Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-04-16

Ia
IL inoerabe the eiiizens had not escaped ifoin
II aud sough, alienation by loans else~here Bat
the other cities had followed the example oi Ne"
York and made siuilar reductions the whole
country would haze sunk under II OF fe'oien a.
gainst II.
( These inequalities between members oi Tue same
community became more striking when appiei 10
engagements between distant pats oil me Cnoi''
Tie Atlantic cities fof instance WIRE eftdttsoi "e
S.pthefn and Western States = goods sold 10 mem.
To be paid for either n those States OF ~ INC Al
Lntc ciiies'hrit enlffuer, Jring soneh'y l. same
thai the exchange would cost rs much ~ TIE nifre
transportation oi i... #pecie When the d'y oil pay
ncni arrives t.c lrlitoi city suddenly nlAA's an ~
udc4l scatct 4 IT. cufcnc N-fehdeis lht only
money ifNiil receive ucnt almost inaccessible TO
ITS deblo,-tedn, ~ lie sdoe tune liie :'e' Oh eN
! change aud tive tfis.. Of every thug hts teof
/ instantly rccolls the creditor. II payment l.
made IN the Southern and Western States the At
/ LAME merchant loses tie whole depreciation III
the esehange.lf payment Is To be nadr ~ me Al
Ipc cities and the debtor sends produce To pay his
! debt the scncuy vi mnney obIges hlm tn saetihee
I'll he sends the Bank notes oil his country they
sink to seventy five per cent IA saue-ani he l"sts
the difference. lfhe btass the stocks oil hs State
The scarcity OF money renders their negotiation M
possible Once Disappointed N tbs way. he sends no
R more pfaducc--np Bank uotes-and tie efe.
dlturs III suffer than the difference by tue
delay.
/ So II respect foreigners. We owe a large debt
to France and England. Why should we destroy
{ the ,alnc of only means OF pay ng IT we can
pa, II only in clsh, ProiHce stocks. rs to cash
this debt was cuutldetedm aH abundant currency.
By tbs Artificial scarcity OF money We are obhge1 /"
pay It III currency more Ytudble by one nan 81 one
J tnnd. Even at that fate We can Lehlcr borrow the
money RAISE II BY sales except by tninous sacihee
We thennay pay It IN PrDd"'c OF N stochs, bat The
same seafclt, slnks The value OF both. debt con
uacfcd when cotton vas at twenty cents NC have 10
pay when cotton Is ten cents pound. II We pro
pose 10 pay ia stocks. tlese too have sunk perhaps
twcni, FIVE per cent. Iheir pr'ce LIST year. Or
re>onief, then are diminished IN value "hlr debt
| /, increasing 5y interest The consequence Is that
the fneign debt is postponed. Tins operates mum
nt,l to boi Ia partiesto the domestic debtor by re
dutlug hts meaus ol pakment-to the foreign efedi-
tor b. the delay aud The hazard oi lbs debt. Ii Is
ttue IL could receive ms money lac would re.
min II home at q low rafe. But then the same scat-
CIV Which lowers the rte oi remittance prevents his
RECEIVING any thug In femIt-and - Lar itom beng
interested IN the eJtS resumption, II INJURIES hIm -
5 nlally because the forced pre- laratlon Tor 1t by
7 crushing the resources Of ms deblor~ renders them
alike unable and unwilling TO pay. What the 10
reign eIedftorwJn Is paymcnt-paym OF the debt,
I not IN d better currency, but III an equal currency,
81 necessary, IN IN olerlot currency. because lie
can better support high rae Ut remittance than Il
reduced or postponed pay mcnt.
There prevails notion that the credit OF The conn
try abroad will be alarod by not resnning. Not
I IN the Least. Every bo1s connected with America
knew the oil suspendng. aud entirely appro-
we'd Of II IS the Only measure HAT could have saved
the county. What Europeans want now Is that
we should pay our debt. That Is first duty, and
If they ST. they cannot fail to See that these pr
mature etlutt, 10 resume specie patmeutS prevent
the collection OF Wh1tI, due to them, they will per
ccve thtt rnielyouliog to secure an object Who'll
" donestC, they have been sacrificed. In respect
The dividends aud the stotk IA, able abroad, ma
/ ny oil item payable in pounds sterling or gull
dcrs. flames, that place the money there n
our own cost and as To the dividends payable here
they have almost universally been reunited IN the
/ cqnsalentsto specie. What the general merchants
OF France England desire, is that we should Ia e
then mcl haudlsc-that should trade with them.
The state OF our currency is very subordinate con
CEN. \ Gu deal wnh thrm aud pay them IN then
own currency. They known little and care less a.
bout the SAT- of currency IN winch YOU deal with the
South aad West. Besides who are 10 reproa h us
/ with the dcpcr,tinn OF our notes. The English
Bur the Bank of England suspended specie pay
mcnts lof twenty five Nedrs-durng nearly all winch
Time Every American Bank paId specIe--and mcn III
England forced by la" to take notes OF the Bank
OF Eug land when they at thirty per cent discount
whereas ne man Obliged here 10 take any note
/ OF any Nanh-1ud 81 Tins moment "A Taper dollar IN
! Philadelplt ~ : York, viii buy silver dollar
delivered IA !.ouJuu. The question hcn ui the
SUMPTION IS a.o exclusively domestic-onc Which
however lmuaut II hour, doe, not affect the credit
/ OF the conutty ,'.a=fi-
early resumption be ptactIcaIle, the month OF May
| Is a lit time. My impression Is that the month o
! May Is very unfit time. The resumption, To b.
useful must be general and no arrangement can be
satisfactory which does not inc ludc the Soulheru
| and Southwestern States. These d1 not think al
yet ready to resume. Thcy are STAINING ever,
nerve 10 pay their debts Then crops are gong Tor
ward to provide funds ia Europe aud the North
the Banks are laboins to meet lhcir notes AT TIT
Nonl-thc Legislatures are Piled Iing thslr credit ie
rnsc funds III order that their people WAY pay thc
debts. Why should We rcpul>e them All the,
want Is time. They have not yet had the benefit u
4 slnSle cop, aud they may require another and IN
stead OF dIscrcdlug thenl, or diminishing the value
of then produce, curtailn their dciluics in
ding then crops TO market better to help then
aud wait TIL they more advanced IN their rrcpMa
tons. The employment oi credit, either OF Bank
OF OF individuals most useful To the country at TIN
, moment, IS to forward its produce To Europe. In
stead OF tins the Banks reducing these ldciliucs
aud calling upon then debtors Tor payment. TN
seems very unreasonable. II is stopping the loco
motives they carrying the crop to mar
kct. The month of May. too, is not the right tinlt
OF the year. For example, it requires an av
erage about fifty DAYS TO take cotton from New Or
leans To Liverpool. SupposnG IT I'M ncdiltcy sold
the usage is AT the end OF ten days give banker
acceptance payable IN months, that by th
month OF Nav there would not be actually realize,
more than the cotton winch left New Orleans besr
January, when more than one fourth one fi,il
OF the whole crop bad been shipped. Much o
course, IL drawn Tor when shipped, but speak nov
of the actual obtaining possession of the proceeds o
the crop and AT all events not one halt Of the crol
will have reached Europe by the month OF May
The Sniag Is, moreover the season when the ctedi
IT'S gwen for the shipments OF Southern and IVES