Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-07-27


" ioresccing the multiplied difficulties Which h
would have Ia encounter lot the want of = national
bank. retired from the Grcasur, Department.
Some manths sinee | believed il would be best ion
Congress 10 establish abanI nncenncctcd with the
old one, but upon more mature reflection am con
Ninccd II would be unwise, aud indeed, Impractical
bic, To put such institution into OPP ration a.
would he suited To our wants, within any renSona-
able period, without increasing, ruinons degree,
the cmbatfassucnts which already exist ~ ON mo-
notary concerns; nor can It be supposed that any
ne" institution will cnloy lui some yrurS after its cs-
adjustment, the same degree OF credit At ionr aud
abroad winch ~ attached to the present bink. Con
gfcss may eilher grant ,ha,e, Ia the present bank,
"a revive that OF the old bank which does not cNpne
unnl Marchncxt The iunds ui the present bank
IA the Latter case could hn transferred hy aslngie upc
ration aud the Pcnnsy lyma charter rtlnqn,shed
- ne bahh could commence itsoperHtions III "A day
IN e'her case ns credit under such happy recon
clllation, would instantly inspire general confidence
In ITS ability To nsuie the resumption ofspeeic pay
menis NJ an early rrrod. ltwould very soon resume
lis former usefulness aud theieb, produce Though
ont the country general revival oil credit oi business
aud OF social happiness but Il unfortunately tot our
country, Congress shall refuse the charter, the
President, Il, The exercise OF the power, shah
withhold his snuctIun the event oi us passage ny
Congress, iheu let hopr thai the constituted nu-
tholitlrs ot our country Will give nv the next best
substitute, which Is decidedly 10 make the United
States Bank ol Pcnns, wanna the fiscal agent o the
Government, ny I'htluS Tue uf1hSi's uhh'l O'
control oi that lnsitn,un hH idie, Ia be removed ON
y hy HE direction Of Congress, ~ case OF default
bs the bank To pay all demands upon II IA specie at
LEI n certain day, refusal To receive aud pay the
public dues At any polnl that may be designated by
the Treasury within the lniled States. lndrr
such regulations the bank could very souu obtain
The privileges IN man, al the States To establish ban
ehrS, ~ aRrnelcs by which nearly all the objects OF
national bank could be- accomplished aud such
viii doubtless be the result II Congress shall refuse
10 charter ahank. OF 10 make the United States
Bank OF Peons, lvan,a the depository ol the public
funds
The Treasury Circular, confess, created much
embarrassment OF the banks hy the Withdrawal at
considerable amount oil specie from the seaboa,d
but ITS operation would NOT, III my oplnlon, have
caused the suspension ot specie payments II the dis
ttbuton nj the surplus revenue had not been brought
IL bear upon the banks N the slne pcrio The
measure oi distribution do MT mran To discuss, o.
the banclni consequences ol such an accumulation OF
funds isthe rapid manner III which the hanks, n,
a moment III general distress III The money market
wcIr required Ia pay 10 the States the Immense
sum of thirty sly millions of dollars, at which com
PLAIN. 1t ought to have been known to the Senate
aud To the secretary OF the Treasury. from the re-
ports Of thu banks, thu ihc public fund, had brru
loaned aud we've not IL thcu vaults IN Specie 81 81
tbcr MONEY; lhvlt bills irCcl, lll" and available
fluids, exhibited as important items N thctt e,,tr-
ments, would have disclosed tina tact but N teoudr
ton 50 entirely unptepirrd aud PERIOD equally
~ ~ w W " w :" l'"'''' '' " -
'''b'"' III "p '""', ~ '" ','"' " ,'1"''' '''
debtors to pay hem. the other banks following then
example produced an unparalleled pam, 4 trssu,c IA
the money market, and acouc. sponllng drprrssouiu
The value o our great staple al export IN the South,
by which merchants were unexpectedly deprived
" ho''S "lo why" 'n'S 'nu NV" I" "'''' w"
engagements III f"'ope. 'h' 'i'7'7 was h"o"''''
anu presenter no "'''''oho !" '''' p,hNS pn' snsP'"-
sion OF specie payments The withdraw ii oi twelve
millions OF dollars from the New Yor, banks pr dS
'i'o"loh III me western ''' SOUTHWESTERN 'n''''
~ lhc' 100 "h'h inc cope 81 'h'S' 'N'"e7 "'''
''n'ptco 10 Ne" oiN 'nch iafe'i sum- VIZ III II
sen 9n''e s'i''l'"l ~ 'lo""'' 'le measure ~ N"9
pension y, peru" ~ 3''en "',N''s" "'''''' NM"
lhh Tue 'easuiy o''Ns l'd pcpn instructed not I"
lei the pnhlIc drPos's atchmhl'Ic ~ ilIef vaults
and thai hry ii'd been loaned, ahh fou1 NOT he s'r
y lclhlh'u III lrSH 'l'il one, Two ~ lhirr N'als
me the distribution bI was hne' "'7' os'l"" ~
Congress, suggested ~ two distinguished member
oi the Hchht 4 measure III connection WIN 'no us
winch would lave p'odnted" lhth ADOPT
ca, INC ihpi sanitary consequences Wy PoPp''i
was, that Congress should issue 'hhly millions "'
easury NOTES. peI'Ih3 'l"" f''e I" interest PN'
bic ~ one two ana ihrt' years 10 'n hald'u "'tl
10 the Stairs by the Governments aud that the depo'-
lie banks should be required To te'th tiirii ut the
periods stipulated III The proportion WIN h ti1r see
reta'y mieht prescribe iobr lmd by 'ath Shfl
measure would nave placed ne Stai's III nn' diile
possession Ola very lafge lunh winch "pnlh nave
been dtpn5hrh win thf b'hhS "t discussed upon /
"p'h' OF ih'elhaI Improvement ana WON" hI'e I"lh-
ed part OF he cHt ulllhe mrdI'm VAN WHICH the
banks could nave settled aecu nnialns balances But
above all atiief advantages, such measure would
have gwen ample the 10 the banks to collect. IN
each OF the three Ncila proposed, one htd part oi the
national funds required tor the redemption OF the
fchsniy hofe'' 'hh lhr suspension o' specie pay
incnts would have been prevented
The war now wagcd by politicians oi both political