Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-06

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bic the rxehancrs upon II mathematical principle,
hY requiring he1 trdaSs ~ specie instead n one 30
tuc is the operation this principle. that even an
arbitrary iequsition that the paper money alonc ct
the Atlantic seaboad should be received Tor pnblIc
| lands would hive produced heavy effect upon the
exalian .es, because IN the treh1n gds II traHtd hare
asiic3 ipBte ,cfoge 93c Of The account.
Bit sir, when we come To the actual operation in
question; when come not only 10 take money
! from point where is due. aud send II To 4 point
from which it IS owmg--to take It from The creditor
and sentl II To the debtor. but perform this ,ongh
aud anii-commrred operation bY idttas d"dy ne
rery basis upon rca FIRE SihS n he currency feSis
you produce effects that never be Automatically
calculated, and Of wh no adequate conception can
BIZ formed, except BY witnessing the measure ON the
commercial selboafd aud those seeiluns upon which
the measure intended to operate. IN exact ratio
would contract the whole currency III the money mar
kct from Which the specie is thls drawn, IA the pro
portion in Which paper i based on Specie thereby
contracting siN millions lor every ooc thus distracted
II the proportion be five paper dollars based
OF spscic. But We all know that suth measures do
not operate ia exact, but III loose ratio, from the
| apprehension, the confusion, panic, alarm which
they errate. and The commercial resources tcN cut
OIL Iurs measure eut oil, to great eArnt. the re-
sources OF the AHanir merchants, IN the enormous
amount OF ,cbt due ihcm from the " est and South
west, Ia, II not only unnauray Sent then moncy
from ihcm. bot prcttai,d any coming Ia Wea. Bat
drttlmiuin. 10 have sums friends To the measure,
tll> lb'th ltl>lSti tlid liNol1l II may hN'
tie Atlantic ucrrhans, and done injury 10 creditors,
set il WAS great blessing To the People OF the W est
These people, however, it seems, are not 50 easily
guided b, these tureed blessings, for alter inl nil
o! it, har representatives, with great unaniny sot-
ed lasi session TO repeal H. The able speech nl one
oi their representatives, tNr. WALhEs) n tie last
session, planned 10 It's lhc nature and operation OF
this blessing and the Legislature o his State had, by
= resolution, unanimously sustained HIM lie dad
not hnoa how grateful his friend felt iof these bic
sings brced upon him b, the Executive, and winch
bad contributed 50 largely 10 bankrupt his eonstu
euts; bui Cur himself. Sir. h. said 60 u,ea rustic
phr5c) he Mould not liz 10 he faa6ord, even with
champagne.
Bai VIM was it, " happg e6;e'" upon the NJ
fuI sou Invest. whilst trulned the Sraaoafdi Nas
lile debtor aided whilst the creditor was oppressed
&ot al all slf. " inls tins specie us onthe Wy
ace ii It. exile and after reached the lcpos,lr
hl'jts, 50 r - the commercial and planting interests
sre concerned. il tai In well have b,cn hured IA
lhc middle 81 the carh, OF carlrd back 10 the
ni~e- ri AeN3eo. iId II AID the nirarohai III pay
ins h,s Nur'hern and Eastern debts No; i9tnc-
2ia,slp i4ercass5 de ost Aim # speh pqgaca By
i8c. easing TIE fatc of troowgc wli'a at Htc &aDt
tiac Il csS,d rpm him al ttc usual ttsoEfeeS otob
sii"iag money. His increase IN the rae OF cN-
elda4o tfeI, psrd Ire danger of demand upon the
alI ~ Int ineii 43ts. >u sitlcy had a,oto answer
HE demand Of fheif hholdrrs, who might WAN to
purchase the public lands. What Northern exchange
ii,ey had VAS exhausted in reducing HER CIR
culllisn, nhlst the, could not prudenly do Any
bu,I#ess rl,at Would place ihrn own issues III the
li:r i Of the bti-er>s part al the ,UnlnulitN. i
e4jesf the business jaH II hc conmUHiy, hh MGR
rtaisfs Gai p1Hicrs, NeY Sitiieaiy aaa c8te,H
i'iY eipSei They could not pay out ptpct iul t"lt
.cclc "oud h. demanded for 1t, for tic reason be-
iorrfra,nri lhcs could not pay ont specie al dis
enuH Ion mtrrhmls, brcausc the high rate oi eN
ehln-r K ddie n> oil procuring il 1T any price wonld
have suiel ba,- N twenty lou bonrS to tie See
fion from which II lad beru nuuatnalls cNiled.lhry
could lot paY Out specie 10 tie planters, for they
ed I}e merchants. and is destination would bSe
ben i- star l., Ihra,lhes dbl any business II all,
ny mus da Il 'cai He purchasers ~ PGb'ie tnifS,
rficl Hrp uere str4re n Il rc'ara n the SScit ne
p,S8ts. ArcnrdHsly ity favored tbs o!ass ni Gus
tu.crs in order 10 do any business n all, aud the
President hns II, in lis Message, rierstu the CIR
ruiu operation hs HlleiI they contracted many mil
huns al debt upon ltw millions oi specie; aud yrt
one p"n,lar catch 10 recommend hs mr9erte iria
bern,thl II waS aianrd II Land spectators
The Hi"asnre, VII. Il. sad, seemed 10 have been
attended With oundligated mischief. Even the sales
o pabiIe lands had brcn most p.obtjlY increased by
it, beor The sas cn,.on OF specie pay nils There
Other WI, of accounting tor the heavy a
u,"lni of tIInse stts, altor the maila tor sprfua-
| non hal air.el, begun Ia dcc'Inr. Money became
dear all t,enlt 10 procure and ii! the p'be lands
IN in'lhci very nlirh curd and selected lie de
poslte ban hs the States h1d been devoted al
most exclusively 10 the of spectators. rs before
stated AMI, nlolcu,pr u great number were Induced
to 90 into the business r the adoption oi lie aidrr
who otherwise would not have thought Of IT. Gus.
he said, is cmtcrrriSlug, speculative People, and
/ Whenever Government commits an trfur or ADOPTS
| an ualsu,l mclsuir, they begin TO tInk whtl ran
I've male oii ia financial pniut Of view. Accordingly.
the impression very general that TIN, measure
would greatly cicck purchases and that Tie mono
poly Of those who would raise specie Tor he purpose
would be much more valuable dian il no step had
bren taken destroy competition lie saId lie
knew of several himself who collected thrir capital.
turned il mo specie, and went INFO the busint IS. who,
but for the order, would not have thought OF it. For
! these reasons, an intelligent gentleman from the
! West had given il To him his opinion thtt the
sales had bccn much increased by the operation OF
the order, and he (Air. n believed it. If, eu, II
were 50 desirable TO check the sales ul the public
! lands tie object had failed: even the President &C
knowlrd9cs. in the Message thai The elect OF tie Of
der in that particular had been over-csrnatcd. BHt
this ras not he objrct jde oricr. The objfct u the
order uas II prep up fear t,ffcrne dtposHe banhs,
anaiaSt me combiici but saiaidyy opcrotion Of The
disriJuitoa lar, and hcarg crcbdp9e. The Presl-
dent his advisers. that some OF the deposite
banks in the y, est and Southwest had expanded
! enormously, and were IN precarious condition, and
exchange already sufficiently high to cudanger de-
| maids them for specie and he feared that,
when asked also for portion Of the public money,
they would explode, and give a triumph to his
mics by the failure Of his iayurite experiment. He
determined 10 sustain them every hazard, and
Without A sufficient regard to the Interests OF the
/ People. Did he succeed IN this icCi No
Ga the contrary, in this ast coup de'ot, or, rather
! comp fargtHi, 10 sustain his experiment., BY succOr-
ne few tolterIng pet banks, he broke the whole ;
yrs sir broke the hole for, although do in