Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-06


o money on the seaboard. mhers the European debt
was owing. Credits To Western aud Southwestern
banks, and individuals, which had been greatly eN-
tended by Northern and Eastern banks, had been
checked, and balances were expected 10 aid in al
lusiiug the foreign debt. This debt, every inlellI.
gent mrfeh'nt saw, must now press upon us To aver,
considerable extent. The foreign exchange would
have pressed upon the seaboard the seahoafd would
have pressed upon their Western. Southern. and
Southwestern dcbtms. Much of the specie of the
banks of this section would have gone back to the
seaboard. from which il bad been taken, aud gone To
Europe, from which it had been first botinwed.--
We should have had gicat pressure. some bank
rupicits among the merchants, and many failures
among spectators; many OF whom, however, never
had any thing, aud therefore could lose nothing but
their credit. great number of nrrulcut aud un-
sound hanks woudaso have exploded us Aey should
hare done; aud the impn tiles ol the system would
have run oil. Man, OF these hunks were mere fan
cy ailaifsthe mere tnpgUSes of the Treasur, built
mp without capital, aud managed without prudence.
Banks that could not sustain themselves under the
legitimate operations ot made and commercial de
maud, should have beeu permitted 10 stop. The
public eond and even of praltn aud solvent banks,
required II. What sgnlhed few millions oi una
valuable funds. III few inafnlent deposhe balks
lcsrn If this measure Ind saved them. which it had
not compared with the mischief aud loss resulting
IRON breaking up the exchanges dcsr"yns credit
choking mp the natural channels III commrtce. aud
preventing the resources olthe country from flowing
To those points where the demands of commerce re-
qurcd them The condition oil the country wa.
known, and The necessity ol preparing Ton heavy
rcvnsion began to be felt. ~ u.nll, however, in the
dnancirrine of thr tx prcsnlcu what was raised BY
unsuccessful experiment, must be torn down by pas
s'on Ntrer, at YPefi'd IN oar hStorY dtf ,ec
much n'o3 The priri.2 Of making he best 81 our re-
sources dg free and ued,sturbcd citcaidi.oa oto0r
means because the patient WAS diseased by expert
mculs This reason that lie could not
ip 1 t, "a M IL,
greater eaic, aud tr"tt circulation but the pre,i-
dents remedy was like tHrning the patient hccS up.
wards to cure him 4, the apopleAy; orpuaiug him
10 the rack to produce patoNysm Of the fsrr Fiji
ten millions oil speeie-rrrhaps much less-shrpcd
cels"'l Al the lae, IRON the points and Al the rates
which should have sent II 10 meet urtuteign debt,
would have satisfied onr lorrrga creditors tot the
present, maintained hc caipc q o1.r trpattS, and
aIrfa us time 10 meet Tic bdi3aeo, bg economy aud
aa@ifrcrop.
Men are operated upon lie same pas,rons, WIZ.
th'r acting ii numbers or n individuals, II one
man, BIS eAirayasasscc or bad management beeomcs
indebted 10 another mote tm he la, immediate
means Ia pay. but honestly acknowledges the debt,
patsd"wn with pnnCnaily, MI the ready means, and
asks in Time IN Collect Ia, neas. aud IN Ike another
crop. the Indulgence VIII be granted. iu II he IN
sultinelv tells the creditor he had nu business to trust
hInthat his din shall not br paid, and adopts
sures 20 run of his means into the wilderness. to
Accp his creditor from getting hold of them;
rrnly boasts Of the tricks by which the creditor is
tins de!raudc; Inc latter tmnrdlacl, stops all eicd
II, and, instead Of receiving part, he demands the ol
whole, aud resorts To the most summary and violent
ptocces 10 collect the debt.
This was precisely the relation between England
aud thiS country WHOM tbs order "ent into opera
lion, The Bank al England ascctitiucd carly IN
ls3f lat The l-,ite5 S,afrs had bccn d,,i,inp icu
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