Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-06

uteW Wcaln ~ n PRACTICAL form Tor the aumlnsHa
ton OF Government, 1t has uniformly been received
and admitted OF tho duties Of the Government
TO take care OF the National Currency.
In Washington's time and in that OF his successors
especially the times Of Mr. Madison, when the Pc
enliaf circumstances of tho country brought that
subject into new Importance, II was held to be the
exclusive, AT least the paramount aud unqucstion
ed duty of Congress to regulate the action OF the
currency, whether OF paper OF specie, aud that pm
eirie has been acted upon by every branch OF tbs
Government, with the full knowledge and approba-
ton OF the American people.
How then should the question have arisen nj the
end OF the eighth year OF the Constitution -
Nothing but tho toruous windings Of party policy
could ever have conducted us 10 such point moth
ing else could ever have raised such question AT
ths late day. From Washugton's administration
down 10 the administration of General Jackson, aud
IN none more than IN his, this duty has been admit
ted and attempted. II has been denied to
be the duty OF Congress either one form of the ex
etose OF the Commercial Power us a necessary
Inference nom the Coming Power,
All will remcnbcr that the very first complaint OF
General Jackson against the late Bank of The United
Suites was this, that II had disappointed the cxpceta
lions OF the people IN not furnishing To the nation
sound and uniform currency. In that doctrine there
were, indeed, many who did not agree with him
but II was expressly on that ground that he under
took this grand reform of the Cuncncy-whch ma
ny thlnh WAS very sorry reform iGdeed, lie sad
thai the currency was not so sound aud so uniform
rs II was TIE uuly oi tho Government 10 make "
and he therefore attempted to give us Currency
more sound and more unlioim.
he deposites wcftromoved IN 80. and the policy
OF employing the State Banks as the repositories
was adopted, aud that experiment has been proved
II was then said that better and a safer currency
would be provided for the country. refer To this
but To say that down ~, the duty of furnishing
currency, an actual currency for commerce, had
been considered the undoubtcd duty of Congress
as much SO as the duty of making war or foreign
treaties This removal OF the dcpositcs had led To the
suspension OF specie payments by the Banks, aud
since then new reading OF the Constitution had
been adopted. No such duty could be found. II
has been scanned by candle light aud il is not there
TINS plain duty, which man to 80 has question.
ed yanshes At once the commentators can't find II.
a new Administration came into power, pledged
TO follow IN the footsteps of its predecessor but
there was one ioostcp too big for him To put his foot
m-a stride too long for him TO take. This is sor
Gus fact Tor in that, which may call fatal message
10 Tie last session OF Congress, there was tho
nouncement OF disavowa of all power in the Gen
raj Government, under the authority Of the Cons-
tuition, toregulate the Commerce OF the Currency.
lie Message of 1887 does disavow any power
the part OF the Government upon these subjects,
aud that may do injustice To the President !
will repeat Tho words. The President says "lrom u
want OF Consul utionaI power, refrain from recon-
mending any plan for the regulation Of the currency.
iot the relief of the commerce of the county,"
Any plan 10 regulate the foreign and domestic com
mefee OF the county, is not, he says, in the power
oil the Government to adopt Yet IT is Written in the
Constitution, that Congress has power over both
foreign aud domestic commerce.
W hat was tic necessity for any plan 1t was
not the crisis OF the country but ii the crisis OF
party The Administration preceding the present,
had rejected the United States Bank, and had up
the question that the Bank WAS unconstitutional
Tins idea they had set up all over the county. ]
have nothing to say for the wisdom modesy OF
men, who after the Legislative decisions, aud Judi
cal enactmcns OF half century, choose to set up
Their private judgment against the general confirm .
ed opinion OF the county
1t was, then, the general commitment of the par
~ against the use of The Bank, any bank, by which
the Administration was brought into a dilemma, aud
which led 10 the necessity OF some plan will refer
Though al the risk of some impualop Of bad tase)
those OF you who recoect to have them, TO the
remarks made by me at Wheeling, when the sus-
pension oil specie payments was first made known.
happened 10 be there nj that time. ! saw AT once
that the suspension had produced u new era--had
raised a new question, and that, whether the Ad-
minlslralion succeeded or not there would be
prosperity until it WIS finally settled
No sooner bad the State Banks suspended. and a
mong them those who were repositories of the Gov
eminent, than the Administration raised The cry Of
treaehery, want OF faith, pes6dya cry as false in
my opinion the cry raised short time before by
The same party, that they were safe and c ould com
NIT no
But whether the suspension was rghfully made
OF not, the Administration seeing themselves shut
out from the use OF the Understanding that the
experiment had faled,-and being incapable TOR it
IS IN the power only OF great minds) OF going back
haping no power 10 make any new experimentation
ing like man floating in the ready to catch
at any snag, and waiting Tor some piece Of floating
tlmbcr-they were ready for any thing rather than
The Bank 1t was plain that they would do precise
y what they have done. Seeing that they had de-
prlyed themselves OF the power TO control the cur
rency, they said they could not find II, 1t was nat
ural that they should do precisely what they did
and by saying that they had not the power, relieve
themselves from the duty OF exercising it. They
had deprived themselves Of the constitutional means
oil performing their duty, and tried to avoid the res
possibility, but the people forced that duty upon
them, and called upon them 10 execute il. ! Cannot
but remember the tabled Giant OF antiquity, upon
whom, while tearing asunder the oak, the strong
ilbfes reacted aud caught him in the rent.
We are not safe a moment after we lose sight Of
the great principle that the Government must reg
ulae the currency il that power is surrendered to
whom shall it be given TO the States! To all
the Banks To the whole people No, Gentle
men, suffering that principle to be surrendered, is
abandoning the vessel of State to be borne along,
without helm or guide, down the current, in the
midst otddnger and darkness. As have said, whe-
thef the Sub Treasury be for the receipt of money
for the issuing of Treasury Notes, is The pun pose
OF relieving tile Government from The embarrassment
caused by their experiments. say for distnctness
and TO prevent misrepresentation that do not think
II the indispensable obligation the Government to
create National Bank | speak not of particular
measures say ii is the general duty OF Congress
to regulate the currency-but the particular man