Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-04-16
POLITICAL.
TO THE HON. JOHN QUINCY ADAMS.
U.SuJ~aToN


30 Justify. II require IT. foi nineteen years have
been connected with the lnsiiuon which caused
the last resumption. aud during all that period my
.foits have h.en directed to secure the country the
bcncfs o sound currency, and TO Danish from CIR
cuiatt-,n every thing but the precious metals aud
notes always convertible into them. | think that
,o other currency Is safe tnlerabie aud that we
should now 1t at the first moment can be
tieur pern,ancnis Far this purpose the institution
~ which | belong has made great Efforts Since
the suspension IN Nav Last 1t has bought and added
10 its vaults mari. three millions Of dollars IN gold
and silver; and now with capital OF thirty i've nil
loas its mites ia circulation are SIN millions, while
ms specie. after paying more than hail million TO
the Government OF the United States. amounts to
nearly four millions, aud has eigln ten
millions OF funds in Europe. Our principles
therefore incline early resumption; our
preparations would justify it-aud II NC were al
all influenced b, the poor ambition of dong wllat
Others do readily. the still poorer de-
OF Fronting by the disasters Of Others. the ocCa
sion would ccrtain, be tempting. But the BaItA ct
the United STAIRS makes common cause with the
other banks and The Character aud prosperity OF the
eounrv ldeaiifed with ais banking system
They must stand or {. u tngctlter-and Is 81 vital
importance thai the banks should act Wisely AID
sc har,usnioHsls. anG above all that hes should
suer the mseves be dtisen. ly the dread OF beng
though weak. into rash aud hazardous esterprize~
Tue great prerosaIve Of strength Is not 10 be afraid
II doug right: and belongs to those who have no
fear Ihst prudent conuseis ~, BE- mistaken Tor umd
". examine calmly stefer the general inlcfe,Is
OF the country recommend the voluntary resump-
tiaH OF spcce payments IN MAY next. say the so-
lsbiary resua{Hian. bctsu> there y mt uoA. nor
hs, there hren. zeal suspension ni specie
payments there Ns> Tor more than fsenfs years
IA EHglzad. The Suspension wholly eoHvcn-
sHsns between the banks ard tic community. ans
sng from sber Isutuai consfeHon That II i or their
mutual eeBeui. 10 Iuth lie hsuk. cut tie
-gen's OF fi1zt eoiomniiS fa,s hayr 10 iusid- 10,
already icni oal tu Toe I-sals. OF whose property
zHd 'adassfs sHeS iae representatives. They
.nx s,slsT usn,> isf lhc t4tu.s tie com
the iseg"r-, su4 tIse internal Improvements
ri liir toantfs-sud th- etgInry whether The banks
rad, resume onf, auo'het 9ofnl of asking
sheihet the people arc rsa, 10 pay then de5ts to the
binAs.
The true question Thea. after al. ls whether the
time has arrived wheu the banks shoad announce
thru the al the suspension, which s4ils-
bed the community. have ceased To KS. and tlat
the Suspension nseli with all its necessary attcu.
dants OF restriction, uced 10 longer be continued.
To that enquiry now proceed Add
!. What the causes of the suspension !
They were the Sprelc Circular, winch forbade the
rstepI ri any ihlng but gold aud silver al Il Land
olhcrs-lhe misnan' E cntr.t Of the d,po>ffS. which
scatter Il them to the honnei.-thc clamor raised
by the Executive agtIu>t aank notes, winch alarmed
The people ior thcu safety, aud caused a run upon
the banks tor specie. Nnw, has any one ol these
causes ceased Ga the contrary, have the, not A.
qnircJ teu-iolh lorcr The Spccie CncniA, Is not
repealed. Ga the contrary. has been extended,
fur bank notes are prescribed. not merely from the
land Offices but l,om all payments of very descrp-
tlon to tie government liz dIstnbutnn al the
surplus Is over, because theie il 40 longer any sur
plus to distribute bat the great disbursement GA
the Southern and eSttfn frontiers operate as inlu-
rously by requiring the iraaser OF 80 much revenue
troni the pouis where collected. I.aslly and
mainly, The alarm about bank notes propagarrd by
the government, has been dceply spread through
out the county, iH what Wis AZ Irst passing 70
cry, has settled iun Inpac able hostility. No
man, think. can doubt Tor moment thai the Ex-
ccuiWe ol lie United States seeks to maintain his
power b, exciting popular PASSIONS against the credit
shsien-1nd ti,t the whnie influence ul the govern.
inenis employed To rntu,H INTO the minds OF lie pru.
pie. dstrust aud Hatred al al banks For tins pur-
pose, The nosi Insane thlnss are addressed to the
CupnlIty oil tue ignorant, VIII taught that gold
and silver ate the ouy flc'es. aud above all
tsdt these shfewd metals would enable II. to outw I
the paper dizziness at England. " Su." >al1 lately
one OF these poiician, in .hr Senate ofthe Unltrd
States " Sir man Loses al by any Circumstance
" that but iof ihtt cVtusf1nte he would have made.
Although England - paper country vet n ,re
Uere erctqs1reiy met}c country tce should max {
" more out ~ our intercourse icih her And Nh,
should w, because She chpose, 10 mann hcrseit
" by her Papsr system tollow her example p IIe
government. II may be sui Is oInpafatIyely harm.
less, because ITS expenditure. exceed us income -
lis regular income, no doubt--hu wlnic II can
pledge the public credit Tor treasury notes At a hir h
rate OF interest by ahtca every uiau's ptoDerty -
mougaged. and buy etir with them there can
never be waning the means al depressing the banks
here Is therefore no one clrcu!n< ancr winch oc
casioned lite suspension sufficiently removed 10 JUS
ty achsiee and the n'rsi prnmlneGt calisr remains
"'lli increased lulru-ly. Accordingly
IL. The edit system OF the Umied States and
tie etclnshey metallic system are now fiffly IN the
Geld, Lace tn lace with each othrr. Oae or the other
must TALL There can be no other issue. Il is not a
question OF correcting errors or reforming abuses,
on o absolute destruction; winch shall oonuucr
bht snail which survive. The present strup lie loo
must be hnal. 1.-The banks resume and are able h,
sacrihcing the community 10 continue for "A few
mon'ns II VIII be conclusyey employed al the ne \,
elections 10 show that the schemes Of the Ex,cu.
h'e are not as destructive as they will prove here
Hief' but 81 they resume and again are cumpcllee
Ia suspend. the Executive will rejoice N ,hs new
triumph, aud They will idl III the midst OF a uniye,
BAL ouicry against ia M weakness TIN, is perfect,
UNDERSTOOD. aud accordingly all the influences %
the Executive is directed Ia drive the Banks b,
P"P"''f outrage anu ciamor, INTO premature re
unpiioh---not a business resumption, general An,
permanent, but a political and forced resumption
which m"y place them al The mercy OF those IN pow
er. hey who have speciI ch1rgc Of these inefes,
must then beware OF being deceived from, their pre-
seot position. They safe aud strong ant
tes should not venture boy ond their ehirenchmenl,
"hne tic enemy is III the plain before them. II the,
resume. que ot two tinnes will h1upen-,heI
noies viii not he received by the Government, o
they viii tie received Ii they are not received iii,
government 10 the extent OF the revenue will G,rc
tiie hoidets OF the notes draw specie from lin,
bahks To be deposited with the collectors of the rev
enuc. for the difference between the revenue anc
'he expenses. the Gosernment will issue treasur,
Nate h. Il 4. 10