Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-19


continue III cfcuniion and on from year tn wear.
until at the cnd OF series OF some five or six Yeas,
'heir would be III circulation, IL supply tue inds-
rensable wants Of commerce aud oi genclnl me
dunn al uniform value, not les. than some slxty OF
ri9hly nllons ol dollars issued hy the Government.
These drafts would be- generally upon the receiver
general at New \ ork, because. that polnt. they
would he preferred over all others. a. they would
command ni.ln'an or be st par, thiouel out the
wiinle extent ot the United States. aud we have
Ncen TIA" the Secretary ol the Treasury invested
wnl ample authority TO concentrate NJ thai point the
Whale re,rnue OF the United States,
All experience has demonstrated that III banking
operations much larger amount al paper can he
kept out IN clrcula1ns than the specie Which II ~
necessary To retain IN the vaults meet II when pc
same experience has asetrtafnrd 10 DO entirely safe
are one OF specie 10 three ol paper II Iheirt",e
the Executive Go,ernment had sl>ty million, of
dollars accumulated N the pon al New \ otk.
IN tie hands at the receive, gencta. trpfc-cn-
ted by SIXTY millions oi Government drafts III rilz
cuhtIun, would hc known thai tprnt, oi thai si<ts
millions would be sufficient 10 retain to me, any u
mount OF drafts whleh, IN ordinary tunes, would be-
presentation payment. There would thcu remain
tort, mlllioas III the vaults, Idle aud unprudurtse,
aud vi which no practical use could he u,nde. Well
eres, election Is Al hand IN the State ot New
otk, the result nj Which will seal the late al IN cN-
istihg administration. II the application ii ten mil-
hois oi that dom ant capital could save, At some
future day. r"rtnIt Executive nom overthrow,
ca,it be iuubed that the ullliuus would be- an.
Piled to preserve 1t ~ power Again: lei n suppose
some great cAlscne, Ia a,sr season OF war, eica.
tine severe financial picsuete aud cmhari a,siucnl.
" "uld mol Al issue oi paper founded upon and ~
ceedthg the specie III the vaults, such y u
portions as experience had demonstrated nighl 10
sat emitted, be authoIixed FINALLY, the wholc
amount ri specie might BIZ eNhausl-d. and lhcn
as l. 1t easier 10 cneInve and lssLc b,uk notes than
10 perform the unpopular office al iupo.l"g taxes
aud burdens, the discovery would be made that the
ereaa oil the Government Was sufficient blsls
" hficnpon 10 male tnlls,ohs oi pal tr mone,, 10
be redeemed when peace aud prosperity returned
Then we should have the day. ol continental money
aud oil assigna,, restored i lrn We SHOULD have M
Government paper medium, Which the Senate,
Irom Sou h Carolina Nh, tALnorS considers lie
most perfect Of all currency
Meantime, aud dn,iug the progress of tn, ylsl
Government machine, the State banks would lie all
prns'raled Working well, ~ II may, II honcst,
ADMINISTERED, III the hlsl pcllod Of existence, II
VIII be utterly nnfossibl,vi them Ia naiutan the
uuequ'l competition. They could not nainlau II
even II the Government were attuatcd b, l.. un-
iIlendy ieclIugs towards them But when wo know
the spiri winch anmates the present kNccuinr 10.
wards them, who can doubt that lhcy must tall IN
the unequal contest Then issues will be dlscred-
iicd ahd .stoubltnan' Cd aud that system oil bank-
IulIl,y which II President would even now put intn
optiaI ion against lhr, will, in the sequel, be pas
Assuming lhr douulall OF lhe ln, al banks IT, IN
rv'abic consequence oi the opr alons OF tIis great
Government bank assuming, II, have shown would,
be The Case, thai the Government would munopoIze
the paper issues OF thu co1nr,, and obtain HE pos
Session III great po,ono the specie OF the country
We should then behold comb ned aud concentrated
monc>ed power equal 10 tt.u OF all the casting
banks OF the united States, with thai VI Tie lat
Bdnk oil the nited Statrs huprIaldcd. Tins ire
melIno". power would be welded by The Se,rcla.
~ oil the Treasury, acting under the immediate
Commands al the p,c.d,nt ol The uuned States.
Her would be perfect UNION at tie sword and the
purse here would be 10 imaginary, but an actual
visible, tangible consolidation oi the morrycd pow
er Who what could Withstand II Thr
States Themselves wound become suppaals n
the leet oi the Executive iur potion u those laprl
emissions, OF the pow CT Ia winch they had been
stripped, and when he NOW exclusively posses.
srd.
Nh President, my obscnllloa aud experience
lave SATISFIED me lllu the salcry OF bell, and pos
ptriy c"h>hIs IN The division ul power, whclh,rpo-
ltcai OF pccunla,y. la uul lcderatnrt, stem oti,
security Is 10 be found III HAT happ, distribution
OF powar winch exists brtW c.n the cuslaI Govern
menl and The State Governments. In on rIonettr,
system II 1t lately existed, itSeArtllontc resulted FROM
tntl beautiful Arrangement by VIII oh the States had
iIe institutions ior local purposes, t the hencfal
Government lis institution Ion the general pun
poses oil the whole mn. 1hrIc eAIstfd Tie glral-
r,t congrnly between all the arts Of tins aduIia-
bic system. i II "ds homogeneous. There Va. no
separation Of the Federal Government from tie
alcs o. IIom the People. There was no attempt
10 execute practically Iha abuauIdly sustaining,
among the sainr F'opir tWo different cuncncIes ol
unequal aInc And how idmirab, did the " hole
>ysI M curing the forty seals OF lis existence move
ana "olh Aud on the ,wo unfortunate OCCASIONS
ui lts ceasns Ia exist how quickly did the b1 siness
ahd Transactions oil the c"untry iuto Wild d or
der aud utter confusion
Hitherto, | have considered tins neA pro,ct. ~
II IL, according to It's true and character and
wba 1t must inevitably bccuins. have not eA mn
ed as It ls no but Is rs inends would reptes ut It /,
be, lheS hold The idea that Il slnp.c cuntrl.
vance 10 collect to keep, aud /" dIbusIe the puAhc
revenue In ihh view ot H. every consi teiaiun oil
sditfy anu security recommends lnc agency OF re
NlohsIbc cofpniatious, rather dian The nplo>ncul
OF particular inhwdu us. Il has been SNOW H. DUNG
the course oi this debate, that the amount " hen
has been lost by the Diet alcabn III individuals has
exceeded Three or four tlncs the amount OF all that
has been I"s' by the local banks, although The sums
conlded to tie care ii Individuals have not been
PROB bly oh'-ttnh part OF ilc llia has been
Ia the custody OF The local ba.kS. Aud We all know
that, during tie forty yrms Of the txisiencr OF the
Bank oil he Uhic States, Gem was lost OF
The pubic revenue.
have been curious, Nh President, to know
whence ths idea OF receivers general WAS dcrncd.-
II hds Dtch SUPPOSED 10 have been borrowed iluln
France. 1t required al TIA power OF that most ex-
faorilnary nian that ever lived Napoleon Bonapare,
when he Was IN has neildIiu greatness, d. place
Inc FARMERS grnctdl, aud 10 substitute their place
the receivers general. I lac ncs system lcqulr.s
| ihihk have heard 1t stated, suuelnug like lnO,-
900 employees To have II cNetu,ed. And, nolwaiI-
standing the mpdesy u The infant promises OF tins
new PROJECT, have no doubt that ultimately shall
have 10 employ number Of persons aprruxlmatna
to that which retained France. mn.