Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-12-12

" th The rtdecn1au paper 81 The bnNerhineht--ih
which respect 1t 'e9nplishes precisely wha, the ires
nry docs daily at this time, in issuing to ihr public ,f
tors the Treasury notes which. under law, II Is an
thofaed to issue. II has resemblance TO an ordinary
Bank, it furnishes profits Ia private Stockholders
and lends capital individuals. I'll be objected 10
rs Goyernmans BANK and the objection he available
then should all the laws in relation 10 the ircasn-
~ be repealed. and the capacity Of Government IN col
leci what is due toll, pay what ii owes, be ahroga
ted.
This is the chief purpose Of the proposed ENcheqner
and surely IT, in The accomplishment 81 purpose 50 -
sential. il afiris sound circulating medium Ia the
country aud facilities To trade, should I've regarded as
sill gh medallion of 1t to pahlc consideration
Properly guarded by the prov sions al law. II eau run
into M dangerous evil nor eau any abuse arise under
it, hut such the Legislature itself will be ans"erahle
for I'll he ulrattd snco IL Is but the creature ol the
law and is susceptible at all tim,s Of modification.
amendment or repeal, at the pleasure ol Congress.
know that has been objected that the system would hc
liable Ia BIZ abused BY the Legislature by whom alone II
could be abused, in the party conflicts Of the day,lsi
such alusn would manifest itself in change of the
law which would authorize excessive issue OF paper
for the purpose niinallng prices and winning popular
favor. To that II may be answered. that the absorption
of such motive Congress is altogether gratuous
aud inadmssihe The theory Of our institutions would
|, al In 4 different conclusion But perfect security
against proceeding reckless, would be tmndto eN
isl in the very nature OF things. The political party
which should be b nd 20 the true Interests ot the
country, 10 such eNpedcnt. would inov
ahy meet with final overthrow In the fact that. the
moment the paper ceased to tie convertible into specie
or otherwise promptly rodccmed,it would become worth
less aud would, in the end. dishunor the Government.
involve the people in ruin, and such political party IN
hopeless disgrace. Al the same time such view In
wolves the utter npossblity OF furnishing any cufren
cy other than that tho precious metals; ip II the TO
Itself cannot orgo the temptation Of excessive
paper issues what reliance can be placed IN corp,raons
upon whum the temptations Of individual ag9randize
wuplu STRANGELY upur1tp} The Pptp1e would
have to blame but themselves for any nJur, that
might arise from course reckless. their agents
would be the wrong docIs, aud they the passive stcta
tors
There can be- but ihrra kinds Of public currency lst
gold and silver; Cd The paper oil State institutions; or
Sd. representative ot the precious Metals provided
by the General Government. OF under It's authority
The Sub Treasury system rejected the last IN any ir;
and believed that no reliance could be placed
the ISSUES OF local Institutions r the purposes OF e.n
cral circulation, it necessarily and unavodably adopted
specie the exclusive cuIrctcy ,or It's own use And
this be the unoss oi the other kind be
used. Iht choice III the present state ui public SENT
mrnt, lies between exclusive specie currency the
hand, and Government ISSUES uI somo kind the
other. That these ISSUES cannot be maie by chartered
institution, IS supposed To be concasivey settled. They
must be made. then, directly by Government agents.
For several years past they have been made in the form
OF Treasury notes. and have answered valuable pur-
pose. Their usefulness has been limited by their being
transient and temporary; their ceasng tear Interest
given periods, necessarily causes then speedy return
anl thus restricts thor range OF circulation; and Leu
used only in the Disbursements o the Government they
cannot reach those points where they required
BY rendering their permanent 10 the moderate
teui already mentioned, by Offering inducemtnt iu
Their return ana by exchanging them FIR coin and other
values III, will constitute TO certain rltcni The gen
or nrrenry much need, d To nainta internal. ae
OF c9uaty. And this Is the t.Nclequcr plan, tar
it may operate IN furnishing Il currency
cann3 iorgo the occasion 10 urge It's importance 10
the credit Of the Government III financial point of
view The great necessity of res5rllng to every proper
and brco - cNpedent III oId,r 10 place the Treasury
footing Of the highest Responsibility is entirely ob
vious. The credit Of the Government may TO regarded
the very sJul the Government sel-a principle Vi
tliy, without which all its movements langud and
all It's operations embarrassed. In this spirit the ENecu
tive felt itself bound by the imperative oil do
" submit Congress- lis last SESSION. the preprety
Of making specific pledge Of ' Land fund, the basis
for the negotiation ni he loaas authorized be corac
ted then thought that such application of the pub
! lie domain would, without doubt have placed nj the
command OF the Government ample funds 10 relieve the
! Treasury from the Temporary enbarassncnIs under
which II laborcd. American credit has suffered
siderable shock in Europe from the large Indebtedness
Of the Siacs,ani the temporary inability Of some OF them
to meet the interest their debts The utter and dis
asrous prostraon ofthe United States Bank Of Penn
syl vana had contributed largely increase the
mrn OF dsru t. by Of the loss and ruin sustained
by the holders :" It's stock large portion OF whom were
foreigners, ana many OF Whun were alike ignorant oil
political organZation and Of actual RESPONSE
bii,s. II the anAlous desire of the Executive
that. in the effort 10 negotiate the loan abroad, the
American ncgoaior might be able 10 point the money
lender the fund mortga9ed for the REDEEM pon uf the
principal and interest Of any loan he contract. AMI
thereby sindlcate the Government from all suspicion OF
bad faith inability to meet its engagements. Con
Gress differed from the Executive in this view Of the
subject. II became nevertheless the duty Of the Exec
uye to resort every expcdienl in its power negotiate
I sl,< t,.1,, 4
merlcan market. citizen Of high character and talent
Europe with better success and thus the
Notifying spectacle has been presented Of the inability
of this Government To obtain loan small as not in
the whole To AMOUNT to than fourth Of its
binary annual income; at time when the Governments
Of Europe, although involved ia debt. and with their
subjects hcaqlly burened with taxation, readily obtain
loans of any agcay reduced rate of interest
1t would be unpro'a bic look further into this
lous state OF things; but conclude without addi
that, Tor Government which has paid of its debts Of two
wars with the largest maratime power Of Europe, and
owing debt which Is almost next 10 nothing when
pared with It's Ionndless resources Government the strong
est in the world, bcrausc emanatmg from the popular will
and firmly rooted in the affections OF great and free people
and whose fidelity 10 its ngagcmcn has been
toned Tor such Government to have rendered TO the
ts of other countries opportunity for small invest
meat OF ITS stock aud vet to have cd implies either the
most unioundcd dsus in its good faith OBJ
tain which, the pursued the fatal which could
have been adopted II has become oh, ious all
that the Govcrme must look Ia its for supply
ing its wants. and il consong To know that these
altogether adequate Tor the object The Exchequcr, il
adopted will greatly aid in bringing about this result Up
what regard wclliounded supposition that bills
would be readily uh for by the public creditors, and that
the issue would in a short time reach the Nimum oil SIS