Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-09-21

h.
pereelscs scarcely aay other meats ,l,r.ra, 1a'
II would ha'e been pa>sb!e to put an end 10 Il
b wiling to resort 10 any scheme, which M,
sibllny answer the rnds al lis Institution 49,, : Pc
10 make another III II to re>uzc,lte ihe, "'.
credit and TO CIV stability to tie s,,tc,, l. 'p',
ing its abuses. 's''En
Mr. Pleasah's urges against the Stu. II
system the following objections: /, Tbe ns
hoheych corporations: ,, the marked tan4
the DeposlIe Banks to become political ,..!s
my oi course towards the powers thai be.
'h' no" selected na"hs"ou'd not be esemp from,
political lnilueaoe. bur would rather mnrb ,,. ''
ipashuch as HERE would b- 4 perpetual caa.
mong them ior the pre-, and The federal a.,
would eagerly encourage strife Which ,,ra,-
lis strength, and multiplied its Swiss in ,,,s wv
= For these reasons" Gays Mr.. Pleasants
as because they have been tried and (,n,l,
altogether incompetent, am itlcconcilealI, -,
cal 10 the STATE Bank system Ent ", 49,,
spccffui!, ash Mr.. Peas,uis and those vb,,.."
posed to coincide With him in opinion ;.
thcse objections to thr sub Trrasur, sob. H'
proposed by Mr.. Van Burca. |, is .mno,,bl.
innate is 'Pottef' 1t L. true, until II shall have IN.
exrmpi,d III praece--but who doubts tina, Il.
GERS OF this Government Machine will be ,.,
missionaries 81 the Pfe,il, nj, who, by the a1.;.'
construction his powers holds IN his hand, ,bo
power with the Senate of appointing them ia ,n..
and HE unlimited power. if they be disob.d,,.,
his commands OF untrockinc them, and Marin. l.
purse in more plant lands'
And it is yet to be tested. whether ituil h. ,..
- cor ban oC
sent i as the substitute. And If, upon sncb ,r,,
this = Cntried Expcdien,," like the " Experiment
should fail TO answer the purposes Of the govern.
menr, what, them is the remedy !!
Does not Mr.. Pleasants see that the inc,,,,t
aud marked tendency of the SYSTEM" is +, con.i
tnte he basis of an EXCuEQUER BANK, on.
powered to Issue Treasury notes, and ultimately Il,
establish lis Offices of Discount md Dcposite throuRb
out the country, or at least to plant them in ever,
commercial emporium And can he not perceive =,
the result Of this - entering wedge for the r,,u.
conception OF thr second wear of Jackson's re,o,
(biown INTO thin air by Nc DUTIES Report on'y,o..
embodied IN anew and more dee cCtvc form W hen as
rordble opportunity should arise The ratio,in
the band, tho Executive OF go,rer" vastly morn
formidable than that of league of moniel e,rpor,
ton, bound together by unity Of origin Of lesi.
ny, OF duration, Of interest and antlv pul,r
the supervision of the holders Of their stock AMI
the ea!ons watchnness Of the State authorities trnrr
which they derive their existence. aud which SON.
OF them least, always eager to scent out t+,I
eucroachmenis, ard to send forth The voice of VAN
Ing, and sometimes ot defiance What e,ttnl.
have we, in this Sub Treasury scheme aga, rs, tn, u
tEc oper uion OF Executive Influence. Ii II h. M
ptltant to separate the purse md the sword AMI IT,.
on the Other hand, it be peilons to hr pubic hhcr.
ties 10 make M ia" custodian Of both .-y,.uc
hlm the powcrIo lew AVID The means 80 ply = lrsjon
Of merceGarieS,-wh3t Wisdom e there IN makinc
his crcatures.-rtnova'li" 1T is s'l' WI and plea
sur the keepers OF th- pabhc noacy lfthls b.,
wise and prudent policy, 'hosr vino aiyoc1rr
will permit MS 10 tell th"nr, with al 70 ssbe defer
egco and respect ia thtn ,oqront {, ouurln,or,
Of the doctrines Of the Cabinet Nanlf ,lo and III,
Protest, were empty defamation aItosei.rr--" lu
Q. sound and fury, sgtit,ing nothing.
Ent there objections to tins Sub Treasur,
scheme, independently of lis tendency to augmcn
tie power and patronage of the Extcutn,
ard to render HIM so far as the possession and con
f,oI OF the public money IS concerned, o,nnipo'ru
anI 'rresonshe-trc restraints OF law and the con
ssntion and the popular will, being alike cobweh
IN his way. which hc may blow away by the brea
olhts nosfils. Ono OF the most prominent Of hcs
directions is the tendency Of the system, fit be no
il design, TO destroy tie State Banks toto celo
measure to which. while We ere anxious for the re
fornl Of the system, we are decidedly opposed b,
lcyl0g that a paper currency and bani agency,
some kind, are Indispensable aud that we must man
| tam the State Banks 10 prevent the erection Of
GOVERNMENT BANk-Thc idea of an e,
elusive metallic currency is abandoned b, the mo.
ultra Of the hard-money school. All men, of all par
tes, nov admit, that we must have a aprr cireula
ton oi some KIND, aud TO limited extent. And the
question is, whether The bankn. system shall 1t
maintained as II is, or abolished, and the govcrnmcn
ttSelf converted into Mon>tel, with the power
issue notes, to receive dtpo>ies and make discounts
and consequently armed with the pOwerto con
nact and expand its emissions, as ii may desire
! Good the land with Fictitious wealth or to tmow
into consulsi,e spa>ms like that through which it
uoS passing Aud these alternate contraction, al
expansions Ill always have one, and only one objct
IN 'Iew-and that VIII be the pcrpetuation Of powt
~ the hands that hold the purse strings Reform
but do not destroy the State Banks. Diminish and
possible tnnt THEN number, aud the amount Of the
capital, and the ratio of their issues-but do NJ
pio+fa,e them, for The purpose Of building up Ger
trail Mnnry,d Power at " e.hineion, under the con
trol OF the Eyrculisc, with SHb-Ireasulies locat.
at every important fon, Of h Unien, TO orcraie u
ON pubic sentiment aud to slbser, the freedom L
! elections.