Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-03

saaads Of trade should call for it.
In country Of such varied productions the United
S,,ss some parts being highly commercial, o,b'rs man
ufarturing. and ethers yielding amounts in
teria tho and Of exchange has periodical
chanevs. I, flows one way or the other. in the
with more W less force, according IN the Seasons
Na is this always direct, hut the contrary o
ten circutpus, winding itself through several distant mar
kets. Cesnnotiessia naay par s OF the West seek
sale in the South. rsi expecting payment in Southern
products. hut IN means awaited in the North and tn.
last, This happ, diversity Ct products. and these
in rss,heaiiens u internal trade. demand mpcraiiyel,
not only cuncy Satisfactory all. but the slsp
oil easy. cheap and safe dealing IN exchange And iis.
ooeis assist esch other \ good currency enables
him who nsss exchange 10 buy II. and he who has Ia
sell, II sill H. tood currency and safe exchange being
thus saslly eaVortlc aud acting together all under
proxr limits and Securities form the most perfect system
Gtapr circulation The power To deal in exchanges
s.sscnital. indeed any considerable circulation
Treasury notes in he south and West
And il may he added. that nothing would tend NOR.
4, csuutcrac, The concentration Of noncycd affairs al
few points. than the abllii, Of buying domestic
exchange with good paper. rcdeenahle at the place of
purchase. Commercial transactions and the
ton Of recuniary engagements, naturally concentrate
themselves in places when, the currency is good Thers
Is no remedy against this concentration sovereign the
supplying Of god currency cyoty where
4 saic sys.d.I I e,rhsngc though no more extensive
than is contemplated by this bill viii he Of great use
the Of tic un;ry in other rcspccts besides
furnishing the moans Of keeping good currency In eli
cuation III, mare direct adfantares npw no from il
are not inconsideraie Although lis object be moi Ia
supply capital credit for purposes nj trade OF to make
advances and although the Whole system Is limited 10
exchanges strictly. vet il fail afford yer, i'm.
portani facilities, and 70 he productive II much general
benefit.
Thc p5wer Or sculy u reaching u fund, area1, az
cumulated in distant part of the country and Of hrln,
ing them bone Immediately, anu without los. Is DOW
Ct OF faculty oil 10 i.~rn Importance, IN the hands Of
those who nns.n>s leads them to form commercial con
neNions in such distant parts This power OF faculty
the measure under consideration proposes confer I'M
partially on all 10 the extent Of 1t, means And It's ca
paciiy Tor good. III this respect, confidently left tn,
Judgment ID those who's, practical experience has
dcrcd them most competent decide
As TO any dangerous consequences from unoward III
hucnccs in ruymg selling exchanges. be again
observed that the EAchcqu, lend none, to nobody,
II can furnish capital 10 10 hgn, carry on or up
hold his bus ness; only seeks 10 enable any ono 10
place his funds whore he needs them, and this as will
he soen Is 10 be under such restrictions as that all
tes Al accommodation, and therefore all idea Of paralIty
or tavr TO indyiduals, is efcctuall, repclcd All real
borrow ng aud lending is excluded, and bills are 10 be
taken on 7Irk tune only s Is necessary ilr ordnar,
notice, and the usual transmits ION Of intelligence.
over operations, begun and Con. nleicd IN short n
time, and which 10 be carried on III the face Of the
commercial community --op, ratlona which allow ~ l
uc OF laNur OF accommodation AMT IL not likely thai
unjust OF partial heal Hfoeaces. Tar less likely .ai an,
P'Ihcious eenird influences. will exercise con
trol.
1t may Lo objected 10 all dealing IN cxch,ncc.. ,ln
parties on bills will become dcbtrs IL Government: that
IN case OF any general pressure the, vii petition for re-
llci and thus anbarrass Government, well by neglect
Of punciuality oil payment bf importantly for indul
Ecncc II is rcad, admitted that tho tir-atc r, ,on
OF debtor and creditor should be avoided as tar asm be-
between Government and Gte People {}ut in IN u,
Tascs II must exist The imposition Of every tax ere,
S"a' relation every cuSion-husc bond eatcs and ii
found IN many olhtr forms. But better auswc, 10 hi
objection Is, that The credit far as any may aria, m
der the operations Of this BILL will be a commercial cred
II, OF all others Tho most unlikely Il be voIatcd--oi
lea day continuance only, existing between the Coy
%runcnt and each Individual BY himself ou, Of which
NJ cona1a cause. NJ common interest in delay, com
mon importantly for relief, can well ariso.
AS the great ojec, Of the Whsle measure Is To pui an
end IN c'niroFeseS aud give rrpase IT is left the
States T. Pohbl the practice VI private dcpositcs and
dealings IA exchange within then respective limits ii
any Of them shall it, OF such prohibition no an
phonson Is entertained. yet the less srupc has becn
i,l IN recommending the prurision a II may avoid diff
nrllGcs, 10y manesilng disposition neither tread ON
any questionable ground, nor To eve rise unncrcsar,
GE,scLce of opin1n
The plan viii prcscut itself to all the States and all
the People Il proposes general benefit all; and no
tear is entertained least either the States the People
should examine II With too close a scrutiny.
The section which authorizes the Secretary OF the
Treasury to issue. IT found necessary, five millions OF
stocks, is designed provision aaans contingencies
incident 10 the fluctuations OF trade In an agent Of t.oy
ernmcnt such as is proposed Ia be created, IL Is
proper tina, there should exist every security fr the
maintenance OF It's credits Nslrtunes may t, ON pr
raic Institutions. IN the rcvulslons Of commerce and bust
gees, aad they may be compelled IN stop payment bat
whatever is Identified with the character OF Government
should be placed on the safest possible oundsuoas As
The means VI the country masi ample, It's credit hiph
and tit, trrdeea of the People ioht. there wisdom IN
giving TO the ENchcqner the power ui immediate resort
III Of necessity, the unslaned and unquesonabe
faith OF the nation There should be 10 hesitation no
scruple, no lingering dubt about the ability OF the lnst
tuition now proposed TO ho established, 10 fulfil with
puncaty al! It's engagements. under any occurrences
Rot Of tosce 20 disturb the Government seE
Sach are the general views Of the important,
which invites the consideration Of The lcs stature.
The extremes of public seHiment ON the subjects en-
baccd in this bill, embodied the system o the sub
Treasury on the one hand, and in Bank OF the United
States on the other The great problem propound
I'd TO practical craftsmanship whether rcp0se aud
Cancellation Of opinion can be attained, whether end
can be put distressing doubts and cNaspcrat,d cono
,esies touching the policy OF the Government by the
doptlon Of intermediate system; system exercising no
ungranted power, establishing monopoly bcstowing
lndcicasibc rights attempting divorce OF the Go
yornment from the People; hut. the other hand con
Seftng the most ausore though the most indispensable
and plainly constitutional duty of the Government the
cieo,on Of the taxes, into the very of sustaining
the industry nterchangng the commodities and incrcas
dngith gsias Of those by whom taxes are paid.
Tlie intermediate position the plan struck in the
Presidents Message proposes 10 occupy. On the one
hand 1T peI'oras grand function which the sub rca
sury eenld not and did not seek 10 perform
IL asserts aad recognises the constitutional duty of che
FISHING sad sustaining the between the States