Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-05-20

1885, and the Joint Resolutions nj ,eIs W, Nv, :
me receipt OF any thing in payment of ,be ruh,,
ing Banks. "'''s VI sPec'e pay
In thls state of things. fellow ,i,;xs,. a.. ,.
session OF Congress was called aud Won, prss;d.,
oh'y diu that which his obligation ia sunno,, m,
constitution bound him TO do-lhat "a The RMS ha,
al suspended specie payment, their notes rouI,
therefore no longer be taken in payment of pubu,
dues nor could the Banks by tie Deposi,o Ia, -
io5o any longer be continued as the fnauci, acc,,
o' Tie goseinmeni-and until the Banks should re-
sumo specie payments, the President recommended
,"'' oui custom house dues and public lands sboulJ
NC pa" 'ol IN specie aud D. CHS in notes and &, h
IN specie ior the first year, and thts in notes and
o'ns IN specie Tor the second, and SO on 10
Tue ON sear-and TO be kept by lis own otficers-bu,
OF the same time directed the Secreta,y am. r.
snry 10 issue Circ ular 10 the Banks info,n,in,
'hen mat so soon as they should return to specie
payments, Their notes should be again received and
ctedhed as specie until Congress should Otherwise
| o'ec'-ano as MS second choice, Mr.. Van Buren,
also recommended under certain circumstances ,ha,
the Banks night be made the deposi,o,,es ,f m.
puohc money, Tor sale keeping only on Speciat
Deposte' but not TO have the privilege of discount
ing on IL.
bni,ieow citizens, the pi,ious lamentaion Of the
opponents of the administration, salute your ears M
every corner aud bye way that he government exac,s
gold and silver while the people are compeed ,o ak .
sim plasters and deprecated Bank paper-hat here
IS one currency ioi the government and another for
the people.
Why fellow citizens this is not so-for The cops,i-
tuition expressly declares that nothing ST. be made
legal tender but gold aud silver and if the people
think proper to take deprecated paper in their trans
actions, II Is no reason that the government should
be compelled 10 take il, when il would not answer
iheir purposes IN paying our army, our navy or our
foielgn Minisiers-Nha hat would our sailors do
with Mississippi or Michigan Bank notes in the
q a nrp fir Z,
nonsense 10 think notwithstanding will answer the
purpose oil the General Government, in the greater
par, oil her disbursements bur gold and silver.
But fellow citizens, the opponents to the indie
pendent Treasury System, take the absurd ground
mat when the Banks refuse to pay specie for their
notes, which the government may have received
that the government should nevertheless continue
10 take their notes and sell item for specie no mat
ter what their discount might be-and then use the
specie IN paving its debts. Now this is tru-
y rdculous-and the iinaDcier politician of any
forecast, eau easily sec what is be the result,
should 1t be carried into practce.-For so soon as
1t Is made compulsory the government TO take
the paper Of non specie paying Banks, all that the
importing merchants aud land spectators have TO
do, IS TO buy np such Bank paper is dcpre
GATED, and pay the government on foreign goods,
and monopolze the public ands-and give the 90
vernment in return, Bank paper, worth from SO TO
10 cents IN the dollar--and this the government
is TO shave off brokers and Others and the people
are TO be taxed 10 make the balance. This is Mr.
Wncher's doctrine in con JUNCTION with Others.
Now fellow ciiIZens lei us see how this taking bro
ken Bank paper and trading il off. will work.--We
will say, that as in 1887, the Banks have all suspend
ed specie paymeni-and that while the notes of the
New York aud Virginia Banks, only 5 per cent.
below specie, at the same time the notes of Missis-
sppi, Tennessee, &C. are from 80 to 40 per cent be-
low par. las was the case) Now would ask ey-
cry candid man TO put his hand upon his heart and
say, ii would be night that Virginia should betaxed
10 pay 80 dollars loss in The hundred Mississippi
paper, more than Is lost her own-every man,
Wing Democrat will say no, no. Then away
with your shin plaster system.
But Mr.. Van Buren, his continued to urge this
Sub Treasury Scheme, say some Of our Censetva-
tive friends after it has been twice ciccted by Con
gress II is true that after having passed the Sc
nate al two different sessions of Congress, that 1t
was rejected (by the JOINT votes of the Wings
and Conservatives,) in the lower House, by small
maiores-and although Congress rejected the
Sub Treasury, yet they could not agree any 9th |
er system OF Finance Nor did any other measure
that was recommended, receive strong support
rs the Sub Treasury Scheme of Finance II being
the only constitutional Scheme OF Finance before the
House, in the then suspended state of the Banks
And as Tor the slang that this system confers more
patronage on the Executive than the Pet Bank Sys-
tem is all laIlacy, and does deserve serious
consideration. Decrease OF Executive patronage is
of the admirable features in the Sub Trea-
sury System. FOR instead OF from SO 10 100 State
Banks, looking up 10 the Executive for lis smiles,
yod have from 90 to 25 individuals to take of
your money, with the rerros Of the p-ntentiary
ing them in the face, il they n,lsapply it. But the
modern Wings act on the h,pothess, that there is
no honest men To be found III the ranks of the De
nociacy; aud that. therefore, the government ought
to be gwen up to them, TO have the money kept safe
Now the facts are quite the reverse,-and even in
the case of SwarwOut, il is notorious fact, that he
was cosidered an honest man, until he became tine