Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-02-28

The Npnei,turo 1'ir0tt!ta.l.
.HONn1Y. FEBRC.lRr %. 1si2.
TIE ENCllEQCER BILL.

1 HI III HfAl Hi VI 'hslifg. lTD.n Inc Stifft
committee 10 which the Presidents I seal scheme was
retired. differs from tic Trefsry Jfjet in lroeimpr
t7u features, though lhe snb3lraiual IL the samc The
1 change is. iliat certificates 4 dpos,e he issued
instead Of treasury notes, the is limited II ten in
stead orEieca millions aud instead Of Issuing three Of
paper r one u com, is provided TINT the certificates
shall mover exceed the amount Of gold aud silver ON hand
\ prov sion which strikes equivalent 10 noissue al
all Why not keep the gold and silver ls.If in circula
ton, II he Treasury Bank to issue only dollar for dol
lafi Wherein IS tho beneft?-lhe second change is
Tho authority conferred upon the Mint and the '.ranch
MINIS 10 issue certificates Il dcpsc Gr bullion or for
elgn coin drplstcIby individuals OF by the government
which was moi embraced IN tie Presidents bill-rhr
hind change relates to Bills Of Exchange. the new
bill authorizing the Board Of Exchcqucr and it's agents
10 purchase such bills oaly when ordered 10 do 50 by the
Secretary Of IT, Treasury for the purpose of transmit
tin! the funds Of tic government pay It's creditors or
lpr public usca limitation not contained in the orioina
bill There arc s.nc other changes Zone Of lcm redu
eng the member Of commissioners who with the Sccrc
lary Of The Treasury, G." constitute The Board Of
ENchcquer from tarco one Ia, they are MT Of ma
teral importance.
The changes proposed assinatc the scheme more
c sey 10 the Sub Treasury system, is vital fraturc
tile specie clanse.-and 10 that extent il more CD
jecanab to ns than the prlosonas il first came from
The Treasury Departments Yet inclined to be
sove that, regarded alone fancidi measure its Il
dnpton may fc beneficial aud therefor that it may Ic
better II put up with II until such time an Adm MS
tm'lon representing one Of Tie two gtaat mr'ita and
which Will discard all thcso herHo Lr9!e schcos and
adopt permanently financial system in accordance With
the opinions Of majority. saall be placed in power
We feel tho irrc ei the Oh tct0rs II this colsc which
are orgdl y both parties; 5ni hc Iu, sion alss do NJ,
the wants Of the country mp raiyey cal for the aaI
ton o s'ae system, which VIII restore confidence re
yye the credit Of the government furnish partial r.
lief 10 tho people and give at lc:s temporary rep sc To
the public rnind? No system can be ,co,se DIAN the po
certainty that now exists While all admit that tho cen
unue agitation of this vescd qu, stion cxer;s IN St
dcetrons influence upon the Pr, sporty de {, n,ry
lct lAo bill pass, with the understanding thai the nanc,
gnes" SLY common consent settled tr three years and
tatI Islo lie then ros:sed, and finally terminated by
tie election in lSi4,end The beneficial effects oi that
understanding will lie immediately realized In the
mean while, the new Experiment Will have the benefit
OF ta and uI trial, and nay. by lis practical results
furnish hints ior the final adjustment Of tie fs, ma
chlnery oil the governm'n IN accordance with TIE yer
dict To he rendered by the people the next frcs'den
tial election.
The people need rep)so. GIVE them ,ne for rece,
ton mud let another be adacd 10 Tie LIST of loliivc eff
iurls TO digest eliccn substitute fer a Nalien,l
Bank and ON word r The rcNt tlroc years VIII e1h
BIT more converts To the good I'D s,stom tie ai.n,ou
mont ii So tn has I,G to I'll tins anarchy. ,n4larrass
mont and #a na, than w have seen in the last fy,
years. numerous hey have been within that pcriod
The tunes arc ausprious for such change in public sen
tlment Party phron2y has II great extcat subsidized
and rcn arc beginning, under the pressure of the times
10 enquire INTO the causes which has led tothc universal
arrangement, by which the industry of the cunty has
been paaly wed and lis prosperity dsroycd-IIov hcc
10 ask themselves how it has happened that nation
bounding in all the clements Of wealth. has been Sudden
~, and as II ty some magic influence. reduced 10 the
verge 81 bankruptcy until the universal cry IS sure
himscif rho cm = Mud WHEN nen begin TO reason
bout he corscs d their MISFORTUNE thcy are no, very far
off from re tue remedy
That remedy Is, IN tie present case, rciinn 10 The
poa from rich rc hare ,rfntdc1cd under the bndino
influence ol party Rgo'ry. few more years will find
Us again at the starting pest. the full tide of success
nl 'ncrprlze. There is yet ''lalm IN Gilc,d and n
physician there The old National Bank charter e>ni
red in ISL and then now, unumerahIc State Banks
based upon fictitious capital, sprung into existence adul
crang the currency of the country and having no rcpu
aIing power, mady expanding their issues until the
bubble burst, spreading cunnson distress and ruin
throughout the land. Mr.. Madison the Rcpuilicm
President, and the author Of the ''Rcsoiios of 'S'' IL
boot had the moral COURAGE under the circumstances Ia
review and TO rcnouncc his former opinions in reference
both To the constiiutlonay and the cNpedency of a
National Bank, and, sinking the Parzan in the Patriot
he recommended lis interpretations and this recommended
ton was cordially responded 10 by RcpuLHcm Con
c1f% l he consequence that the nation soon re
covered from the temporary shock il had received and
after sufficient time had elapsed put tie Bank fairly
IN motion, the most sanenine aucipations of lis adyo
Gates were full realized. But in $50 The National HanL
again went down, and in March S31 Gen Iacks,u nm
der whose blows 1t fell left Washington cxunp in his
triumph over the Monster, and boastlng that this
great nation was prosperous and happy" II ,ras Blu,
The seed had been If HAT fatal harvest which is
now rpcning ior the scythc Consequent upon the over
throw OF the Bank. in lHoG as in ISL the number ot
/ State BANKS WAS every where multiplied much the
larger portion Of them being chartered by the oco rcco
party arewcdy for the purpose u filling the vacuum in
Inc circulating medium 10 be created by the death of the
Monster. And nov. rs then, we sec the bitter fruits
/ 81 that mistaken poicy Like causes have produced
like elects; and tho PEOPLE Will long ref, ST To see
and to acknowledge that these effects can only be roct
/ he'd 10y resort 10 the same remedy. Even Virginia
always Ngliant watchdog when The constitution is
"a Il. = ~