Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-26

same cnharlaSSmentS and dstfcSscs have existed III
England in this country, arising from the sumo
causes. with this only difference IN the resnlt-thai
here the banks have suspended specie pawn cuts,
while IN England no such catastrophe has occurred.
| Tins difference In m, mnd, compiehends every
thng. II is rendered the remarkable by the
Fact that during the progress of those difficulties,
/ England WIS constantly losing her supply ot the
precious metals the stock OF bullion in the bank
having been reduced from about eieht millions IL
four millions pounds sterling, tone hall al her otdIna
~ quantltN,) while in tins country, during the same
period, the precious metals lave been steadily flow
/ my IN upon Us, aud accumulated IN IN nnprece-
deutcd manner That Al the time OF the suspen-
SION al specie pa,meuts, had three tunes the n
mount ot specie We ever possessed before. Accord
luG 10 these circumstances, the results III the two
counhcs ought 10 have been precisely reversed
We should have continued Ia sustain specie pay
mcuts here, While suspension OF thom III England
would seem To hive been inevitable. Why has II
hrcn otherwise How has II happened that Eng
land, with he supply of the precious metals reduced
10 one hall her usual stock, has continued specie
raNments while we, with three tunes the amount We
ever had before. have becu Compelled to suspend
specie payments The solution must be found
maui, N the fact, that III Engand III periods ol
commercEldl>uess, confidence Is ALWAYS encouraged
by government wmlr here nothing done by the
Government Ia animate and sustain confidence. do
not mention tins matter oI tcproarh To the tov-
eminent II may be, thu the Government here be-
hcved it had no constitutional faculty. to nrrpnse.
III anN manner Iof the snppoito confidence. hut,
unfortunate direct aud open attacks IN the CONNER
cal credit and institutions al the county,, well cal
cultted Ia deNtrDY confidence, were mldc III quar-
Ter which, from the relation II bone 10 the Govern
mrrt, gave use Ia In ely aplHehenslnns o hostility
from the government itself, These appichcusIons
are NOW AGAIN revived by the recommendation Of
the Pres .denta onnnrndaon whieh, II attempt
ed 10 he carried into executions, would, M my hum
Bile judgment, render TIM recovery Of the 'oun,l,
rom lis PROSTATE condition, hopeless and nnpossl
bic.
ltlsa matter susceptible of demonstration, that if
The polio, oil demanding specie exclusively III pay
mcut of the public shall HOW be- adopted, will
be utterly impossible tor the banks 10 resume specie
payment. II is iusaflahe Law OF currency, we'll
stated by my honorable friend from Gcol@m, Mr.
kma) Yesterday, that II there be two culfencles IN
county, ono answering all The purposes Of the
Other. aud Il raiaablc purpose tcS'deS, the currency
answering the additional purpose will always com
maud premium. THIS Is the condition Of the
country, At the present moment. Banh paper con
suutes the great MASS OF the circulation, while gold
and silver are only 10 be had At premium. II HE
Government shall M" adopt the policy of requiring
payment OF 1ts dues specie alone tbs state o things
must bc prrprtudrd. Applicable 10 all the pu,po-
SEES Tor which bank notes can be used, and over and
above Il AT, answering the important purpose oi pay
my the public revenue, nom which bank notes will
be excluded, speer, under these circumstances,
must continue 10 command premium, Can the
" " ~
mum bore by gold and silver The yels moment
thcy opened hcif vaults the holeis oil notes, III OF
dci IL sccne hc premium to be obtained lnl specie,
would make a CcheraI Inn upon llItn i"l cash aud
thes opened hea vaults, II would only be 10 coac
fhrm immediately.
But, agaln, 81, "ouidnot the 'rd~Wf oi the Coy
eminent III lire IndsclImnaIe rejection "i all bank
paper, have Il powerful m"'d influence IA exciting
the ledousrN aud suspeIonN oil The whole conmn-
MY II The Government, by IL acts shall declare
a.
bank paper Ia be worthless ~ unsafe VIII ~" gem
RAJ d'llnNi be created III all b1hlhS Ins'lniiohF ana
"'' MOI every person hol"n@ l'h aPti h''ohc
impatient 10 thuN,il II IN" specie !" 'hiS p'l'do-
ing Hahl Il Commence li'il sahl'' No"'u ~ 'fa'n
rd "l every dphli H'} pnsNrssel' u Is hehohaha-
oI'' therefore, mi "ieF me p"h'N "' correcting
me dnc' "l the Government III h'lh money ainh''
"r II yer cln accomplish thlt gt'h opl''t IN With
lhr Whole country mas :" VITA an ih'e'S'-'ll' re-
SUMPTION "i >P"rm payments by ne banks.
lilo" doeSlhr proposition oi TIE Honorable senator
nom MISSOURI (hi' bpNr"N) pear upon ms Po's'
uon It's practical ceci, II understand II correct
y, Will be 10 rui7itc aPfhW4 upon the banks ioi
fc~hnin@ specie payments In TIE amendment oil
tered by INN ihcfe IS blnh TEL Ipf me aaS, hitt
Nheh the revenue are pl"lo=fu To d. coh'c''n III
gold ana SILVER Only; anhl nnuifNihnh me = II 'nl'
I" II Is MS me- non ~ an a' hlah WI" l'i' aaS
on winch ihe banks Wotl' l'foblhlH resume specie
payments ! b lf'r' I, 'ad MI X llhhh2 10
hf. hlNieN') nm NOT iilrhPh WI ID Nr' y
rSht fsh'') men M lie>ld'nt' mere Is" posi-
tive penalty denounced aeain>i The banks, when theA
s"'' cum !" sit''e pay '''t''N' y "t II" no"
stands TIE notes oil specie plth@ banks are i'crha
tor willing thH tins >honId continue 1" be the law