The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-31

!. refer, first. to The refusal Of the Assembly 10
authorize the banks other corporate bodies 20 issue
snail rOes This omission u error reflects more credit
the called session, than either 90 all Of It's acts The
advocates Of abe measure. from The beginning the
close OF the session. lossei about At 81 adyen-
lures, aud and anon we're seen TO creep 10 the
verge OF tempting the hazards Of desperation Al lengh
bn, before all expedenls had been pat IN play the
close Of the session scaled the triumph Of the spr Of
Democracy Bot il may be, an. too fast. Could the
spirit OF resistance 10 the IN the Senate, have
been overcome b, loud aud strong entTeatyl May be
not Any how, the measure defeated, and let the
House have the credit.
X is unnecessary particularly to refer TO the
effects Of creating small paper circulating medium,
than may be clearly perceived IN the opinion OF AL
writers political economy, which Is confirmed by all
experience that prohibitions can prevent real money
departing from countries OF towns IN which wealth aud
trade declining and no obstacle except spurious
money, can prevent fading it's way into coanIes
and towns in which wealth aud trade are increasing
II has been Justly remarked OF Virginia, that she has
the honor Of being the first State that look eeciua
measures towards reforming the currency. his she
did IN 1890 BY passing the act 10 prevent The crcua
Of Of less denomination than hive dollars
Her banking Operations have never been less regular
than those Of the Middle States; aud, Continues the
wncr she viii probably be one Of the first 10 establish
perfectly sound system OF credit and currency. And
what is there wish know, IN the existing state OF
things that Justify ~ reeediIg from that policy
could only put of the inconvenience resulting
from the Temporary scarcity of specie Ill some future
day not far distant unless indeed, the design Is 10
trogradc permanently from the salu,ary Of s20
for il small note circulation allowed for hunted
period on calling them in, the of change would be
more :. seriously felt' Before the small notes, the
real change would vanish and be entirely expelled
and al the expiration Of the limited PERIOD the small
notes being withdrawn from circulation, we shai have
no change all until specie shall have found ITS way
back 10 the demands Of retail trade il will now soon
do il entirely expelled and krpt ~ by paper money
of less denomination than Eve dollars
Ia the defeat Of the late attempt 10 introduce small!
notes, but sympa,hze with the merchants,
though deeply abhor the measure. Though the tine
and sotd interest Of The people Of the towns and that
Of tho people of the counties, not al all variant yet
the former subjected greater inconvenience from
the Of change the account OF the far exceeding
multiplicity Of their small transactions But will not the
retail traders Of the lie qulescent and endure the
Inconvenience they now subjected TO- rather than
have small notes. be called in at the expiration Of SIX
twelve months having FIRST entirely expelled the eur
rem. coins remaining IN the MINOR channels Of CIR
culaton, and be then subjected 10 the same nconye-
nence greater extent Ii seems 10 me that this
plain view Of The subject appeals alike to their good
and patriotism
2 refer next, under head, to The Relief bill and
The Stay iac. shall only those parts OF these
laws which think viii incur the apprehension OF the
constituent body, TO wit