Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-30

re nmr,N cannot fral,zr the profits o his labor, the
Merchant dare not adventure. the Gapiisi-i has
locked up his funds. There X general paralysis
Restore the sunndnesS oi thr currency, aud IN place
of this lnaciion. will succeed universal activity, and
our prosperity viii he the brighter and more cheering
because II will have succeeded this general gloom.
The very moment IA prortous Ia the accomplish
ment OF this happy change. The exchanges
nearly, II not quite al paw In few weeks they Will be
IN on, favor. There viii be demand Tor specie for
eNpofation. aud II the government viii only prom
lsc MS confidence aud conutcnance To the banks,
condition thai they shalt resume their payments.
bona hde, there Is nothing To prevent them from do
ing so before the first ol January. Bulthe Govern
ment drnounces aud revlcs them. and withdraws from
them the public confidence. How can they. under
these circumstances, fcsnne specie payments These
must depend public confidence. Without that
confidence the Bank oi England. usually referred 10
rs the standard of stability, could continue its
payments in the precious metals week. Bat the
Government has It's little Ly play, which IT seems de
tcrmincd TO accomplish regardless how ttagcally the
great popular drama may terminate, which requires
tito destroy Instead oil restoring that confidence
"hlchS indispensable 10 the prosperity Of the eoun-
tty.
Weate threatened, under these circumstances.
with new dtnsef. Oar bench, ent product, Cotton,
with a mngnhed duswenes.. has became nrces-
safy 10 The happiness aud comfort fmll'lons OF peo
pie IN Europe as II !. instrumental, IN onf prospect
~ But they can onl, pay us or II IN thcir products
aud manufactures, which, under the paras sis W. sui
len from the uusauudnrss Of thr currency. We have
almost ceased 10 demand. II our imports b. uot
fivel aud the TO revive them - revive the
soun'ness oithe currency, which will revive en-
icrpnze. this great article must lay our hands Ia
great extent aud fall 10 price that VII be Gala N
tous 10 the grower aud increase the present general
public suffering.
The time ut winch this measure is pressed by the
Government, Is altogether iuelcnstblo II Is entire.
~ new, and IS presented to the country NJ moment
when the public mind is IN astae ut uncas,ness and
distraction, which totally units II to deliberate dis
passonatey, orwih sunndnrs4 on the subject. Tho
object of The measured ~ Ia effect radical change IN
our financial aud monetary concerns. such ought
not 10 be adopted uiil the hest min ia ~ the nation,
whether III or ont of Congress shall have had OPP
potuns oi examining and discussing II. ltlsa an "a
pclnenf. and We have already been afflicted with loo
much oi this spcclrs of legislation. VI requires no
precipitation. ltls not even projected To afford any
fcncdy ior The prevailing public distress. 1t may
welt II II be ionn on due examination lobe wise aud
rxpclicut, be adopted hereafter ~ this time. II |
He Government would therefore consult The interests
ji the country, II would withdraw the measure or
lie plescnt, aud owe its and aud conntrnapcc 10 the |
banks 10 resture the sonndnrs OF the actual cuircn-
~, aud having thus relieved the country br,ug II
Onward on IT, merits When rs dseu ssion aud its cX-
animation would work public Evil. To say, thai I
i the occasion escape, II lnay fail when the present
public stupor has passed away, aud hrn the people
nay have become satisfied wllh existing institutions,
y 10 admit that IT Is without merits, aud that the pco-
Die are 10 be ttehed mlo The adoption oil easufe
winch tholf sober aud unbiased Judgments would re
rel.
1t is Obvious thai lit eau be forced through Con
lrrss this time besides all the evils II ~ produ'
ing II Will be by a bare majority which wisc Coy
ernment would NOT deem satIsiaclofy,-hy majority
which would act sustain British Ministry before T
he people, aud which shoudlrss sustain our Admin
slration before The people OF the Il. States.
The measures adopted by Congress N the extra
session are. ia IN, oplnlon not eaculai,dto do that
body much credit They nol founded On principle /
aud will WORK badly IN elceting the ends proposed.
II is easy If II he all possible to conceive what
end was proposed by the act susprndng the dstrbn-
lion Of the surplus revenue With the executive views
in reference ia the payment OF the public creditors, II
can furnish the government wlth no means for that
purpose. 1t conlcnplaics no ultimate repeal ofthe
law Of distribution. The States were wiling
rrlse Treasury orders the deposlic banks. and
could probably have made thnm as useful as gold and
silver Tho argument that IT Would have thrown
more inconverIlb,r bank PAPER into circulation. Is
allacy. There substantial difference between /
the operative liability of bank to s repositories and
the holders of t4 notes. Thcyar both payable on
dem nd, and both habua'ly used for the same pnr-
poses of business. IN commercial cities aud other
places ol extensive business, checks Snpesede III all
considerable Transaction. the USE ol bank notes and
take iheir place. rtic r>llluae Of the crenlalion
therefore, embraces bank depostcs. II is rnewhile j
lhr government makes OF these dcposilcs, they
create no immediate pressure on the banks. But /
neither do The notes of these banks while they are
not redeemed. When these banks shall redeem /
their paper on demand, they will both press alike, |
bn, with this difference. II the d.posltrs continue
al that the credit OF the government, they
VII come npou the banks III heavy masses, IN the
shape of large drafts. ii, on the "ler nd the
distribution had not been suspended, they would IN
the mean Time have been dlused IN the general en-
eulaon, aud would have come upon the banks grad-
uallv and have caused them less embarrassment.
They would have. duublrss, IN great many lnstau-
ccs, gone into the hands of the debtors OF the banks,
and have enabled the,r debtors to pay, aud the
banks 10 curfail their business, which would have
enabled them the better 10 prepare for SPECIE pay
mens. At present they hang over the baaks like a
dense cloud threatening 10 burst suddenly and I'M
expectediy upon thrm.--lhr measure has been just
ly illustrated by the table OF the dog III the mangcr
who could moi eat the Ia, himself aud would not Lea
the OK eat it, The application of the fable fails III
one particular. The dog could not eat the hay,
bun the, government could have used the money
had IL not heen for lhe,r over asdonspess 10 tie
currency IN which they insist on paying the public
creditors. But this has Eeen prevented by the hard
money fantasy winch has seized lie BRAN OF The
Administrations II would really seem 1t had well
nigh become a Btonoiuania with them; and that II
their purses we've demasded on the highway, they
would stre.lc to make a hlrd money payment
II the government had obeyed IT, highest duty,
that of considering frs, the interest of tue mass OF
the community, should have paid the public credi-
TOT in the best currency II enabled to secure 10
the people, ard the Treasury deposites would have
been acceptable payments to the public cfednofs as
like money was under an Administration and l.e-
gslaturc quito wise as tose who govern the
country. This hstiliDusoess rendered necessary
the only other important measure OF the Session
the issue OF Treasury notes TO meet the wants Of the