Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-11-07
Ivsc.rurm... NovnuHE. s.'sso.
COY. POLk'S MESSAGE-THE BETTER
CURRENCY.

nessee hasredehed us. Unfortunately for him, the
news Il the suspension Of specie payments reached
Nashville Il y two befoie II became his duty 10
submit his FIST communication 10 The Legislature
aud We presume il was therefore necessary change
Tire Whole tenor ofls ''tak." Instead Of congiatn-
I,tors idings thai the i" Experiment" drawing
near lis triu;nI hani tlosc. aud that should soon
be blessed wiih that "betfcr currency" which Gen.
Jackson promised us IN -32, he compelled 10
apprize The Legislature that confusion had be-
come worse confounded,' and that " Chaos had
come again"
Gov. Polk labois very hard to relieve the late and
present Administrations from all censure for The
state oi things which now exists although ne dd-
mis-, What The Richmond Enquirer and other friends
Of the Adm inisraon deny that the pressure in the
money mark t, leading to the suspension OF 1889. is
to lie " Traced mainly TO the Revision in currency
aud trade Which occurred at the suspension Of specie
payments by The banks in the spring Of 1887" But
Why do nol CAV Polk and his friends go back a step
farther in The clain Of and effect and ascet-
lain what ii that led 10 this '.revusion in cur
renry and trade" IN 1897, 10 which he refers. We
will do this far him.
IN ls32, denies for no one can doubt flat
our currency waSas sound and safe as it Is pos
slle for Tie currency Of any nllion 10 be for we
cannot conceive OF il currency better than a mixed
circulation Of coin and convertible paper. Exchau-
pes too, wele easily, aud AT almost without cost eff
ieeied between the emotest points Of our extensive
Union. Blu Gen. Jackson,--or rather his advisers
for disposed TO believe that as tile General
was in favor OF a National Bank when he WAS first
elected to the Presidency, he would have contn-
ucd to be had no The base cdbal which got posses
sion Of his person aud is con6Gence, poisoned his
feelings against that institution, until his judgment
became the slave Of his passious,- Gen Jackson, IN
1882. took it into his head that the public depostes
were unsafe--ih the u. S. Bank was, # not insol-
vent, III apfecarous condition, and consequently
that the currency Of which il formed the con-
trolling element, was not as sound it mil ht be
aud that Mr. BldGle, in charging balf 10 one per
cent for a bill OF exchange between New Orleans and
New York, was imposing heavy aud unjust tax up
OIL commercial enicrpr ze. So he declared in his
Mess gcs 10 Congress, whose aid he nyok d to
enable lin, curtail The pow ers OF the Monstei and
to invest him nth authority to give the nation ii
" better currency aud a s nearer approximation
to equality oil exchanges between distant points
Congress is refused, By most DECISIVE MAORI
~ IL uttlaftu dllff flCt scrutiny INTO the
ditiun Of the Bank, that the depusnes were not I'M
saie-aud by an oyerw helmine majority refused to
! give its sanction to their removal. But Gen.
Jackson not TO be thus defeated in his purpose.
And, accordingly, just beiuie the commencement
OF the next session oi Congress, lie stock the re-
| sponsbiity" Of dong the deed hinsell-lhc first
in that lorg list of outrages and usurpaiions which
have almost rendered The T. xccuiiye omnipotent and
/ Congress lis suppliaut slave aud inslrunenl-te
first in that series o causes which led to The ne
yuIsion IN currency and trade TO which Gov. p Tx
refers. Here was the seed Of the harvest Of ruin
which we have since roapcd Wien Gen jackson
touched tins delicate question of ''cunency" with
his gaunileted hands, he illustrated the old fable
II the bull in The china shop. Destruction mark ed
all his footsteps. The fragile aud delicate works II
genius and crumhled into fragments beneath the
tread of his hoof-and he stood amidst the wre, X
he had created, siless aud Indifferent, nay, as
sroica, il the cries of distress which constantly
assaed his ears, richer in their melody than
| the "chimes of merry BELLS
Well--the deed was accomplished. The depos-
ties were removed-amd in the scrvllity with which
that act approved of by the House Of Represen-
tatves. ojlerH ,eas done which, when 1t was asked
to do, IL positreiy refused, although, even had it
honestly approved the act, the mdnncr in which it
was done should have ",tirred the very stones of
Rome TO rage and mutiny, we say in this ready
aud seville acquicsecnce Of the constitutional guar
dams OF the public in lis lucble SEIZURE by
The Executive, and lis transfer from the custody of
the agent appointed by law to another agent appoin-
ted by that usurpng Executivc.-lhe Bank received
fair warning that lis fate sealed and that hence
/ forth it must commence the work of contracting its
issues aud calling ITS debts, rreparalory to It's end
What the effect The Secretary ofthe Treasury
saw that pecuuIary distress would inevitably ensue
from the sudden Withdrawal of such a large amount
OF the circulating medium and hence he addressed
a no e to some, if nst to all of the State Banks
selected by himself the fiscal repositories oi the
exiend Me'r accommodations 10 the utmost limits al
lowed by their respective charters; aud TO enable
them TO do this mole ,heeluay, he crowded the
deposites in unequal amounts into the vaults OF
Their own discretion, to their circulation! Nor WAS
this all In every section of The Union new Banks
sprung into existence, 10 supply the decrease in the
circulating medium anticipated from the withdrawal
their several points of location; 81 hat the banking
capital OF the country, INSTEAD ~of being diminished
$4,000 600 by the downfall of the Monster, was in
creased perhaps $500 600 900 by the anticipation of
IL Ill i.