Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-04-30


and which the Senator SAYS would do more 10 cen
tfalze the circulation and exchanges haa the uniot
! OF the Government aud the banks, which, however
he sgnally failed to prove. That IL would have
greater tendency than the exclusive receipt in ii.
dues of gold and silver. readily acknonledg and te
that extent think it Objectionable for do a.
gree with the Senator that there should be some one
| great cmporun which should have control OF the
| commerce, currency, and exchanges Of the Union.
| hold 1t desirable in neither political nor CONNER
clal point OF view, aud 10 be contrary to the genus
! of our institutions and the spirit OF the Constitution,
which expressly provides, among other things, that
no preference should be given the ports OF one
! State over another. But that a receivable paper,
! such as suggested, would have greater, AS
great tendency to centfalize the commerce and
rency Of the country as the union with the banks,
utterly deny; and, If | had no other reason, the We
hement opposition OF the Senator who approves OF
such tendency, would be conclusive; but there are
others thu are decisive. The centralizng tendency
of such paper would result exclusively from the Ia
ellIiy would afford to remittance from distant por-
tions OF the Union, in which respect II would stand
Just par with Tank notes when received IN the
dues of the Public; while the LATTER would IN ad-
dltion, give to the favored pou, where the mother
bank might be located tor the head oI the league of
State banks) the immense profits from the use OF the
public deposites, aud the still greater from having
their notes received in Government dues. The two
united would Afford uabouuded facilities in the pay
meni of custom house bonds, and give millions OF
profit annually, derived exclusively from the OF
Government credit. This great facility aud vast in
crease OF profit would give great and decided ad-
vantage to the commerce Of the section where the
head OF the system might be located. and which, IN a
great measure, accounts for the decay of the South,
where there were no banks, when this Government
was established and which, OF course, gave to the
other section exclusively all the benefit derived from
the connexon. Ii specie had from the first been ex-
cluslvely received IN the public dues, the present
commercial inequality would never have existed
and may add, tGever will cease ill we return to the
constitutional currency. What the Senator has
sad the union OF tie political AMI money pow
es, and the tendency to eXtraFagance from the use OF
Treasury aud their depreciation, Is clearly
lnappIcable to the description OF paper suggested,
that do deem 1t necessary to waste words IN re-
ply to 1t.
Having repealed his reply to my remarks at
tins and the session, shall next proceed 10
notice his argument on the question uud'f discus
SION, which, extraordinary 1t may seem, coust-
tutes by far the most meagie aud mconsdcrabe por-
ton OF his speech. The structure he reared with
/ 81 much labor composed Of a hide cenue build
lng, of some twenty thirty feet square, with an
extended wing each side. and a huge portico in
front. | have | trust, cllectuaIly demolished the
wings and propose next to go through the same pro-
cess with the centre building.
As long was the Speech it contained but three,
or, at the utmost, four arguments, directly applicable
Tie question under discussion OF winch Two have
again and ag0in been repeated by him every time
lie has addressed the Senate another was drawn
from argument Of mine u favor OF the bill which
the Senator misstated, and pressed into hls ser
vice against ii; and the other IS neither altogether
new, very we'll founded, from lis character,
Ct much force. shall begin with 1t.
The Senator objected TO the collection OF The pub
lie dues in gold aud silver, because he conccives.
itwould be exceedingly inconyeulent: IN proof OF
which, and in order present strong picture as
possible, he went into minute calculations and de-
tails. lie first supposed that the average peace re
would be equal to thirty millions annually and
the average deposltcs 10 twenty one. lie then es-
lnlted hat this vast sum would have to be counted
at least five times in the year, and then estimated
that Itwoul require eight hundred thousand dollars
to be counted daily which would require IA host OF
officers, IN his opinion, to perform the task. The
answer to all tins is easy. In the INST place. tie
Senator has estimated the average receipts by
| 1T least hundred per cent. Fifteen millions
ought to be much nearer the truth than thirty
Even that regard as exceeding what the expendI-
ture ought to be aud venture to assert, that no
Administration which eXpends more on an average
for the next few years can MAINTAIN itself, unless
there should be some unexpected demand on the
/ Treasury. In the next place, twenty zone millions
is at least five times too large for the average depos-
ties Should this bill pass, three millions would be
much nearer the truth We shall hear more OF
SURPRISES, when the revenue is collected in gold and
siven Thus would make great deduction in his
]
/ | give the Senator his own estimate, and ask him II
. he never heard OF other and shorter modes than
counting OF ascertaang the amount IN COINS =
Docs he not know that 1t can be asCefalned with as
much certainty aud eXactness by weight ny count
ing, and with more despatch, when the amount Is
large, in COINS than in ms tavolc bank notes ! ii
am not misiniormed, it is the mode adopted at the
/ English EXchequcr, and that 1t is done with the
greatest possible promptltude by experienced in
dviduals SO that this formidable objection vanish
But the Senator next tells US, that | stated, in my
remarks, that the bill should pass, would place the
! banks and the Government IN antagonist relation 10
each other which he considers a very wcIghty
objection to it, | again must correct his statement
/ | made no such remark. ! indeed said when the
banks connected with the Government, they
had direct interest in increasing its fiscal action
The greater the revenue and expenditures, and the
larger the surplus, the greater would be their profit
bur, when they were separated, the reverse would
take place. That the greater amount of gold aud
silver collected and withdrawn from circulation, the
less would be left for banking operations, and Of
course the less their profit ard that IN one case
they would be the allies. and, in the other, the OPP
ponens OF the Government as far us its fiscal action
was concerned; or, 10 express II more conclselN
when united with the Government, they would BE-
on the side OF the tax consumers, and, when scpara
ted, Oh that OF the taxpayers. Such were my re-
marks; and now ask, Is II not true! Can any one
deny 1t Or admitting It's TRUTH can lis importance
be disputed! Were there no other reasons IN IA
yor of the bill would consider this OF itself decisive
iwoud be almost impossible TO preserve our free in
! sttuons with the weight ofhe entire barking system
thrown the side OF high taxes and extavagan
disbursements, or to destroy it thrown into the op
! scale