Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-06-13
LYNGllBgRG, JUNE IL, 1879.
THE StiB-TREASU

mtasura5fy deeper consequence in another point o,
yfe"-We refer, OF courre, 10 The conversion of II,
present friends, III 1885 its bitteiest enemies To ,x
support, and TO the means b, which that eouyetsu,
has been effected.
The National Intee encer has referred To tire nm
ceedings of Congress in s35, aud copied the YEA,
and nays on the proposition Of Gen. Gordon then
member from this State, 10 substitute the Sps.
Treasuf. plan FOR the system II PIT Banks AT \
time The iay"ite scheme of Tire Administration The
vote stood thus
In favor Of the Sub Treasury 33
Against 1t 16l
Ofihe 80 yeas, all were Wings, except ono Mr..
Beale, then the Representative Of lie Shenandoah
district, III tbs State. Oflhe wlo'e Admlni,,,a.
ton party IN the House Of Representatives lie s,ood,
solitary and alone in lis favor; While Boudin,
CHM, Fulton Loyal Lucas, JOHNNY. MASON.
(now tie candidate of tie Sub. Treasury party in
Virginia for tie Senate,) Morgan, Palron,-indeed,
the whole body Of the Adninis,ai rtprrs, natives
hom grnia,-soied against il
From this vote, II has be, il ltrled and frequen4-
ly asserted that the Sub Treasury scheme was
Wig measure 1t not 10 because, although
81 Wings voted III favor Of II, twice lhal NUMBER Of
" hies voted against il-and b, cause, moreover OF
the 80 Wings who voted for lneaiy moir,y ot,hcm
did so, moi as indicative oil ther absolute preference
OF that scheme over all Others, hul rs expressive
of their preference for it the Pet Bank sysler
as then proposed TO be organized, by Executive d
gents, and under executive conliol-l system, so
organised, liable many Of the most powerful oh
iec,ons which apply to the Sub Treasury scheme
ilselt-that, particularly. which refer, Executive
II. 4
al the names of the 80 Wings among which find
those Of john @. Adams, IIeman Allen of Vermont.
Chiffon Allen OF Ky, Beatty Of Ky, Clark of Penn,
Davis OF KY, Deberry OF n G. Heath OF Nd.
Lecher olky, Marlindale OF y. Y, Wilde ofGeo.,
Williams OF \. &, Wise Of Va Spangler Of O.
hio, and Steele of Mary land, fifteen in NUMBER or
nearly one hal,--who is known preferred Ma
tiona Bank to any other fiscal scheme, and Who,
therefore IN yolng for Gordon's plan, not innu
enced, as,"e before ren arked, mnch by a convc-
ton OF lis absolute superiority to all otter systems
as by Eope that IN practice il mig be eff,
cions and possibly less dangerous than league Of
State Banks, seecte al the pleasure ri the Extcu.
i've and placed under his imme diae supervision and
control. AID, with the lights which subsequent
deyelopme is have thrown uron The subjec,
ion For While we decidedly, as our readers know,
prefer the system ol Bank individual agency. 90
for system regulated BY lase, and removed eleu-
tuaIly from Ertcutire eonroi-ahd mol such a system
as was recently exploded, which made tie Banks
The s'ren'liales tools and pleclioneering agents oil
the Treasury Department. OF any other branch OF
The Executive Unit.
BY what magic and con- nra'on, then, is il, tia,
the whole Adminstia party. from highest func
tionary TO lis lowest menla with few honorable
exeeptions,-the itlusliious because Il ey are
few I've ask by what magic and conlurarfon is il
that they have been made tins Suddenly 10 change
font 10 teal, and TO sustain, with unparalleled
warmth, measure, which four years ago they oppos-
ed with unprecedented Immunity They tell us,
solution oil the enigma, that in 1o5, the Banks were
In the flood Tide oil prosperity in good credit. making
large dividends, aud meeting hnncuaily their obga-
TONS whereas, wien the Sub Treasury scheme was
proposed, they paray 2ed by reyerscs des-
ttute of credit. paid nothing to the stockholders and
refused 10 redeem their issues. We might in an
to all Tins, ask, il The Banks were singular IN
This respect! The Government itself did not es-
cape the shock: Are To abolish that, also, and TO
Try some other experiment 7-Thcsc embartass.
!
not because the Banks had failed as was sometimes
alleged by superficial observers, and by some, wqas
Know its iaslIy but who take advantage oIhe pHbr
nar prejudice against the Banking system, TO ei-
feet other purposes but because the embarrass-
mens had their origin in causes affecting the whole
commercial world and which were wholly indepen-
dent OF the Banks; And these embarrassments
would occasionally occur, even though every Bank
were 10 morrow destroyed BY sentence as irreyer-
sble as the laws Of the Medes and Pelsians un-
less, indeed IN subvetine this broad add strong and
deep foundation OF The Credit System, we should
clip the wings of Commerce itself, and snap asun-
der those active springs Of enterprise which now
work with such wonderful and amazing power,
throughout the civilized world but more especially
IN those nations in which individual sa gacily and
lerpize are not checked AMI paralyzed by absurd
governmental restrictions Initiate the anti com
nercla' system Of Spain, adopt the contracted pc
cy OF China, and ii is probable that we may escape
hese periodical shocks: But the people Of this
Young and energetic ami growing country VIII
latdly be willing to purchase exemption from an
occasional storm, by thu universal stagnalon OF trade
Hing the land with poverty and distress, and destroy
ns every thing like healihful energy in the action OF
'nf system, social as well political.
But however this may be, we deny that The Pet Bank
ystem sustained nv advocates 1888, by