Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-16

rau,ihca,iou,. Let us pause Tor n',nrn'. aud re-
fleet the nature aud extent Of this tremendous
power.
/ The currency of country IL to ihc community
what tie blood il 10 the human system. " cons'i-
turs u sn, part bu IL cireulaies through every POT
ton, and is indispensable all the functions OF lhe
The currency bears even smaller proportion 10 INC
aggregate capital of the community, than what ~"
blood does 10 the solids in the human ssytem. What
that portion has not been, and perhaps cannot he,
accurately astcriancd. IS il IL probably suhJcei ~
copsdrrnbc variations Ii l. probably briween '"e'i-
" Nsr aud hrJs- five TO one. viii sfsnms y ~ bs
thirty 10 otc. Wnh ihi4 assunrtion LEI ns snprnse
y commupii, whose rgrcente capital IS s3l 0Ooooo;
! its currency would he, by snrr"stiot, oue million.
aud the residue ol is capital lhirs mill,ons Thus
/ being assumed. ii The currency BE- nieteased thu
Other portion OF the capital rema'tse sumo accord
ng 10 the well known laws al currency; property
would rise ia with increase or decrease; ,at j.,
# the curtcnes be Increased to two thihons we ag-
gfegate palue oi prqprr, would RISE 10 sixty mhons:
and Il, tie cnrrency lie reduced 10 $500 0o0 il woud
be reduced Ia iilrcn millions With this law 81 we'll
established, Place the money power IN The hands OF
single indy, dual combination OF individuals. anti
by expanding ar contracting The currency they may
| raise ar snh prices NJ pleasure; and by purchasing
when nj tho glrates, deptession aud seliing NJ the
greatest elevation. command the whole property
aud industry ui the community, aud control ~ i'scaa
operations. Thr banking system concentrates and
places pn"tt the hands OF thnsc who eoattol IT, aud
It's force increases inst IN proportion ~ u dspcnses
with metallic bass. Never engine invented
better calculated to place the destiny Of the many 10
the hands OF the few, or less favorable To that cqaai-
~ aud independence, which lies AT The bottom oi all
i,ec la@tltulians.
These views have \ bcar,ng NOT les, decisive oa
the next inquiry effects Of the system on the NJ
tdustty and wralt ol thc country. Whatever may
have been IFS elrcls in this fcspeetn its early stages
II IL difficult to ifiaaine any more inseeRous on MI
the pursuits Of life than the frequent and sudden eH
panslons and oonuaclious TO which il haq n"~ be-
come hahitually subject that II may be consler"l
It's Ordinary condition Nome bun hose IN lie stcret
know what 10 d. An are pausins and looking ont
10 ascertain whether an expansion OF contraction ~
next To follow and What viii be lis extent and dnra-
lion aud #. pclehance error be communicable il
expands Whom contraction Is expected, or the RI
verse, the mast prudent may lose by The misealeua-
on the nuns oil hi of toll and ear, The effects
are To discourage Industry aud 10 confen tho wliols
coinAunity ,uo stock jobbem and Spectators. 1be
evil is constantly the increase and must continue
to increase just the banking system become: moro
diseased, till II shall become utterly ipo'crable.
Dni IFS most tlin effects originate ~ TIA bearing on
the moral aud intellectual development of the
ufn,aiy The great principle oi demand and supply
gorcrlsthp moral aud intellectual world 10 less than
the business and commercial. liza community be ii,
ntganizrd IS Ia cause demand Tor high mental ~.
tanneis. they TO be developed. II its lIose
ors and rewards are .oiird To pursuits that require
then Development 10y creating demand Tor inic-
sencc, knowledge wisdom justice hrmuess. conI.
patriotism, and tho like, they sure 10 be pre-
nor qualities, the higher sure 10 decay and per-
ssh. ofcei To the banking system, bccanse II nllois
the hpuors aud rewards Of the community. IN a very
u,duc proportion, 10 pursuit the east oil all others I
favorable 10 the development OF ihr higher mental
qualities Intellectual moral, 10 the decay OF the
learned proirssions. AMI the murr noble pursuits OF
stiruce, literature. hilosorhy. and sIaicsmaushp
and the erta aud more useful pursuis Of business
aud industry With thcv,si increase OF ls profits aud
influence II Is gradually concentrating ~ itself most
of q pr DII al e.
too great ,isparaecen and degradation Of all the IL
bc,a and useful aud generous pursuits OF society
The rising generation cannot but feel its deadcnin1
Influence The Youths who crowd our colleges, aud
behold The rnad To honor and distinction terminating
~ banking house, will feel the spirit OF emulation
decay within him. and viii no longer he pressed ior-
ward bv generous artor IL mount up the rugged steep
Of science" tl Rad To honor and dsine tion when.
perhaps tie highest point he could attain IN what WIS
once the most honuahle and influential OF all tit
le1rned profc,.,on4 would be the place of attorney
a bauk.
al, joo, years Since, lho question Of the re-
uo,al Of die drposiies although was opposed Ia he
removal. and ~ iWor al their restoration, beeause
believed II Ia be unconstitutional and illegal, yet iorr-
seeing what coming. and NOS wishing that there
Should b. any mi7take ~ 10 my opinion on the bank
my system. stated here in my place what that opinion
was. | declared that had long entertained doubts,
If doubts thfy mig b. called. wldch weie daily in
crraslug that the ~ stem made the "nrN possible dis
uihuion OF thr wealth Of the community, aud that II
would ultimately be found hostile 10 the further adj
,nucencni Of civilization AID Lbei,. This oecsra-
ton " as not ightly made and hive nioljcd
the grounds winch they rested, and which sub'e.
q0cm events sud reflection have nalured inlo
III conviction.
With all ihrse consequent before shall WE
tore the broken counexon Shall aea,ti unite Il e
Government with the system Aud What are tho "a
euntnis OF posed to these high aud weiglhy oh)rt-
lions! lGs;ead OF meeting them aud denying tet
truth, opposing others Of equal weight. a rabbet
o. ircons Il call them BY no better name Is ure-
al agas The separation one currency Tor the Go,-
rrnncut and aaoher for the People separation of
the People from the Government taking Of the
Government and not the People; and whole frater
nifty Of others Of like character When first saw
diem advanced in the columns OF newspaper. l
could not but smile. in thinking how admirably they
suited To electloneering canvass. They have
a CERTAIN plausijiy about them which makes them
troublesome Ia an opponent. SIMPLY because they are
merely plausible without containing one particle Of
reason. little expected to meet them in discussion
in this place but they have been sravely intro
duced here respect for the place and company exacts
a passing notice. to which Of themselves they not
Al all entitled.
tgin with that which is inst pushed forward and
To be relied ou-one currency for the Gov
eminent, and another for he People Is meant that
The Government must take IN payment at its debts
whatever the People take in paynien, OF theirs II
50. il is very brnad Propositions and would lead 10
important consequences. The People now receive
the notes OF non-spccie paving banks. Is IL meant
that the Government should also receive them -
They receive in change all sois of paper. issued by
we know not whom. Must The Government also, re-
ceyc them They the notes OF banks ISSUING
.. l. sAts.n