Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1841-12-09

he diasrssi sstions 81 he ssrth, Il Aiss inpsr-
taat bet vssn tbs inbs h<anls of diGsroot parts
q The sszes cssntry; With ths hrst Tie Prseioes
Wsisis eonsiiiuts tbs chief medium of siresls-
too, snd saeh slBo would b. The case % 10 the
lss,s bet 6sr the iavss,ieos. oapsrstivsly no.
dsrs, whish have fnrpisks3. 10 place OF gold
and sii.ss. Pspsr eirenistioa- DO not pro-
poss to eater into q cen parktite analy els Of thu
nsriis a. ths too systsns- Such belonged more
prOPsflt 10 the Psriod of ihs iniroauc,iss of the
paper systsu- The spscaississ philosopher
might Nod inducemsnts To prosecute the inQoiry.
oai bis researcher could only load him TO co.,
eiads, that the psfsr system had probably bet
tsr never have eeen introduced, sud that soeie-
y might have been much hsppiss without it -
The practical siatssmaa has a very d,asrsni
tssk % perform He has 10 look u things &c
they srs-to tsks them ~ be 6sds thsu-,o sop
ply deneiseeies, and 10 prune sxeessss as fer -
IN hia lies. The tack Of furnishing eerree-
tive Tor defaos snsnis Of the paper medium with
us, u slmosi insxpressIbly great. The power
sxsttss b. The States 20 charter banking cotpo-
rsiioos. aad which, hsvisg eesn carried 10
great excess, has filled the country With, in
1sst Of The States, en- irsedee nabls paper me-
dun, 10 In evil which. In some way or other,
requires corrective. The rates st which bills
OF exchange are negotiated between different
parts OF the country, furnish Al index OF the
value OF The ocsl substitute Cor gold and silver,
which 70, IN mhny Psris. 90 Ter depreeisIsd. ss
not 10 Be received, except at large discount,
% pay meet OF debts, or in the purchase Of pro.
dsee; IL eOold earnestly be desired that eSery
bank. not Possessing the means Of mpiion,
should follow the sxsnpie Of the late United
States Bank OF Penasy lvsHis, and 70 into hour
dstion. rather than By Tefusiog to do 80 TO con-
tihne entertainments in the way Of solvent 10.
sttotioos, thereby sugmeniipg the difficulties
incident 10 the present eondition OF thihgs.-
whether this Government, with due regard 10
the rights OF the States, has any power 10 con-
s'rsin the banks. either To resume specie pay
menis, or TO force them ioto liquidation, 10 an
inquiry which will not fail 10 claim your eon,i.
eerstion- In view OF the great sdvantsgss
which ere allowed The eorporators not among
The least Sf which 10 the authority contained IN
most OF their charters. 20 make loans 10 three
tines The amount OF their capital. thereby oits
esiN'ng three times % much interest on the
same amount OF money a. nay indi, dual 10 per-
miiied by law 10 receive, 40 sufficient apology
can be urged for . long continued su.pension
Of specie payments. such suspension 10 pro-
due;ive OF the greatest dotrinlent TO the public
by sxpeliing from circulation the precious me
tails, and eTiOusly hszarding the success Of an,
effort that ths GoSsrnmebt can make, To In.
crease eommsTeial facilities, sud 10 advance IN.
public interests
This Is the more 10 be regretted. and The in
disPensabie necessity for a sound currency be-
comes the more manifest when ue reflect IN
the Sasi amount OF the internal commerce Of the
Country. OF this ne have no statistics, nor inst
data toF forming adequate opinions. But there
can be no doubt, but that the amouni OF trans
Pertation cnastUise, by sea, and the ITansporta-
iion inland by railroads and canals and by steam
beats and other modes OF CONVEYANCE ever The
surface of our vast rivers and immense lakes.
and the value 81 property carried and inter.
changed b. these meaas, form a general arr,e-
gate, to which the foreign Commerce OF the
country, large as II IS, makes out a Distant ap-
proAeh.
In the absence or any controlling power ovey
ibis suoIcei, which b. forcing geueIal Tesump-
ton Of specie payments would at once have The
effect OF restoring sound medium Of EXCHANGE
and would leave 10 the country but lutte 10 de-
sire. what measure Of relief, falling within the
limit .oi our constitutional competency, doe, IN
become this Government 10 adopt IL was NV
painful duty At your last session, under The
weight OF most solemn obligations 10 differ With
Congress on the measures which il proposed for
ny approval, and which Il doubtless REGARDED a,
corrective OF existing evils. Subssquen: Trnec-
lion, and events since occurring have only served
10 confirm me IN the opinions then ep,ertain.u
ard frankly expressed.
j must be permitted 10 add, thai no scheme of
governmental policy, unsided By individual ex-
eTtIons, can be available for amelora,in0 IN.
OF exchange and . COED currency, are but The
necessary means Of commerce ane inteteourDe
not the direct productive sources Of xeath.-
wealth can only be accumulated by the earnings
Of industry and the savings Of frueality F.. and
nothing can be more illjudged than TO look TO
facilities in borrowing, OF 10 a redundant citep-
iailon Tor The poser Of dischsrPihg pecuniaTy
obligations. The country is full IF resources
and the people foil Of energy, and the great and
permanent remedy for present embatTasSments
must be sought 10 industry, economy, the obser
vance Of good faith, and The favorable influence
Of time.
10 pursuance Of pledge given 10 You in nv
last message TO Congress, WhIeh pledge I nIv.
as an apology for Adventufng 10 present Won
'ne eetallS Of any plan. the Secretary Of the TIea-
sury Will b. ready TO submit TO 700. should Won
IeqoHe ii, plan Of hnaIee which, while n
throws around the public treasure reasonable
guards Tor ITS Protection. and rests on power,
sekno~iedged IN practice TO exist from The origin
OF the Government, will. az the same time. for
nish 70 TIE country sound paper medium. ara
snoid reasonable facilities for regulating TIE
EAehShees. WhSn Eubmnied. you will perceive
10 u plan amendaiofy ofthe existing lsv, in n.
latioo 10 the Treasury Depsrlment-subordioa,e
70 al fesPee's 20 the will Of Congress dirrctiv.
and The viii 81 the people Observation-Disclosures.
tanning she0ld u Be fond iE practice 10 realize
Us promises IN theory, and TepeaisbIe at the nea
sure OF Congress IL proposes by e6eeiuai re-
l'faibis. add by invoking the true spirit Of on,
institutions. ." separate the purse f:om the su ord
OF. more properly 70 speak, desiss any other con.
troll 10 the Pfesident over the agenis who nav
Be selected TO carry II into execution. bot Uhat
mey Be indspesssbly Necessary 10 secure The
hdelhy 81 such aRsats tbd, by 1ise Frgclstiou.
keeps PLAINLY apart from eacholher. pr.ysi. ma
public funds u eoniempiaiss the estsbi,.hueut
OF Board 81 Control. 81 the Seat 81 Govern.
msnt' with sgeuees Al prominent eomne,e;sl
points. oF Shesever else Congress ahsu di,rc,
foi ibs sais-keepinR and Disbursement az ~
public ~ onsys. add . substitution. a. The op,ioo
Of The public eTsdiioE, Of Treasury notes in len
81 gold and silver.
II proposes 70 lwh ne issues 10 an sr,,no,
not 10 exceed siSOO0. OO0-uithoat tb. sEp,,,.
sanction q the legislative poser. hsiss ss-
'hTjfss The reeeipi q Individual drpositrs AZ
foid snd silver 10 q limited amount. add he
grating eertlhehIs. Of Opposite. dir,dss mo
sch sums as may b. called ~ ~ che depo,i.
tors.
u proceeds sisP farther. snA so,bo,i,,,
TIE PuFchass and ssis % Domestic Eli. 80
drafts, FeasisE o. resi- aBd subsiaotist bss..
PaJable ~ sigh;, % bsving bot q short tim, AZ
run snd draun % Pisces cot lees then aos huo.