Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-10-14
FoR THE vIRGINiAN.
4 SCUEME PRDPDSED

FOR rHE vIRGINiAN.
SCHEME PROPOSED.
Shall the 8" ord devnuT forever " III the Wings
and Democrats never be- tired "f making on EACH
other LEI us meet on neutral ground, aad
whether peace cannot be made, upon terms honor
able to both Of the nigh contracting par les
The great Bank question seems now 10 be the bone
Of contention. Let us Try il il Can be compromised.
Both parties are satisfied hat there be fiscal
agent OF some sort Both agree thai the object
Of government, ought /" be the benefit Of the people
governed Both agree thai The constitution must be
taken io, our polit al guide 10 order 10 avoid con
sttutonal objections on one hand, and the union II
the purse and sword on he other, will propose The
following scheme:
Let fiscal agent. bank corporation, leach
parry may call by what name they please be estaD-
lished at The cry Of Washington. Let the treasu.
rtr of The Unlled Slaies be Tie President thereof,
and Congress or the Snpteme Court appoint the di-
rec,ors, as many as Congress shall deem necessa y
aud lei the bank tor such choose to call n) be
based on The revenue Of the United States. and all
the money in The treasury. IL that is moi euough.
borrow more. Let Il b,nrch thereof be established
in every Sta e. with all the money that be spar
ed from TIE treasury OF mother ba,k To each State
IN propo ton 10 It's repre- Sc ataton In Congress-
Lei Congress appoint the cashier TO each branch
bank. and the State Legislatures appoint the daec-
tors withln Their respective States and take as mnch
sock in their state branch as they may choose but
no individual stock should be allowed. Let each
State have as many sub-branches as The legislature
lhere" shall think proper TO establish but each
STATE should be ponsbe Tor the money furnished
by the Uuled Sales, well as Tor the proportion Of
dividends the stock furnished: the State
banks ought 10 be done away, as they are thought
by some to be unconstitutional and unnecessary. as
they cannot furnish currency OF par value and the
funds placed ~ the general bank. as stock "t the
States; but individual stockholders should be remu-
neraed by the Stites; the money luaned To the
State. by the United STATES, s'ould 60 INTO each
! State brancb. as Uni e | States stock.
Congress should establish branch IN the district,
OF which the corporate auihorlil should choose the
directors, for the mother bank Dug hl not discount
paper two Id have euough to do as a fiscal ager
Tor government, aDl IN supervising and directing The
branches for general purposes the branch banks
ought all t" receive each Others notes on deposne,
and act as Il ca agents TO receive AID disburse the
public moneys. 1t WHY be observed Il at this
scheme could not be carried fully INTO feet with
ou, the consent Of the 5 ats; but IN the present
condition OF tlIing- II is thought they ~oul' ""l ob
J. CT i"T all mus see ven seitIug the Constitutional
objection u" tina States emitting bids OF credit aside
that The Slate, without the Intervention OF the UD-
ted STATES, never could furnish sound healthy cur
rrncy thai would pass at rai all parts OF the u
mon; and II any Stale uhjec ed, let the ba krupi
Ia" e SO amended as 10 bear on corporations the
sane as individuals: Tins would compel the STATE
banes 10 nay Specie for their Does. and then a.
eeDcy al the Il frrent co mtrcIai pOuts would an
/ S"eI ihe purpose VI geDtfdl government uut
j the state SO refusing would lose Inc benefit vi u
sound currency. ThIs plan would have the advantage
over all Others that have seen heard proposed, IN
snuch as would furnish CONVENIENT currency
al paper, o"nded credit OF the U ned States
a"d each Stale re,po ,>lhie for wha,ev,r issued
WITHIN It's mils sn'h aper would no doubt meet It'll
general c'rcua'Iun. and would answer al, commercial
puip 'ses as merchants aud others could have rea-
sonabie accom- nOdalion: and AS check on over
issues. as no ho"esi dealer need 10 fear The ig lie,
the books be Oh EN- TO The Inspec,i0n MT only oi
Congress aud the S,aie Leg sl,'ute., but to cry
ma who would take The roube 10 peruse em.-
The olher plans that have seen seem TO deprecale
the idea Of suffering The public money be used Tor
the purpose OF speculation. They w"uld, like the
man spoken OF IN the parable, who Ind his talent IN
the ground. keep II from doing good for fear oi do
ing evil But in this scheme ,here could be no IN
ducem nj TO expand aud contract theT discounts
as th"re woul b. no individual -uknoIders to graf
! ny. Wha would be one mans would be every
mans interest and there can be no doubt but wlth
such scheme there would be dividends arising lron
discounts TO honest ttade more than suficien
10 pay all expenses, which Overplus Gould be SO
applied as to tighten the burden of taxes the peo
pie SO that instead oil being expensive, like the
other schemes proposed il would be lucrative plan
Tor the public Ins,ead OF furnishing merely as much
government paper as there should be deposited Of
the precious metals, winch would not increase the
trading capital of the country in the least, this
scheme would furnish enough. on The credit oi The
government, lof all legitimate purposes. There has
been much said about dlvorcing the banks from The
government. This is not what we want. 1t is the
business OF government to take OF the public
funds whether IN bank or out of bank but we want
| the government funds div reed from those OF ibd
vIduas, and Then we shall have OF The evils
complained of IL banking; for whe individuals vest
Their capital IN stock Of IA bank, Of course they so
vest II for their benef.. The directors are
chosen by lhem and Of act for The benefit Of
themselves and iheir employers hence the foreign
niiuence,-hence The expansions ard contra. tons.
They care not Who is ruined that they can make
money Tor themselves. This scheme, in my humble
opInioD while IL IS dive sed Of all tie evil generally
complained ofIn backing, would be pronolive OF
all the good expected from such institutions and
with this view submit II to The public, and request
hat all newspapers will publish ii. and especially the
Madisontan. PHILO PACIFICUS.
POPULAR EDUCATION.
~. H., .oTtL L.. -.