Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-03-12

81 "' " oot'uoi all the rest Of both bodies
OF the Legislature.
;, IN fe!aiion to the dangerous schemes of re-
deal Innovation heretofore recommendcl
ana encouraged by the President on tho snh.
!Ict "i inc currency, and SO deeply atr.c.irr
'"oss aa''y interests of life which ..cor,e homo
~ ''o business and bosoms Of mcn,'' the late
.oS1?c"e, instead CT disclosing any galutar;
ih'd,hca'ion Of bis former opinions, reprodr-
Co.'S 'ncss OPINIONS, lii Il more naked. unecuiy
oca' and alarming form than they have ever.
heretofore, been presented. 1t is evident.
Whatever may have been said by his; pariizans
:" 'he contrary, that he aims at total ever
W.T. ana destruction of the existing mcna-
t5fy system OF the country, and ncs ,1craIv -,
Il safe and prudent reform of the crrore mi
abuses which may have attended il. hf,sr
speaking OF certain gross irregularities in the
course of business lately pursued bv the
fcnisylVaEia Bank Of the United States
Snd one or two other Banks, (irree,llaritics
i'r. whicii the system in general cannot will,
justice be held arswcrablc, Tor they consisted
III an acknowledged ahandonn. mt Of The fun
GaincGtai principles and q deviation, rs the
f'esident himself says, s. from the former
course OF business IN this country,'') he pro-
cteas 10 oXhlhit highly wrought picture Of
the evils and calamities which onsncd ard
then pronounces his g dsknGa tst C,,riIaao.,'
against the whole system, in the sweeping
ueciaraticn that "thesc consequences are in
lcFVntl In Ire present syStem-they are not in
hnenced by the Banks being large or small.
rfealed by National! or State GOycrnmepts-
they are the results Of the irresistible laws ofl
trade and credit He follows up his decla-
rauon with much more about the evils of So
credit currency and the injuries inflicted
inc resist!css law of credit currency
ana creait trade" and finally. after earnestly
lNni
government to collect It's dues and nav lis
debts in gold and silver, he says. very sirni-
hcantiy, that It's example in so doing, would
serve as : rallying point by which our whole
country may be brought back to that safe aud
honorod Standard Now this certainly
sounds very much like an exclusive hard mo
ney currency. 1t is true that the President in
another part Of his message says, Gin conn
lry SO commercial as ours, banks in some form.
VIII probably exist" but it is evident from
Whal he says, In the same connection. that he
means TO exclude banks Of circulation. as
now existing, ard if we have banks at ali.
they are to be banks of deposite. confined j.,
their operations to their specie basis. or some
'hlng OF that sort, which would virtually one
rate, TO all lntents and purposes, as AN ex
elusive hard money cuTTcrcy.
Nay purpose now is not to discuss these On.
'faoTdinary opinions and Recommendations of
lae fTSSioeht or TO point cut l,le. r,;inous
sequences which so total IL revolution in the
niorc'ary system Of the country wculd
bring with tito every class Of society. credi-
tof' ana Saiarled officers, as have before re-
marked, aione excepted. This has been dcrc
with lar mere ability than can pretend to. by
enc OF the ahlest and most DISTINGUISHED ,yri-
tiers On political economy, in cur countrv' (snJ
d 'irgitiian toe, am proud to saw who
though renewed from all connection with nor,
~ Polltlcs, has hacn SO startled by the danre
fous fd!lacles Of the Presidents MESSAGE. I'm
SUBJECTS to which he has devoted the chief
studies 81 his life. that he has felt il :, duty
ifoni which no good citizen is cxeInnt. b. id
In XPosing them. You will find his views
(WitAcu' his name, however, which his rc;ir-
ca and unanbi.ious course Cf life has dcrht-
less caused Him to wish to be withheld from
tic public, but which, if known. could not c,i;
To draw general Gtteution.) in d letter re-
Gently addressed to Representative in Com
@reSs. and Published in the 1Iadisonian Of
Inc 28th and 30th cflast month. / commend
u To yoIr attentive pcrusal, and ] most ~
IDENTITY wish that it could be i'm the hands g
every reading and rejecting man in the conn
try.
VIII no. touch upon the topics which he
las so ably treated; but | cannot fnrboar to
h"ticc the extraordinary and unprecedented
tone Of dicta!ion ard pronunciation. which tho
president, III the fiery zeal viii, which i,c is
animated for the propagation Of his favorito
schemes, has permitted himself to assume in
ms Message towards the SOVEREIGN Statcq cf
the Union. He INDUCES in the most vci,a,,,-
cEt animadyeTsioEs Oh their SYSTEM, of State
pCii5y. Tie involies a ruthless spirit Of cx-
termination against their Banhinr irstitu-
lions. ''5y 'choSe mca:iS,' he says the rrcvis-
Ions o.! the Constitution, AUTHORIZING Ccnrrcss
20 com money and regulate the value ;hore.
o. ana prohibiting tie Stqifs 40 coin mon
ey, emit biis OF credit, &C." have been ..,,r,,c-
ltcefJ $"0"c'fed.' He calls upon tie States.
from whose legislation he saws .stboza liz
nave sprung to "apPly the remedy and
eSf' cay 10 enforce San inEegfbIe e;,lc,,i;o,,
OF their laws against Banks. vb;ch nav.
nave suspended specie payments. or. in otIcr
words Tieidiy to exact q f1z1ljiare crMli, c5nr-
rs Alter these implications On f!n STATE
2anNs' ne arraigns the STATE Legislatures for
I 'p'"h&'n@ their respective States into CIR bar
I""SI'en' and debt telling thcrn that s.oYr
EeIPic VIII not icng ba rscrsijle 10 fhc cg-
i''t y ne 5Hribans entaiied upon them and
r"ius up Tue STATES to The view. If the void
ioi ,heif extravaganza and iinprcviderce. in
SaCh Il manner as cannot fell seriously to r,~c-
!"nlce their credit, whatever be their resnrr-
ceS. 60 vehement is his horror of the rr,d;j
y SteH1' that he seems to view with irtnifivo
aversion every thing which ii may have as
SiS'ec 10 create, and proceeds to derorrco
muse noble and Nest useful STATE I,onro,.o.
"'tn's' which have caused the recent ,,ildor-
ness o. America to s'blossorn as the rcec - -
bIhehdid bat in many instances n1oGtIees
railroads and canals, absoybiro The fiu;ts "a
"a"onal industry for years TO conc. ard So