Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-05-29

whom II belonged. II there has been o,ertia,L,
the Gn,ernmrut has encouraged 1t fthrre has been
rash speculation IN the public lands. the Government
has furnished the ueaus out Of the Treasury.
Unprecedented Sacs OF the public domain were boasted
al rs proofs ot happy state ot things aud OF n wise
administration ot the Governments down To the mo
Uncut hen Congress-, nopposltlon Ia Executive wish
e. passed the distribution law. thus Withdrawing the
surplus revenue nom the dcposltr banks. Tho
ee'se that measure compelled \ change IN the IKE
'a'Ne policy. - the accumulation ri 4 vast amount
81 Nancy ~ the Treasury no LONGER desirable.
ms Is In" most favorable motive To winch can
tiihe the Treasury ordernt July Il nov sad that
taN order "1s ISSUED Inl the purpose OF enforcing
sttet execution III the law which to,bi,s the allow
an'e al el'dlS upon purchases al the public lands.
But there Ms he such credit allowed before; not
IN lion, WIS gwen beyond the time al sale In tins
spcet the order produces ltitcnrcwhaieyct. lis
only elect sto require immediate payment IN spe=
ele, whereas, below, an immediate payment in the
bills oi Spcrle paving hanks WAS demanded. There
Is no mere credit III the one ease than IN the o
thel and the Government eets lnst mueh specie
III Que rs IN tho other; lol no snonri IS the specie.
winch the purchaser l. compelled To procure, often At
great charge. pid Ia tho receiver than IT Is sent 10
thr deposlto htn,s aud the Government has credit
ton II on the books of the bank bur the specie itself
Is again sold by the bank. disposed OF tit
II Is evident thu the Government gets nothing h, all
tins, though the purchasers aud cspe, ALLY the pun
chlscls OF snail tracts put To great trouble md
eNpcnrr Noonr gam, an, ihng bur the banks
and the brokers. 1t iS moreover, most true that the
AIT ol man could moi have devised \ plan more 81
teeuallN To give the lugr purchasers OF spcoula-
tors adceldcd preference and advantage over small
purchasers, who purchased tof actual scuenfcnt
than til" lleasur, otde, of Jul,, Lac. The stop
page ot the banks. however has now placed the
actual settler IN snll more unfortunate situation.
Ito" - lie 10 obtain money To pay ion his quarter
SECTION lie must travel three or fou times
ny mlrsiol II Is he has dollars To pay. even II he
sl1 la n AT he, nd at / II Al
neN,
VIII not say thlt other causes, both ut boluc and
abroad have not had an agency IN bringing about
tue present dcnneement kno" that credits
have been used c,ond all former example that 1t
probable The spltll al trade has becu TOO hlshl,
cited; tllu The pursuit ol business. may lave
been Prcssrdtao List aud too tu. All tins an ready
To admit. iut, Instead OF doug any tllng To abar
lis tendency, our Government has beru the prime IN
rl1ument OF fostering aud encouraging IT. II has
parted voluntarily, and by advice. with all control
Yer the actual currency otlI(c country. II h, given
irre aud hl scope Ia the spiIlt o banking II has
aldr1 thr splrt 81 speculation with the public nca-
sun and 1t has dom all tins III the mlst oi loud
sounding promises Of an exclusive apce'r medium,
aud protested dctc,tat,on OF all banking tusttu#
tons.
II SIN vain, therefore, to hatthr present state
al aluf IS DIVINE, the acts Of Government bri
Ia other causcs. o,ci which the Government had
control. Much ol II sowing To the rairse ot ,he
operation al which Government WIS brunl II duty,
to use all II, lead powers 10 control
j. there m Intelligent ma ~ the community, N
this moment, who bellows lhat II the Blnl of the /
uted States had been c6nliuued the depusitcs had
not been removed II the specie circular had MOI
been issued, the financial affairs OF the country would
have been m Il. bad state ~ they now are ! When
certain consequences are repeatedly depicted aud
tufctold, from particular causes when the manner
IN winch bcse consequences willhc produced IS PIE.
-, /, pointed out. beforehand and when the
.equobr, com, III the manner iotrroli, who viii
stand up and l"cIm' Hat. Notwithstanding all tins,
there Is uo come between the cause and the con
sequence and that ali these cllrcts are attribute
bic TO Jnr other eausrs. nobody knows what
No doubt We shall h2ar every canse but IL" hue
ONES, assigned ni the present distress. 1t VIII be
LAID To tn bauk, il will be LAID To the neiclnnts II
will be LAID the manufacturers II will be l1d 10 the
tart II VII be Land To the month star, 10 the mt
Ign influence olhc last comet, whose ul Sw nj near
OF lhc orbt olour emth before We shall BE- al
lowed To a,cIibc II 10 ITS INST, mann eauseS-d tam
| pttna run ttr CmrcncH amt IN attempt Ia "trlch
j Errcu}ir, pover orcr subject nat roastitdionahg
WittiH rs r,Jsh.
We have heard. gentlemen, ol tho suspension oi
some oi the Eastern banks onl, bnt ! iea the same
course nastbc adapted by all The banks throughout
The country. Tho United States Bank, now
mere STATE institution, with no public depositc',
no pil from Governments bnt, a. thr contrary,
long an object of bitter persecution by ii, Was,
at pu latest a1tices sill FINN But can We
expect Of that bank to make sacrifices, 10 con
tinnc specie payment II IT continue to do
So. now the depo~ltc banks lave stopped, the Govern
mcnt will draw from II ia last dollar, II II can do So
in order 10 keep up pfctcncr of making ats own
payments in specie. shall be- glad If tins lnStltu
ton tnd IT pulcnt and proper Ia hold ont but as II
owes mDrc duty 10 the Government tlln any
other bank aud Of course much less Than the depo-
site banks, cannot see any ground for demanding
from il efforts and sacrifices to favor the Gnveru-
ment, which those holding the public money, and
owing duty 10 tho government, are unwilling or IN
i able to make nor da see how the New England
banks stand alone III the general crush lbcctc
those IN NaSsar huSettS very sound, and en-
tuclN Solvent have every confidence III their
ability To pa, and shall rcoce If, amidst the
present wreck, We find them able to Withstand
the Storm; but the same tmc confess !
shall not be disappointed if they, seeing public
object to be attained, propouIonrd 10 the private
loss, aud individual sacrifice and rum, witch must
result from the means necessary to enable them To
hold out, should not be distinguished from thor
Southern and Western ncrghbors.
lbcese, gentlemen, the " experiment must 90
through. believe every part aud portion of our
country Will have satisfaction, ta,t" OF the better
currency believe shall be blessed AGAIN with
the currency oi l-I2 when money was the onlt nm
current species Of property. We have, amidst all
the distress that surrounds Us, men IN aud out OF
power who condemn National Bauk, IN every lorm
maintain the efficacy aud efficiency OF State banks
for domestic exchange, and amidst all the suffering
ald tcrrors oI the experiment, cry out, that they
are establishing better currency" The "crpcri-
mcnt the experiment upon what ! The rXrerl-
ment OF one upon the happiness, the well beng
and MAY almost say, the lives of twelve millions Of
! L.. L.