Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-30

iiculafy. that II was SO IN tie Northern anu Eastern
Siatcs-th.u great hive which has pouted firth y
! MANY of useful aud cntcrpr,siug cuaens to
people aud subdue the Western forest. Gentcmrn,
who represent those States here correct me, If my
information has been erroneous. These multiplied
and extensive calls Tor specie. resulting iron, the di
rect a"d indirect operation OF tho Treasury order.
must have prodneeda very serious pressure upon the
Atlantic States II WAS sudden and unnatural dis
placement OF the precious metals, which could not
tail 10 give u violent shock To the whole system ol
bank credit founded upon them. But when the Go-
verniucn, announced It's fnal determination 10 con
t,nue s specie circular Is the permanent policy ol
the country the blow was decisive and fatal. In the
permanent aud indsonmnate refusal oil the notes Of
all banks IA the largest branch oil The pahte revenue,
an official disorrdn was stamped by the Government
upon bank paper, which, the critical state TO Which
had already been brought by the circular, II could
not survive. Public confidence was shaken, distrst
| and pane produced, Systematic iuhs upon the
banks commenced, under which, whatever their ulti-
! mate aLiily, they were forced ~ suecunh Tor the
] lime.
| | know, siv. thai this eatlsttophcshs hrsn some
times panenla, quarter attributed to the Transfers
oi public money under the drpose act Hut II | he
specie circular had been issued aud that act had
been executed IN the spirlt ot The policy which
sh ipcd its proy4ions no 3enshla embarrassment
could have r-sultrtitsn i, to the b INKS. The ACT it.
sell was measure oi wac aui necessary policy, II
grew ont Of state Of things which presented these
lhrec Alternatives A mmel nc .a.olus OF ne lors
~ millions OF public revenue was 10 be CONTINUED ia
the dcposite banks, aud used by them IN iris,r ring
reckless spirit NJ specuaion II the hizud ot the
u,tm te loss of the whole fund TO the Government,
as well ~ oi great injury 10 thr community OF, se-
condly, II wasto II wasted IN Projects Of Gotcn,nent
texn,u.u,, Which WIN not merely ,.cle,v Inn
highly dangerous aal perulcipnS or Lastly, IT was
Ia he lad by, IN rc,br proportions With the Setera,
States, temporary aud ununestlo 1ab, safe deposit
torres, with the privilege OF nSin. IT. I'll called Tor ly
,hr want, of,lr u,o. in sncI, m.narr rs they should
think best for III, hcprlt OF tlrr respective connu-
Mir, ,hnk. sir thr,r arr bat few candid and IA.
| i,ntir minds which l,ohing hack T., the ,tlr OF
things which thcn existed viii no; nj once decide that
The ,.i ,,,rpatiyr--,,,t vhir w1Y embraced by the
~, ,,,s III, IN, ma, o,oncr Ia he a1ooicJ, Al the
same time ia provisions wr4r of the most lbrr and
CON ,,,rroe character IN REGARD To the banks from
winch these moneys werr Ia h,, drawn. The whole
n,y,,,, "a ,liylr inn, tanr en, Il ios,tnrus the
sr, no, 1, IA, Md ovr, bv th. b,,La ttIl ,ltrr six
mou,,s no,,ce ,,,,n by tl,, art itself and the three
,.rsi,i,g INSTRUMENT, ,a he mad Al SURGE slyc prri-
ODDS Of ,bres six m nine months thclcaitor. Ample
,,me was Tins N II led to e banks 10 meet hesc pay
,,.a,.. aud t,,,,e /, rrasno to believe that upou
iudcinus pl,n Of execution the greater p,rl II not
ibe Whale Of HE urecssa, transfer, my lat have been
NIL, ,i,,,h ~. ,,,l, and commercial cschanyes
of the countr, not only without Inconvenience. but
,,l real the busiuoS, ct the com.
,,nn,,y A nd,nept,l ptnclpIe of the act wa. the
s,x ,o,,hs, ,o,. c,ye Ia The ,pL, before tho com.
no,rrmen, ri ia execution Bat instr ID of th,, an
tur,o,ted transfers 10 the amount of ten o ircn mil
~, f,,,.,. IA, ,,y,,,,oxIy ed1 were made
I Ill.,, 40, l,,. o.c.ssi,v la, ia, :, very SOM
i ,hn ,,s,,. NJ the ,,t r., the execution OF tho
, MIA, !, is said that l,rgc amounts OF Specie were
dawn and tr,n.port. to aud ro to the great ia =tur
b,nc. oC :, mn ,rcc vh.n the SINE movement of
md. ,,,,,l,, Inv, aeon effected vjlh eisr ihronuh
L ,,,,,,,,v ch,,.,,s ,Cn,J, t,lispl,cinr
,lons Ih,y. hoard ,,r ex,,a,c. Of A catc IN which
Nh f.,r,, MO lad hc,n lie ,o.l and cnp s,lcr
ali. $40, i,,y, a., ,,,,.,ari.l :, encr;r whom Al.
nns, IN .p,ci ,,r,y.l !, il, d,s,in,ionthc
h,ti =, aL..,. ,.a.,,l !, ,,l Lrou,I, !, n, ,,s
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