Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-13
VOL IX..-.vO. As.

should have spread its branches lar aud WIDE and
cd the whole land with its siadetibcfioh yes--tOn
to lie down in that '.ianlmlity and rcposeo
which the writer Of this report thought desab-ths
rcpse. the stiffness of memorable. mean, merccnary
dcspotism. To such measure Mr.. NJ never could
snt he would not. should not. Could any trace
the consequence What the amount Of money TO
be- placed under the control Of this institution II
To issue paper circulation TO the amount Of fifteen
millions Then 1t 10 receive fifteen millions mono
upon deposite Here at an aiiUanf Oh tbr-
~ millions Of dollars, enough OF itself TO overflow the
whole country; aud he SAW guards IN the bilLto
prevent The amount being extended 10 bundled mipns
annually by It's dealings in exchange Should Congress
establish high tariff. even lut liberal tariff whus0
annual npourngs should nplcnsh the now empty Trca
sury with income OF twany five million dollars, that
alone might enable the Government 10 alse its heado-
ver hcdead ufour prosrae national credit and waive
the wand Gifts power to tho destruction Of the public
prosperity, But should there be snpeIaddod TO this
capital Of thirty millions, and the power 10 trade
upon tins 10 the amount Of hundred millions rrc,
susidzng everything 10 lis support Hitrevry tho
widespread machinery of this ENch,quor should have
been extended thc land, Mat chance could possible
rcnain Tor the existence Of public liberty ? Pinc0
man Of even moderate ability and of thirty five years
Of age in The Presidential chair put in his lands this
mighty concentration OF I'wer. political and fiscal,
and II he did not ride rnuglslud this people for
the resi- ol his lille. II be- owing 10 his virtue,
and not theirs who armed him with such engine of
oppression. =
This capital was in a strange condition. Not n man
reached II from any quarter Of the country#which did
not bring the evidence ul real distress, OF the most APP
pallng suffering. Our prondos cities. far from being
exempt irom the general lot, the very theatres
where calamity was most severely felt. II would be
interesting inquiry To ask how all this brought about
Mr. NJ would not dcialn the Senate. weary those who
understood the entire well and better than he did,
by retocing the course Of events which had induced a
state OF things 80 deplorabc. Congress had stricken
down that institution which until Sa6. had cxrrfrd go
efficient power in regulating the currency; whcn. n
once the bank mania had swept the land, and they
came up, from the destruction ID the old institution, like
ops from the waters OF the Nile: until the country was
cuverrd with them. The pulley Of the State Govern
menis meanwhile. had created an immense delft and
the mems OF payment did mol exist and tins the People
Were reduced um the condition IT the hrphtes and
pamlosl prosperity 10 the deepest DISTRESS and despon-
dencc. The cNrcdont which Ind been rosortcd 10 Of
borrowing foreign capital had produced Ger a time fcti-
tious prosperity. But while the nation reyelng
all thai abundance produecd by the influx Of borrowed
wcalih-Mlle all was going eononsly. and stran-
ger would have supposed that the country had attained
10 the highest pitch Of national strength and public pros
Wriy sudden reverse experienced. The foreign
debt was domanded the means Of meeting the demand
were not 10 be found Individual and public distress
soon spread IN every dircciionle extremity Of tho
pressure gave birth 10 the revolving idea Of rcpudiaon
II then, 10 the reuent current, which fast sweeping
away the means of wealth. added this hateful doe
trnc Of repudaion. and the still anti American
docirlncand, may add. in my Judgment the aincio,,s
docrlnco the repeal Of charters. and the dsstructien
of vested rights. and add yet these the eryversatons
and rcachcry, IN public, and the Gsehoods. torgcrss.
frauds and all the other forms of dishonesty the walks
of private life. any wonder that who posscss-
cd capital should lock up and hoard their resources and
not eSplse them Ia nass ui population already deeply
tainted aud move and more Imbhirg the poison OF a
gIaran principles!
In state Of things Ike thy q rather upon the approx
'maiion oi this state ol things the American People had
risen as one man and troWnof by burst ofindgnatiun
the individual whose naladnnislraiion had, they be-
leved brought aboul this unparalleled state of corruption
aud distress. They thought that they were about 10
substitute Tor his reckless, msrue their system of
remedial measures. Every one knew how they had
been banked in that expectation. The history Of this
national would be read by patriotic children with
wonder page exhibiting the sianges, and most use
less iegiycTsaion which the whole volume recorded, or
it would be closed and passed with oaing and repog-
nance. The People had been utterly disappointed
The measures proposed by their friends in Congress
the only anacea for the public bills had been offered,
adopted and vetoed at the Extra Session. And here
Mr. NJ. be suffered say, tina, although voting for
that measure he had always fell great doubt in regard
tos mmedaieeflicicncy lie had his own misgvings
IN its cccng AT all that good which lis friends, in
their sanglno moments, Promised themselves, and per-
haps, thong htossly promised others He had never
been friend To Banks he had touched bark by
any vote OF his until last The entire system
was bottomcd on such principles that ii appeared to him
10 carry lis own death within itself. The measure
which the Wings had proposed he believed. might in
deed mitigate aud for time cpuss the evils connected
with il. II might Withstand something of that surgckc
force with which the mad excuses Of the system were
sweeping over the country.
But there still appoared to him to remain one great
dcsdcmulm, which nothing had yet been able 10 sup
ply, and that was, principle within the system itself
which should operate To check excessive ISSUES and pre-
vent those fearful alterations Of expansion and
ton which so shook the system Of public credit, and
spread such frequent ruin throughout the mercantile
community. II any such remedy had yet been discov-
ed. Mr. NJ was uracquanied with it, and i, certainly
had never been applied. Whatever might he said Of the
regulating power cxertcd over the State institutions by
Bank Of The United States, (and such institution
that power to certain cXcrt.) vet still.
proportion the degree Of confidence which the public
might cpose in any of these State banks they in
varaby disposed 10 push their issues 10 extremes. Mr.
NJ was no bank agent bank machinst, and he admit
ted the tendency Of l.. States Bank in exerting a re-
g1ilating power would be to break such of the State
banks as were essentially unsound tn operation which,,
however saufsry in the end could not but be attended
with amount OF private distress in their respective
vicincs. The displacement Of capital which
necessarily involved in subscribing great num-
Der of banks, in itself great evil, and
sarily produce great structure in the money market
Then the explosion of rotten banks which must necessa
rily accompany reform in the currency would be Pm
ducvc of great calamity On the whole, he believed
that the community had gone so far in the multip6ea
ton of hanks and in all those habits which this gave
rise that il would require long years bring
the country back to sound monetary condition. F0g
these extended and inveteae evils Government poescs
ed panacca. 1t might do something by the establish
ola we'll regulated National Bank. but even under
the effect Of such many evils must still contin