Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-12

IhaFeseeffahiiffe
,fc~rs rv,drd fnt the hill and the tnehholders nj
,h- ne individually the still thu means Of
ecn,,rii N thr disposition al the hirtrcr would be As
sethia- compared Ia that oi the latter They Could
80, touch Of public MONEY. I'hcir means
,ouid - I,uiird 10 their salary, which would be
100 small he irl; u the community. Very dher.
~,, would be the eiih the officers and stoohhoi
srs oI The banks. Tir, ri NIL persons BY Tar the
most Influential IN the community. greater mum
iscr lryrni on thcm lor accommodation aud ia'or.
and tie succr oi their business ard prospects IN
Iile ,lrnn any other esss in soeiri, and ihs would
be e.periall, true al the banks connected hHh inc
Government.
I, unl, remains now compare the ssi'ni oi the
e,n,rn, tia, NAV be exercised by thu 6o,ernnrht
aver tsr tmo in order complete the enmrar'sohi
and ,,e 7s ain the rrpunderancc viii br touud 10
be s,rikncl, the sane side. The whole amount
.r expenditure rnd. the bill would q cNce'd s"o
900 snuasli, ~ the srfy Iarthesi; aud H'is c"is'.
tu.rs tie whole amount I'll control winch ihs IN.
,srnreu can exercise. There wunld be rsrquisnes
~ contacts Jobs. incidental ss.- he Offices aud
.aarirs Mould be a-'foth that esrot, ih"st who ma,
hold them would he dependent ,n the 6o'crnmeni'
au thu. far tl-y he controlled lilo" stands the
account on the oiIrt sidr VI hat value shali be pm
o. the public depo.ifes in the banks " hat on
the r-orirsbility a Their rctes, rs cash. by ihe 10
vrrnmem What on their connection Win the 10.
,rtpmrni as tlrit 6seal agent. which would GIVE
So great a control over the exchanges aud husi-
1e,s Of tie canpr, How many millions sht these
he estitnard al aud how ms snlhcanl must tie path.
sam OF $50 or $40 NO Spfear Ia thos. countless
millions held under the PROVISIONS ot thr substitute al
The pleasure of the t;arrrnmcnfi
Having finished the comparison II IN ;he ie-
i.iive patronage II the two measures. shall ueN
compare them 6.eal agent, OF III. t'osernmrnt
aud here let II The uut,. that ihr discussion
ha. corrected nv rr,or hich once entertained lad
.upuc I'D tin the hagarl oi keeping the public nv
NJ, under tilr cnsnd, OF ohrers o the 6afrr'intni
would be ctr1ter Than ~ h,nk. Ihr Senators
fom Nav Hampshire and trnuectloui. Hrsst.
lluhb,rd and Ntes1 have proved ti"n th' '"eotd,
ihst hr hazNh On lli' nthtr srlr ahd thai -
have lDSt b, tl, hapss than bv tue collecting
and di,bnI,lug Officer combined " bat can he
done seCutii, h, Judicious selrctIuus
oil officers, aud ptopci oteaulA ton. - strongly iIut
tra,rd b, the chairman Nj. WnghI = hls opening
speech, that IN the Na Department thrIe las Gu
no loss iur fifteen ,tar>-itom 81 10 J5-on au ~
peuditute ccrtani, net les than orc hunditd mi
hons oi dollars. TAKE suinr PRIDE ~ tins result o
nm oreanizalIon wheel originated rnd established
when ScctrtAN al WsL ~sslnst ia" most formula.
bic opposition.
As Ia The relure enptn-- OF the two a-enecs that
oi the bill. stiall - II -, II to nudge bs
apPednanets, is The er.alrst, bn II b, ttcfs, Tn sub
stnute would be much the moat 80, provided ee
charge II with ali tn adv infage, Which tic banks
~ouhl drfnr tom ihelt connection with Ia. Govern
reH', ~ ought IA istnr', TO be done, tie wl'oc
umairl, couc, out OF tie pockrts 81 tlir people.
In siu,ic particular the banks h.,y rte I'll, ,tasc
=. h,eal agents. ny would he the cunr.-
n
hol4 from them credit, winch il,ry ~, lpsll,
clam.
Tia. Senator from Nutinls Nj. Kae.l app,ar-
40 have great apprehension that the collection .
tho public dues IN srrcir, might lead 10 holrdlnc.
Tic May dlsmlss hs lea' un that head. II not the
genus ot nudr.a md civilized Gosrrumcnii hoard :;
mill WIRE, the BANKS Will take cd1r that Their
shall hs extraordinary accumulation 81 cash ~ the
rrasulS FLs. the bua aud | uudci"riie, that W.
'lall never again law "a complain OF surplus. l.
would rarl, a ever, IN peace aud settled tunes *
coed tifrr 81 toui millions NJ the outsic. Nor Is
IN. apprehension. thai hoitding oil specie would lead
~ Wal, less gtoH niiess. The danger Is III atoih
quarter. W az l. the harvest oil bahS, wheu the, are
connected with totrrnntt NJ. The ta,t increase OF
revenue and expenditures, and the enormous pub
lie Loans Which necessarily euuic mani, To then ad
vantage, swell then proas IA saf To the utmost LIN
ITS. But separate them from Government, and war
wc"i then be to htm state oil lurrur, or reasons
winch must be apparent after what las b,eu sad
which would Il 10" then weight on the SIDE otpcacc
aud against wal, Just &C tsnl,, rs ! have sloAn,
that the separation would throw ON the side OF til.
taxpayers. and sainst tlc taN =couSuIn,rs
come now to th- comparison OF thu effect, OF the
two measures on the ru'rne> ul the country. In
this respect the Srnatur from Y ng,nia Mr. Ei,e.A
seemed In thl.h that his ,uh,tltutc Would h,,s ,
great supciIurr, lhc bill bur hls reasons were
10 me wholly unsatisfactory. il We arc to lndrr
from experience, ought 10 ne plououuced o he The
w'ist possible measure, II has been operation but
twice tear for bu l-m ,.df,l siuce ia. commence
mcni ri The toretnmrul and II hts , happened.
t,t he Only plosIun. ot the cuIit nc, occurred
during these periods Eul, without rely hs ON TIA, Sc
disastrous, occurrences, have scen euourh 10
satdy the most Iuctrduou.. that there Al, r,ea
aud radical ELECTS III oui bauk udtIou " hich Ia,
remedy heretofore applied las bcsu able TO iemoyc
IL onSindts !" the tAcess III paper, compared 10
specie aud The onl, effective 10 increase the
latter, AMI reduce Tho former: aud tins the ,ui,f,
tue Itself nnplIedls acknowledges, b, piopos,nc
remedy that would prove wholly inoprratnr. I,
.ropo.cs III At, eiiei ac'itun nod mentioned. non,
OF me banks be selected should issue locs uu.c,
ten dollars. he effect would certainly be- not :,
duninullon ui tie cIrculrtIon ol small notes but
Sew division ii the banking business, IN winch the
issue OF Ian &C notes would tail 10 III. lot OF the sc
l'ccd banks aud The small 10 the others without !,
stficng, III the least, the sstesac amount 81 paper
circulation.
But What the substitute would iaIl to do. III, ban
would -l-cually remedy. None doubt but the Sc n.
iNuon tom The banks would great, increase the p,,
psilon oi specie 10 paper; but tho Senator iou,
Virginia tAlt Kscs) apHtebendS, thai It's operation
would I've too powerful much So, III fact AS 10
destroy The bauAs. HIS Argument IL, that specie
would be always at premium, and that II would he
impossible Tor The banks to do busInc 20 long as
that was The case. lis tears arc groHndl,ss hat
ne breads would be but Il temporary evil The yrr,
l'ot that spe,r would bear premium, would have
lhe double effect 10 DIMINISH paper ejaculation, and
increase the importation ct secic I'LL quilIb Iun
hfmeep tho two would be restored, hen TIN,
would be at par. Al What pontt tins would be .i.
tcoed, Is ldile uncertain but the ica IL, that with
our decreasing revenue, instead oil the spec IL,
beng Inctoasrd 10 eAces, II would MT be increased
suficienii, 10 give the dcsned stab, to the chr.
rencN.
la H. lion he Sens