Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-08-22

The Letter of Col Josrrn NJ. Wmrr so long ;
distinguished Delegate in Congress from Florida
which we copy from the New York Evening Star
will arrest public attention. The suilernrs of the
People, arising from the derangem ent OF their eur
fency, are beginning To Rppa the stontcst hearts
Things are getting aud more cnianpled I'll,
evil is all-pervadlng The long night of deuslor
will be succeeded by day of reason. But the o,.
deal rs u severe one. The People, whose lealouscs
and passions were excited by demagognes destroy ed
The handspring by means OF which the currency was
regulated. All has since boen in confusion. All
viii be deranged until we are cured OF our prnpensi.
~ to Try "expenments.' Col. White aims TO re-
store The healIhia action OF public sentiment unon
ms great question OF CURRENCY. lie brings To the
discussion Of 1t much experience, an enlightened
understanding, and an elevated sense ol duly. lis
letters are weIl-timed AVID cannot full we think
10 awaken the People 10 Keen and searching uyes-
tgatlon OF the causes which Produced and have en-.
tailed upon us, the manifold miseros OF dcranped
and vicious currency.
SARATOGA SPRINGS, Aug +. 1899.
My DIAN Sir. | received your leilef of the OOH
July, from the White Sulphur Springs. and regret
10 learn that many OF our friends have been detnin-
ed in The South by the dernngomen ofthe exchanges
and pressure oi the times from visiting these resorts
OF health and pleasure. The picture YOU have drawn
oil financial arrangement and commercial depression
Is truly alarming. You ask when ate we to have an
end OF these things answer only with the end of
thus Administration, and with the establishment OF a
national currency. The pressure has already reach
ed every class except the salarled officers the Go
peinmeni, whose income is enhanced by the dmnu-
ton OF the revenues OF all others
II this country is directly indirectly interested
III commerce aud trade, foreign aud domestic, lhenis
sound credit system absolutely indispensable Tor its
government aud prosperity, 1t IS the constitutional
duty OF the Federal Government To encourage and
establish the safest system OF credit which its expert
enee and wisdom can supply. In the present condl-
ton OF the nsercante community, experience has
shown that the People will resort the best credit
system they can obtain. All classes have used, and
Will again employ, a very inferior representative of
property and capital, when no better be had
The history Of SHIN ptasters fully illustrates this.
country without good currency IS like II turbulent
river without boats OF bridges II a passage be
secured Tor the safely OF those whose business com
pels them 10 cross and iectoss IL ought To be done
nor should any complain who, either beng exporter
swimmers better divers or whose leugth otlimb
dbles them TO wade over with passengers their
shoulders, that good bridge might limit their
patton. The community at large Interested in the
establishment OF public bridge FOR the accommoda.
ton OF all.
IL Is ~ the nature things that The currency Of
country, lett to its own correction grows from bad
10 worse and the longer it is cli in that condition.
the more serious the labor to correct and restore H.
he destruction OF the last national bank will furnish
curious and instructive lesson in history, when
lis faithful record shall be read by an impartial com
h"h'ot 'u'tllHlHnc no longer party anu personal
pnJudices and anlmosllies. There is perhaps no
excitement SO deep OF passion so predominant and
controlling as that Of party spirit When II was dis
covered that the bank could longer be controlled
Tor political purposes, il became Tho cardinal policy
oil The party power destroy il, per JdS dHt BefS
IN all the Executive communications aud private
Presidential dennncatious, the subor lnares
CURED to iUculcate the idea Of del. Hda est Curtago
as applied 10 the bank and It's supporters. II appear
Cd TO be forgotten, IN the warfare then carried on
mat by The charter OF the bank, ii WIS, among its
other dulles, nJoincd that al its and proceed
nss were open 10 the inspection of q committee of
Congress- and that monthly returns OF It's proce edngs
were fequfedby ITS charter 10 be made the Teas
u'y Department for the inspection of the Govern
ment aud People. No loan, therefore, could he
male TO any OF the Departments without a publicity
winch would enable Congress aud the Country To
be informed of II. Nor could the General Cavern.
ment make \ loan. exceed certain linn, without
the knowledge aforesaid. But II appears tiIat after
the deposlIes were removed. aud The public money.
placed IN certain banks called "Ee banks" one De-
Patimenl OF Government borrowed from these banks
l"rge sum without the authority of Congress,
which the Senate s, the United States, without
Dissenting voice pronounced illegal and uncoustllu
uonai. Tins could nothave occurred without the
knowledge OF Congress and the People II The Uni
ted States Bank had been continued, aud the month
" returns required by the charter regularly made.
rom The moment OF the destruction OF The bank,
aud the commissions which preceded lis dissolution,
the condition oil tue country has gradually been
growing worse aud worse. And every arrangement
oil ITS finances falls more heavily upon the Southwes-
tern States Than other portions OF The Union. 1t vas
sad by one man. whose opinions have nnhapPily
too great an influence 10 the Southern Sia'es, that
the Bank OF the United States had a tendency TO
create c6ntIdtiSdhOn Of the exchange. THIS was
promulgated from the direct hostility that eminent
politician had 10 New York and New York politicians
at that day. This absurdity rendered consplcu-
Gus by what has occurred since, that II requires no
fciuiallon. II the interest Of the Bank of the
United States, IN sustaining extended cfc uiaton,
10 keep down exchanges. And they we've thns eua-
bled TO transmit funds from Boston 10 New Orleans
at bali per cent; but at this time, when this bust
ness Is IN the hands oil obbers brokers, usurcfs and
exchange dealers, corporate and individual, that
ccnhdhzatlon so much deprecated has been pro-
duced IN Wall street in its most odious, oppressive,
country have commenced with the destruction OF
that bank, and only be cured by lis re-estabsh-
meDt. The Southern States are now paying fifteen
per cent. and IN many instances more. by the de-
probation Of their local bank paper. And many ot
the banks themselves have abandoned legitimate dis
counting enter the field with brokers and shavers.
The remedy proposed by the present Government
is, 10 take Of lrselfby sub-Treasurv, and to
leave commerce, credit and The People to perish.
1t is unqueslion1ble that The destruction OF an in
sution created in lsl6by The Republican party
/ of which Mr.. MADISON and Mr.. MONROE were al
! the head, has been effected by The Cooperation o
extensive private interest existing all the States
and engaged in State banks, with political party
now endeayorIng III turn 10 destroy them.
Prior to that these institutions were restrained by
4 the necessary and salurary operations of a natona
! bank. The present party IN power owe their exIs
euce 10 these Stale banks, and 10 the vialed curren