Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-30


| ever. The whole country has failed IN the same
sense. They have fa-n like stronc man unde,
too heavy burden. hut under which he tsc
again II not held down. In liz. manner th-y will
rise, II nor pressed down. | am defender ci the
banks. They have all done wrong they have all
been gully. They all over-usded. But the
ny has enjoyed great benefits even from that
trading. Ii has 6lled the sails ol commerce, it has
sped the plough, nensd the ann OF industry, cover
ed the country with great and lasting improvements
Canals, Rail Roads and other magnificent, aud prof
table structures II VIII leave SONS individual vie
tlns but the country has, nevertheless, been greatly
the gamer by the overirading. Time will pass away,
and when not even II remembrance Of present
s'iiierngs shall remain, these benefits will he flesh
aud green, and bless generations Yet unborn. But
! Tie dcposrc banks have not Yet pald thc,r bond
| They have nevertheless done wonders. aud under
less harsh (shall moi say beter iniormrd1 masters
would probably have incurred the penalty Of
| that bond. II the authors OF the distribution Ia"
Ind possessed n sound knowledge al the subject on
winch they wctc acting, they never would have re
CURED these hanks 10 have made the distribution
III the shou time lShort with reference To the OBJ
Jcct and cifcunstauecs) required. The banks did
moe than could have been expected from Them IN
der the difficulties presented. They are accused Of
diseountnc upon the dcpoSites. For what dad they
receive them Did not The National Bank do the
same Did not the opposition complain that they
did not do enough Dad not the Government urge
Them 10 extend then loans 10 repel the cry of the
opposiiionl Could they have expected sudden
adstrbution To br enacted BY law, under such cir
cu1nstnccs Ought they not Ia have expected
the National Legislature To have understood The fest
principles oil circulation, exchange and polite nj a.
c"nomy and thai tar thu sake of the public good,
II not III tenderness Ia The banks, fhcy would have
eltrn the tlme necessary 10 make the distribution,
RIthon producing conyul~lon III the money con
Germs oi The couuiry--tnr nothing less could have
been expected from the provision u the distribution
law. ! must mol he miscontrived Tie disttibu-
nnh Law was night and proper, but the error was III
the details. Thu money iaiquitousl, drawn from
III pprheis Of the people. and II would have been
nl4nous otto have returned ii 10 them, bui those
who. directed itough Ia have understood the effects
OF such II measure, aud 10 have made II gtadut
mai II mi2ht have been accomplished without pro-
ductng general public calauiiy. 'fhe sudden dis
irbulton of the surplus revenue was the immediate
ch,c ii the crlsis under winch the country IS suffer
my lSnnt n all rStravagant To saw thai we might
hasr wfaherefi the Statn without shpWrcek, but
lar tbs shgie measure. rnorrrd ~ 1t WIS, aud the
drpoSltr banks have fully aud a,thinlly performed
fhfn a'iisr lhrY have not alled fhcn, bu IN COM
NOM win MI the country, aud there ~ not the least
rras n suppose rhal they will not, future, be
ade Tale. "liic eui md faithful agents al the govern
h5n', III pefnnnnl lie dafies required by II. All
TIE circumstances wrrr extraordinary. aud form no
cNamp'' tnr oriIeuy tifnes. They had IN deposte,
~ one time, ioffy aliliu4s of revenue. To compare
the merits ol the Government scheme with the last
pr1citee we must suppose the government vaults 10
cpalt#a fry millions OF gold and sllyc, At umd
Noa al any oue be found IL advocate such "A re-
81 y len years ago liille expected, II
seo" that like rrsnlt viii follow years hence.
" II IA not 10 L. only Cor the hour in heh
re !hr. All sound II 4-ldion should he governed
bt III past AMI lonh 10 the future. There Is 40
evidence hat ihr government has lost eept lay the
leposiU' banks Ia IN" commercial cltIes and 10
thn-e tar question rnuu always be referred, be
furry ue,red aud there Is Iillc doubt. the Other
hapI, 'imt under The government scheme heavy
lo=sr> mnft be sustained, unless il shall be more
loru=ne IN the choice oi lis trustees, than ii has
hitherto becn.
Another plea for the subtreasur, scheme j., that
II Will diminish the patronage of the governneut.
There is not institution of government thai we
should mi be called upon To abolish. II this
sound argument. Ihr post Office should be abol
i>lcd, the custom houses and aud Offices; aud
III M flley could b. III p"usrd with, might be-
whoieSome Restraint npou executive authority, 10
abolish them all Tic evils. however. miIsl be sui
lerHd lf the core, pgnlns benefits. THIS evil, too,
OF executive pItrona e from ,hr OF banks, we
ought 20 suffer, AID IL take ash compensation the br
ncils they viii a!ari, aud. AN immense compensa-
ton the iict. tln thy will avert this treasury
scll"mc. Butts ittlllc. t,a Ihs scheme will DUNN
lsh executive paruna - J. II not probable, that II
will, on the contrary. increase il The latter is my
opinion. ! have been Intimately convcr<an Tor mp
wards Of f,ry ,rars. lrom boyhood. with banks
aud II IS contrary TO my observation, tbai, except
SOMETIMES in the national banks that have existed
politics hive influenced the selection oi directors;
and have never known. with slight exceptions IN
the hfiurr mentioned. any active interference
IN public crct;uis bt ba'lb directors, under bank IN
iluencc. Ga tile other hand. hdsc never know. an
circtioa III which the direct officers of The general
government were not a,it" IA supporting the friends
of the actual admnsira ION. The officers nnd"r
the government schrmc. vino will finally be uulnc-
rous, whatever may be SAID to the contrary, viii
be true SWISS and make ~, for any deficiency
bcfs. by abundant zeal and activity The far cum
cluson is, thluk that Viii increase diminish.
executive patronage. Bnf, il the argument were all
mittrd IN rhr fall extent III which it is u,ged, the
consolidating tendency Of the government scheme
is danger iiry fold greater than any that can
follow from any increase Of patronage through the
employment Of siatc BANKS rs the repositories olthc
revenue.
Another argument in favor Of the scheme of gov
crhment is, thu thr public treasure will be lock.
ed up in The public vaults. canpot be- emplaNcd IN
banking, rs womb be- II It were deposited IN banks.
Until our day. this would have been consider ed 4
great public evil. The President seems 10 have
tuarcd the average OF the public dcpostes 1t ten
millions of dollars. We have seen, that they lave,
AT times, been forty millions. As the country in
crcascs IN population, commerce, manufactures and
wealth, the average must increase correspondngly,
and il probable it will in twenty years, amount
twenty millions. Now to embosom twenty millions
u money permanently IN the public vaults (and 10
the extent OF the average amount 1t viii be perma-
ucntly withdrawn from the active capal of the coun
try) is just complete extingushnent of public
wealth, as il the amount again buried III the
mines from which il was dug. Ii eau have no m
ucnce in preventing excessive banking, as Is allrg-
ed. As to that effect, II Is altogether Iinma"rdl
from whence the sum is supplied whether from the
Government lcposites capital subscribed by stock