclsrm,lllons
les thm tn aeerr !afe ot the Iuefe1s.1 ,lpItab,
c,enition and depo-irs.
WnII these evidence, before the public | .,nineA
II rs admitting of M dlspu'c, that the General hal
sI,ialls iailrd in these humble clort4," aud prom.
l,cd il. future apcr 10 examine ino til" mrrlts of
ms other financial scheme, desgne 10 accomplish
the same cud These were, The gold ball ash June
ls3i, hy winch the standard o, the gold COINS vas
changed au'l rhc importation III gold OF The French
Spanish, aud NcIpoan lndcnnilIes.
Itis proper here To stltc that one al the elects
produced by The pane winch commenced with the
moy OF the depnsiteS IA Dctohri le33 anl cpnlin-
ned until July l434, was the importation of some
ten millions nj silver dollar, from Enrop, and other
countries, which would not have been imported IN
the ordinary course al trade" The pressure Tor
neS tlnoug hou the ntcl States Was 50 Great that
the pIicc oi lorrign mcrehaadze. domestic produce,
public SECURITIES, and bis OF cNehlusr rli l1n
that the importation nt com into the country mas The
most profitable operation tor ON oWn clliYeu4 Who
had lands abloaI aud dcsrrd 10 get thcn home Is
we'll a. ior iorcgn cap iaI>ts, who desired to IT.
mil funds To Tins country Tor the purchase OF
COTTON az other produce, for Investment ~
sfochs.t Tins lnlnx OF com. however, WIS pant
oil Gauerl Jaehspn's scheme 1t was an incident rc-
sailing from the pressure winch hc dad NOT lorrser;
for We will do hun the nsucc 10 say, that We honest
|, believe that when hr removed The dcpositrs, he
thought the effect would only be IT. transfer nnc or
millions ol dollar, on loan from the pockcs o hil
political opponents tho-r II a., friends. aud to
break down the Bank ol the urd Srafcs. IL
woud, therefore, had the importation OF 1hls coin
been pro uciiye OF benefit 10 the country. have bern
e1lite IL credit y hnalcief lor har:u4 clasel
II to TAKE place an'l Ton III" simple reason that he
1nl not design It, When we. therefore hca, his par
I'm rs he an In, fIt
of these ssef dollars II ,cmin Is II, OF the sor who.
III displaying some leats upon the topnas oi ship.
unfortunately let 20 his hold, but happening be-
fore reaching The deck, 10 catch rope that enabled
HIM to land IN SAFETY, with great presence OF mnd.
aud greater modcsy, declared he had done ON pnr-
pose.
The case however, is different as fe cards the gold
bill. The signing ot thai bill which made II law
was unqncsuonably influenced by u knowledge, that
the effect would be 10 cause an importation Of gold III
prcierenceto silver, whenever the course of trade
should call for transmission oi the precious metals
from Europe to the United States. Tins Is no place
10 rrlua the history OF the attempts previously made
III uusrr>, tnritcrt change III the relative talar
Of gold and silver, which were commenced III l2le,
and continued Al intervals, for nearly sixteen Nes1,
Withhold >uceess. until the powerful influence nj te
neral JACKSON, invoked by the gold miner, of the
South. was brought To bear upon hr, party. suffice
LAY. thu unfortunate relrute# Tor the
country could scarcely have been devised, rs ! will
now "ndcaYot# 10 ma@r apparent.
BN the NINA regulations nj I19l, the relative vslnc
between pure cold and pure silver, assumed 10 be
| 10 J. thai Is. ounce nl purr gold assumed
10 be the equivalent ol fifteen ounces OF pure silver
and nc snrIlng TO This proportion VIZ the gold Ell
elfs aud silver dollars, and ihc fractions n ulateI.
For some wears Qua currency Vas composed Irl ot
gold and partly ol SILVER, bul happened t3 pr
u, 10 the year l-1- the ! lauye value oi thesc fwo
metals had undergone ehaugr N the general market
a Europe. - tharonr ounce ol gold eondrcaoll, b.
exchanged Tor upre than llltrrH ounces OF silver Ihr
consequence al tn wa. that whenever com VS. r.
qnilcd 10 he exported to Europe gold was sem N
preference to silver and tins expiration coatlnung
until the year 50, scarcely goid com At that
period let IN clr uI1tIou. Even the gold which WIS
subsequently ptoIuced ~ the Sonthefn States went
abroad IN >rneh of IL cqunaloat
BY this dlSlpp 'uaucr 81 gold. thr cntrcucy of lhr
#nucd Sla'rs became virtually currency Of ,trr.
Silver dollars and their fractional pafs wrrc the CONS
universally employed. As the basis oi Il bluklng sys-
tenn they had all the value of gold aad if rhcr por-
liability was not as grelt, they were far more conpe-
dian gold to the great o the people IN the
ordinary Transactions OF life. But this was not al.
The currency of the United State, WIS placed IN a
state OF inIcp andance Is regards the currency oi
Great Britain. which was Of gold, so thai each conn
ny, IN the management o lis banking system, had
only to look TO itself An expansion or contraction
othc paper currency of either country had but tri-
fling influence upon the currency of the Other, and
the commercial prosperity of neither placed At
the mercy OF the other.
One remarkable proof of the truth Of this position
The total imports of ,ar coin anl bullion b,s ,cn II,
oh of september 1873 and tn, 3Oh OF ptsmber 1884, APP
tears by the Treasury Report, follows:
From Mexico &7nJt. IO8