Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-07-12

he seq
necessary, will become Indispensable Ihis amount
will he added 10 the WANTS of the community, and
inus be supplied by a corresponding ptpocrioS
from their COMFORTS. For want oil The customary
all lie productions OF the county VIII
c beIo,, ,beif proper value; the price 10 The pro-
ducer in the domestic market Will no longer bear the
dine ratio Ia th3t paid hy the consumer abroad; and
foretpn money will come IN instead al iofeigh com
forts Here the intrinsic value oil the money mus
imported to supply the purposes oil circulating me
dunn is lost the community anu TUE amount Oh
snecie brought into the country will be the exact
measure of the amount OF necessafles and comforts
and luxures una,oidably dispensed with
II ia interesting and nstfuctiveto trace this result
TO its final cause. The elements of credit are pfu-
Ience and GOOD filth. It is some defect OF these
Than renders lie importation OF specie necessary ana
the vaIue of The sun imported Is the measure oil the
self inflicted penalties incurred by contempt OF
either of these cardinal COMMERCIAL virtues.
Do YOU remember, sir Esop's story Of the dog
whose foolish vanity nlstook Tor badge OF dlsthc-
t,on the clog which fastened about his neck TO
keen him out of mischief | am aware of no other
instance OF presunptuo us folly comparable 10 that OF
men who having forced the community 10 tax IT.
self to the amount of millions OF specie Tor the use OF
commerce, glory ia their scheme. aud Eoasi OF the
| importation as an honor to the rulers oil the land.
irlbcp it, be practicable that The laws aud instl,u
lions of any community should be made TO lend their
aid to the teachings OF experience, aud to prevent
this offence aud avert this penalty, should not the
| praise OF wisdom and justice be awarded them
nd what then shall say to laws and institutions
and rulers which beguiIc the people 10 crime, and
then urge The ayeDger demand hls victim nor 50
content, rest not I'LL they have involved the uno-
cent in common ruin with the guilty
dunk, sir that commercial men will not dlsclalm
this account OF the Credit System. think that the
moneycd interest will accept this plea offered on It's
behalf, when called upon to show cause why 1t
should not be placed under the guardianship OF the
hard money system They are not insensIble OF tue
wear and tear Of capital in the service OF the com
cial system, but they are conscious that, in the
advancement other common prosperity they receive
more than an equivalent. The difference between
them and other interests is this They purchase this
advantage al a price. The rest enjoy II equally at
free COST
+ If these IDEAS are well founded, they imply
compliment the sagacity of our rulers, which it
wauld be unjust TO withhold In their war on the
Credit System, they have begun at the right end
The foundations OF that system are prudence, and
they first tempt ,he people to imprndence, and then
dcbauch them by corruption. we have heard Tor
the first time in the history OF modern Commerce.
that merch,n uniahtul TO their country, IN
fulfilling their engagements abroad. For doing this
they have been rebuked IN a tone OF authority, by
whom do not name because lie belongs to Il
certain set whom wall never honour so far. Mr..
Calhoun may take ii as a tribute of respect to one
who is not yet =" less than archangel ruined" that
have singled him out from the gang OF swinders and
sharpers, with which he has chosen to identity him
self The consummate nsoenoe olthatother official
has alone provoked this notice They to whom he
addressed his admonitlon, pad him less attention.
But now, il seems that the authority of the General
Government is 10 be brought to bear the lransac-
tons OF Individuals III the way OF pans and penalties
The precedent Is set IN The matter OF the notes OF
the old Bank of the United States. The right
to NEEDLE with the affairs OF legitimate State Cor
poratiou, is based, | presume, Mr.. Cahoun's
| new maxim, that whatever money Is
money" and Is therefore subject to federal egisl-
ton. II so, the next step may be 10 favour us with
some penalties against the dealers IN shin plasters i'm
posed by federal authority The same principle
would legaze the condemnation OF Bank notes,
other promlssory notes and bonds, aud the denial OF
all remedy them. The State Counts might still
indeed, remain open TO the creditors But the
! FuIcc Bill TO winch il seems Mr.. Calhoun is now
rccouced as he does not attempt repeal, that
his friends the true State Rights party, are in
powcr) affords precedent for the removal Of such
by certiorri the federal courts, where these
misc hevous symbols OF credit might meet then
| Just doom.
But, after all, men OF old fashioned honesty might
and would trust each other and mere verbal pro-
misses to pay might still, as they do now, perform
half the business OF the country. The only radical
measure would b. To bring the arm of criminal uris
prudence to bear here too, and 10 punish us tol
misdcmeanor those who might buy sell on credit
or take promises, dea! on any but the plantation
plan, OF " here's one, and there's fother" This is
the point where the the credit system should
be pressed. All assaults the Banks are vain, as
long as credit is unimpaned. But introduce the de
grading and demorallzlng maxms OF despotism, and
there is end of Bank paper. Men of wealth must
then begin TO hoard, and that they may hoard Sc
cu-ely, they must agree TO attach high conven-
tional value to diamonds, and thus eude alike the
rapacity OF The tyrant aud the mob, by concealing
prlncely wealth in the patches OF catered garment.
| Until this is done, credit tc1U prevail and the evi-
dences of debt tiH be transferred and the symbols of
credit tolH perform the offices OF money This is
the true character OF Bank paper, and though Mr..
Calhoun and Mr.. Webster should unite to call them
muGC; they are not money. They belong 10
| the head of Contracts, and their validity and
enforcement depend the municipal sovereignty,
which the Federal Government Is NOT
Before dismiss he subject, the Bank of the u
! nited States permit me to offer one remark. /
! have suggested plan which have yentured to re-
commend to my political friends, means Of keep
| ing awake that watchtulness over the Treasury, and
that jealousy OF federal power, which have long
slumbcred peounIay interest IS proverblay a
Jealous interest and men quarrel about money, who
! agree about every thing else.
70 you'll would add, that Bank of the United
States, representing the pccunary interest OF all the
States to the extent OF fifty millions, will draw them
| together like flies TO drop OF honey. They may
quarrel aud fight over it, but they will never sepa-
rate while the least scent remains. - Darius sum,
non OdipaS," but must be permitted 10 believe that
such Bank, judlciously organized and skluy man
aged, would be small security AT against
consolidation and dlsuniOn.
And now. sir, having said all THIS beg leave a.
gam TO assure you, that am not IN love with this
plan. Were II IN my power TO establish it, and were
free from all constitutional scfupes, should trem-
Bile at the thought of new experiment on the cur
rency. To deal frankly with You. have but used