Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-05

! formal prnposition IL them that II they wou
resume on the Goth February, the public mo
nry then IN their vaults should NOT be transfer
red at all 10 the Bank sl the United States. leonslr
tutcd by lis charter the general depository Of the M
'lonal iunds) aud that between that das and the i.
OF July, no portion of the public money should b,
drawn from them for any purpose whatever, unes
the necessities oi The public service impc,iously re-
! qnted It. beg leave 10 read To the Senuc tho FOL
loving extracts from hls crcu,r to the hanks OF 20t
Dec. 1916. submitting that proposition;
" The means of the Tfrasur, Ia dl3 the operations
oi The banks III eilectng revolution III the state al
me currency, 50 lmprnously ncccssat, Ia the pub.
lie interest. are considered ample anl the strongest
disposition erists Ia apply M,m. as to produce the
most beneficial results"
e." IN making the above proposition to the State
Banks, the strongest reliance Is placed IN then dis
position 10 Join IN the effort to relieve thr
community from evils To which II has been subjected
ny III" disordcrrd state Of the circulating medium.
1t il confidently belle we'd that the interests OF the
banks aud OF the community not IN opposition
each other, and that ANY sacrifice. which the effort
ma, cost them, will b, compensated byN advantages
ana tdcttieS wh,rh il Is IN The lolce, ethe Treasury
4, dPord him"
The decp,ntcrcsf teich he Treasury has n Ms
support Of bank credit aud ihe connection II has
with the Bank OF the United States. would, incprn-
dent al the known disposition ei that institution 10
concllitae the State Banks. he sufficient 10 protect
them against nh illbera policy on It's pa,t"
In tils communication. II will be perceived. thai
MI Crawford tsl and a,oNcd that the mcans of the
Treasury 10 0id IN tie restoration ol speei. pay
menis we've ample. lie lrrel, proil,red thu, AID TO
the State Banhs,-hc not only made them the m"st
hbe'a' proportions Ia, their advantage, hut he
gave them specific pledge oi pin,.a.,..n aud sun
pom against an, lIhheth pole, the pait OF I
Bank of the United States. An appeal thus urged
to both the interests aud patriotism OF the State
Banks, c. nd not fad 10 he en,ctna. 1t accom-
pushed ,ts object. The banks eb,nred their orig
nal Determination, and did resume specie payments
on the 2oh 81 Feb. ,lsl7.
Now, SIR, doubt ,ha ii the same
si,lt had actuated the Treasury Department ia It's
relations vi Ii the banks recently II. 'spec'ally,
when y MAJORITY oflle banks, Represented IN the b AMI
Convention. assembled IN New ork, IN November
last manifested strong desire to fix an early d.. Tor
tho resumption OF specie payments. and were pre-
vented from dolns only hy ,hr influence Of pow
erlnI aud o,crshadowng inslituilou---'i, | say Sn,
the Ttclsniy Department had shawn, that &c
caslpn, the same dispositions WHICH animated VII.
Crawford IN 1916. and had come forward aud given
assurances oi support IN that portion al the banks.
who were anxious 10 return I" specie payments.
against the " illibcnl policy" of the Bank of the
United States, there be n doubt that NJ tins mo-
mcnt, we should be IN sight nj fixed puil"dior the
termination nt the present calamiiics aud dsordcrcd
state ufthe currency. Bur, unfortunately, the policy
has been stand entirely aooi lrom the banks, NJ
ter having contribute t. II admitted on all hands, by
the 'surcs Of the Government, IN son" ono or
other OF branches. 10 The rnb sscnts by which
they were overthrown. No and, no encouragement
has been glvrn--not even yuicc OF cllrcring has
been uttered amid ihe general distress. On the
contrary, o.um and pre- judcc have been EXTENSIVE
" invoked through the press At least, I" render
more com plrtr the want OF confidence which IN the
sole obstacle 10 the s-tahllshmcnt ii both the
credit and the ability ot the banks And nov, IN
the sequel, comes tins fatal Sub Treasury bill 10
deal rhc,nt the Las; blow III then prostrac condition.
| The great interests ol the country, connected with
the restoration al the credit oi the banks aud OF
the currency Which they supply, have been over
looked unappreciat.d ; and the whole object
to have b,tu 10 devise some plan by which the
Government could, IN future, get along III the
y,noothest "ay-by winch it could be- relieved from
those responsibilities, aud protected from thai
Molrrr Of ,mpofdonS IN the discharge oil ,ts dn-
hes which the honorable Senator from New York,
tMt. Nrshi,) lruhellcally dePt"cde'
What, then would ask, govern tents i1sii-
tufrd for. II IT 10 meet difficulties IN tho pub
! lac causc--to meet aud overcome Ihcn--to 'ncoun-
ter pnnsibiles--to endure a Shoucr 81 imp"td-
tons, yea the peIting o pltiless storm, II duty
to the country demand And an able man and
patriot need rcpnc At these trials Of his virtue
. and talents. lhc ultimate gratitude at ms coun-
try will ever BE- in proportion te TIA. temporary IN
justice he may Sustain by the bitterness oi enemies
the prosecutions o faction. How enviahe, at ihs
moment. the lane OF Mr.. Crawford. than whom NJ
man. IN his .ay. encountered more responsibilities
b, the bold aud fearless manner IN winch he met INC
duties OF his station. of sustained more uuiounded
. I'M putatIons. But ruth has trunFhed over htJu
dice aud error, and he now lives aud VIII ioreyef
! live in the grateful memory Of ms country. 1hI]
desire to AVOID difficulties aud tr attendant fcspon
sbllItirs, founded rs ! thuk have shown II to BE-,
IN mistake the interests oi public men, Is
the source t" siill greater calaitrs I" the country
lis iii. natural parent. strange as II may seem Al
first sight. of all schemes oil strong eottrhmrnt :
and is unsuliably avowcdb by the honorable Sen
ator l,on, New orb, as consideration IN a'or "'
measure the effect OF which. IN my humble Judg-
| Inent would be TO render tins Republican govern
nrn Of ours one Of the strongest on the lace OF The
safih. On tins subject sir, beg leave to read 10
the Senate Tie remarks o the proioun lest observer,
! perhaps, OF human aiafs, that ever lived. The,
are iuil OF instruction, and cannot be TOO well weigh
ed by public men. In speaking OF the National As
sembly France, Burke makes use oi these words !;
Their purpose every where seems 10 have been
eyade aud slip aside lros d!Wcuity. tins II hhs
been the glory OF the great masters, N all arts
10 confront and overcome aud WHEN tht had over
come the first difficulty 10 turn 1t INTO An lnsiri-
n,ont for new coDquests over new diihcntieS' -
This anlcablc conflict with difficulty oblIs"s us 10
an intimate acquaintance with object aud COM
pei. us CONSIDER ii III all IT'S relations. II VIII not
suffer us to he snpe, fetal. 1t is for the want ct
nerves for such task 1t the londn,ss tor short
cuts and inlacious acIries, that has, IN 20 many
paris Of the world, created eorcrnme"fS r'h dTohfd-
~ porcrs." at is tins Willingness 10 "fesiir WIN
,hculiy which has obliged the National Assembly
OF France TO commence their schcmts n REFORM Wda
aboi,hop ami total dcstrnc'ton.
The disposition TO eradc d0fcntty, the policy OF
sort cuts We are told by this gcat master ol p"hical
wisdom, has IN every pant oi the world, "ofe"ftd
governments nth arbray pore,s;" and was what III
France led the National Assembly " 10 commence
ihei schemes Of rctorm w,b dbot,fion amt to'" de-
,tructton." Now II tins bad been specalIy VIII