Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-08-22

fch IN lands aud industry, were vet deficient in active
means 10 develop their resources of future wealth.
are OF course greater sufferers when confidence is
destroyed, rs AT presents
The history d; eschang es. domestic or foreign,
eloaily proves this, The East asks of the West
difference OF exchange SO the North OF the
South, and the Northeast Of the Southwest. And
so VAST difference is now demanded IN some cases,
ms almost 10 pun II stop TO profitable intercourse, re-
dnce the STATES To the condition OF the Confederation
and destroy The nationality which the Constitution
intended 10 establish. Instead OF regarding our
selves IA nation community. Interested in n
common aud general prosperity, we are endeayor-
ing To exact difference of exchange rom each 9th
ef, This process Of State competition and domestic
discredlt among ourselves States, IN our inter
course with each other seriously dnnishcs the credit
OF the whole IN the estimation OF ofeign capitalists
The finances Ola county are made the peculiar stu
dy of statesmen aud capitalists abroad, aud II Is To
be regretted that these have not commanded more at
tention from those who IN national councils,
and more especially OF the Treasury DEPARTMENT.
This omission may to some extent, be excused here
tolore, when II IL known that. during the twenty
years OF the existence OF the Bank oil tho United
States. all the interests and notifications OF industry
aud trade were so shielded from lluctualion and dis
organization OF currency 10 render any attention To
those operations unnecessary.
When steamboat progresses on her voyage sue
cassinlly aud no accident occurs lew OF the passep
gers stop 10 examine the engine aud machinery
but, when an explosion takes place, II ~ subject of
deep interest, and the matter OF high pressure and
low pressure IL discussed. So II Is with Nation
al aud STATE currency. MOI content with the good
currency wa had, constitutional sciuples were as.
signed by solnn for hettenng H." And. against
the light of all experience. we have been hurried into
experiments Now. the party leaders who took
The IN the conflict against national bank aud IN
favor OF State banks, making destroy the other,
turn with equal vigof against State Banks, aud 20
now for no banks, about FOR The same reason that an
incompetent aud ignorant engineer IN "'temp'ingto
alter and better good engine, aud finding his cxperI-
ments 10 fail, announces his "uncompromsipg hos
tllity'' TO all engines aud STEAMBOATS,.
Experience has taught us that u national bank,
aud a moderate number OF good. sound, wcll-ofgan-
izcd State banks. have exercised saintary check
each other precisely as the General Government and
State Governments cooperate for the general good.
We have lred State Governments without n Gene
raj Government, aud IL was n failure. We have
tried State banks without national bank, and have
experienced the same disastrous result. The fact
~, national bank is the OF oni political system,
and without it we shall have the darkness and con
fusion winch The planetary system would exhibit
without the great regulator Of the universe 1t was
wise maxim OF tho sportsman, when hc found him
sell in doubt, to "iry back"
In this crisis the People must come 10 the rescue.
The question IS, The country and us interests. II Is
not 10 dggtandze, politically this that man, when
the industry Of Whole People IS parals zeJ. Uu-
der the dGlusVe and seductive promises ol democra.
ey, this country Is rapidly becoming mouarchieal.-
Men oi humble talents, doubtful character and linn
tied political know ledge, acquire an iGnueuce from
office "hfeh Is alarming. Even Senators from soye-
reign States aud the Representatives OF the People,
are sernnilod graduated, put up or put down, just
IN proportion 10 the conformity OF their opinions 10
the Executive wlll--when there are FIVE thousand
men IN the United States who have much or
more experience, talents, and information han the
President himself Every man who opposes the
views OF the Executive is charged with being pur
chased by the bank. As neither own stock, and
never had loan or any other transaction with the
bank, an as these opinions have heretofore been
unfortunately not very popular. shall At least have
the credit Of sincerity II is admitted by every QUO
that the country Is now, aud has been since
General Jackson complained that Congress would
not ask INN for the scheme OF a national bank, suf
1rnug lOt want OF 81 national currency such cur
rency as will be equally good Al all points of our
vast country, aud jus Ear better than coin ii is
better adapted to safer transit, more applicable TO
trade, aud capable Of converibny into coin nj all
points In the place of tins currency we have State
bank paper, OF local credit only. aud posl-notes
Time, which. tor all purposes of Interchange, are da
ly deprecallng. People OF one State are losing con
fldenee IN tire currency of another State, and, rs
matter OF course, foreign capita aie losing conf
dence IN lie securities OF all the States. am will
Ing IN believe that the party who rule the dcstinics
ol tbs county, when they struck fatal blow at he
national currency by destroying The only institution
which had ability to preserve IT, had no idea Of placing
our industry, capital and commerce al the mercy Of
4 lpreign bank.
The Bank OF England is the Bank Of the
United States SO lar rs II concerns all the leading
objects OF our trade and commerce, and 1t is not to
be oonnlencted by individual combinations and
Stale banks The capitalists OF Great Britain,
purate aud incorporate, the head OF which is the
Baul. OF England, know perfectly we'll that so long
as our currency IS IN state OF arrangement, cobfi-
deuce and credit will decline with us, and that coin
will be drawn from Europe by every channel we can
open 10 obtain IT. They know we have already
large amount thus abstracted. Ten times the IL
mount they could spare, however, itthey Jake our
State and other securities will do us no good com
pared TO the harm It will do them, aud com thus de-
tanned from use aud its proper position had better
be back In The mines whence il came. than TO keep
US indebted for lis cost, il II is to be locked up in
Sub-lreasury, by which its usefulness and availa
billy are destroyed Our Southwestern States are
now suffering more than any olher and il political
demagoguos can persuade them tint a Sub Treasu-
fy' instead OF national bank, is the true remedy,
they have yet IN Store a Pandoras box Of evils which
"Ill hlcl and seonfge the county 10 extent that
no one now can iOresee. Commerce, credit, and
agriculture are petIshing. The great interest
which IS 10 feel the whitening grasp of tue sub Tea
sury policy is State internal Improvements of rail
roads and canals. All these must be abandoned in
ihef unfinished state, iaras they depend State
guarantees To be negotiated in Europe. The BaDk
OF England and capitalists OF Europe. alarmed al
the attacks made on cfedl-system by high au
thorlly andby high Off ia function ares refuse 10
loan State bonds aud the failure Of those enter
prIses which were looked to 10 return the interest,"
on the bonds will soon them be ranked with
the securities OF Brazil, Colombia, Mexico. Pouu-
gal and Belgium, and our agents will be driven out
1.-THE market. Unless some remedy be prompt y
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