Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-04-25

worth five per centum premium if on New O,lrao.,
may be at a discount of five per centum. NV
that officer Of The Government who determine. ,.,s
matter, must necessarily have great power over
these who are TO be paid. Here is n great sou,c,
opened oil patronage and corruption. Aeain-wben
'neso d'alts are given, If upon y convenient poin,.
'''y "otlh DO greatly preferred by The holders 10
Srcc'f' lley would not consequently be pfesepteJ.
" nor presented. they soon I'LL the channels of cir.
e"iatlon aud become TO all iniants and pu,no.e.
bank paper. II you suppose this state of ,hinrs y
,'s' 'ne sub treasury would realize the fable of ,bo
IONS deh' tho specie might flow 10, but would ncv.,
no" out and such an operation of course wonIJ
,.' WY paoh IN tins county. But we are here
met ny the provision that would be cnaet,d ,h,,
these drafts should be present,J within ca,.ts
'nc, or NOT honorcd. Now, to this we saw. ,l,,, al.
power thu made might easily be lemp,,d ~ ,,nn,l..
an" SO great would bosthe convenience and pyo6, al
'hese 'i'niis, compared with specie, that the t,oys,n'
n'ent might, IN . very few years. be tempted IN yi.a
me holder a discretion In the matter. You wo,,Ll
''cn nave ile sub -ucasury u banking .institution.
conducted ON prime pies similar 10 those unon y Mi,
INC oeleotalrd bank of Amsterdam did business
Like as IN the case OF that bunk, il mipht soon H..
discovered, thai there would be no likcliI,oaJ ,r
all the SILVER being called for NJ ouc, and con.
se1ucn'ly that a large portion nigh, be loaned an,
or made way with by the conductors Of the inslitu.
ton. ""
b"' nealn supnoslng your whole banking s>s.
tcii should be endangered, fand recolIrct II il be,.5
~ IN mechanics, the weakes, link IN Tho cb,;n !,
inc measure OF the strength of tho whole a..
'e'"') Tue banking system being enlahr cred, c,s-
dt aud confidence Of course would fail, p pte,,
contraction would tako place IN the circula-
',ne medium, bankruptcy and dislresa would cover
the land-can You doubt, for Que moment. 10 wI,,
quarter the eyes of all wonltl he TUNED for relief m
such apr,'od of calamity Mos, assuredly to yonr
sub-'ieas'iiy. Just ut such n period its strong box
es might be gtated with the precious metals. IL
would then have the hfc blood, the ye,y soul of Tho
banking system. All that would be wanting woul5
TO endue II with the forms and privileges of tho
AMI does any one doubt that Il pcoplr.
ground INTO the very dust by n monetary pressure,
would hesitate for a moment 10 confer sucb p,,vi.
when immediate relief might be the conse-
1nrncc on might almost as soon expect tho
mp" frtked mariner to hesitate in sei9iuq the plank
Ih't fortune had thrown IN his way, as to suppose
'N'i The representatives. of Distressed and suffering
community. would pause 10 calculate the remote
OF a measure, which would check for
ne present the overwhelming tide ulaationaI cal,mi-
y Inc experience OF modern times has shown,
nj too eonelnslvely. that. In The agony Of CONNER
,'a' confulslons, patriotism aud vlItue viii be sacri-
iced on The SHINE o; present interests.
SO Car have been considering what The nropIe
themselves wonldbe willing To do-whai change they
you'll he like, TO call loi in this sub treasury sys-
ON have been supposing The Executive all the
'me enlliely passive. Butcan we anticipate such con
entedncss, such ,Herhdi Those who do. have more
IN the integrity and feeiitude Of human
'''' . '"'f' v
You may real assured, THAI sooner OF later some pop
Mar ENetiiliFe would breathe the breath of life into
he system. \ on talk Ut this and that device To re-
strain the Executive; OF this and HAT provision 10
make your sub treasury work according TO your an-
icipalions VAN dclusion on are hut binding
he sleeping Sampson with silken threads Your
Executive will watch ioi his times and seasons ofen-
toaehment, lie viii build up and arm IN his own
lo'cnce i'i's 'highiy any. and woe bo 10 that country
nat sllall ever witness the cohsnmniation OF such "A
alliance.
Mr.. Calhoun relies upon what he terms the aniag-
,n,slical position oflhe State banks to the Federal
ms SOON MS the latter should be divorced
rom tho lotner. But what. lei me- ask, can be The
alue OF such antagonisu nj, when you have drained
he banks IL theii life blood 7 EnIeebIcd and OK.
iauslcd. their struggle will be for mere eAistcnce.-
they will become the crouehing slave OF the Execu-
ready TO do his bidding No, sir. Only give the
resident Of the United States the uh-trcasury,
iemmed in aud guarded by all the devices Witch tho
oil man can devise, aud will venture to pro-
,hesy, that not one generation will pass away be-
ore all the ttammels VIII be removed, every obsia5
lie be overcome, and your sub treasury will stand
orth confessed To HE world, n colossal banking in
ttution, controlled aud directed by the Executive
md his mirions. Rest assured, that the Ruhlcon
AN never stop the onward march Of an ambitious
nan, when an empire Is The stake for which he Is
t%ruegling.
The constant transfer orlarcc amounts 81 specie
rom one point 10 another, which the sub-treasury
system would necessarily produce, constitutes an
other formidable objection 10 the scheme. Three
Iourihs OF the revenue is collected al New iotk, while
not one iweniteth OF The disbursements iahe place
here. The sub treasurcis must then draw and re-
draw on each other. These checks and drafts will
be thrown INTO the circulation, and will influence tho