Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-07
VOL Xy..-.vO. G:B.

on bond and mortgage. to the agricultural of the
community One great evil which the country has
pnenced has been lrom the withdrawal Of capital from
the farming interest, to invest IL in banking olrfn
tons. That ntces from the very nature If their bust
ness ought not 10 be driven 10 bank accomnodations
They should be able to command permanent instead Of
temporary loans Any system therefore. which should
ald Tho retirement oi tho surplus banking capital ,oild
greatly benefit the substantial producing classes Of The
country.
fnn what has been said. it will be eeen that the tx
eheqner VIII furnish uniform currency and eflcotually
eqnaliZe exchanges IL las no dscuuniinr uwer Ike
that OF the late Bank Of the niicd States; nowe
which was the principal source ol all the difficulties ana
al The subsequent disasters that institution In order
10 make dividends, II Wis niece ssafy 10 employ its q
norInous capital IN the shape Of discounts The treat
portion Of these discounts was not based upon fonae
business piper They long loans, stock loans ac
eonlnodaton loans permanent leans And one reason
Tor this was that within The sphere ofhe operations Of
the bank there was not enorl Of legitimate cuisines f
per 10 employ ITS capital here MAS. lheref,rc kitj
o necessity OF employing II otherwise; and thai ap,afen&N
necessity IN the otherw disastrous stale Of the tlnes
has led 10 its final overthrow.
The ENchequcr will possess all the benefits Of 4
Bank o the nltod States without It's attendant evils
II ls powerful 10 do good but poworleas To do HARM
he immediate effect oi the adoption Ct the measure
vi" be- once more To restore the confidence Of the coul
Try, That confidence Is every where impaired II *
impaired IN individuals; 1t Is impaired in banks il is i'm
paired IN our State Governments. and shaken In tho
General Governments The People require seine action
ON the part Of Congress Which shall restore it, That
can only be done by the adoption Of n system like the
ohc proposed: system which, IN lis oadIug features, ~
perfectly unassaablo will lay the foundation of pub
'c confidence so broad aud deep a Cannot be sha-
ken That confidence restored, will extend itself
throughout the country. aud peace and plenty will follow
IN It's train.
But II any suppose this system will not accomplish
all that lts friends, anticipate will certainly accomplish
inuohi and innsnuch do nothing else and va
know there Is no possible danger IN IL why should W.
hesitate 10 try ~ We shall AZ all events have establish
ed one great and fundamental principle principle
which hes nj the bottom of this currency question mime
~, that II Is the right and duty Of ttis Governments ia
the collection. safe Keeping aud disbursement the pub
lie revenue, 10 AID III furnishing uniform currency aud
elnaliHng the exchanges ot the country: and IT, tho
Judgment OF any, the measure does not % far enough
We shall have stue, on which We can cngrait hefeaf
Ter such provisions shall come within tie cos.itut on
al power OF Congress within The great principles which
have b,en laid downaud eucha sha! be deemed oxpe-
dient aud justified by public sentiment
The System can he tried without tisE and during a
period when there can be 10 hope Of adopting another IA
vone measure. II, ON trail siia be found To answer
the purposes for which il is intended then the necessity
oi National Bank will BE- superseded. and its friends
VIII have no reason nor desire 10 urge II IL should
no' answer these purposes, then the opponents ola
National BANK may become satsied that such an irsti
tuition Is the only remedy Tor the evils OF deranpod and
'l'sorde"d currency. But some eueh system be a
doptod II NAY well be doubted whether In the present
ASPECT and past experience of or banking institutions
The People eau be brought into the support ola National
l3anlt
Shall We, then, fold arms. and deliberately re-
solve odo hothingi Can the friends Of a National
Bank US well IA the friends of the sub Treasury JUSTLY
themselves to hclr constituents the country III such
ronrsfl These are questions iur crave consideration
Both these systems. III uncsare and melhcr lave zen
dsrrcdcd; and with present IT spccto either oflem
being re-esiabshcd W hat then itlnans 10 lie danel
lle People expect and require action at our hants.--
HE committee present the ENcheiner plan. free irum
the objections which ugod against it On its origin
al mrodurt'on-a plan which, in their judgement unite
the benefits without the evils o tie others and ask fl il
that consideration which it is justly catilled IL
receive
In proposing the bill, which the Committee new sub
mt to the Senate, an attempt has been made as far rs
possible, 10 consult the views aud avoid the objections
of all pacs disclosed in the history and discussions
OF the several plans heretofore suggested for accomplish
ng the same Objects and ii is submitted in the hope that
the attempt will prove successful
(Remdinder IN our merit