Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-07-11
vol. -AX.-.1O. 80.

nllsl ne Htbrfal Ipinlfg btl tfifT.I
could have produced such Widespread nlin aud eyc
where wehohold the similar effects; every nis
est Affected every section o the Union suffering, all d
serpous ol produce and property depressed in valid
And whilst cndcavor to find out that cause and 10 ra&
To their tine tie disastrous effects ch we WI
and leel and lament onirea the Democratic po
m my audience. especially listen h patience aH<
eanlor. and. dsnasing for mtncn party biascs at2f
preudcea 10 decide with parliallty and in spirit M
genuine patriotism. Ms
Il has been said By those in heh authority thai tIl's
People blame. and the Government; and tlc&1
The dlssses oi the country have proceeded from specf
hon md ayeradinp. The people lave been even rdk|
preached t1f expecting too much from Government. aix|
mol rel vino sufficiently npon their esertions Ats
they have been reminded that the hghes duty Of tlel
Government Is 10 take Of itself, leaving The popEK
Ia sIul faf themselves well AS they AceqrdinA3
Is we have seen The Government reireafing from ti&|
storm which III he so,n in the sequel. ITSELF creaIcsS
ana taking shelter under the Sub Treasury. ~
That there have hecn speculation and overtrtH
DIM. In true; I- NIL have speeuatcd and ovetf
nadd whilst the distress roaehos, il net in the de
etee the cautious aud tho prudent well the enetH
prlslna and adycnlmena. Tie error Of tie argumes
consists IN installing the effect fer the cause. WhlR
produced tie ovcundinq2 What the cause of srctj
nlaiou' How were the people tempted 10 abandon I'll
industrious and secure pursuits Of lie. and embark M
doubtful and rcons. but sdaeing enlefrrizcs' TliaH
II rlo important question.
Now. fellow ci1izzns. take upon meaelf IT, show ila4
The people have been ilt less In hmuc Than the GeneaH
Government mud thai NhateNefe error HEY conmittcd3
0a the natural Hnd Inevitable CONSEQUENCE ct the IN lii
Wiae p,eyotthcr rulers Ioihe action Of t,oyernmcn#
u mainly IL aacihed the disorders el afassie,n audi
dtsirss winch all have much reasn 10 leplareaN
And Ia b. Vel mole, Specific. hiut they 10 he ,r3x
Is attributed Ia the aeun of tie Executive branch of II III
Federal Governments IN
Three flcis or events I'll happening about The samd6
uw il teif immediate effects duly considered. will
aliurd relear aud satisfactory solution Of a ile reeuna
y evils which now nnhaIpils allllc this country.
Tho ifsi the veto IT the charter Of the Bank otH
hr nited States The second The removal Of tluas
derosi'csal The ned States from thai lauk to lucaH2
banks. And The tllrd WINS the lsnl Of the radent!
oi the niied States by arbitrary stretch Of power
10 sanction the passage of the Land Iill. These eyenfsS
all occurred in quick sncccssun in 80 J. aud each OH
them deserves particular consideration.
L When the Bank Of the United States had fully re-
covered fm the orros e its early administration. and
at the period when II was proposed to charter it. i'll
furnished Tho host currency thai ever existed. possrssinn
not merely nnbounded confidence in the nitcd Staf.s
bo throughout the hole commercial world. No nsii Il
nion was over more popular. and the uiily Of bank
Tho nlted States acknowledged by l'resdcntt
Jaek0n IN his Veto ssmge in which he cxpossy sta
ted that he could have suggested TO Congress the paS
ol an uneNceptonahle charter. il application had been
made 10 him. And state fact, what many. am
SUR viii hero remember and sustain, that in the
sass then nnng for the Presidency, many Of his1
friends IN this State rave assurances. That in the eyentI
Of his re election, Bank Of the United States would be
ostahliHhed.
Il was held out 10 the people that better currency
should be supplied and safe and faithful exccnliom
a the fiscal duties towards the Government would be
rerrmed by til" local banks, than by the anh Of ihc
'niicd States
What was the immediate effect of the overthrow Of
dat institution The establishment of innumerablc To-
cal banks which sprung up every where, with rapid
y TO which we cannot louk back without amazenent-
Arespeclnble document wheh now hold in my hand,
believe correctly states, that lin 1880 the aggregate
hankog capital of the Union was $li5.l9o Cos
Within two the removal of the depstes. tho
hanlng capital had swollen To 1921 80 337, and in
IsH it reached Sic. l957l0. Whilst tho United
States lialh was IN existence the local banks, not
plrg 10 The regulation Of the currency. chartered
with small capitals occasion and business required
Alter S33, they chartered without necessity and
multiplied beyond example In December. 1877. there
wofo no less than 709 State banks. Nearly four hun
dred banks sprung mp upon the ruins of the Uniiod
States Bank and $3.50 900 0e of capital ncorpora-
ted Ia supply the uses formerly discharged by the 49,
400 900 capital of the Bank The United States. The
impulse given Ia extravaganza and speculation by this
enormous increase OF banking capital qnickened by
the circulars Of the Treasury Department to these pet
Stale Banks that We're made the cusiodiers Of the Ma
ten1l Revenue"
A vast proportion of thcscnew banks more believe
ihan four ffths, chartered by Legislatures in
which the Democratic party had the undsnuied aseen-
danry well remember that, in this State, the presses
II iha party made crave charge against Of being in
mical 10 the establishment here of Stale banks aud
opposed their establishments untl all prospect van
shrd Of getting a Bank OF the United States
The effect upon the country oihs sudden increase to
such IN immense amount, Of the banking capital Of the
country, could not fail 10 be very great if not disastrous
II threw out IN the utmost PERCUSSION, Bank notes post
notes chre.s. drafts, bills Sc The currency thus pas
forth ie people had been assured better than thap
supplied ly The Bank vi The United States: and, after
The removal 0t the deposlles. the Local Banks
urged and stimulated, by the Secretary of the Treasury.
freely to discount and accommodate upon the basis Of
thoso dcpsltcs. Flooded the country WIS., by these
means and III this way, with all species ot bak money
facilities, Is II surprising that they should have rushed
into Speculation aud freely adYehtued in the most dcs
perae enterprises! Il would have leen better 10 have
avoided them; it would have been better that the people
should have been wiser and more prudent than Govern
menl but who is INSIST to blame, they who yielded TO
temptation thrown before them--they who yielded
confidence 10 their rulers they who could not when
this uorduate issue Of money to cease 10 become
Fatod-of Government, that tempted, seduccd and be-
lfayed them.
Aud now, fellow citizens do let us. in camness aud
eandu, revert for OF the means which
employed TO break down the Bank of the United
Staes and Ia uc upon the country all the sad
qaenc which cusled. shall stop expose the
lives OF the assault upon THAI institution and to show
that II because II refused make itself basely and
secy Instrumental to the pfo notion OF political views
and objects.
The Bank was denounced as monster, aiming as
declared to rob the people of their liberties and Ia
subveyt the Government OF the country. The Bank
10 su5vert the Government Why how could the Bans,
ment which it was indebted for its existence and in
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