Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-03-28

II was true, SAID Mr.. T.. that, for long time alter
tho war, when the l.. S. Bank had become rlsetted
pom us by atwcnty wears charter that u political
calm ovefsread the county, and hnshed into silence
The arguments on this subject, But 50 soon M the
period for the expiration ofthc charter approxma'cd,
aud the question OF It's renewal became the subject
Of discussion, YOU find the old banner unfnrlcd,
with the principles of Nh. Jelerson's cabinet advice
cmbazoned upon its iolds, and the whole Republi'
can party, wiih Gen. Jackson as their leader rally
ing 10 its support. By n bold and decisive stroke
OF policy. the public funds were transferred from the
United States Bank to the State Banks--a measure
which struck the nation with profound amazemeni,
and called forth the Indignant reprobat'on OF tins
Assembly; but which they AFTERWARDS rccanled,
most 'neenuousy, when time had been given for
their :" sober second thoughts to exert their legili
mate influence. About this time. said Mr.. Peyion
portion OF tho Wing party. exaspcrated and goad-
ed by the defeats which they encountered at every
Turn, aud abandoning in despair National BANK, At
least after the model Of that which had awakened the
fears and excited the hostility OF the people and
which was then in the last aeoncs Keeling under the
blows of the Democracy, brought forward n scheme
which was the embryo OF the present Sub Treasury
The resolutions cmboi,,ng this plan, he said were
introduced by General Carbon but, he sad, they
were so unpopuar-so icpugnanl 10 the views aud
feelings, and habits Of the whole country, that With
all the personal aud political influence OF the mover,
aud with the strongest appca,io The courtesy OF the
House only thirty -four votes for It's reference could
Congress, 1t was, II possible received with still less
favor by the people. From the Cult TO the Lahes,
from the Atlantic shore 10 the Western frontier, one
unbroken voice of eAecration proclaimed its condem
nation. Scarcely an individual could be found.
whatever might be the complexion of his politics,
who would confess himself its advocate. Wing aud
Administration FedcrlIst snd Rcpubcan-all-ali
were forward IN announcing from the housc-tops
tleir utter adherence OF the monster, lest per
chance the stigma, like the mark of Cain, should be
fixed upon thcm,and expose thom through all Tune.
to universal scorn and Contumcly. In the midst OF
these assaults upon the Pet Bank system, the Exc
cuuvc message invoked The aid OF every Republican
in It's defence. Aud never, said Mr. r., did high
land elan assemble more promptly orwth more alac-
ry nj the sound Of then chloain's buglo than did
the whole pnry when summoned To the defence OF
this mvor,'e system of Gen. Jocksons-Ils aud
yacs mountains and plains, scut forth countless
hosts of good men and rue, who were all valiant
defenders olthe Catholic faith. The National Bank
hcrctics, and the Sub Treasury dolators, were com
PEELED either TO abjure their hcresies and abomina-
tons or silently aequicscc In the measures aud poll
~ dictated by popular supremacy. The President
OF the u. the Secretary of the Tfcasury--ihc
party leaders 10 Congress aud IN the respective Lc-
gislaturcs of the several States, and the barroom,
cross road and pot house politicians of the villages
and country, proclaimed that the State Bank Dcpo-
site system was the very essence OF Democracy.
The people responded that II was ono OF the thirty
nine articles, and all who would not subscribe 10 1t
should be delivered over 10 fire and laggot'
Nh PcYon said that, throughout the whole of
Gen Jacksons long aud clcntiul Administration, lac
adhered 10 the principles with unwavetng fidelity,
and few indeed were the licge subec who, Al any
time during tins long period refused 10 do lcaliy.
The organ ofthe Executive, the Globe, a. That foul
beet" II has been aplly and wily called by the
present Secretary of State, tMr. Forsyth giving the
key note thousand other mercenary and dcpen-
dan " by authority" presses, susIai#ed the views of
its master with great force aud ability, and pointed
out with pencil OF light, the blighting and dmcfnl
effects OF the Sub Treasury upon every department
of industry, and upon the MOI nj and political condi-
ton of society. Among other things, he said in sub
stance if not IN words that the Sub Treasury plan
was a Federal concepon--an odions Wing attempt
to remove the peoples money from the Banks where
could touch IT, 10 place II IN the hands OF Re-
cevets Gene, al and Sub Treasures, where itwoud
be liable 10 be pundered by huud,ed. The great
Financial head of tho Government ~ Lucus non
iucend0"J played the part Of a faithful echo aud
maintained with great zeal he superior safety, eff
cIency and economy OF The State Banks as receivers
and dIsbursers Of the public revenue. Colonel Ben
ton who was then. he is now, one of the most APP
proved Oraclcs Of Democracy, delivered several
Speeches, covering and supporting all the posllioDs
which | have assumed. That distinguished Sen
aior-whom ii is much the fashion IN this Assem-
bly, disparase, who always seems 10 me TO bring
to every subject mind richly stored with valuable
and power of argument, and happ-
ness of illustration, surpassed by iew-when tho ie-
charter of the u. S. Bank was under discussion
in the Senate. in the course OF very elaborde
argument made the following very just and iorcible
remarks:
"Mr. Benton deprecated the spirit which seemed
to have broken out against State Banks; II was II
spirit which argued badly for HE rights OF The States
Those Banks were created by the States, aud the
works of the States ought to be respec ted the stock
in these Banks was held By American citizens, and
ought not TO be njurously assaied TO give value to
stock held in the Federal Bank by foreigners and
aliens The very mode Of carrying Oh the warefare a.
gainsl State Banks has itself been in jury aud just
cause Of COMPLAINT. Some of the most lnConsidera-
Bile have been picked out-tlie affairs presented 10 the
most unav orable highland then held forth as iar
sample of the whole. More easy would II have
been TO have acted a more grateful and a more G.
auable par--a part more just to the State Govern
rneuts which created those Banks and the American
citizens who held stock in them Instead OF hunt
ing out for more remote aud inconsderabe Banks
' and making this high Senate the conspicu-
Gus theatre for the exhibition of their nsignhcance
why not take the higher order OF State Banks
thoes whose names and character are well known
=" those which have reduced the FIX
change belo the rates of the Federal Bank; and
which in every particular that tres the crcdis SUI
peiior to the which is receiving so much homage
and admiration Mr.. b. said there were plenty
Of such State Banks as he had described . Some
of Them had been selected for depose Banks, others
not but there was no difficulty III making seleC-
ton Of an ample number"
Ia this same speech. Mr.. b. says, "that this
shirt of hostility to The the State Banks was Of re-
cent origin. and seemed TO keep pace with the
spirit of attack upon the political rights ofthe States.
He alluded TO the fact, that in 1871, when the first
Fedora Bank was created it was not even made by
nsc harer place Of deposite FOR the public moneys