Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-27

vowed, the most perfect freedom IflLey now to,sh
'"e 10 % mere instrument OF Others, without dgpi-
w Fiheul conscience, without moral responsible
~, an very much mistaken in their character
ana u they expect To find me So they most certainly
misunderstood ains But | have no reason what
even To funk 80. | lnow their emil ghiened views
lhclt liberal spnit their elevated aud generous wav
! oiVhnhlng on such sub eets--and | never shall bo
n'onehl by any thing, short Of actual experience to
p'"''f' that CONSCIENTIOUS discharge olmy duty.
according 10 The bcstlights Of my understanding on
'"'h subject ~ the Snb.Tteasury Bill 10 forfeit
/ highly '''"' ~
! With these few remarks on the preliminary ones
| non proceed to state sone of the rcasons-i adj
| "'l'on 10 those have already eivcn--whch deter
! n'lu'd me Ia vote against the Bill in question
! on tins bill the specie clause as il Is called was
considered by those Of my colleagues who shppot-
i'd H. as an essential lngfedicnt--a sine qua non
'ho ol our senator's who had during the whole de
bate, stoed up as It's most Jealous champion, pro
h"uheed the measure mere farce, and opposed II
f'hrmeutIY rs soon rs tis feature was on the mo
NON 81 Il genllenlan from Georgia. struck ont OF H.
me last deelalation oi the Legislature required in
5" many words, that That clause should be retained
VIII therefore, address mysclln the first place and
punclpay, Ia this part Of the new policy
lhe reform contemplated has, all along, in the dc.
bates both o Iis and the other House, becn recon
mehded IL tending to enlarge the specie basis gu,
cnculalan--and the Southern States have been rem
rescued AZ having deeper interest in IL than anv
othct pat oi the country.
Now, ii tho FIRST blush, il struck me as rather sin
guar, 'hat we Of the great cotton growing region OF
all o'hcls, should be promised such special advan-
taRrs Ilom the measure. ! believe | was the first
who distinctly brought the view of the Iouso nj,
tue tNia sesenn) the prominent agcnc, Of HE Bank
o England IA bringing upon rs the disastrous rcyul.
slnn under which We hive been recently suIlrrnp
tued the very words OF Mr.. llOrscly Palmer III,
Deputy Governor of that institution, 10 shew that
under anfees@tN, real OF imaginary, of PROTECTING
It's treasure, had 10y sudden curailmen, of its ac
commodaions, reduced prees in England, in tho
ronlse oi feiy few months at least thirty per cent
Ihe consequence Of such opcrat ion was ncccs.a.
hy To spread throug hou the ucrcal world but
especially IN the United Saes, for soma. time un-
Proccdrnted embarrassment aud ruin. Suol, is AZ
most invariably llcceet 81 these churchman's Of tho
b'nh oI ineiaud, suppose the whole southern
t'"pto have brcn wctth At that time $4,000 600,
1t w1sleduoed, by tins interference Of a irenen do,Is
foreign power. to something more than 500 900 900
sum almost equal 10 $50, 900, 900 on which com.
m'lcial men every where counted for the means Of
meeting then llabIl ties, WAS annihiated III blow
II thousand ships, with each OF them cargo of five
or SIX hundred oags OF cotton had founded at sea- or
nightly conilagnton had consumed the same
quantity Of that commodity. the effects could nor
have been worse. The l}auk justified lis course on
the single ground, that the operations of our com
merce and government had disturbed the specie
basis OF Europe We had too much coin and bni-
non, aud II WAS necessary To force il back To Eng
land hN reducing prices. Whatever was the iact
tins wasthc preleNL did not believe them and |
do not bellefe now, that there was any adequate ex
cu,c loi tie conduct Of the Bank OF England |
Thought Hat rs usual, II ntcnered too late. and
pushed its corrective policy great deal too far.
! he measures lately taken by IT'S Government TO
restore the currency otthis county, by advancestb
American houses are sort OF ancnde honoraLe
aud slow that, in this matter, its second thoughts
condemn II inst.
Now, sr, YOU see At 4 glance what important con
sequences flow hom a fdct like this. The price of
our staple commodities Is determined by the state
OF the English mukCt-and prices in that country
as every whele else, depend in material degree
upon the state OF us currency. ! the Minutes of
Evidence before the House Of Commons in 1899,
many striking illustrations furnished oil the el-
feet on trade al these expansions aud conlaciinns
the ISSUES OF the Bank oil England Tint effect Is
so much tho greater because OF tho immense
operations in private bills and other forms of
cledt, in that country, which ultimately de-
pend upon comparatively small currency of
coin aud bank notes. Thus in the Of the year
ls@5-a year. II Is true, of Extraordinary excitement
IN trNde-exehangc to the almost incredible amount
OF tGo0,000,o0O was negotiated IN London. Mr..
Noihschlld mentions that his house alone discouu-
ted, IN the course of ira months no less amount
IN bills lhaDl 300 900. 1t lscvdcni that as the
Bank has At any gwen time, aud for a short period
AZ least powerful control over the means Of meeting
such OF these immensely extended engagements ~
happen To- failing due, acnflalImcn--especially
unexpected onc-ol lis issues and accommodations
may, and indeed, must be- attended with a great do
lauGement IN the money market.
such sleissitudc although undoubtedly they
might be nIitigatedby more sklul management, e.
suit, 10 certain extent inevitably from the very ma
tire OF convertible currency 1t may be
true as some aiecc, that because OF the fluctuations
to which II Is thus liibe, such currency
consistent with the regularity required IN the ope-
Huons OF trade. 1t may be too, that the iunc-
tons OF the Bank Issuer Of currency, ought
to be separated as Mr.. S. Jones Lloyd, aud others
have utgcd) from those of the office of discount, or
the lending oi money at interest. BE il SO. ] say
nothing on lhcse points here. | am concerned on
~ with the ac---a fact which neither change
nor neglect with Inpuniy-and its Consequence
quences prices aud trade. England is, Us Mr..
Kothschild we'll SAID, g" the Bank of the whole
world aud most especially Of wofldt Her
momod operations concern us to the full much
rs they do her own people, and conreySo 1t OH
WousIy necessary III the discussion OF every new H.
ndncial project here, to consider what its effects
itht'y to be on the currency and the niarke, OF
England.
1t is evident from the bare stating Of these facts
cite from the minutes evidence &c. 49,, details
upon this subject.
It is said that almost all the circulation OF Lancashire
Wurwich-lr, the West Riding OF yorkshire, &c., except
small paid away III bills, post notes, Nc
The amountot bills paid into certain bank in Lancaster
| was as fifty 10 one OF all other currency.
J339" Therefore, contraction of the Bank o England
orus a of the OF the crcula
ton. Certainly. For bills of exchange being the circulating
medium and sudden dinlnuiion OF their amount
materially prices and produces all the distress usual
| " attendant OF sudden Cuntractons OF csrrency
Yes, aud "A much greater extent than Is measured by
the Bank of England SO that sometimes
the contracting in seq deace little produces effects