Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-06-29
,oy. nkNILToN.S LETTER

| Ll,c.sed long letter to Nicholas BdaIa.
,l the Charleston Mercury, IN relation to es-
ln,neal difficulties aud to the tcnpor4e4 and
'''7 measures olteliei. We regret that a pres
| Thor matter eompels Us. for the present L.
iii. letter. Notwithstanding our non-coneur-
il, much of its reasoning. especially so Tar a>
hos npnn the caaseS OF the arrangement Of
,,,ed affairs. We must conGnc ourselves Ia
,so statement oithe topics which it discusses and
hicf commentary upon them.
-, Jbe temporary remedg-t,ov. Hamilton pro
80 ,,,,t " the Presidents OF the Banks of Philadel-
lave n meeting, and address a Circular to the
oftbe different commercial cities of the /
,.,.s requesting the Banks OF each city to appoint
.,;,s Presidents as deputy To meet in phla-
,,, an the second Monday in August for the
,,,ose of comforting as 10 the means and period of
nm;up specie payments, that the same may be
,,orsal and simultaneous on certain day through
,,,hcT. States" lie proposes that IA committee
t,his b,dy be appointed To attend the extra session
congress, to solicit the cooperation of the 90
,eut. without which lie admits that the Banks
do notl;ne. He thinks that with this con
-, if the government will issue Treasury Notes
,,,c 4 moderate interest, for the msalnents oftlie
,nnlus Revenue hereafter falling due to the se,e-
, S,,,cs ,cleelnabe int, Q and - months by the
non,site Banks at their cost. specie payments may
,,,sumed cotemporaneously with that issue These
Treasury Notes, he thinks would stand in the place
,fspecie moderate the demand for it, and b, being
c PAYABLE at different points in the Unlon serve
n. p,uposc OF exchange: and before they would be
hu,sed he SAYS, = the new crop of Cotton would
ne in to enable us To pay our foreign debt" All
1is NAV be so : but there is some reason to appre-
lcnd rha' the over -sangnlhc temperament of Gov.
Hamilton outrunS his Judgment. The resumption
at specie payments is most desirable thing on ma
n, accounts bul premature rcsumJ,tjon, to be fol
lowed by another suspension, should most carefully
he stunned IT, Gov. Hamilton contends the
forthcoming Cotton crop will enable us. 10
pay our foreign debt ia fact seriously questioned
by some acute mnds,) and fthc discharge of thai
debt would enable olu Banks TO resume specie pay
mcuts without danger, suppose il will, hod ut
rd Lcaer uait mil Il is hfoaeH into martef and
oH. Letore ms st'p be ddemjnd "pon \ few
months delay can produce great deal Of mischief
inconvenience whereas Il resumption OF specie
PAYMENTS prcnatuely, To be followed by another
,n>pcnson, will he attended bv evil, more serious.
We fear than Those under which We are now SUFFERING
'od will retarl almost indefinitely tie complete and
radical correction OF tie existing arrangements
Nrd. should II 50 lappen that the proposed issue Of
TrcaSu, Notes will mol stand in the place aud answer
The purposes ai si'ecie, and more especially If il
nnn out tilrt our le>t cropoi Cotton viii Dot liqni-
ic orr foreign debt, is it fair inference from
Gov. Hamilton owl feesen,ne that ;al immediate
assumptions Of .l"eje pa.mcutS cannot be safely de-
lcmincd upon Nc1errat, therefore, rhm while
here cantr No otttcionto the issue of Treasury
Notes for the purpose nl1eated. we had better await
n" sake OF tie Cotton crop before any day hr definitely
'ud positively designated tor such RESUME tiom.
d. 1he P'rmaaeof femcdg.-(uv. Hamilton pro-
YN'c' rs Il permanent remedy, that Congress- AT il,
extra session. shall propose 10 the several States an
amendment OF the CONSTITUTIONS authorizing the fcdr-
raj government 10 limit the amount of the banking
"1Ptal o! the country; provide thai it shall not
bcncrcased, but ON the contrary diminished as the
charters ri existing Baks expire that then on
sc>S shall apportlon the amount OF capital among
'he States upon some safe and proper ratio, (>av
arlo compounded both of population and exports y
that this amendment shall likewise craut to Congress
'owcr 10 incorporate National Bank (thus settling
irr'cr the question ef lhe t.psti1pEo00liiYef such
mmstlulon.) and that that body shall immediate
thereafter Incorporate the Pcnns Nl,ania Bank oi
me ntcl STATES. provided the Stockholders will
surrender onc-hall Of their present stock, which |
Stock 50 surrendered stall be apponioncd part o
The government and the other part to other banks. |
que OF which is TO be selected in each OF the
"@I cities for that purpose, to be converted into a
E,,,,l 4 IL.
Without the evil OF an augmentation of the banking /
capital lie recommends that the States sole,nnly |
0lnrc the power to incorporate a Bank beyond the
AMOUNT of capital allotted to them by Congress, and
mat the power be surrendered to tina, bod, 10 de- |
Fminc what denomination we'll What amount
'tno,cs shall be issued-tllough he would pro-
VIDE that after the year $50, should be is
sued OF less denomination than S?0-Such is an
outline of Gov. IiamiIton's scheme 1t contains
NHsgc~tons OF grave import 10 the American people
Mssestions that should. ifpossblc, be weighed and
decided, apart from all paltihan prejudice. They
cover too much ground, however, for amy thing like
comment this morning, father than TO say that,
"me we may not concur in some of the de
ihS ofthc scheme. We would not. as whole. hasti-
y rcjcc,it.
So THE cause ot tn diEcalt,,S.-ilcrc we differ
'""Sether from Gov Hamilton: and must be
F'Hn"tcd TO express the opinion that his own ankle
y 10 win converts to his scheme from the Van Blu
,'n ranhs has nsensiby swaycd his Judgment and
l IA