Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-29

bills, aud which 10, only 10 be to,i,rsd Z,
PsSJcS Segu'sii,a, % ne taf y Cssetss', 20 se-
cure ptactieai return. % heexisd required
f0r the security ofihs currency, 10 the cOn.ii.
tugiopsi medium"
As IN the instance Of the attack upOn
The Bank OF Tie United States, the APP
lproach To the State Banks - ,lcw. eau
iious, and Insidious. lie remind, Con-
greSs and the country that all caioula-
tons Of temporary conNeniehcc must
be set aside that No must Tecur 20 FIRST
principles and that we must see What
II is that has prevented the legislation
OF Congress end ne States on the sub
ilect OF the currency from satisfy ing
public expectation. lie declares bis
conviction that Tie wait Of success has
proceeded from The undue coun,enence
which has been afforded 20 the spirit oi
monopoly. All the serious dangers
which our system has vet eucouRteTed
may be traced 10 the resort 10 Implied
powefs, and 10 he Eis II covg0raiioss
We have felt, be says, but one class Of
these dangers Ia tie contest ~i;h the
Bank OF the United States, and be clear
" inlimateS that The oitcr class is the
State banks. We. are now ~ zee. be
proceeds. whether ia the prcseu, ilyor-
able condition q the county, We can
nottake an cAeclual sand against the
spisik.. OF monopoly. ReyCgting 70 HI
iavofEe scheme Of Govcranent bank
lac SAYS 81 Is asCeriaine,ithat, instead OF
being made necessary 10 promote IN
evils OF an unchecked paysr Sy,ifn re
moEage ~ If Me-rerDaue can he made
auNil!arytO the reform which he is De
sirous 10 introduce. Tie designs 81
President Jack on against the STATE
banks arc more fuliy developed and en-
hrgcd upon m III, annual message 20
1880, from which beg leave to quote
the following PASSAGE:
81 beg leave TO call your attention 90
another subject intimately accented
with the preceding oae-fts cu5r0
4 eycf tie country
at is apparent, from the hoic.con-
text oiIhe Constitution. ~ well ~ th,
history Of the times that gave tir,h T.
At. that It vas the purpose q tie Con
-ventIon 10 establish currency consist
ing Of MsprfcioUS mffgis 1tess rom
'theirpeculiarprorerues, wh.ch r,Dacr-
ed them the standard oi value ia al
ether countries, Mere adopted "a tL.s.
as well 10 establish is comntIcia.
: standard, IN reicteBce - foreign coUR-
, tines, by permanent rule, A. TO GA
clude the use Of mutab.e tscdium OF
exchange such as OF certain asr.cuilu.
/ raj commodities, recognised by Tie sta
, iutes Of some States as tender 90
{, debts, or the still more lefniCioua ca
b pedIcnt OF pspe- currency
o. Naritb!eness must ever be the cha
raotcrIsiIc e currency q Which itC
precious metals are not TIE chef IA.
5 gEedient or which can bc expanded
or contracted without regard 70 tho
T. principles that regulate The value g
those metals Is n standard IN tie Sc
q neral trade Of the world. Nllh ~
+. hank issues constitute such a Cuyreu
X cy. and must ever Do 50, uniil de,
arc made dependent on those Just pfo
: portions Of gold and .,lyer, as c.rcu
!. Iai'ng medium. Which CApt.icpce D.
proved 20 be necessary. not only /.
q this but IN all other coUuei,isl clUn
q tries. Where those proportions ai,
. not infused iu,o the circulation. au,
= DO not control u, :; D. manifest tia
!. priceS must vary according o. tic I'D,
= Of bank issues. and The ,Ape aaJ sla
D. bi!i'y Of property must stand expose
: TO all the uncertainty which aucud
!. The administrator Il 10 utuhaus III a
/, arc constantly liable 10 lbe template,
&c Of an iu!ere,i Distinct hdm % .ioijt,
community ia which they aic csia
% t,l he'd
Bot although various dangers 81
y ogr Observation-Disclosures base bees
g Ob,iatel hy ihe l4iior Of that bark q
2 eXtori from ihc Government q renew
2 81 ui i's charter. a. if obvious tat 90
I. &c has been accomplished. rNtcit-
Z, salu'aD Chargc OF public oliruu %
10 wards restoring Co Che CulairN ih
n sound currency provided CO 90 o.,
= Constitution 10 thg act. of rtrra
q Tie Si5'es prohibiting ibc clIcul.
u ton % small O. 'es end 'he aost'sr,
,r cLartmenis &C Congress 90 The lasi ss.
sion iorbiddinE their trrr'ian ~ paw
= rect ca public account. 'hc co.'s, r. 20
4 .cy u tLc carntt has ltcs advance
and lsrger ppIan ~ ihe r.of.el
b metals iai4ffd ia'oeui tir,Wl'ntur
diam Thee ne5suIrs $50 ps'fatl
"a be followed up Dol ig '.le .ig ne ~
ortmfrt ID state ltu t8nrting frl
a circulation back rnt-s ri t'fi t@fs
q lrrufr. f...ff .f.. AL ia rf.r,fe d. 81.