Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-26

OF the Government with the banks could be jusl,de,
at all, 1t must be III that relation. | am not among
''osr who believe that The currency was III n SCUM,
condition when thu deposlt.s we've removed in 1884
then believed, aud experience has proved | wal
correct that II was deeply aud dangerously diseased
and that the most efficient neccssar,
To prevent the catastrophe which has since fallen or
the cir, ulaion oi the country. There was then moi
note than one dollar IN specie, average, III the
banks, including the ntcd States Bank aud all 10,
six at bank notes in CALCULATIONS and than
~ eleven compared Ia liabilities Of the banks, AN,
tins While the tncd States Bank was IN full aud az.
tive operation which proves eonclnswely that ,is
charter ouglu not Ia be renewed, II renewed III all
without great notifications. saw also that the eN-
panslon ot the r.uation, great then was. must
sui rather increase; that the disease lay deep III
the system that the terms which the charter III
Tie Rank at England wed would gave u YVES
tenn direction 10 specie. which, Instead OF cor
feeiing tho disorder, by substituting specie, Ion
bank notes in ON cucunt,on, would brcone the
bass oi new banking operations that would great,
increase the swelling tide. Such we're N, conc"p-
ions, then, and honestly aud earnestly cndcavorcd
10 caiIy them effect IN Ode. To prevent the ai,-
preaching catastrophe.
The political aud personal relations between my
self and the Senator from Massachusetts MIR WE
srtn) wtic then not the kndcst. We stood IN op.
position n tlir preceding session on the glcat qucs-
ion growing out III the copirt between the Siatc |
represented aud The General Government, which
could not pass AVA, without leaving GuIiendl, feel
lngs on both SIDES but ~heie dny Is involved. nm
NOT IN the h ,b al permitting my personal relations
~ interfere. my solcitude Ia avoid comins dan.
gers, sought al interview through acommon trend
IN oldcrio compare opinions IL the proper course
10 be pursued. We met, aud couvetscd l,ccl, aud
fully, bui parted without agreeing. ! expressed 10
im my deep restut AT ON disagreement, aud Inform
rd him that although could moi agree with him, |
would throw no embarrassment IN his way bun
should lec II 10 be duty, when he made hls
l.It "a.
bunk, 10 express NY orin"n ~ la,Ge thc state o
the currency, aud the proper course 10 lie pursued,
winch accordingly did. Ga that memorable ocrn-
S'nn stood almost alone. Que patty supported the
league! o State banks. aud the other the United
States Bank, the charter OF which tho Senator from
Massachusetts Mr.. Wtnsrta) proposed To renew
Ton SIX years. Nothing va, lci me but 10 place my,
sell distinctly before the counlr, onihc g,oud oe-
cnped, which didluly and cxpl,citl, III the speech
delivered on the occasion. In justice to myself
ought 10 haso every wo,d OF i read The present
OCCASION II would OF itself be iuIl vndit alton ol
m, course. stated and enlarged all the points
To which have ar, ady referred objected To the
echaiter proposed b, The mover, aud iorttoll thai
what has since happened would follow, uulcss
enrctual WIS done Ia prevent H. Asa
remedy irhrosed o use The Ispk OF the United
States temporary .Nprd,eui, toitiiicd with
,Irong guards. III order resist aud turn back
the swelling tide al circulation. With ihis view,
proposed 10 prohibit the i.sue ri any note
u,rdet ten dollars AT dlst and after certain
interval. under twenty anh 10 refuse to eve
the notes of any banA that issued Iotcs undri i've
dollars, or Ibat received the notes OF any bank that
,sncd less III order 10 make q total separation be-
tween the banks that should refuse To discontinue
the oi small notes, aud the Others III the hope
that the influence OF the latter, with the voice OF the
community. would ultimately compel diScontinn-
ancc. | piopu,cd thai The charter, with these and
other provision, that might he devised by commit
the appointed for tie purpose, should b, renewed
Ia, Twelve ,ra,s, two ars longer than the Bank oi
Eng Land had been, order to avail ourselves of tn.
experience aud wisdom oil that great and cngltcn-
ed nation. All tins proposed. expressly on the
ground oi undoinS The sysien gfadnmly and slowly,
TIL total disconncNlon should be effected, II eSpe-
rience should show that II could be CARED 10 that
rxfa't. Ny object WAS double; to get clcnt o he
system, aud 10 avoid the catastrophe Which has
be!aen u, and which ! then ga" Wis approach
ing
TO prove a. tins, again fcfrrlo tie record III,
shall app from that my Object to discanueci
the Go,erninrni gradually aud cautiously from tlc
banking system, aud wili lh, view. aud that only,
proI oscd 10 the United States Bank Tor short
time, and that explicitly expressed the same opin
ions then rs now haze almost every Ioint con
nccicd with the system ! shall not only have vlndi-
Gated ny character FROM the barge OF the Senator
from Kentucky, but shall do much more, show
l!ih did all individual, standing alone as did,
could d" 10 avert the present tala,uities, and, oil
since happened. ] have shortened the extracts as
lar possible do III, self justice, aud have left
out much Ihtrougn, OF night. IN y. read III my de
fence, rather than 10 weary tie senate know bow
difficult II Ia Ia command attention 10 reading oi doc
ncnt,; but must that ths where justice To mem
Der ol the body whose CHARACTER has been assaulted
without the least pruyucatOn, will torn an exception.
lhc extracts numbered, aud will thank the SEC
rotary to pause at tie end OF each, unless otherwise
desired
The Secretary here read the following extract:
" After full survey OF the whole subject, see
Donc, can conjecture no meaus oi txtrcating the
couptry from ITS pies nj danger, md TO arrest It's
farther increase, hut bank the agency oi which, IN
some ioim or under some authority rs Indtspensh-
Bile. The county las been brought mo the present
diseased state o. the currency b. banks aud must be
by their agency. Nc must, III woid'
use bank to unbant the banks, to the extent that
may be necessary to restore safe and stable cur
rency-Just as we apply s,io" 10 io%en inb III or
der restore vltalil, aud circulated, Ut hnli upa
burn to the smc 10 extract the miidinniation- All
usi thai It Is impossible Ia suppress the banh'
mr. system III once. II must continue lur n uipc.
It's greatest enemies and the advocates oil az cxclu-
snr specie circulation, must make II part OF their
tolerate the banks Tor longer shorter
period 10 suppress them At once would, II 1t
were possible, work greater revoluiiun--a greater
change the relative condition OF the various olas-
SEES OF the community, than would the conquest Of the
country by savage enemy. " hat, then, must be
done answer, "A aud sale system must gtad-
ually grow up under, and replace, the old initiating,
in THIS respect the beautiful process. Which we So ne
times see, of a wounded diseased par, 10 a living
or anic body gradually superseded ny the .calng
process OF Nature"
After having 50 expressed myself, which clearly
shows that my object was to tie bark tor IA time
IN such manner as To break &c come x,on with the
system, without shock to che country OF currency,
! then proceed and CANINE the question, whether