Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-12-13
VOL NH..-.VO. :BlD.

Such II mas appeared 10 anu
in view Of them will be submitted whenever you may
require 1t, 10 your consde ration.
am not able to perceive that any fair and candid OBJ
ccton can he urged against the pan the principle out
lines Of which have thus presented. | cannot doubt
but that the notes which 1t proposes 10 furnish, Mt the
voluntary option Of the public CREDITOR issued in lieu of
tho and its certificates Of deposit. will be main
tanned equality with gold and silver, every where.
They eJeemablo in gold and silver demand at tho
places OF They receivable every where in pay
incnt of Government dues. The Treasury notes nrs
limited To amount OF one fourth lass than the cstas
ted annual receipts Of the Treasury; and in addition
they upon the faith Of tho Government for their
dcmplion. If all these sufficient
make them available. then the ida. il me,
of furnishing sound paper medium OF exchanges, may
be entirely abandoned.
II fear be INDUCED that the Government may LA
tempted to run into in its issues any future day.
it that such apprehension reasonably
be entertained until all confidence in the representatives
Of the States and of the people well us OF the people
lemselvcs shall be- lost weighcst considerations
OF policy require that the restraints now proposed TO b.
thrown around the should not fer Ugh, causes
be removed To argue against any proposed plan its a-
blty 10 possible abuse, reject every expediet since
every thing dependent on human action is liable abnsA
Fifteen millions of Treasury notes may be issued tho
mdginliin bu discretionary power is 10 be given IN
the Board Of Control, under that sum. and every corsd
Grafton will unite in leading them 10 feel their with
caution For the eight first years of the existence Of
the late Bank OF the United States. It's circulation barely
exceeded S0ou.0CO; and iur five Of its prosperous
years. II about equal 10 SiGnOUD00; furthermore;
the authority given 10 receive private deposits TO limit
I'D amount, and 10 ISSUE certificates IN such may
be- called r by the dcppsltors. may ~ FAR fill up tho
channels of circulation greatly To diminish the nccess
~ oi any considerable issue ol Treasury notes
slrain upon the amount OF private deposits has seemed
10 be mdlsptnsably necessary Iroin apprehension
thought 10 he well founded that in any emergency Of
trade, confidence might be lar shaken in the banks
10 induee Withdrawal from th,m # private deposits.
4, th.tr, tnlI IA,
deposited with the Government Which nigh prove emf
nenily disastrous to the State Banks. Is il objected
that ii is proposed authorize the agencies to deal in
Bills Of Exchange II is answered that such dealings
10 carried at the lowest possible prenimn-aro
made to rest unqucsdonably sound basis-are do
signed Ia ~ mhnr'c merely the expense Which would
Otherwise dcyulyc upon the Treasury. and in strict
shor'nailon 10 the decision o the supreme Court. in
the OF the ankoi Augusta against Earle and other
reported cas-, s. aud thereby avoids all conflict with State
jurisdiction, which hold 10 be ndsp,n sably requisite
II leaves the banking privileges Of the State without in
errrcnco-looks To the Treasury and the nion,-and.
while furnishing every facility To the frs careful u
the nercs, o the last but above all. II IL created bv
law ia amcndahc by law aud is rrreaable b, law; and
welded as am To theory. lat looking solely 10 tho
advancement ol the public good shall be amongst 6
very first urge its repeal lt he found sulser-S
the purposes and Objects for which II may ho created =.
Nor will the plan be submitted In oycfweening conf
dcncc, IN the sulciency of my Judgment but with
much greater reliance on the wisdom and patriotism Of
congress cannot abandon ms subject without urging
upon YOU III Inc most onphat" manner wha'cvcr may
he your action on the sngg allos weh have let II to
hr my dn'y 10 submit 10 re"yc ihe .he' Executive
Magistrate bN and all constitutional means. from
Controlling power over Inc pubic treasury " IN tho
plan proposed should ynn deem II worthy Of your
That separation Is not an complete rs you
may desire You wlll donhtess amend in that partcu
lar. For myself discaim all desire have any COLI
ol over the public moneys Other than What is indisren
sally necessary to execute the laws which you may psss
4>9' can 'i 10 a,Ns'' ID ms 'nh'coh 10 the debts
which many o' the States 81 the hlon have contracted
Abroad ana under which they continue To labor That
Indebtedness amounts 10 sum not less than SZOouWl
wv" anu Whch nave he'h fe'flpnted 10 then'. or Tue
mos, part III WORKS OF internal Improvement, which pTo
dtS'd |" prove o' FaSi importance IN ultimately adyan
eng tlelf prosperity ana "oalth f"f TIE debts thus
contracted, lhe states arc alone fcspislc lean do no
more than express INC belief that each state VIII feel it.
sell bound by every consideration o honor, well Of
interest 10 meet IT'S engagements with uncluality. The
failure, however OF any ono State to do So should in
degree effect the credit OF the rest and the foreign cap
M WI, ,',o .o us aust 10 cAlVt'ncc alarm as !"
~, '" "'a'o any ",o VI '''ov Oh mo
,"' nay 'e.'' !" P'oNiuc WIN P""e.na''y mo
u, mans ~ iuue.' 'ne'l 'isase'nehs' Even suen
=, ,'.i .. y :e s,'a' aP'u'-
n ~" ', ','.'' ''s'ui''' n'N'h''- themselves
n ~" 'i 70 Law ',e ,,.N ~ no very a,s's'' nay
'.'' 10 ''o u.ins, 'aihe nor win
g1t'r"I' 'ne 1'S anu 're people Oh 'nts
,,,, &C. ,t i Iii 80" c;,tcy .S."''e'
,,lb thor ,hn,an "'' WV 'A''''"f eo''P''"'0