Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-05

under proper safe guards and only 10 The srenf that
may be necessary restrain i,nprudences or eSces
ses endaneeflng the general currency. u was to
tins extent only Ne have shown IN previous part
of these remarks, that the power was exercised by
the late Bank oi the United States.
The substitute likewise makes IL the duty Of the
Secretary OF the Treasury To use his influence 70
bring about arrangement, las no doubt is entsr-
tanned he could dol among The several depoxits
banks receive and credit cash the notes Of each
other, III paymep, oi the public revenue. wherever
rendered. The effect Of this arrangement would be
put the no,es OF III. deposr banks practically
the footing The branch notes III the late Bank
ri the Inited Stnrs-cvery where receivable IN pay
ncnt III public dues, aud emp, ing. consequently.
general credit aud elreulation throughout The Cnou.
II would give to the country toa great extent. the
advantages ri an uniform paper cuueucy AZ The pr~-
crding proyison would sst ure to II a sound que
and the two together IN supplying, prdefirduy, the
benefits promised b, National Bank. would super
sede the s'rong~>, Arguments urged IN favor II
su,I an institution,
Inrerard ioihr kods OF money. IN Which the pub
lie - 10 hs collected the substitute a'lolts
with sight notifications. the provision ot the cur
iency bill OF th LAST sesson ri Congress. 1t d-c'afes
tia, the pnb. dues al eretg description. Cor iasds
well ~ customs, shall BE- r~cesed'n gold aud al
yer ~ rrcasur, notes, orsuch notes OF srrcie.pay-
/ my banks, tundct tenain restrictions inruded -
promote the suppression al small noirs,) as the de-
posiis hanks, subject 10 the supervision aud control
ot the Secretary al he Treasury, shall agree to cred
the Uni.d States IS rdsh. j. will be perceived
that IL the proposition submitted. have post
ponsd 10, one ycar the exclusion OF the nons "
banks winch issue bill, under five dollars
II J.. known tia, many at the States authorize Uoies
under that denomination; aud sonr, VINO have here
,ovrc p,ohibed lhsm viii. !, is surpassed. author
the ISSUING OF them under existing oirt nmsiancss,
iuu ~ '....ttNA r".tai u - evident hat the
OF tins description ., notes. III supplying the place Of
and consequently diminishing the demand fui specie
IN small dealings, would lsad materially 10 facilitate
the resumption Of sp"e,s pYmeu,s by the b'oks--
tattp h.l.I uUe bp
lar circumstances Of the tmrs, to adjourn Tor Que
year the period Tor excluding the Do,es of banks Is
sung blllsoi NOES under tive dulafs and the same
consideration has prevailed 9Th ~. tor the present
iIuit the farther exclusion o bank uotes 10 the
sues nj such banks ~ shalt after tie -spirasa Of
,eats, continue to hills notes under ter
dpilus. la dong tins. under IN esikcnee. oi the
times, ! wish 10 he understood rs mol abtedoning my
original opinions (Which REMAIN unchanged ~ Ia
ofeslsu'Iing the Prohibition OF small notice ul-
m,tely IL all under lhs Denomination al twenty dol
lars.
Finally the sub,,itntr, in frthrrance Of the great
policy ot nxng perod 10 the present disastrous
reirn oi redecn,b. papet, pro,tdes that after the
lst day af July mex, il.r notrs OF no bank which
shall mol ihcn have bona 6d- resumed specie pay
ncnts shall, any Tine thereafter, br received II
pa, mt OF the public dues, This, ~ ronnsciiou
with the liberal provisions M dr by The Substitute.
l,, re- csiabi stg the credit at convertible bank pa
per. wall, ! am persuaded, bflns about aeeneral ts-
sumption ot specie payments AZ the iinr designated
The GsalIon of, day b, Congress will exerc,ss
Po"r'n' mon" h'"'ue'' ''" n"' ''e es' So -
il'c day hx'd corresponds WIN 'nt' 'nol.a'e" ~
majority oi the banh '"nVth'i"" h'l" Ia Ne" ioh
III November last
hesr Nh President are me 'eau'hg provisions
nl me measure ! pave s'p'hue"' "hc" ",s''nSu'"
ed It from me system heretofore "aoP''dio' .he sn'-
pl"!hen' o' STATE BANKS a. o'i'sHo''s u Tue pun
III "'o"'y, ~ "''"' - 'i - " 80 - ,'
system, ob''aling somc q" 'hr strongest ehJrcuons
when nave h''" h''h'i'o "fS'o "2'h' !" Po''o'as
"'" soa'oS "g'p'' "'"''' "'," ,''''"'''S ~" nv
nslot extending IT. usefulness '"d sHels.cy.
'hh"' an 'o'e ana h"' M NW"'aS '".'u""'
feel sse,y condolences 'h"t II "oni' "'sst no'h Inc
wants oi the government 'nd ihr wishes Oh me eons-
Try
shn doubtless he ask" weat arrangement
pr"posr ~ fesafu to me oiie' "ise""n"ns on .ns
public driosos' lhr'e ~ u" dos''"te "'e'aseto"
ri thrit dong So'in '' measure F'o!'s'' Vo' -
tins think shu p' "n'o !" '''o" tne,e are W.
suprr,bc obstaclrN') but u e"''"hy "hiof'"s IN"
stimulus Ia the use oith'i power "hl'n mas efeto-
fore baen applied, aud 1t moreover furnishes pom
trc security, oi an IMP ',''h' 'n"'"c'e' sS'ns IN"
excessive a." ot II. II WI D. ier'''ee'e" ny INC
Send. that the Vt" al Jhhr l'J"' "h'ch o'San'xss
thu Late dcp"she S'|ei' l"NNes 'equninS u ING
banks yriy inior''h ana ohfi""7 sfiFtfs'l fcqufe3
hrm 10 pay an 'n'ff''' I'll Nv" pr ''''t "" an NV
public d"po@les !" 'hrh Ip'''sS"n 'N'e'","s '"e
fourth "l their c'ih''' "''n"'y P''' ~, ~, '''''
not merely authorized but c""Pfacd me b'hhs l"
discount On the pnole n'o"fHs' "h''"'' ''ey "'"o"
not IN order to enable ,htm 10 pay me 'ntsfes'
/ charged. ii was """''"S "''"'''' ~" ~ '"e
government to the use OF f,' power ns s'i'hn-
lus, this comP1tson iahei propose lo"uhuiaw "
repeating thai clause "' 'he Ia" VI 90 WHICH ehsf-
gcd the banks interest on III" p9olc moneys, ,oT