Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-04-03
GSNCHeIss:, April. !, ,s,.
THE MONEY PRESSIrpr

commercial tornado is again sweon,,o
country, With unequalled violence. n,o,,,,,; '"'
established houses, which were gen.,,n,
sac rom tie 'icssltndes of trade. Will III,
more limited notoriety have yet succeeded il
ping the Jury d the tempest Thus far NO 49,.
to say, The citizens oths place are unsc,,loa a"'
the ravaecs Of the storm are approocbin, oA
IA lew oil the Richmond capitalists bci,, ~
"''oo ''''ops It's victims, while some sthers are y,,
posed To be - tottering to their fall l.
As usual IN such times, almost every one
on the widespread ruin. and specnlatinr u,.,~'
causes that have produced it, We
of'aha'eiv Tor the country, there is no N,,...,
Bdhh no"ln existence, TO whose sudden contract.
's previous o'ef-iSsues the calamity can be- ,,,;I
ted Tor the purpose of securing its rc-cb,,.., j.;
midst OF panic of its own crcation-tb,,o
President TO be turned out Jy ,t,,il,,i,
war upon the currency" the evils. tbe o,iy,.,..
which are too teortully apparent to be- d,uicd 49,,
no "sl''lah 10 the Snccessorshp, who expects 10 :,
valI himself oithc public discomfort, prolnccdh nv H..
existing calamltirS, and the apprehension If s,,I
greater TO reach the heights Of power. rLo i
scnce OF these cNhaneous causes of peryertino ,,l
peJudicing the public judgment is Favorable 70
more rational solution OF the causes as well as ,
ciirctua remedy for the consequences of the co,
vuislen which is shaking commercial crcdittoa
foundations and puncturing the inflated bladdcrs ,l
have so long cheated the public eve, as with oold.,
Visions otpermancn' and progressive prosperity.
W hat are the probable causes of tins cxtr,or3,
nary spectacle "Specnlatlon and oyerradmg,e
cXcIaims one "Spcculaton, dragged 10 inalnes,
by the flowing cup, moro fatal than that of Cjrcc
which TIC bdnhs have pressed to its lips" saws thu
flaIndeaer most in, enemy of the l. State,
Bank. True-but who called these banks into ,>,
tchce Is not their great increase nnumbcr and the
great augmentation Of ,ir ta itals ascribablc ,yclu
SNeIy to the downfall oithe National Bank In l-2O
the nuinhcr OF Banks in the t. States was 800: now
there are upwards of 500. In l13o the banking cap,
OF the l. States was, i'll round numbers 900 uOo
now, 1t Is is3eo,00o,000, This rapid and exrma-
giant augmentation Of fictitious capital it will no; br
denied, is the direct and inevitable consequence nj
TIC downfall oft |. s. Bank. 1t is equal, c /
tam, that, 40 longer under the watcul supervision
OF central and controlling power, and each Bank at
liberty 10 regulate its issues the anxiety to real
NE large profits, and the spirit of rivalry thus cnccp
dercd has expanded the credit system to its utmost
point OF tension, until, i'll the natural course OF E
vents, the links begin snap asundcr confdcnccs
destroyed, capitalists hoard their rlaans the banks
instead Of continuing their discounts, commcnc,
curtalns thcir debts, 3" the natural bond Of brother
hood is dissolved" aud the cry, save himself who
can is upon every tongue.
The Wild speculation in the public Lands is ano,hrt
and most influential cause in producing III: cyi,t..,
pecuniary cnbarras- mcnts. The following talro
receipts at the treasury from this will sh, &
rapid increase in the amount of capital thu~ nnc,'rJ