Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-03-30

The poorer classes OF society. large proportion oi
the dealings aud transactions of this class whc
n'obahiy constitutes nearly noie,y ofour popu.
laiion, arc Tor sums OF less amount than five dollars
To them, then, you deny all accommodation both
OF hard and o, paper money, by sanctioning the
refusal OF the Banks 10 pay specie aud by falling to
require them 10 issue notes adapted 10 the wants OF
this class
In the collection Of taxes too, you impose mosr
unequal bnrthens upon the rich and the poor 10 tho
disadvantage of the latter. The rich man YOU su-
thorizc to pay his taxes IN Bank paper but the poor
man, whose levy tails under So, you require To pay
IN specie.
Mr.. Speaker. regret to be forced To we thu. ar
eumeni Tor II sounds Too much like the slang Of the
Demdgogue. than which nothing is more nauso atinr
To NE. But do honestly believe that the INJUSTICE
and oppression 10 which have alluded will be the
practical eec, OF The defeat of tho proposition no
before the Senate.
And. sir, what good is to result, from the refusal
To require the Banks 10 issue small notes Whit
prevent the circulating among OF notes of less
denomination than $5l No, sir, your law (which
ptohibs aud Furnishes the circulation Of small notes
running counter To public opinion, and coming IN
conflict with public convenience cannot be enforced
The people mast anu mil have change--aud Il you
Withhold II from them by authorizing the Banks To
refuse II IN the form Of specie, and not requiring
them To furnish IL IN the form OF notes they w,l
be hed by regular aud rapid flow into the
State OF the small notes II the Banks of other States
and 0l individuals and The country will be flooded
with rape' OF institutions unknown To your people
aud irresponsible TO Your Government. Ies, sir
we shall again have all the curse Of the shnplaser
currency 81.
Mr.. Speaker, Tins is not idle speculation or con.
Jectuie--it IS ascer,alned fact. At this moment |
understand, there is now IN thu city II broker or
banker from Baltimore with $50 900 IN one and two
dollar notes--and coming down even 10 fly cents,
which, he moment gou refuse 10 pass his LH, he
viii be able 10 sell at "a per ceut preniun. nav
able IN the notes OF Your Batks-in which, by pre-
senting Them FOR payment, he can recover 6 per
cent. lncrcst-ihus getting for his notes issued by
pirate Bd1h. HstJ net paying specie any more
hdn our ocn profit ofsd per cent, beng more than
twice the value Of money in Europe
Now, sir. is II not better to save to our people in
these hard hmes, the expense Of paving these 10
reign notes and 10 substitute for Them, paper of
oar oicn institutions redecmdbie al once IN specie
In this case, asin that which, by the law Of 80
IN posed high penalties aud damages he Banks
tor refusing specie payments and which was olung
10 by tins House, with perlInacty and frmness
worthy Of a better cause, one would almost be led
10 believe that We were lepislaing for the special
be- III oi Jewish brokers. The whole benefit fom
these penalties aud damages, like that which viii
follow from furnishing these small notes. will result
TO strangers. having no sympathy With instiiu-
tons OF our people
But, sir have done. | have performed my duty
whatever may be the issue. Il Believing tins ours
ZION is deeply interesting 10 the community, | can
not but hope II may Vel receive the favorable con
sderalion OF he Senate