Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-22

e"~St NbtCu ts&>stdS@ttOsl DahA uOtcSi
a. well rs balls o. proaissory notes Of
individuals. fall. These are al in their
nature private and local. aud cannot
be elevated 20 the level OF currency
as money, IN tue fiscal transactions Of
g0SeTnme nj. without coming IN conllict,
more or less. With the object of the
constitution III ves,ing the very power
an Congress, which shalt now proceed
10 show.
II wall hardly be qacstioued that the
object was 20 tx a standard m order 10
furnish 10 the Ubion currency Of uni
form and steady value. end Vas there
fore united in the same sentence with
the relative power 10 AK the standard
of wei ,h;S aud meaSureS-the objects
being similar. Now. IL cur experience
has proved any thing. IL has amply
shown that SO long as the government
10 connected with tbs banks, and their
notes received IN its transactions rs
money. 30 long tits impossible 20 give
any ;hins like stability TO The siano'arS
OF value aaI t.lat the power OF coin
ios and regulating he coins, becomes.
IA great measute, mere nriliiy.-
Every dollar issued in bank notes, when
II Is made the substitute for money,
drives out o! circulation more or less
OF The precious metals; and when the
issue becomes eNoFbi,anI, gold aud sill
YER almost entirely disappear, as our
experience nj this time proves. The
effects are analogous TO allowing OF clan
ping the coin. as faf as stability Of stan
dIrd is concerned; and il would be not
less rational 20 suppose tina, such a
power on the par,pf individuals would
be consistent with 4 uailorm and stable
currency, than 10 suppose the receiving
and treating bank notes as o substitute
for money by the Government would
be? The oniy check or remedy would
bo 10 restrict them 10 their proper
sphere 10 circulate in common with
bills of exchange or other private and
local paper. for the convenience Of bu.
slaess and trade. SO far from such q
course operating injuriously on the Poo
pie, or from being liable To the charge
OF forming one currency for the People
aud aroltcrfor the Government, as has
beea 50 oilca and with such eEec, re
pca,ed, is the very reverse. Govern
Inedt. hy refusing 10 receive bank notes
as It's bound 10 do. would in fact, fur.
nish ehoice to the People 10 take ei-
Their money or notes al their pie asurc.
The dec and Of the Government will
always keep a plentiful supply OF The
former IN the country. SD rs 10 afford
the People ci.dicc, while the opposite
would expel the money. and leave no
. oflou TO them but 10 take bank notes
or worse, as at present.
have now shown how IL Is proposed
TO form the league of banks, and have
presenied the constitutional impedi,
rnents tina. stand in the way. These
are numerous and strong; so much go
that they ought 10 be irresistible with
oil, except the laitudiuousin construc.
ton; bat l cannot expect tina. they
viii produce their full effect. / know
TOO We'll the force o. long-enteriained
imPre ssions, however erroneous, % be
ssnSuine--how strongly the n,ind rs
bells against the expulsion Of the ed
and ihc admission of new Opinions
Yet. 10 this case. where We clearly see
how gradually and silently error crep,
IN under The disguise OF words applied
70 new anu totally different ideas, with,
out exciting notice or alarm aud when
we have experienced such deep disas-
tiers in consequence Of parting from the
plain inient and meaning OF the Con
siiiuiion, cannot bat hope that all who
believe that tho success OF the Govern.
ment depends on q rigid adherence 10
the Constitution viii lay aside all pre-
vIous Suspensions, taken up without re-
Election, and give = tho OBJ eclions THEN
dne weight.
| come now to The next point tc
show bow this league is 10 be revived
or stimulated into lie. TIL this can be
done, he substitute, should il s,conc
law, wonld be dead letter. fhc Sc
lection IS 10 be made from speeie-pay
iGg banks. None but such can receive
The pntiic dePosiles. or have their notes
received IN dues OF The Government.
There are none such now. The " hole
banking system lies inanimaie, and
must be yiviGcd before Il can be re.
united with The Government. No one
- bold enough 10 propose onion will
this liieless mass. How, then. is The
v'tal spark TO be revived, How the
breath Of lie, TIC Promelhesn Ere, 1,
lie bEeatbed iGio the system anew. i.
The question. Thisis The task.
The mover tells Us that it must be The
woTd OF The Government lie SAYS tha
- . bound 20 all the banks 20 resum,
payments; aud Cor that purpose oueh
to hold out 10 them some aaiSquafs Ia
dHcemtnt. lie tells us that they hav,
been long preparing. and bad mad,
great efforts, but can 90 no farther
have rolled the round, hugo rock. I'll
most 70 The summit. but, unless the Go
Nernment pot foiib is giant arm. az,
Eiyctbe lasi push. Il will feco,i ond ru.l
down the steep 10 the bottom, and al
past labor be lost. Now, what Is mi
adequate inducement; What this pow
eflui sftn4tIua rhtrh - q. ,.-.-.,....... a Al.