Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-04-01

sane and mischievous designs of the Ahotionlsis.
from the very commencement OF that fearful excite.
ment. lie declared, before his election. that lie
came into The Presidential office, he would feel him.
sell bound bill which ntcrtcred with the
rights OF slave holders in the States where the ins-
tuition OF domestic slavery existed or ~ the District
OF Columbia. lie did not wait To see. whether he
could derive any personal advantage from that iana'eal
spirit which was spreading rapidly but with gene
rons devotion To the obi CATION OF the Constitution,
aud to the rights OF the South, ho placed himself Al
once IN uncompromisng hostility To formidable
and growing faction, and made them his bitter. un-
rccntlng foes From that time to the present, whilst
others halted and fingered he aud his most intimate
personal aud political FREUD his dcpcndants' aud
" yassals" las they have been cnllod,) have stood
hfnly by southern man, IN resisting all the attempts
made At agitation by these misguided enthusiasts aud
their political promrtors, IN or out OF Congress
SO notorious is this, that II brought upon HIM the
reproach from Wing expresidcnr, tina, he was" n
Northern man with Southern feelings" Thus an
appeal was made To the anti slavery rtcdIndiccs OF
the North against its magnanlinous son, iof dong
nothing more. than what justice IN every section OF
tho Unlon strictly demanded aud we who owe 50
much To his personal and official influence in check
ing an outbreak which might have dissolved the
Union, although II could not have deprived us Of our
rights are 10 abandon Inn on account Of single
difference OF opinion on point OF questionable pol
icy, and that, too, whilst the fires Of Aboonisn are
still raging :. 1t does appear to us, that nothing
would operate SO lnIn,iousy upon tho arrangement
OF this difficulty nothing would tend 50 directly 10
INSPIRE the AbolIloosls with hope Of eventual sue
cess nothing would so ALLEVIATE aud dshcarlcn
Our faithful Democratic friends ut the North,
who have stood by ms " shoulder To shoulder" al
The risk Of thcir own popularity at home, as the de
se,tion oihe candidate and our own, AT the present
junctprc.
There are persons however ho insist that the true
issue nov is Sub Treasury OF no Sub-iteasn'y, aud
that alloheis subo d questions. They do not
IN " he oil IS
in the general terms OF no Sub-lrcasuiy !; but
Judging from what has occurred IN Congress. aud
from the known rcpnenance OF the Wings tn what
they designated ms the " Pet Bank system" except
good half way house; I'VE are LETT 10 conclude
that the other alternative is II Bank OF the United
States. II tins be NC are all prepared 10 JON Is
sue on that question. majority Of the ton'en-
ton, indeed, approve of the recommendations oi the
President 10 the special session OF Congress. IN Sep
TENDER. ls37 and rs til cy may be brought 10 bear,
however remotely, on the ensuing elections, We may
be paidoned Tor saying few words IN Their ynd'ca-
ton, IN reference 10 the circumstances under which
they were made, and as explanatory ol the measures
which actually grew out OF them.
When Mr.. Van Barren came into office, N March.
1887, the Deposi,e Banks were IN full possession OF
the public money 10 the amount OF more than 80 mil
lions OF dollars using and dlsconniing on II rs II II
had been their They had succeeded to this trust
upon the removal of the dsposItes from the Bank oi
the United States. No disposition existed, At that
time the part of the Administration OF lis friends.
SO far ever heard, to deprive The selected banks
Of the custody OF the revenues, although after Gen.
Gordon, IN 1884, proposed an alteration oil the sys
TEN, several distinguished Republicans expressed
their hopes -, that that the tine would come, when
we should be able TO dispense with the agency OF all
banks especially those of crculation' Ga The con
trary, they treated with remarkable libcralty
and indulgence, and the probability IS that II they
had continued 10 pay their notes promptly IN spe
Gle, the Government would have con'entfd IL
self with recommending as President Jackson had
DONE that the selection Of The dcpos,rcs and the dn
ties be performed by them should not be lett to TX
ccu,ive discretion. But, in May, 1887, the whole
scene changed. Al the banks OF the counryb by
a simultaneous movement, suspended specie pay
mcn,s. This LEFT the Government pennies ana
helpless. BY the laws then IN force, II was not III
liberty II unhapp.ly it had been disposed TO tc-
ceive notes Of non spccie-pa,lne banks IN payment
of the revenues nor"ere the discussing "'heeis per
mitted to tender such the public credit ots
OF ,hcthifly two millions IN the vaults OF the banks
the Government could not command uoi'ar, ana 50
far depended these resources, every ohcef ~
public service, the whole army and navy every con
tractor and aborer on the public works, were lefi
without pay and consequently without SUBSISTENCE
Had such n catastrophe occurred during war or any
other period Of great public calamity, II must nave
shaken the foundations of the Government Ash was,
became necessary 10 apply an immediate remedy 10
the evil and no less duty to prevent, II Possblc IT'S
recurrence. Under the circumstances me ftesi-
dent called Congress together in september OF the
same year, and being cDJolned by the CONSTITUTION
10 give that body, from time 10 tline Information oil
the State of the Union and recommend TO Their
consideration such measures as he shal Judge ne
cessa,y and expedient h" he cordns ~ submitted the
plan OF an iDdepe ndent Treasury dsconllnuing the
rec pton of bank paper and the use OF banhs, anu
substituting agents Immediately responsible to Con
rress The reasons which induced hun TO make
this CONNIE udation laid fairly ana 'uliy before
the country and it purpose TO repeat thenl'
| bupk hay see
lions of the contract, under when they hau oeco"e
deposi,arics of the Revenue, and had thereby them
selves dissolved the connexlon heretofore supssns
between themselves and the Government and as
no one was found hardy enough in Congress TO ad-
vocate their employment as fiscal agents during 'he
suspcnsion of specic payments, TO make Their de-
preciaed notes receivable for the public dues II be-
came absolutely necessary TO have recourse 10 some
other expedient. The majority Of the friends oil the
Administration believed, that there was no olner
alternative ihan to incorporate another BANK oil tue
United States to give the highest equality oi value
throup bout the Union to the medium III which the
taxes and duties should be collected /; or 10 ieier
back TO The practice and principle OF the Government
as established IN l7S9-Their avowed object was TO
take The custody OF the public money out vi the hands
ofhc Executive " here II had been thrown by the sus
pension" to place it under The custody OF Tue laws
and TO prevent the renewal Of a connexon with the |
bank which had proved disastrous 10 their real inter
ests, AS well as to those of the Government II was
supposcd Banks of circulation from Their Ma
ufe banks of hazard, aud liable TO periodical con-
WILSON'S from Iiuprudenl Overtrading when the use
of the public monies discount iund would only
stimu ale-lhat it wise TO subject the uovefn
ment to contingencies winch might periodically de-
prye the Tressury of the of its funds, and make