Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-04-16

sress erciasilf'n With the or ff ntrrdiiaE an" ~
:. euia,ing currency of thai description iae ON,
/ reform 10 the currency which that body fas YET
made - The issue OF ten millions OF irrcdeemabIe
| napcr money and a proposed ipr ten millions more
Is IL worth while then, 50 long rs Congress fais to
exercise its tgiiin1tc powers. 10 waste Tue sfeos't
of the country efforts accomplish what We all
know 10 be tnprariie abie ioIrsunne now without
some clear understanding with the Government.
seems he throwing tue benefits OF experience
| and the lessons OF misfortune we nave gone
through all the noft6c alton and all the inconvenience
OF suspension. Let Us endeasor 10 profit by them
10 fix the future some solid basls-h"e some
| guarantee Of the stability of the eutrencs aud not
set every thing afoat again sttliout knowing where
may he iulted. For
". Compare the sItua oil the Banks # the last
resumption aud Alttr a suspension Tot neafly
three years Congress apPied all its power 10 induce.
To persuade aud the B1nks IN then enfts 10
resume. They passed the resolution OF 1916, au-
thorzins the receipt OF the notes ri sproiS paying
Banks. But tbs alone WAS Insufficient and II the
same time thcy established The Bank o the l. States
with a capital al ihifry five millions. That Banh
called Con,eniion of Stale Banks aud agreed that
II they would rcsun# specie payments. It would
/. Assume all thcir debts 10 tie Government Of
the L nucd States
>. Discount TO those who had payments tn mth,
10 the Governments the whole amount Of their bond,
aud. IN addition.
B. Discount TO those not ln1el ted to the Govern
nent two millions ~ New loiA. Two millions IN
Philadelphia one aud h,f NIL on, IA Baltimore,
aud bali uill On IN Il CHI 10 ond--and
1. Would sustain the rcsunine Banks IN case the
resumption brought diem into difficulty.
The Bluh the sane time impaired At eN-
prHsc Of n,t re iiItH htlt million. The sun 81 seven
millions Of spec aud month, alter the re
sumption iis discounts reached twenty n,ilIlans. -
Compare wIth :hl> statement ouf condition NV.
Then the Government a.reed 20 receive for all
dues the nu'c, OF he Bsuk 81 the Uuucd Stafes-
al Bank notes refused aud dsorrdtted. Then
the Goycfnueu eadeavofcd To sustain the Banks
nov II II stuytns 10 destroy llcn Then II establish
ed and II oross li1uk cariial-now II refuses 10
create Bunk and seeks 10 cr'pplc tho>e ia ex
l>ience. Then badIso hundred aud slxts Banks
--uon we have ncafI, moe hundred.
IN short. what reliance have H. Bank, nov. with
the Executive hostile 30 them What pteieeuon
hke that oi the lat B1uk OF lh. Incd Statrs have
tic, to sustain ihen' More ~haierer
The oulN cfeanfsiaucr not wholly uni sotabIe IA
thr comparison, u tn how faie nj exchange with
Engiand Bni naihln. crneial OF permaLent eau
be inferred rnm tins circumstance, which frequent.
" occurs aud Oh the present ,siOn II wholly ac-
eidenisi ~ Nav ofk, hun tn unnatural conillion
into ahich her nea.ur ul r<ffeme nsor live driven
escfy thing. II unier Ordinary circumstances while
other thing, un irtwent no depression, eNChangr on
England should declnr. II might be Inferred that
England owe, to the Uuucd States more than We
have yet drawn from her. Bat II is not exchange
annr that has tai .n.-ENchang" on Elgl land Vas
not yet alien IN view York as much y, the II frrnal
exchanges, stocks orrci estate. or house have
tdlen. Tins nct seems decisive rs to the cause.
Bnt can tbs depression coDtnnc' tVrlmnls not.
These n 1utuus measures are understood 10 BE- only
piclImm'rN-ou prrpuallonst or "A expansion BY
the Banks ui New loth, winch Is 10 re,tote aud
confidence. Wei1, the muiur.t tn. ease and conf
lenec rctura, all lln-S Nj itise, aud exchange al
+ course among the number Besides. thl, unnatural
condition VIII work It's own remedy. all res ulat-
he, cured by llreIr own cNees>es 10 sell every
tim x to buy nolhna Is nupiaclea.le aud when the
English have bought all the pr ,dure have sIar
/ vt must Of coufsebu, ltum them what manufactures
they have to spate. As suCn the proceeds OF our
industry air redlh d m England-wmlr wc have
gradually exhausted our supply OF EnglI>E goods
our own merchants will tow II ihrrr profit, INTO
ltesh supply In h. brought over or If TINS process
be too slow, the English man llactnrrrs themselves
will send then own goods lur ale. IL either ease
I the exchange vii recover ITS equilibrium, aud Of
course wall tIse herc. Tor between two sud- eoun-
tries 4, America aud l. gland permanent incqna-
y ot exc taugc, bl,rs of the metalc cutrcnev Of
ellhcr, !, impossible.
\. Pcrccnmg nothing IN The conluct of the Go
'ernm"nt To justify an cnly rcsnmpupl let see IT
thcre be any rhlns In the slate ofthe country which
recommends II. Now what the condition OF our
aiidrs The suspension found us with heaw b,bt
! Ia thc Bauks-nol less ptobdbl, thar-,G,c hundred
mlllons-wrth large balances lroln the Spntheln aud
j Western States 10 the Atlantic cities, aud with y
very considerable debt to Europe. All parlies were
wiling to pay; almost i'll we've able To pay but
gfeh iotbcMdnce and great indulgence were neces-
saty f0m he creditor, aud above all, after such Z,
convulNon, the gte1t re,orcr WAS time; tlmc to
I settle time Ia ADJUST accounts time TO send the
debots crops To market Time Ia dispose o his pro
pert, with the lest sa,rhec; time Ia BRING hls
resources to pay his debts In all the large n,nvc-
mens OF human airs, IN the operations oi nature
the great law IS gentlcucss-yioenre the Inst &c
source OF ciNness. The disease OF the country
WAS an orersttnntd and dstcmpeted encray. The
remedy WAS repose, The question OF the currency
though important, was only secondary. The sihr
concern 10 pay our debts, and especially not t.
deuecnte the value ui our means OF paNiug them
Accordingly it seem to me that after the pension
the tue course oil Tins country To begin a gen
/ tie and gradu n dmlnuuon OF loans sufficient To prc
vent the hazards ol expansion while the the RESTRAIN
OF specie payments WAS removed. and to prepare TO-
The resumption. but with no rash competition ~ t,
the amount winch The several banks could cutlail-,
make violent changes IN the standard OF value. an,
give time lot settlement with foreigners, aud a
mong ourselves, ON the same nearly the same ba
Sis upon winch the mutual engagement, were con
tacled-lctin9 the crops go 10 TIM destined market
without dtpreoatlng then pticc. After tins, the re
SUMPTION, with the ad OF Congress, would have bee,
essy aud spontaneous. 1t was III tins spirit tina
the Bank OF the United States has diminished tel
per cent OF MS loans-whe II added about tire,
millions TO It's speeieand will have given the neccs
safy facilities lor shipping the crops OF the Soutl
aud West to the aroan proslbly OF fifteen orl~ent,
millions of dollars; placing ITS own confidential a.
gent IA England To protect the great commercial an,
pcCuniarN Interests OF the country. This seemed tC
he lis proper Junction. 1t was thus that hoped lc dis
charge It's duty III the whole Union II was thu,
too. could show lis fidelity 10 PENNSYLVANIA, b,
aidhe us pubic impovemcnts-by Aeep,ng lis busl