Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-04-05


rate OF interests. aud rrprrss irord,aate
os1ry. The saiulary influence of hanL.
IagoPeratlSns 40 demonstrated in coun.
tines and sections Of country where
they prevail. when contrasied wi:h
those IN which they are not found. In
hs iormer. all % hustle, activity. gene
raj prosperity. The country ia beaui;.
ned aud adorned by the noble works Of
iait:aal improvements: the Gales arc
rlled with splendid edifce,. and the
whsrves covered with the richest pro.
auctions OF our own or Of foreign eli.
mates. In the latter, all is sluSeishness,
slothiolnssl. and inactivity. England
IN modern times. illustrates the ereA,
advantages OF banks, OF credit. aud of
stimulated industry. Contrast her with
SPAN. destitute Vt all those advantage.
la ancient times. Athens would nte.
sent "a image OF full and active employ
ment OF all the energies of man. car
ned to the highest point of Civilization.
whist her eishbor. Sparta, with her
ircI money, affords another Of the
boosted benefits OF metallic circulation.
The Senator from South Carolina
would do the banks no harm: bu, they
are deemed by him highly Injurious 10
tas planting interest! AccorIinx 10
hln, they inha;s prices. and the POOR
planter sells his production, for hard
money. and has 10 purchase his sup.
'Pi'c' at the Soilen prices produced hy
paper medium. Now. must dissen,
Altogether iGom the Senator'S statement
OF the case. England. the PRINCIPAL
customer TO the planter, is quite us
moch, d not more. \ paper coun,ry
Min ours. Andihe paper money price,
Of the Que Country are neutralizeJ NV
vas paPer-moncy prices OF the other
country. IL the argument were True.
'nh papeE-money country trades dis
ai'antAgsousiy with q hard Ut oney
eountry. we ought TO Continue 10 en-
pioy paper medium. 10 couuierbal-
anee toe paper medium OF England.
And five were 10 Danish our paper and
substitute Sstogether \ metallic curren.
ey, &c should be exposed 10 every
inequality which has been insisted un.
on, Blu; there is nothing in that view
Of the matter which Is presented BY the
Senator from South Carolina. IT. as
he asserts. prices were always inflated
IL this country beyond their standard
20 England, the rate ofexchange would
DC constantly against Us. An exami.
aiiion. sowever. into the actual state
o! exchange between the two countries
iora Ions series OF years. evinees that
VI has generally been in our favor. In
the direct trade between England and
tnn country, have no doubt. there il
large annual balance against us; but
that balance Is adjusted and liauidatej
oyoAlanees byour favor in other branch.
81 OF our foreign trade, which have
hnaily concentrated IN England. AZ The
great centre Of the commercial world.
o. all the interests and branches OF
'ndnsiry IN this country, none have
prohied more by the use aud emplov.
meat OF credit and capital derived from
banks and other sources than the plant.
Ing interest. II habiiuailv EMPLOYS
credit IN all countries where planting
agriculture prevails. The Slate1 of All.
ALBANIA. Mississippi. Arkansas. and Loui.
"ana. have almost sprung into existence
~ 1t were by magic, or. At least, have
been vastly improved and extended.
under the influence of the credit sys.
TEN. Lands, slaves. utensils, beasts OF
burden, aud other supplies. have been
constantly bought. and still continue
TO be purchased. upon credit; and
bank agency is ail.esse niisl 10 give the
most beneficial operation TO these ere.
DTS. But The argument OF the Senator
from South Carolina, which | an com
oalIns. would not be correct, ifit were
hue that We have inflated prices on
this side Of the Atlantic. without a cor.
responding imitation Of price on the
other side; because the planter gene.
rally selling at home, and buying nj
home, the proceeds Of hi1 sale, whate.
yer that may be, constitute the means
by which he effects his purchase and
consequently ncutTali.e each other
In what do We OF the Westreeeiye INV.
ment Tor the immense quantity OF live
stock and other produce Of our indus.
Try, which we annually sell TO the South
snd Southwest but that paper medium
no" so much decrird add denounced;
The SeaaioT from South Carolina /, We.
~ fond of the State banks bot he
thinks there IS no legitimate currency
except that Of the constitution. lie
s1niends that the power which the 90.
ternrneDi possesses TO impose taxes. re 4.
ssIIets II IN iheiTpsymeni, 10 the receipt
OF the precious metals. but The con.
sii'u'ion does not say so. The power
u glVer ia broad and unrestricted terms.
add the Government is left al liberty
TO collect the taxes IN whatever me.
dunn OF commodity. from the exigrncies
Of the case, II can collect them. Itis
doubtless, much the most convenient
r collect them 10 money, because thai
represents, or can command. everv
thing. The want Of which i implied by
the power of taxation. But suppose
ihets vas no money in the country.
none whatever. 10 be ex;oried by the
isE.gaiherer from an impoverished REQ.
pie : j. the power Of Government to
eeass. and the people "a be thrown back
into . state Of nature The Senator