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

neral rum 81 tue merchants aud planters al iouis-
ana And ~ 1t rs no" ob,l0nstha the course pur-
s"co ny tue banks will receive the sanction of intc
gent people generally throughout the 'nitrd States
me constant discussion ot the prop,cty Of TINT nca
sure, ~ o the period NJ winch II " iii he prone, T.,
resume lis payment is out o place at this time aud
eau do no possible good. but may be productive of
much iafm as II onl, serves To agiatr the minds of
'ne '"md and uniformed, and To dcprcss the value
o STOCKS and every species OF property, Besides il
mas tendency 10 prevent the return OF confidence
anu the resumption ol the general business concerns
"' our country, upon which all classes al on, I'll
zens depend tor profitable employment; aud, until this
desirable object be effected an, effort To resume
specie payments will eventuate IN failure nor should
the attempt be made. without the aid OF National
institutions, To give impulse and connrNon To the
great means OF State bank machinery. which j. now
50 much out Of gear aud which Is attributable much
more, IN my Judgment. to the want OF 4 regulang
power IMAM 10 the Want oil means.
Treasury notes may be ISSUED and empIoyed
Tor the payments aud receipts Of the Government,
bht ihey can never be madc useful circulating
n''di"n III TINS cNtcnsne county. No paper mo-
heN can ever he maintained, ~ permanent general
eniIchcN oil equal value IN all the States unless II
be ISSUED by National Bank, and be cdccmablc
demand iii con-, III the pleasure ot the holder The
'ni''d States wisely using the paper system, based
upon a due proportion OF spcclr have made greater
progress within the same PERIOD ia Pc nlion ant
Tue at quisi"n oi wealth and comfort han any other
ten So well adapted To the wants OF oui People
ever be abandoned Tor Que of an experimental char
attct. II MAS the work OF Hamilton, approved by
that immaculate patriot WashneIon aud has been
productive ol 50 much prosperity and happiness 10
all classes o our cltlHens that ought to be
departed from rs II never can be without injury.
The unhappy relations which NOW exist between the
Treasury on the Que hand and the banks aud MGR
chants ON the other, Ii, produced pane most ,u-
nous IN lis consequences, which nnthing but the
ton OF Congress can remove. And IN pIlel 10 show
the hanciul ELECTS al Il general panic aud loss OF
confidence IN paper securities, whether ISSUED b,
banks OF Governments, IN the shape OF stocks
bulls, need only remind those who ma, read this
article, that during the after the burning =" the
apitol, the Ircasui, note, Then III circulation were
greatly under their par value III bank paper. aud
would notbc received on dcposte. or IN payment 10y
the banks, although they had all suspended specie
payments, excepting some in New England. Treas
my notes were then refused IN payment Tor the
ccsSar> supplies of Our armies, while the notes OF
the State banks were received by III classes nt our
People, aud circulated without The slig hcst dstrus
And IL; ourteddrr, also l'ar ia mind the fact that
notwithstanding the banks III our scJboltd cities
mi eht have been sucked, aud then securities have
been thus destroyed AT blow by the enemy,
who had Just burnt ouf tiplol. still Treasury
notes. ne obhGdi30HS u the HatioH, would not be
rceelvcdby those banks, which were depreciation
oi 20 10 25 per cent. below COIN Al the same time
The pubic debt, bearing IN interest of pea cent pen
annuuI, could not be negucialrdbs the Government
onbcel terms thon 80 cents III the dollM, payable IA
bank nolcs--beng IN iaci hut GU cents IN the doIlai
iof specie aud, remembering these things let all III
authority who have nom To act with reference 10 the
currency, also beau IN mind, that they occurred when
our country deprived of the regulating power
and aid Of National Bank for the want n which
the nation sustained losscs during tie equal IN
my opinion, To twenty five mhous OF dollars; and
~ coiroboranr of tins fact, | will state crcunI-
stance which occurred period OF the greatest dc"
pfcssion OF the public credit, bank IN the DiNtnct
OF Columbia, chartered by Congress, loaned 10 the
Treasury considerable amount IN its own notes
not rclccnablc IN specie, and received IN payment
the stock OF the government al ~ cents in the doll,
thereby realizing Irohl OF twenty dollars on each
hundred by the mere act OF manufacturing the n
mount loaned IN bank notes.
The day after the burning oi Washington re
cened letter from the Secrcai, III The Treasury
George W. Campbell, who wa. an able, jealous of
iicef, soliciting my aid III the procurement Of a tenn
porary loan, 10 supply the pressing wants al the
Government, until the melting OF Congress, aud OF
iering to give an interest AT the Of per cent
per annum. Having been engaged IN making loans
To the Government pr,or to that period, and indeed
from the commencement of the WIZ, | was induced
from the puiest motives. at that gloomy period, 10
enter into stipulation with the Iredur, 10 loan one
million cIg hi hundred thousand dollars, payable III
monthly instanenls o lonr hundred fifty thousand
dollars each, nj the OF cighly dollars Ia money for
good fortune to succeed in making all my payments to
the Treasuf, To meet IFS wants Al II periods sipu-
lated but without great difficulty sacrid as the
capitalists generally al the North had refused 10 buy
stock 10 loan upon 1T any tale al interest, after
the destruction of the Capitol; and the banks III the
middle States had become unwilling 10 extend thor
loans upon the Government securities.
Subsequent to that event no other individual
would make any offer for the loans which the t'ov-
ernment needed aud mnc is the only name To be
found the books OF the Treasury a lender, iIom
that period until the conclusion OF the peace, cN-
ccpi lor very limited amounts ifthat happy event
had been delay ed but months longer the last great
loan which engaged In make, underthe most fearful
apprehensions, would have proved my utter rum bat
the enemy our doors devastating our country,
Il resolved 10 risk all my pccunary possessions IN
defence: and stimulated 10 do 80 by the yalor and
patriotism display ed by fellow citizens III Mary
land, in driving the enemy from shores Al every
point at which he attempted to land. At this mem
orablc crisis the drafts of the authorized agents OF
the Government were under protest, III all parts ol
the United States, for OF funds, and every thing
appertanng public credit utterly IN state OF
dcrang cinent and uncertainty; and these things
happened nllenwe had at the head of the Govern
ment one of t4c purcst and most enlightened states
men that our country has ever produced. need
notsay that II was james Madison. am aware that
l, will be sad rla, these things happened during the
war and could not have occurred III time OF peace
but as may be again involved III war, aud have oc-
cason to experience like occurcnees,t should be the
duty of the representatives of tins great Republic to
| establish permanent system OF finance adapted to
the preservation Of its credit, alike IN war as IN
peace. What, let me ash, would have been the
fate of England without the Bank of England! I'm
der suspension Of specie payments by that mstltu-
ton twenty years, the British People fought single
banded Il successfully the greater part OF the world,
and maintained unlmpaircd Their extensive paper sys
Al. .T,l,. lrfIy and