Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-07
LHNCHRURG, JUNE 7,Is,s
THE SPECIE CIRCULAR-EFFFcrS -,
II 5 REPEAL. VI


The Wings have conten ded from tho e.
'Is' 'he specie Circular was promulgated bv
treasury edct' IN opposition to the laws of tho ,a.,
anu IN defiance oil the expressed opinion Of o,.-
wheming majorities of both branches of Con-.
thai, its effects must be necessarily exceedingly a.
cious and destructive. Independent of RI. ,.:,
and unconstitutional discrimination which :,
between different classes OF public debtors ,
foreseen that it would disturb the natural
oitrade, and derange by consequence the c,,,..-
and the exchanges Of the counuy-And ,nch 49,.
the opinion likewise of vast majority of the Admin,
istration party themselves Hence, when Mr. po.
Ton proposed "a law authorizing this change in IL.
long established policy of the country, il mn,
with no conntenance in the Senate, his own vo,
standing solitary and alone in its favor: Will.
IN the House OF Representatives similar propos,o,
was rejected by vote almost decisive Yet III.
Representatives of the States and Of the People had
hardly reached their homes before Gen jackson, do.
ternned to do, uathout lar, what they had thus m,
eqn"ocaIy refused to permit him to do by authorize
OF law. He directed his Secretary Of The T,o,s,,...
to issue that Illegal, unjust and pe,nic,ous O,de,
the fruits OF which have been so disasronv b;te, .,
the county And subsequently, when il was repe,l.
OF of hot
"ouses o' Coneress-'nJori,ies sufficiently powerful
10 nu''''y me Veto had he exercised that Executive
''''o"'e IN 'he mode drectedby the ctnsti,uton-ho
po'o'y set al defiance the will of the people, as made
known by their Representatives. by putting the law
INTO his pocket, and carrying ii with him to the Her
hage-relyng doubtless, aud unfortunately a, tho
result demonstrated, not without too much ,easo,
upon the strength Of his personal popularity the
wonderful and dangerous magic of his name-,o
sustain him in this daring assumption of more than
regal power IN any government not purely despo,,c
in its forms To this arrogant measure some of thu
most minds in the nation, (amongst them
some Of Gen. Jack. ons warmest friends as all will
recollec, who remember the able speech Of Senator
hns OF Georgia, at the extra session have not hes-
tated to attribute mainly the whole series Of caam-
ties which have since befallen the nation. And al
though Ibis was denied by many Of the lren Of tho
administration, who UNI hosophicaliy argue, tina, it
was impossible that such large fountains should
flo" from such little streams yet the sing uar u
nanimy with which that Circular has been condemn
ed and the anxiety manifested for its repeal and the
exnitation with which its annulnent is receyeJerc
by those who pretended to regard it very nnn-
porant act. all show that then language did not speak
the convictions OF their Judgments.
Amongst those who, while they doubted the pro-
prety OF issuing snch an Order commended that its
influence could not be very extensively and perna
nently detrimental was the Richmond Enquirer
We are not very certain, indeed. that did not assert
its beneficial character. Vet what is now the Ian
guase oftha paper It congratulaes its readers on
ITS repeal, and says There be little doubt that
this measure will smooth The way the resumption
pG rim bx ,lo
Southwestern Banks" What is tins but an admin,
SION, that, to the operation of that arbitrary act of tho
Executive. their original suspension is mainly at
trbuiabc ! What but an Indirect admission of the
truth of what the Wings have constantly asserted,
that The arrangement OF The currency, and oil its
disastrous consequences, have resulted hom Gen
Jackson's famous " Expermeuts"-Lis atteppts, BY
ignorant tnkerng, to make that ''berier' which was
already the best circulating medium in the world
and entirely insusceptibe Of improvement by tho
wscst minds, much less by his who had never studied
the horn books of Political Economy, and who knew
as lutte practically, by reading, of the complex
science of which he assumed TO be SO accomplished,
professor!
But word as to the effects of the repeal Of tho
Specie ircular-hat incubus upon the energies OF
the nation, as II was orig nay the active agent IN
producing the mschefs, which have renderedne
cessa,y redoubed exer,ion Of those energies,
The Enquirer" as it will have been seen, admits
that it "smooths the way the resumption of spe>
Gle payments by the Western banhs''-but this is not
all the good which the Editor of that paper,
wit his usual sagacity, anticipates from it, What
says he, in his paper ofIune tst! lie asks" What
will the United States Rank say now % aud calls
ON " Mr.. Bddie TO come notwithstanding him,
the mean while while with the denuncatlon Of" eve
ry honest Bank and every honorable man in the
ton" fhe "does not seize upon this opportunity
cooperate with the Northern and Southern banks 10
return 10 specie payments'-though do not
know what Southern bank has yet opened its vaults.
nor can we conceive what stronger obigauon rests
upon Mr.. BIdde, than upon DIR. peterborough,
pay his notes in gold and siver-and why the fail
OF the former more than the failure of the lat
ter, should have subjected HIM to the visitation oil
these heavy curses, in the contingency supposed
But the United States Bank of Pennsylvania answer
ed the question Of the Enquirer the day before II was
asked--Mr. Biddle " came forth even before INC
Richmond Magician had waved his potential wand.
Aud hear what he says:
PHrLApELpHIA, May 81, 1873
My DEAR SIR
In my letter of the 9TH ut stated my belief 'i't
there could be safe permanent resumption ..
specie payments by the Banks, until the pollcy VI
the Government towards then was changed.
h,f