Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22

tnot we nave knroe perttes. wooee viowe, eone.-
dsriaS 10 . bssk question. appear 10 be irrseoa-
siies6is. An hope. then, Of relief, mass seotrs
% taking more slsvsied view. md 10 sossidsr-
ing u ia lie true light, 90 Q subject o( eurrxney.
thss regarded, shall b surprised II. On full
investigates. there viii DOT spear . remarkable
soioeideaes % oPiaiOn even betveea those vhoss
views. on slight inspection, would seem 10 be
contradictory. let ne thea proceed 10 The iaves-
,igsiiOa Of The suejeSt under the aspect Which I
have proposed.
WHIST. then. IL the currency ~ the q. ststesp
What its present. state and eonditioal These are
me cue ,tiOns shieh propose nov TO consider,
9th view 81 sseertaining vhst 10 the disease,
vh.tthe remedy' and Whist the means Of apply
Ing q, that may be nceessary TO restore our eaf-
reney Go n ssaad eoBditionp
The t~gsl currency Of this country, that In
which sioae debts cen be discharged according to
Law, are seFtain, gold. silver. and copper coins.
coined st the mint OF the Cnited States. and la
sued, BY their authority. under express pro-
vision OF the Constitution. Such 10 the law
What nov are the fssisi That the currency con-
si''s almost exclusively Of bank notes, gold hsv-
ing entirely disappeared, and silver, IN q great
measure, expelled by banks Instituted by tvea-
U-hve distinct and independent powers, aud
"tes 'sss.-d ondeT the suihDriiy o. She hiTeriion
OF those institutions. They are, In point Of feet
the mint Of the United Ststes. They coin the
actual MONEY ttor such &c must call bank notes
and regulate lie issue. and consequently it, vsse
IL Se inquire ~ TO their number, the amount Of
ti'elr issue. sRd other cireumtiaaees calculated
TO show their Astusl coalition, Se shall Sud that
80 rapid has been their increase, add 90 various
their changes. that no seeutHte information can
be had. According TO the --latest and best that
have hscD slide TO ascertain, they number II least
ioor hundred and 6fty. Uiib capital Of not Irss
Than One hundred snd forty Ave millions of dol
iars, 9TH Hu issue exerrdibg setcnty millions;
-"d tie Whole 81 this iInm-nsc fabric standing
up0a metallic cnrreaey Of iess than fiftt sn mil
lima 81 fullnra nj l..
held BY the Bank Of the Unit-d States II ve
compare the notes ia circulation 9TH the metsl-
lie currency In their vaults, ne shall hud the
proportion about sax 10 one; and IL We compare
the latter With the demsnds that DAy be made
upoa the banks, shall hnd that the prop 1rtion
- about one 10 ELEVEN. ~ We examine the ten
,leney Of the system II this moment, We shall
hnd that V - on the inerraae--rHpidly on the In
srease- There 20 nov pending u project Of ten
Enillio0 bank before the Legislature Of New
loJki bot recently Que Of eve millions vas eaia-
blished IN keDt1ekyJ within q short period one
OF large capital vas established in Tennessee,
besides others IN sgita;oa in several Of the other
StAies Here Mr.. Porter, OF Louisiana, ssId
that ono Of eleSen millions had Just beea eslA-
blished ia that Stnte.
This iaerraar ia MOI accidental II NAV be laid
down Ne lac, that where tWo curreneies are
prTniiicd 10 circulate in any country. one Of q
cheap add the other Of q dear material, the for
Sner neesss-Tiiy tends TO grow upon the latter,
aud will uitimateiy expel IL from eirrnlstion, un-
less lie Tendency 20 increase be rrElrained by 4
/ powtrfui and effieirnt check. Experience tests
the truth Of this remark. the history Of the
banking system clearly illustrates. Tho Senator
[ from Massachusetts truly Said that the Bank Of
EsglnRd YES derived from that oG Amsterdam,
- ours ia lHrn are from that .of EnglsRd.-
7 throughout It's progress the truth Of vi hat have
slated 20 be = Law Of the system 10 strongly
esiReed ! he bank OF Amsterdam vas nserrIy
hank OF deposite-a storr-houhr fOr the sale
keeping Of tie bullion aud precious metals broI
into that commercial metropolis, through al the
channels Of lie widely extended trade. IL Nas
pnced under The custody Of the city authOritiea;
and, on the deipasite, . certificate vas issued n
Evidence Of the Tact, which Was transfvrrahle 90
- 10 chIitle the hsldrr to drmaati the return An
/ imPoTtsut tsct WAa SoOa disslost Il, that large
portion OF the drPosileS might he wiJbdrS an,
and that the rvsidue uoule be sufficient 60 meet
I The rrturning certificates; or, Wh-i - the same
! IN eject, that certificates might be issned With
Out mai ting Opposite. THIS suggested the idea
at back Of Discount yell ~ dcposite. The
fact thus disclosed fell too much iB With the &C.
Mus of liie sysiem TO he Loaf, aud, seeorsiinriy
vhen trSnspIsnted 70 England. u suggested the
/ iden nf bank Of discount and deposIte; the yer,
ctSeRee of Shich fo.m Of banking, that oa which
their profit depends consists IN Issuing greater
amount q notes isn Il has % slpeie ia lie vaults
Hot the system 70 regularly progressing uadeF
/ the impulse Of the laws that govern "a from IL,
]
chine for fabTiestlng snd issuing notes, not con.
seFtible into specie. AlFensiy baa IL once reach.
ed this eonditiou, both in England and the 4
States, aud frum Which Il has been forced back,
( ~ both, 90 redemption Of lie sOtes 9th Ervsi
diaieulty.
The natural tendency Of the system Il nerrle-
raird IN oar country BY peculiar causes, which
have grcssiy Increased ice progresa There ere
! two powerful causes w Opcrstioa. The one re-
sailing irofn ti's, rivalry which must ever take
place 81 Sta'es situated a. ours are, uadeF on
I General GOsrrumeDt, and having = free and
! open CONTINENTAL intercourse. The introduetior
Of the banking SYSTEM IN one State. necessarily
on tbs principle, Introduces u to ell the ofhera
{ 81 ShiSh 80 have seen . striking illustration o.
the psri 81 Nirgiais, sad some Of the Otheu
Southern Stafes, which entertained, On Ilr;neipie
sirOnE aversion o. the systems yct they yer,
cOmpeiled, afier iohg sod stubborn rrsiatanee
% yieid their ohjretiOos, permit their eirraia
/ lion 90 b. fUrnished By the surruoad az Statsa q
I ti,v eSpease q their Own sapitsl sRd commerce
The same eaute which lhus eOmpris one Stale Z,
I iuiiizie the example o. another, b. introdueinl
tbo system from srif-dsfenee. viii compel 40,
oiser Stntrs, IN hke manser, and from the ssms
esgsc, o. enlargr aud give iuerrasei ecflsity q
ihs hsuhinE erFrstioi. uhenevrr any osss Of "a,
sisiss sefs ihe eNsmple 81 ~ doing On fa pert
/ and thus. b. muiusl sciioa aud rs-actioT,. tbs
vhols - stem 10 rapidly seselerated 20 tie sus
1 desiify which hatc assigned.
thif BE- esFikthgiy eHFmpiihed in TIE rnnid pro
grsts 81 thr . siptn sipec ice 6rst iusrodusiios
iHto cur cosutry. ~ The atlopiion ~ our Coo.
uiitution, prriUd ~ forty-hse years, there wrr,
be- thrue bufks IN ihe United slatct, the sgaoun.
% vhosu uspItsi ! 10 not nov rscoiicst, b,u !
/ 80 very sussll. IL this short space thsy hav,
I insrussFd % fouF hundred sud hlty, 9Th cant
isi 81 one hundrrd and fofiy Eve niliions O. kai
alfrefy hern sisted - incfrnee eNeecdiar uear.
I y 81 huudrfd iold ~ propogtioustr inercsse d
eur vrahh sd Populslion, e. CREST ss thsy hsg'
I BEEN.
/ Bot u y not IN numbers only that shey hav,
inoreased, there has, 10 he sans time, been I
! rapid sdyance n ths proportion Which thsil
notes IN circulation bsar % tie specie ln thell
Vauits. Some twenty % thirty years ego 4
was not considrrsd safe for re issues % a..
cssd the specie By more than tee and hah
81 three Zoe one bot now. takirg the y hole
snd Including the Bank u the Uniied ststs.
I With TIE State Banks, ihe pFupoTtion b ahou,
Elk - of'e; sud ihciuding bat Bsnk, d vonis
very sraaiiy exceed bet proportion This h.
ereess q pepper ID proportion % metal. results.
from eausr which deserves muck more no.
tee ihan u hes hsFsiofore btiracied q oft
gnaiss mainly N the nusnber 81 fha Bauks.-
/ I wiii proceed o. illustrate a.
/ The enuafrr frsr, Nnr Fart fkFe rU~g-Ns I