Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-02-26

+ dcslines Of or great and glorious county.
But lhcre are other aspects of this measure svos
nole dangerous and alarming. In the remarks
had the honor In submit the Senate, At the Late
session. sad thai tbs scheme had sqainling An
awful squintng' towards Treasury Bank. II nov
has thai character boldly painted On lis trout. II u,
10 all ntcnts aud purposes, great Gorerhmtnt Bank:
and ol Tins persuade myself shall he able salts
ty Every gentleman he vii do me the ho'for ~
accompany me in tie analysis propose mike oft,
composition. In Tie lrst ,ilace, the National rove
uur, cocctedin cold and SILVER, IS to be disposed IN
masses 1T certain leading points, designated Ivy th'if
Importance III = commercial financial. political
view. 'Iha bill directs thai lhete shall be great
rcntlal depot oit III the treasury building lrre
-aGptlicr depot ~ To mint al Phltlclphi,-a third
IN The branch niint n New oiclns, aud four oth~r
sunllu dcpafe Vt he national treasure in gold aud
elhtt Al Nen Norh, Boston, Charleston, aud =.
l.ouls. BH.llugs ne TO he erected (allere iiry do
not already eAsD tet The feeeI ion aud security vi
desc funds tlled NJ with Nau IS. safes. aud n tho
nal appoA#iagcs o. blshlng esia5llshncnt. 1hv
Treasurer ani lhr SECRETARY ottIfe Treasury arctic
preside, pnf5e0lul1. over le central establishment
hre--tlIr Treasurer of the mint AID the branch
mint @vrr tl1r es'ab shment III phadep lila and New
Orleans. and four Receivers General, with their
clerks aud asslstlnts, oyiffbogr At \. ok, boston,
Il 'haleslon, ahd ST Louis. Thus Aon have the
funds OF r0PlF To operate On. placed IN POSITION at
suitable points aud complete org. izallon oi OH
GERS 10 u1tG,gc aud administer those funds. M
tline hul the = asfie hand o the Srcteiary III The
Treasury willie wanting |, nonll these materials
INTO bluh, aud Ia give nlolou aad direction 10 TIA
machine, How will II b. dune The mo1ias oper-
ana Will be prliced> natural a. d simd
The Government uuG. com AIRED with the di.-
hur.emcnts 10 b, nude, vii be in excess IN some
ula,rs. ~ hlle dizzy Will be- def rni II others They
must fhcu br il1u lsIlrd fon place OF deposit.
to auoIhr, THIS vii latdly ever, II - III br pre-
sulued be donr By anactaa nansport,lion oispecc.
! will, doubir,s, he generally d'n3 by the ordinary
means OF dull anl bills oi exc hang*.
! he bill mnst srdulon-ly elsrs Ia the Secretu, OF
de Treasury an unltmurd ttscre1loaaty authority IL
nl.c aud nd,i he ttin fei, from on Place al do
poslte - another, and hom ont individual dcposne-
" Ia another. ~ ace. fhr1' LIRE where the to
,rrumtn lnnlt are tNce,s. aud lie wishes 10 trans
lc i poilj.o % ihrln t. ~ 9TH place where they
are drl lcut lie vii n1tufallS daeeI IN II tdf
al tNr6augeo on the bIitr p=a'c - be bought, pay
my tei II oti ~ tn sirtle atcnmhliied II eNe-As
1t the pace III the ne -utlltion. ia The oh lani,
" lcn br wishes To- lli" funds from distant place.
" ucc ihrv ar ~ cNtrs., To- place where tiry are
lcG lent a billion tlfc Ia mr. plleewil be sold aud
he mon , received ion H. added 10 the deicirnt
uud sat the place oifhc collation. Ihf Officers vi
hr Government, hae operating on the public fund.-
luler HIS ssslr u, WeuId bSemne habl,ud dealers
\ ohnar--a r.sulaf and acknowledged brareh ~
lac bnslnrs- oibMiang. In lie cscle,se ot th.ss
lIut trons accommodation al udvidn II, would eone
o be- n Is much consulted a. tie warts III he Co
.tume!t Tie RerrNcr.-G General At -. Lnus Gr
.Naulr, having txctss al thr public moneys in HI.
sud aal instructed IL ta STIR that excess Ia tho
,ub Treasury at Nov Iulk, would nrurally do W
D., baglBo tlaits Of nirlehin> or other Individuals
h. attrl place. But tbs APP eatlon o the rub
lc mo cy q the purchase ." Il, airs, ~hh an endless
ird would lhcru bctor undue Hsots To individuals,
= wclI IN ia eliminating amouG those who might
ave dtall 10 s., H. adjusting the price aud otnsr
Guns ol the purchase. -, likewise, If VT suppose
lie RrccvstsGcurnd ut New \ ok authorized to
lr,w surplus ol paltc moa'ls from ~. LOUIS no
would do 20 10y sta}R- drls uu Ihe kerehtf- Gcnef-
Il At 81. l.onft; and III this operation OF selling.
hcre waul be neatly the danger OF abuse, aud vi
Lr nllncuce oi personal considerations, have
at shown 10 rNlstm that obu! YIN, lllnge.
l,b=.,'so# very rasy To perceive that, under the
oru, ol husine add selling bulls o .No hange by Ca
rInnrut officers, real luans To ltyIduals may be
.ouchrd. II buy, tol example. \ ball al exchange
winch has sNly - nIntiy days totnn, aud pay Tor
II ra,l IS 4uppu- be done III the case,put above,
II Receiver General purchasing bills TO transfer
Ntcss al psbic MONEYS IN ms hands, what /, tins
II f,cr but il tplui ol money, /" be- returned. at
h, en- Of #slNN uIuets days at some uthrr
,larr nhcIe ihr Government HHntsit. It's. indeed
.Atcpils To ptlfc, liz ordinary TOM ot discounlng
ucreaniilr paper l. he nr,aaas the sale al bill
dr.i#lsucr, II br ralj tot II i0lufe day, ls very
.ou4eairut medium OF a real loan. The purchaser
>riI, the hlii ne has bought, realizes
II money! tne use OF winch hr enlpys tor the sapu-
acd palol aud then returns II with the rate OF pro-
il aaired upon IN the nominal purchase. The trans
lion a. to every practical inieut, loan and pro-
r..lonal gentlemen, Couytfsnnt with the devices
lf,cIIsrd t. cyidc tie statutes against usury, will tell
.Ou that nothing IS mntc common than 10 make
ra lnln under tins yer, to,n OF selling IA bull OF ex-
.hanae We tifn, that the officers OF the Irea-
urv under the organization provided by Tins bill,
o,,hl not OIL, be engaged IN buying aud selling bills
If exchange. but they would have the power OF dis-
.oQaiinp nerca ntIe paper and making real loans
Ihen the bll creates, III effect, rank d discount
1t would moreover. be bank oi depostfe, Tor the
nh section OF the bill express alt horses mdyId-
nl, Ia deposiio money the " lIeasufy, ni AT such
other no MS as the Treasure may designate, the
rpce,ps tor which, II is declared, snail be current
the several Land Offices cash. This, | am aware.
IS but a SPECIAL and limited provlslon conined al
eat to lsnlens IN advance ion the pabllc lands.
But tie piHtiple ing once Intfoduced will from
lime 10 umr b, extended 10 other cases. shall here
At rr have occasion To show al President Jackson,
" hen he suggested the idea OF Cove fhment Bank,
Of winch tins bill seems IN be the Developments ex-
ptcssIv recommended thai II should be based upon
indiril,,0t rs well rs the pubhc depustes.
The organization instituted by this hl would also
be bank OF circuaii0H, for The drafts, etfts and
other piper authorized to be issued by the officers oil
the feasuIs, under The provisions o tie bill would
form a ptrt o the actual currency and oitcuation Of
the couutry.--That1 is designed, through the me
dlua ut this machinery, 10 issue permanently CO.
ycrnmeut paper currency, under form or other,
Is sufficiently tyIucelbS the alternative clause oil the
bill relating 10 receipts aud payments by the Govern
tnent Which equllcs that all suthreccIits aud pay
meni, after a certain period shall be III gold OF sill
yer, or IN notes. bills. OF Paper issued under tho
autbor,ty ,d the ned States" The Senator from
South Carolina, lAlr Celhoun.) tie patron and
o tins bi and HE author OF the provision