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

and the assent of LARGE maiorby of tie other.
though from causes to which have already alluded
ftilrd to become law. Tie sHme measure na
its essential principles now again submit Tor tho
consideration Of the Senate
TIN President, sir in hs Message, tells us that tho
rcqusitrun Of gold and silver III payment OF the pub
lie dues would avo "n direct tendency To produce Il
wider ruculation Of the precious metals, to increasd
the safety II ballh paper and To improve tie general
currency, desire 10 treat tire opinions al HE Pre-
slcnt with all possible fespcct--0 respect i fltlsr
for The ~ lfsliud and the magsi,atc--bui unless !
have wholly msconccved the elcmentay principles
which bcuns to Tins subject, well is heif ohtlous
practical operation. is impossible susluin any
OF these posuns. How, sir, can the colie cilou ri
the IN gold aud siivcr, tend Ito widen the tn
cnaiIon OF the precious metals II Is we'll kuaM
aud inyariahe law oi currency, that bauk a0lcs att
coins Of the denomination enol circulate To
neither II Is valu then To attempt To ufdoH HE
circaiiitoH ui cold and silver by oor means than
by the Suppression of bank notes OF lhe lower dcuom-
nations. But not to dwell on tbs subject (Which
have fully developed and enforced el~ewhere.1
nnlnian thai the collection of the public revenue IN
gold and silver, while the common enueuey Of the
country consists Of bank paper. msIead OF teidcainp
Mn r1c ldep OF Hose metals, would have The elfeet
OF tasmg thfm ot general circulation altogether.
In lhe remarks have already made think II hns
been satisfactorily shown, thai the necessary effect
OF tins policy would be 10 cause coh aud siNefto
beu premium. Hcariuc premium, they would
not circulate u. currency all bnt would be At
lie debtor would bpg tlann ollhc broker In pr, his
dues 10 the Government and WHEN pad out 10 the
public creditor, he would 90 aud s II them again 10
The htokcr Instead ui entering iuto Ell, uauon nj
III them that were sccn. would be restricted to tbs
narrow round OF traffic, while the eleal 81 thnn
would he Withdrawn From public ,lcw rs we'll rs
lhfn. sr, n 10 the tendency oi tins policy TO III
crease the safety oil bank paper, ''-would YOU IN
crease the safely ot bank paper by nj tracing thu
fund oi its redemption ct su,h would he the pla -
on al upltC ~ q lp rps-
sury has referred 10 the condition oil the lreaslr,
III s3I, rs Attending general average To illustrate the
operation oi The financial system lac pronuses--
In looking Al the Treasury statements lor that wear,
find thai the average amount al public moneys On
cposlic IN the CITY at New 1tk, Dung tint wear,
was about five mi.ns, while the whor amount Of
specie III the banks OF the city WIS ahout two uni
IONS. Taking this ms a far average Tor that euR.
what would be the Influence al tbs new policy al
collecting lie pu'ie dues in gold aud silver on Tie
,atci7 n bdnk JslPsf Herft " hete would sou eet
the five million. oi specie to meet tbs dembnd Tor
lie public revenue 1t ~ evident the banks Womb
Dc drained by ol their stock nflhc prccions mcals,
md the community would thus be deprived d tie
.urty on Which they relied for the souudness ol lie
lanl paper held By thcn.--lhe I'm rosrmeht OF the
.cucnd currency lhcn. which the presden; antle,-
,acs Is the result ol the policy he proposes would.
HE pIGcples heretofore received as ineoutest
de truths on the subject ot the currency, be utter
lllaclcs, amoun' Tins, that the precious metal,
would no longer Ionn part OF The general ere ula-
ior--tha they would cease Ia be currency aud be-
,one mc,e articles OF merchandise. IL be obtained
lnly n premium aud thai the specie basis.
which the souudncss and safety al bank paper So
nanI, depend, would hencciorasud, II great
cn, be Withdrawn and 'nonopolihed by the Govern
nrnf.
But ii his been sad, aud regret 10 perceive that
he idea is countcnanccd by the high authority ofihe
- dent that the general currency Of the country
; matter with which Tins Government has nothing
q do-that It's duties confined Ia the exercise OF
he coinage power aud the collection ol lis ownre-
rnnes in gold and >iIsri-ard HAT tie general CIR
'uatn. medium OF the country must be entirely
IAN lonrd 10 the separate and oen conflicting coll
loI o the Individual staes. Now, sir, my opnluGs
hncr alike from this view OF the subject, and from
hat urged lew DAYS aeu, BY the Senator from Mas
achn>eus, tNr. NrrsrEn,) | hrg leave 10 state
,rcl, What lhrN arr. The wholc history olthe for
nation of the constitution. well rs HE internal ey
'e'c al II, provisions, prove beyond question, that
lie trainers oil thai Instrument intended that there
hould be common currency luf the Union, and not
different cuueneles rs there are staesh--
lhc,, doubtless believed than thai currency would
.ou>st, almost entirely, of gold and SILVER. There
we're but two hnh.s then IN existence whose issues
orned excecdlnely small part OF the general crcn-
alton. The, morc foiesaw that immense multi
llIcMion OF bauks which has made bank paper the
uM currency of the country, thau they lolesaw the
wo great discoveries ot the age,--steanboas aud
nlrold~-whlch have had so extraordinary an mflu-
nee the wealth and resources Of the country. Be-
tcying ia gold and slIver would continue 10 CoHstl-
ute the currency o the country they placed tho '.fe
,ulaou' o TINT currency expressly under The colt
rul OF Congress, and tonk IT AWAY III terms equally
,Nlre>s, from the states. lut while hey did this,
hey lett with the states (or the OMISSION To take Il
way amounted 10 The thug5 the poH II OF ucor-
Dulaing banking institutions, la the general aud ex
cnsiye olhat power by the states, the issue,
u the bauk have come take the place OF gold aud
,ily,r, aud tn form the actual currency of the coun-
w. lnthc plaouca working OF our system, then,
,laIc 81 things has grown up entirely unforeseen by
he founders Of The constitution. This Government
las no Authority, by force of law. to put eud to
bar state ol lhngs nor lst desirable, considering tue
many and mdslutabie conycmenCcs OF sound pa-
per curlcncy in the present advanced stageol com
nrrce and CIVILIZATION, 10 destroy 1t aitoSetef liHt
Is the Original design and intention OF the eJnsttl-
certainty was tlat theIs should be a coaa0a cur
-cncglur the Union, II Is incumbent upon Congress,
the 0Tcleisc NJ tie p0UcfS dcie4acd 10 a. 10 do all
can iulh That design, anu to render the actual cur
fcncy Of the country sound as equal and as nearly
equivalent gold aud SILVER possible
This duty essential 10 the harmony and irenaly
intercourse OF the states, and indeed intmat con
neclcd with all the objects OF common government
y Inch led TO the establishment of the constitution,
But tins duty is 10 be measured by tue extent OF the
powers which have been delegated TO Congress Tor
i must be borne in MUD that tins Government can ex-
ercise no other powers than such have been Speci
Gcally delegated to it. Now what those powers.
in regard to the question OF the currency! The Sc
nator from Massachusetts, Mr.. " EgsrER. argued,
tie other day. If The constitution had gwen TO Con
sress substantive ana plenary power 10 regulate
the currency" nom,ae, and inferred from thence