Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-11-04
n.,, ,,sr,sE-ITs CAUSE AND CURE.

:, - . an ue,use tie subjoined commune cation
II, oe,cei,ine thai ii Is rom the pen OF pro-
-, ,;nL 9, and lucid wliter, though he gives
IT. cr.yon sketch. We say this much TO attract
,,.,,;o, Ia our correspondents remarks, without
..,.,,;,, 10 endorse each Of his opinions some
f.h;cb rs our readers will perceive, are not in
lance with those which we have frequently express
= oo,he vital and complex question ufthe Cutren-
,a,,ever. in relation to which the most beautiful X
a,,,c,tly perfect theories aie overthrow by results,
,,os,.vo,k IS dlsspatcd by the rising sun. tlcre
~, bc too vide "A latitude given To dscnssion-
INC, div when il is conducted. as b, our cores
.leo,. in calm 81 phesophic spirit, nninilnenced
=, ,,,,v shirt, aud unlrammelledby party shactles.
,,,nnv would il be for the couniry--porending y
=, ,o,,,ioaon to its calami,ies-did every one
~. nm his pen in a similar spn Of cool and dispas.
..a,,c enquiry. We might lhen indeed, here Tor
.use adjustment of dis questions can neyerbe
,.,ee,ed while the voice Of Patriotism is drowned
amid the loud aud angry clan'ors ofpleJndio'd and
,enaI Parlisans.
FOR THE yIRoINIAx.
ay,ssrs Editors-Thc Banks oil Nigiula are once
MOI e fat. Unable to redeem theif notes IN e"d ana
silver they are ain the mercy oi the Legs anie
Ubu conrse the Legislature shall putsue IN relation
10 them involves the eravest OF questions. ~ PUNISH
,be Banks for dcelicnon of dniy is entirely out of
upstiO
,hoIJ,, every blow aimed ai the Banks would be
., severely felt hy itself. lnuulh, the Banks are
not a, all 10 blame. They have obeyed the orders
o( tbe Legislature to the letter. The present sus-
.pension by the Banks IS misfortune, not iaut ;
.,,rbs4able to their position, aud not 10 ther con
dut1.
The cause Of The suspension Is ens1y assigned.
New ok has purchased TOO many goods from Eng
iand ,Vugiaia many from New lork England
oils m New ork far specie; New ofk on VrgI-
mis-, The anks forced to yield it np, stop ayment.
so long as Now York is in state OF heavy indebted
ness 10 England her specie is NJ The mercy oi that
.on,dry: aud so long as Virginia is indebted to
New York. she holds her specie as long and no lon
ger Than New ofk pleases The only remedy for
these evils is FOR New York 10 lessen lie: imporalions
from England and for the merchants of Virginia to
reduce then trade with New 1oik wHEn salet
limits.
Formerly excessive importatons from abroad
were kept under By the fartl; and II would be cul.
Gus TO enquire how, ldt the country indebted to
Ibis much abused .leasre for The sound currency il
enioved during Ike twenty Years that the United
States Bank ia existence Doubtless, tie Tariff
and the Currency were more intimately connected
than politicians have been in the habit Of surprising.
SO intimate is HAT conn ctlon, that II nigh: W. be
uu STONED whether the banking system could exist
III a country where free liade tote laed. But
the writer State Rights man; and To press such
views these night canse lls alth 10 be suspected.
Would Il Uniled States Bank slave off tltse evils I!
conceive not. 1t mialt percharce palliae them,
by checking the issues Of The Stae Institutions
IN ancil patton 81 an expected crisis Bu enable
national institution 10 do tins, ii be colossal
in its proportipns LIS capital should exceed the
capital OF The last Baak, much the trade and
Of the country present exceed the trade
and resources Of 500 The people OF the United
States would not aud ouglt uotto endure great
centraz ltion If capital, and OF course OF power.
In truth, however, argument can be drawn from
any pretended success OF The lHe United States Bank
II furnishing with asbund'eurfcncy. The Tariff
was then IN alliance with il, and VAS more efficient
/ perhaps than The Bank iIset.
| Though have no hesitation inbeIevng that the
putting up of L. States Bank attres would not,
far as The currency is concerned, lie "A couscrva-
i've measure yet am iler to acknohlcdge that the
putting docn OF The old Bank has been fruitful
source oi many Of the evils which distressing
the oounry--Not much, ho~eveI- the putting
down. as the manner oi il. The GuvofnFneut while
epudlalIng the National Bank. allied itseR with and
indeed assumed the direction oil the Staie Banks.
Fearful of losing caste with the pentsr, should
pecuniary embarrassment be tie result Of IT'S high.
landed measures, il stimulated The State Institutions
10 over-ssncs. These over-issucs stimulated tie
people 10 speculation and excessive mporlaluns, and
The STATES to push forward, rapidly for tiief
sources, their intern i Improvements. Assuredly,
then, the government has done much To produce the
present evils and for which deep atonencni due to
HE country. Bun nay bjcct is not much to iadi-
rle the causes of the prrsent embairaSsncnts OF
lie merchants and The banks, enquire INTO
gmt is oiyas deal more imporlancc--lho cafe for
diem.
Would The government scheme Of Sub Treasu
~ exert any healing II iluenec present de
ngcd cuirenc. CONCEIVE not. | have not
douot OUT that Tins measure is less potent icr good
man ITS III nds suppose, and less for mischief than
US enemies charge it. The scheme If Loncstip
ff'icd cut, would have but very slight effect II
'n AZ alt ny The general currency. 1t ls political and
ao' financial IN ITS legitimate tendency. 1t takes
i"n' ne government ali preface Tor mcddlng with
'o p""Hs' WINE 1t ~ould create bu, sl,gln addi-
'on" dehand tor the precious metals. Those who
government La nd II
'ouo require but hule specie 10 square the Ter
No. low lar thiS measure niigh be abused by a
s'ooes' administration Is another question, which
nave no disposition To nieI,ile with
There are SO ne no charge al the present mis-.
mel to the banking SYSTEM and believe ,ha, the on.
way TO fele'e ourselves is put down AL banks
very slight Election ought to satisfy any in,clli-
'mlnd OF The fallaey Of Tins rdca. The bulk oi
SecIe OF the country is held by the banks. When
tn Vaeqd Tor II arises II is drawn from iheir yauIts
81 Nlcc themselves they have to cali in balances
."m their customers. Pecuniary distress is the
elueuce; and the Banks being the immediate
S oil H. ignorant persons blame them. But
Lose mere were no Banks: Specie, then, would
""n IRON the pockets of the capitalists and
"p"d be compelled 10 draw their debtors
,nVc' would be precisely The same, Is in both
"c'e would be deficit IN the Citt ulat fng me
"u Consequently, pecuniary embarrassment.
~" III inns connection be charged the
nc" having too readily ad,,p ed the sug-
in Sou u !ie government, and expanded too mach
NJ i'tc banking system is the best and safest
"a ~ ''ia' can be devised, and hey who would
IN, ~ Ns must put stop 10 every thing like
aa nm "h'eh would OF course s1tlke al The root of