Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-29

funds, and the interests Of the people
generally, required that these copious
Issues Of the banks should be checked.
and that the conversion Of the public
lands into mere bank credits should be
arrested. And his measure TO accom-
plish these objects was that famous
treasury Order, already adverted TO.
Lei us pause here for q moment, and
contemplate the circumstances under
which IL was issued. Tho principle
OF the order had been proposed and
discussed IN Congress. Blu; one Sea-
ator, rs far as know, in this branch
OF the Legislature. and not q solitary
member, within my knowledge, in the
House Of Representatives. was in favor
OF Il. And yet. in about a week after
the adjournment Of Congress, the prin.
eiPlc, which met with no countenance
from the legislative authority, was en-
bodied an the form Of Treasury edic.
and promulgated under the Executive
aaihoslty, TO the astoniahmsnt OF the
People o! the United Staies!
IL We possessed no other evidence
whatever OF the hostility OF President
Jackson 10 the State banks OF the U.
States, that Order would supply con.
elusive proof. Bank notes, bank issues,
bank credits. were distrusted and de-
nounced by him. IL was proclaimed to
the People that they were unworthy Of
confidence. The Government could
no logger trust ia their security. And
al a moment when the banking opera
lions were extended, and stretched TO
their utmost tension; when they were
almost all lettering and ready to fall,
Tor the want OF that metallic basis on
which they all rested, the Executive
announces its distrust, issues the Urea.
sury order, and enters the market for
specie, by demand Of an extraordi-
nary amount; to supply the means OF
purchasing the public lands. II the
sales had continued in the same ratio
they had been made during the previ-
Gus year. that is, at about the rate II
twenty-four millions per GnnUm, this
unprecedented demand created by Co
vernment for specie must have ex-
hauSted the vaultg OF most OF the banks,
and produced much sooner the caias-
trophe which occurred in May last
And, what is more extraordinary, this
wanton demand for specie upon all the
banks OF the commercial capitals, and
in the busy and thiekly peopled por-
tons OF the country, was that il might
be transported into the wilderness. and
after having been used in the purchase
OF public lands, deposited TO the credit
OF the Government m the books OF
Western banks in some Of which. ac-
eordIog 10 the Message, there were al.
ready credits 10 the Government great
Iy beyond their immediate means Of
payment" Government, therefore, did
not Itself receive. o: rather did not re-
tain. the very specie which II professed
10 demand as the only medium worthy
VI the public lands. The specie. which
vas so usclessly exacted, was transfer
red from one set of banks, 10 the de-
Tangement Of the commerce and bust.
ness OF tie country, and placed in the
vaults Of another set Of banks in the in
terror, forming only those bank credits
TO the Government upon which Presi-
dent Jackson placed so slight value.
Finally. when Gen. Jackson was A.
bout TO retire from the cares Of Govern.
ment, he favored his countrymen with
farewell address. The solemnity of
the occasion. gives 10 any opinions
which be has expressed in that docu-
Tneni claim TO peculiar attention. II
will be seen on perusing it. that he de-
nounces, more emphaticaliy than in
any Of has previous addresses, the bank
paper OF the country, corporations, and
what he chooses TO denominate the s2i-
ut Of monopoly. The Senate will in-
dulgc me in calling its attention to Ger.
tain parts Of that address, in the follow
ing extracts:
THE Constitution Of the u. States
unquesIionably intended to secure TO
The people circulating medium Of
gold and silver. But the establish.
ment Of National Bank by Con.
gress, with the privilege Of issuing pa.
per money receivable in payment oil
the public dues, and the unfortunate
cause Of legislation in the several
States upon the same subject, drove
from general circulation the constilu.
iional currency. and substituted one
Of paper in its.pl1ce."
The mischief springs from the pow.
'er which the moneyed interest derive,
from paper currency. which they are
able 70 control; from the multitude o.
corporations. with exclusive privileges
which they have succeeded in obtain.
ing in the diHeFen: States, and which
are employed altogether for their be
nett; aud unless you become more
waichful IN your States, and chect
this spirit Of monopoly and thirst lo
exclusive privileges. you will, in u,
end, find that the most important
powers Of Government have been q
ven OF battered away, and the eoniro
over your dearest Interests has passes
into the hands Of these corporations
Bot !: will require steady and per
sevenng e4ertions on your part 10 n,
'yOunelges Of the iniquities and mis-
chiefs o. the paper system. snd q
check the spirit Of monopoly an,
other abuses which have sprung "