Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-05-03

would continue TO be equal TO its expendi>
lures. We know that ten millions of Trea-
sury notes have already been authorized, and
ten millions more have beenasked, to meet de-
ficiencies. How natural and convenient then
would il be 10 issue drafts on the Sub Urea.
suries, in sums that would suit for circulation!
Ostensibly, it might be, as convenience to
the people, but at the same time. matter
Of policy TO cover deficiencies in the Treasu-
ry! Where then would be the check on
Government expenditures! And how fear
full would DO the power 10 the hands of the
Executive! Would i, no, in effect be I'M
ION ofxhe purse and the sword in the same
hands? kthe money influence alone oftbe u.
States Bank alarmed the apprehensions
Of some Of our politicians for the safety Of our
liberties, how much more formidable would
this system be, which would place, even
greater money power, in unioa with the ala
ready too strong influence of the Executive?
Let them answer this question. Is it not
easy to iuresee that il would be the fruitful
source of proflgacy corruption and extrava>
gnnce in the Government, ending at least
in great National Debt, and in tho iu>
Fiction on the country of currency az
worthless as the continental money ever was
These, at all events, are our sober convic>
lions of the operations Of the system-and
hence II is that we have felt il TO be our duty
thus TO notice the letters of Mr.. Craig.
WASHINGTON, April 7, 1888.
Sir:-I see by the last "Fincas,ie Demo.
Graf" that citizen oil Botetourt has made
call upon the people o! our Congressional dis.
trict to instruct me to vote against the pas
sage Of the Sub Treasury Bill. Being an
honest advocate Of the Right of Instruction.
1 cannot, of course, take exception 10 the
proposition. But should the people deter
mine TO instruct me, hope they will not
leave me, as some other representatives. in this
Congress have been left, in utter ignorance
OF what am to do in relation 10 our financial
system. Surely none can entertain the o.
pinion that the circumstances of the Times re-
quire nothing TO be done. The currency is
wretchediy derangea. The enormous ennis
sions Of the banks have expelled almost eve
ry sound dollar from circulation. Credit has
almost universally usurped the place of mo-
ney, and the industry of the country knows
not where TO look for its just reward Will
II be said in this state of things, that it is e.
nongt to defeat the passage of the Sub Urea.
sury bill! Nc, this cannot be the opinion of
q wise people. Something positive in its cha
racter, should he done, 10 restore TO The coun-
try healthy action, and as far as possible. 10
prevent in future a recurrence OF sim,la. de.
engagements. However it may he my mis-.
fortune 10 differ with my constituents il is
my candid, unprejudiced opinion that the
Sub Treasury plan is better calculated than
any which has yet been suggested, 10 reme-
dy the existing evils, and to prevent their
future recurrence. A good doctor will al
ways endeavour TO ascertain the nature of the
disease before he will prescribe remedy.
w hat then is the nature of the disease under
which the community is now suffering, 10
question which should be satisfactorily an.
swered in the mind Of every citizen, before
he decides that this or that is, or is not.
suitable remedy.
The arrangement Of the currency is the
obvious source of the great misshieis which
now involve US; and that this arrangement
10 the consequence OF substituting Bank cred
II Tor specie will not be doubted by any can
did, intelligent man. ask you first to con-
sider what would be the slate of things if we
had an exclusive specie currency. Your
Judgment will instantly respond, that pure
specie currency IS, in itself, incapable Of be
ing deranged. Then, if, instead of bank
notes, gold and silver coins had been the COM
mon medium of exchange amoRg the produces
tive classes, is II not manifest that we would
now be exempt from all the embarrassmepis
and pcrpleXi,y which arise from confused
and deprecated currency. 1.-THE circulation of
the countrywere specie the utmost injury that
would be!al the working and productive par,
oil thecommunity, from commercial revulsien,
would be but temporary. The farmer and me,
chanlcw ould not then ,as he nowis, be COMPEL
ed 10 take for the fruits of their hard ladustIv
that which, for ought that is now known NAV
become utterly valueless.-Y gu must no, un-
derstand me as being opposed to a sound and
liberal system of credit. Our political enc.
mics imPule TO us The design 10 PROSTATE all
credit. To those who honestly think this is
our object, l say in unaIloyed sincerity they
are mistaken. To those, if any such there
be, who, knowing better, impute the design,
for party effect, ] say go on Truth is
mighty, and will, though smslhered for
time, ultimately prevail.
ne grea' ana leading object with me, is
10 establish regular, uniform, sound and per-
manent currency, not doubling tina, when
his is effected, sound credit system may as
naturally be expected, as good crop of grain
from well prepared farm. have always
myself regarded mooey--coins oftGs precious
metals, as constituting the only true and prsc-
!ical regulator Of credit. And, indeed. our
own miserable banking system is predicsted
pn this idea in theory for none of ikn ada