Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-12-13

lar rs practicable the inequalities oi the other NO couii
try can be IN the enoymcnt of its full OF pros
po,ity, without the presence Of medium of exchange,
approNlinatlng To uniformity OF value. What necos
as between the different nations OF the earth also
important ~ between the Inhabitants Of different parts
OF the same country; with the first the precious metals
constitute the chief medum OF circulation, and such also
would he the the last but for inventions com
paratlyely modern, which have furnished. In place OF
gold and silver, paper circulation do not propose 10
onter into comparative analysis OF the merits OF
the two systems. Such belonged properly 10 the
period o the introduction Of the paper system The specu
lauve philosopher might find Inducements To prosecute
the inquiry. but his researches could only lead him 10
conclude that the paper system had probably better ne
have been introduced. and thai society might have
boen much happier without IT, The practical statesman
has a very dlcrcn, task 10 perform lie has To look
things as they aroto take them ny he fluids ,hem--to
supply deficiencies. aud 10 pruno far in
HIM lies. Tho task of furnishing corrective Tor de
nnpemontso the paper medium with us ~ almost mex
Wesshly great, The power cNcrted by the States 10
charter banking corporations and which, having been
carried to great excess has filled the country with. in
mos, ol the States, rredocmahe paper medium an
evil which. in some way other requires n
rcctlye. The rates nj which bills of exchange
negotiated between different parts Of the country
furnish index Of the value Of the local substitute
ioreod and silver. which is. in many parts. 80 FAR de
precaicd not 10 be- received except at large discount
IN payment of debts. IN the purchase OF produce. 1t
could earnestly he desired that every bank. possess
ing the means oi resumption should follow the example
If the late United States Bank of Pennsy lyanin aud 20
into ll1ul,laon rather than by refusing do con
tnue cmhalassncns the way OF solvent institutions
thereby aurmenting the difficulties incident 10 the present
condition OF things. Whether this Government with
due regard 10 the rights Of the States has any power
cunstran the banks. either 10 specie payments
10 force them into liquidation. is inquiry which will
not fail To claim your consideration. In view OF the great
advantages which ac allowed the corporations, not among
the least o which IL the authority contained IN most Of
then charters To make loans To three times tho
of their capital. thereby often deriving three tunes IA
much interest ON the amount oi money any ind
vdnn is permitted by law to receive. sufficient apollo
gy eau he urged ot long continued suspension Of specie
payments. Such suspension Is productive al the greatest
octmcut Ia the public. by cNpclng from circulation the
precious metals. and seriously hazardng the success Of
any effort that this Government can make. to
commercial facilities, and 10 advance the public inter
est
This il the more 10 bu regretted and the indispensable
necessity tor sound currency becomes the more mani
Test. when reflect the amount Of the Internal
commerce OF the country. OF this have no statistics
nor just data for forming adequate opinions. But there
can be no doubt, but that the amount Of transportation
cuaslwsc by sra, and the transportation inland b, rail
roads aud canals, and by steam boats and other ns 81
conveyance, over the surface of rivers md i'm
mense lakes and the value of property carried and inter
changed by these means, form n general aggregate To
winch the foreign commerce Of the country large II
*. makes hui distant approach
In the absence of any controlling power over this sub
Icci. which by forcing general resumption OF specie pay
ncnts would a once have the effect Of restoring sound
medium OF exchange and would leave To the country
hut little n desire what measure oi relief falling within,
til" limits ut our constitutional competency does be-
come this Government 10 adopt II was m, painful du
" n your last session, under the weight oi most solemn
obligations. 10 differ with Congress the measures
which it proposed ormy approval, and which il doubt
less regarded as corrective of existing evils Subsc
qucn reflection. and events since occurring, have only
served 10 confirm III the opinions then entertained
md frankly expressed.
must be permitted to add thai no scheme Of govern
mental policy, uuaded 10y individual cxertions can be
available Tor aInchorang the present conditioned things.
commercial modes ol exchange and good currency
but the necessary means OF commerce and intercourse
not the direct productive sources of wealth Wealth can
only be accumulated by the earnings of industry and the
savings OF lrugaiy and nothing can be III Judged
than 10 look 10 facilities IN borrowing. 10 REDUNDANT
circulation. for the power Of dcharging pcrunary oh.
legations. The country is full Of and the po
pie ull of energy, and the great and permanent remedy
for present embanassncnts must be sought in industry
economy the observance Of good faith and the favorable
nllusncc OF time.
In pursuance 81 pledge given TO Won my last mes
sage 10 Congress, which pledge urge apology for
adventnrng 10 present you the details Of any plan the
Secretary the Treasury will be ready submit 10
you, should you require 1t, plan Of finance which,
while ii throws around the public treasure reasonable
guards for ITS proecion and rests on powers acknow
eyed IN practice 10 exist from the origin ol the Govern
mcn, VIII, nj the Same time, furnish Ia the country
sound paper medium and afford all reasonable facilities
for regulating the Exchanges. When submitted you
viii perceive in IL plan amcndatry Of the existing laws
IN relation 10 the Treasury Observation-Disclosures in
all respects 10 the will of Congress directly aud the will of
the people Indirect y-scf sustaining should il be- found
IN practice 10 realize IT'S promises theory and rcpcala
bic at the pleasure Of Congress. II proposes by orcu
al restraints, and by invoking tho true spirit Of insti
uons, To separate the purse from the sword or more
properly To speak denies any other control to the rcsi
dent over the agents who may be selected to carry it
into execution but hat may be indsponsbly necessary
10 secure the fidelity of such agents; and by wise REQ
ulatons, keeps plainly apart from each other private and
public funds. It contempatcs the establishment Of
Board OF Control, AT the Scat of Government, with a
gcnccs AT prominent commercial points wherever else
Congress shall direct. for the safe keeping and dsbnrse
mcnt OF the public moneys and substitution, tho OPP
ton OF the public creditor. of Treasury notes. in lieu Of
gold and silver Ii proposes to limit the issues To
not TO exceed sl5 600 0OO-wthou the express
sanction of the Legislative power 1t also authorizes
the receipt Of individual deposits Of gold and silver
limited amount. and tho granting certificates Of deposit
divided into such may be called for by the dcp1s
tOrs. II proceeds step further and authorizes the pur
chase and sale OF Domestic Bills and drafts resting on
real and substantial basis, payable at sight. or having
but short time To run and drawn places not less
than one hundred miles apar-whch authority, except
III so tar may be necessary for Government purposes
exclusively. only 10 be excried upon the express cond
ton. that It's exercise shall be prohibited by the State
IN which the agency is situated.
In order 10 cover the expenses incident In the plan
1t VIII be authorized to receive moderate premiums for
tfcates issued deposits and bulls bought, and sold
and DEALINGS