Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-10-13

lconrenf,os this G,aer, comprchendng those VINO nave
negotiated foreign loans, who nevertheless have met
puncally their dividends that by united action they
may induce the legislatures OF the several indebted States
10 impose, and the people To bear such taxes as shall
provide the means of paying the interest," aud establish
ing sinking fund for the gradual exngnsment Of the
principal Of their public debit cannot believe that
these appeals TO State pride and National honor would
be unavailng. You that lay out Of account the
sumption of the State debts by the Federal Govorn.
mcnt. because often fear. If this expectation were held
ont, the doiaung States would do nothing Of them
selves, and the exigcncy has yet arisen when such
an responsibility ought TO be assumed by the
National Government, UNJUST 10 those States who are
faithfully paying their dbs, and 10 others Tho have per
haps been far wiser to orbcar contracting any, although
conceive state Of things in which such assumption
as measure Of finance and national policy might be en-
lnen,ly expedient.
| am gratiiied inform you. amidst this convusiou
in the credit Of several of the States our own South
Carolina "wcars her beaver up She IL never in
rear day. and very often as AT this moment, GIN rcc
renee To the loan contracted for her) has her interest
six months in advance in her bankers hands. This is
moi surprising. You know 1t has been OF our iamil
lar and household lessons At ho submit chccriuy
10 the imposition OF direct taxes. support the security
and honor Of country, and hence by habit which
derived from the buried 'warlike aud the wise. who
have made what we are. we pay our State taxes with
alnus, much alncrity we give money to wives
and children. II the deaung States would only prac
co this doctrine the smallest imp sition would pro
duce amount abundanily sufficient to rcsuscliac their
credit.
Occupying the position yon do, sincerely hope, my
dear sir, that your influence Throughout the Union will
be brough, to bear ha great nu,onal question. We
all know that our coun'rymcn are tsscntally honest be
cause they essentially sagacous, well as, in the
MAN. right prnc Piled. aud require merely proper di
necton 10 be given 10 their eNerons to make an
heroic eor, 10 and sustain The character Of the
country.
But auxiliary 10 hesc efforts, something more
mains 10 be done by yourself 1t is to lend vigorously
the powers of your own genius. and the impulses OF your
pa,ro,sm IN your appropriate sphere the Senate Of the
u. States, 10 create and establish sound circulating
medium Throughout the Union. convertible into specie.
but in sufficient abundance 10 elevate the standard of
value from the dreadful depression which has fallen,
and IN fact 10 be adequate to perform the exchanges OF
trade and value IN country. Whetherths be Bank
Of the United States issue of rcdccmabc currency
by the Federal Treasury IS not Of 50 much comparative
Importance, as that we should have abundant and
inform circulation from other, which.
king allowance for the variations in tho balance Of trade
shall be ofcqnal value in Now Orleans and Boston.
This circulation in the rcccsscs of that financial wis
dom which is pat finding out destroyed by our
friend General Jackson, when he slew the Bank Of the
United States. with the arm Of Sampson and almos,
with the self weapon too,n when ecollect all
the twaddle OF the old gentleman this subject He
as Burke said, certainly 'consummAte architect d
RUM" in his time and tide, and had the happy faculty
oiimpersonang corporation 'in his minds oye." iu
the purpose Of hating cordially h. once did Vol,
entered into contest with this hero Of two wars, he for
got the wisdom OF the Spanish prosetb. "Tha he wht
sets down TO dine with the devil should with long
spoon" What has been the result of this feast in bro
ken meat and empty plates, well know. Ii has lf
country palsed indeed hungry in flesh and poor in
spirit doubt since the creation of the rid whether
such an example can be exhibited have presented
for the last sixteen years Of folly and mis- government
No Southern planter would permit his plantation for one
hour 10 be governed with such lack of and poy
t dence. The Cahrays and iIoentots in reference to
their condition, doubt not. have been governed with
r policy far ygilant aud enlightened
a country 81 immense RESOURCES, in period Of pro
b found peace the verge Of bankruptcy! Any man
who will read llumc's essays "Public Credt and
on Money, can be at no o,s trace our present con
diilon 10 It's true We have been suffering ever
since General Jackson destroyed the Bank of the United
States, (with the exception OF Short period OF ds,e-
percd nflaton created by his measures under a
steadily diminishing circulation. which the eminent phi
losophef TO whom have referred has declared 20 be
of tho worst caames that can bealla civilized
connry-far more disastrous ethan the continued blight
of uniayorabc harvcsts and seasons" This result has
been, FIRST IN the constant action OF the Federal Govern
ment, Thur supposed mcdItate on the Banks
of the States, which created universal pac that has
compelled the Banks to withdraw their circulation; and
next, the General Government permitting remain IN
criminal aryancc their sovereign function to supply n
currency equal To the wants OF the country, and 'to reg
ulatc its value"
The consequence is, that the States have nothing in
tho shape of credit money at home pay with abroad
Every species Of property has fallen from fifty to one
hundred per cent and the standard OF value SO Sc rousy
disturbed, that in 1886 might have had property
to three times the value Of his debts, yet he is now pso
facto ruined by the silent transit of our country from
redundant circulation To what some are pleased mos, e-
ictonsg Ia call herd money curency-when the fact
is that procure neither tlIst which is hard or
soft.
BY this alteration in the standard Of value revolu-
ton "a IN portcnous progress in country as wide
spread and deso|ang, far property is concerned
that which distinguished aud illustrated the master pic
ccs Of human policy Of the Robespercs Danons and
Nlarais of another Inflated country, which in its time
was governed by its demagogues ioo who made paper
money thick that it showed assgnats in the streets OF
Paris and then turned round and burnt in their prenzy
their own handy work. Look, my dear sir, at the
thousands, rr4 tets Of thousands Of families tina,
have been runed-that have had unutterable woo
carried into the very bosoms of their houses BY tho
nostTums of our political quacks; who in their sense
less war on the very banks they created, gave no
time by the preparatory revolution OF the intervening
dscords hr the country TO pass from perod of expan
sion to one otseverc and arid restriction.
To those who have been ruined in these unhappy
times; whose estates have passed under the tender GRIND
OF the sheriff, the moral justice of General Jackson's
memorable apohcgn will be but a dry crust, That
those that borrow money ought 10 break;"a doctns at
OF winch their creditors are likely to derive as little com
fort as themselves, although must be admitted that the
General tried all he could secure this blessing to the
country But. my good sir the day of reckoning mus,
come. The will be adjusted now or by posier
" hereafter One Of lis frs, sums will be TO settle what
the victory Of New Orleans has cost u.s. The .s are gen