Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-14

With this redundancy Of the paper
currency there arose in that country
also spirit Of adventurous speculation
embracing the whole range of human
enterprise.
Aid was profusely given 10 project
ed improvements; large investme nts
were made IN foreign stocks and loans,
credits for goods was granted with UNI
bounded liberality TO merchants in TO-
reign countries; and all the means OF
acquiring and employing credit were
put IN active operation, and extended
IN their effects TO every department of
business, and TO every quarter OF the
globe. The reaction was proportion
ed in its violence TO the extraordinary
character of the events which preceded
II. The commercial community Of
Great Britain were subjected To the
greatest difficulties, and their debtors
IN this country were not only sudden
ly deprived Of accustomed and expect
ed credits, but called upon for pay
ments, which. in the actual posture Of
things hero, could only be made thro'
D ~ Il'JSk
sacrifices.
In view Of these facts, il would seem
impossible for sincere inquirers after
truth 10 resist the conviction, that the
causes OF the rcvulsion in both coun-
tries have been substantially the same.
Two nations, the most commercial in
the world, enjoying but recently the
highest degree of apparent prosperity
and maintaing with each other the clo-
sest relations, are suddenly, in a time
o! profound peace, and without any
great national disaster, arrested in their
career, and plunged into state of en-
barrassment and distress. In both
countries We have witnessed the same
redundancy OF paper money, and other
facilities Of credit the same spirit of
, speculation; the same partial successes;
I the same difficulties and rcvcrscs, and.
at length, nearly the same overwhelm-
ing catastrophe. The most material
difference between the results in the
two countries has only been. that with
us there has also occurred an extca-
slve arrangement IN the fiscal affairs of
the Federal and Slate GoyeEHfmefits,oc-
caSioned by the suspension Of specie
payments by the banks.
I The history of these causes and er-
fects, in Great Britain and the United
States, is substantially the history of the
rcvulsion in all other Commercial coun
tres.
The present and visible effects OF
these circumstances on the operations
Of the Government, and on the indus
try Of the people, point on: the objects
which call foryOur immediate attention.
They are-to regulate by law the
safe keeping, transfer, and disburse-
ment, Of the public moneys; to desig-
nate the funds TO be received and paid
by the Government 10 enable the Trea-
snry TO meet promptly every demand
upon it, to prescribe the termS Of in
diligence, and the mode Of settlement
to be adopted. as well in collecting
from individuals the revenue that has
accrued, as in Withdrawing il from for.
mer repositories; and TO devise and
adopt such measures, within the con
stitulional competency Of Congress, as
will be best calculated to revive the
enterprise and 20 promote the prosperi-
~ of the country.
For the depositc, transfer. and dis
burSement Of the revenue, National and
State banks have always. with tempora.
~ and limited exceptions. been here
iofore employed; but, although advo.
Gates o! each system are still TO be
found, II is apparent that the events oil
the last few months have greatly aug.
mented the desire, long existing among
the people of the United States, TO SO.
perate the fiscal operations of the Go.
vernment from those Of individuals OF
corporations.
! Again 90 create a naiisnal bank. az :
fiscal agent, would be To disregard IN,
popular Will, twice solemnly aud une
quivocally expressed. On no question
Of domestic policy - there sironge
evidence that the sentiments Of a larg,
majority are deliberately fixed, and
cannot concur with those who ibinl
they see, in'rcccnt events, proof tina
these sentiments are. or reason tia
they should be changed.
+ Events, similar in their origin an,
character, fave heretofore freqoentI,
. occurred, without producing any sucl
change and iht lesson Of expeTicnc,
+ must De forgotten. if We suppose tia
/ the present overthrow of credit woul,
have been prevented by the existcnc,
Of a national bank ProDeness 10 cx
/, ccssive issues has ever been the vice a
, the banking system; wee rs prom
nent m National as ~ State insiiiu
tons This propensity Is az subscr
. Went 10 the advancement ofprivate IN
, lcrssts ia the one az IN the other; an,
, those who direct them both. bein
! principally guided by the same view 5
, and influenced hy the same motive.
, will be equally ready % stimulate 81
lravaganco OF enterprise by improyi
dence Il credit How tirisiugly i
, this conclusion sustained by expen
, encc.
. The Bank Of the United States. vii
the vast powers conferred on Il D.,
A. ConUoss, Did not o. could not proven