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

haNa zen Instituted II lest the quality III Nsrnus mate
ral particularly copper. iron. and COAL 80 as prevent
fraud and imposition.
II viii appear by the rcpor, Of the Z rsma~ier Gene
raj that the great font which, for several years has been
much desired. has during the current year. been fully
aecosplished. The expenditures Vi the Department.
for the current war. have been brought within lis in
come. without lessening its general usefulness There
has een increase OF revenue equal 900 for the
year SD that Of 1871 without as Is believed,
any addition having been made 10 the number Of letters
and newspapers transmitted through The mails The
Posi- Office laws have been honestly administered and
fidelity has been observed IN accounting ir and pawn.
by the subornaies OF the Department the money
which have been received For the d,tlils OF the
vice refer you To the report.
naler mystlfthai the exhibition thus made Of the
cond tion of the public administration will serve 10 con
vince yon that every proper attention has beeu paid
the interests OF the country by those who have been call
led 10 the heads OF the different Departments The re-
duct ion in the annual expenditures e the Government
already accomplished furnishes evidence that
olny the application Of The public moneys is regarded
as paramount duty.
AT peace with all the worli-the personal liberty of
the cizan sacredly maintained, aud his rights secured
under political institutions, deriving all their authority
rom the direct sanction OF the pcople-wh soll fer
tile almost beyond example and country blessed with
every diversity Of climate aud production what remains
to be done in order IL advance the happiness and pros
peri,y Of such people Under ordinary clreunlsian
ces, this Inquiry could be rcad, answered. The lest
that probably could be doneNr people nhabtne such
untry. would be 10 rtfy their peace and security
the prosecution Of their various pursuits, by guarding
them against Invasion from without, and violence from
within The rest. Tor the greater part mi. be left 10
their own energy aud enterprise The chei enlbar
rassnens which at the moment exhibit themselves have
arisen from ovcracilon: and the difficult task which
remains To be- accomplished. ia that of correcting and
overcoming its effects. Between the years 1888 aud
1873, additions were made TO bank capital and bank is
Sues. IN tho form Of notes. designed for circulation 10
an extent enormously great Tie question seemed to
be- mol how the best currency could be provided hnt in
what manner the greatest of bauk paper could
be put in circulation. Thus. vast amount Of what was
called nan"y-snce, Tor the time being. IL answered the
purposes Of mJncy-was thrown upon the untry an
over issue which Was attended. necessary conse
qnence. by al e.trasagant increase Of the prices III all
articles nj property, the spread ot speculative mania
all the county, ard has finally ended in general
Indebtedness on The part Of States and individuals,
the r'siraiIon ' public and private credit. deprccia
ton III the market value OF teal and personal estate,
and has left large districts OF country almost entirely
without any circulating medium In view Of the fact tat
In 1880 the Whole bank circulation within the
States Amounted 10 bat Sol .323,S.lS according 10 the
Treasury statements aud that an addition had hced
made thereto Of the enormous sum Of $50 600 - in
years, Che circulation the first January, S1T
beng stated at $li9.e5 5000 aided by the great acil-
ties afforded in obi ning lans IRON EUROPEAN capitalists.
who seized with the same speculative mania
which prevailed IN the Uhlled Sates--4nd the large
OIL lludS abroad, The result oil Stock
sales and l.ans-no can be surprised at the appa-
rent but unsllsanial state Of prosperity which every
where prevailed over the land and while little of
surprise should be elt at the present plostratin OF every
thing. aud the ruin which has beiaen many of cur
ielo@citjzrns III the sudden withdrawal from crcula
ton OF large of Bank issues, since 1887
--eArcedna. Is believed. the amount added 10 the
paper currency r similar period antGCcicnt 10 So
1t ceases 10 he matter OF asonishment that such
telsye shipvrcc should have made of private iu,-
tunes or that difficulties should exist in meeting their
engagements on the part of the debtor States Apart
from which. il there be taken into the immense
losses sustained IN the dsh0nor ot numerous banks, II
is less Of surprise that insolvency should have
visited many OF cur fellow citizens, than that many
should have escaped the blghn. consequences OF the
times
Ia the solemn conviction Of these truths aud with
ARGENT desire to meet the pressing necessities OF the
country felt II 10 be my day 10 to be submitted
to You, at the commencement OF your late session, the
plan o. an Exchcqner. the whole power and dity of
maintaining which. in purity aud vigor, BIZ
csed by the Representatives OF the people aud the
States. and, Therefore. virtually by the People them
selves. II was proposed TO place II under tho control
aud direction OF Treasury Board. TO consist OF three
Commissioners, whose duty il should be to that the
law fits creation faithfully executed and that the
or at end Of supplying paper medium Of exchange, at
all times convertible into gold and silver. should be at
tanned. The Board thus constituted, given much
prmahcncy could be impaired 10 it, without endan-
attach 10 all public agents In odcr to all the ad
vantag,s of well -natured experience, the Commits
sioners to hold their offices for the respective pc
rinls OF two four and years thereby securing at all
times in the management OF tho EXchcquer. the services
of two men Of experiences and. To place them in
don to exercise perfect independence Of mind and
ton. II provided that their removal should only take
place for actual ncapacty ntdeliiy to the trust. and
u be followed by the President with an exposition of
the of such removal should il occur 1t pro-
posed 10 establish subordinate boards in each Of the
States under the same restrictions and limitations OF
the power Of removal, which, with the central board
should receive safely keep, and dlsbnrsc the public
neys; and IN order 10 furnish sound paper medium of
exchange. the ENchelucr should retain Of the
OF The Government sum net to exceed five millions
o dollars IN specie, 10 be SET apart required by It's OPP
catlos and pay the public creditor at his option
either in specie Treasury notes. Of denominations
less than five. exceeding hundred dollars. which
not should be redeemed at the several places OF issue.
and to be receivable all times and every where in pay
ment OF Government dues with restraint upon such
issue Of bills thai the SAME should exceed the
mum Of $50 0 600.
In order to guard against all the hazards incident to
fluctuations in trade. the Secretary Of the Treasury
invested with authority 10 issue s5,0lO,0OO Of Go
vcrnnrni stock. should the same AT any ii be regar
ded necessary, III order place beyond hazard the
prompt redemption Of The bills which might be thrown
into cir uialun. Thus in fact making the issue of
$4,000 600 of ENchcqucr bills rest substantially on
SO,O0r,O0D; and kocl ing in circulation never more
Than and one half dollar for every dollar in specie.
When this it is added that the bills are not only
every where receivable in Government dues. but that
the Government, itself would be bound for their ultimate
Ian cap c<rs HE