Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-06-30
NEW ORLEANS CLAY eIJg.

We notice in the New Orleans Bee Of the lllh ud
40, spirited eloquent, and aeumcniatlvc Address Of
the New Orleans Clay Club to the Of the sareo
Louisiana. We extract few paragraphs
AT this period 81 unrxamped distress, when blipht
aud mIdew have fallen upon over, branch Of industry.
when public credit aud private enterprise paray scd:
when calamity universal ~ scope that hone Is
cape lis influence, 81 whitening nIis force that few snr
vlHelts vsiailon has stToNn The earth with the mourn
ul trophies 81 It's nVaHea; the Nus al New Orleans
world rnvlf the atlenloaa their fellow ctaous through
oul the State To I'm, recital oi The causes which in
afir Judgment. have produced these evils and tho SUI
ge7llon Of remedies winch can alone heal them
hen the Loco i'co party got possession Of the Gen
cth Government III lS-9, they found country adyau#
eng Ia greatness with giant strides revenue which
proved equal to the discharge Of Sl0.t 600 per annm
II the public Debt created III the prosecution Of the late
var, hrSdes d"lnyng the current expenses Of the nd
unIarallnn: tar that furnished an adequate protcc
tIan lodomesr lsbnr and people concntcd and happy
under Wlse and Paena execution Of Wholesome and
patriotic laNs-Ihey found asoa currency not only
qaal 10 specie Throughout tho whair Neni u our wide
spread territory, but Of such unoubled sulldlty and
splgcucy, as TO enter into the circulating medium If
/ tier untfrs."
Pretty strong facts these II linen pocs on 10 ctp do
iueni pruol Of the change uHdt The corrupt and fstr
tive Administration OF the Government that succeeded
for II Yeas. We give few facts from this Address Oh
Tie history u ! .ocoioc0 banhlug'-
In -52, the bill to feeharcr the Bank oflhe n'cd
In Ie3D. the aggregate banking capital Gfthc Mon was
/ &45,I9l.250. Within l~u w., aSek the removal II
the deposits thc banking eaplIa Fad swollen To S%3l
Go2ii = 1 n,a n I ~ ..S., 1870 m.
lfng to the regulation oil the currency were clartcror
with small capitals, as aud business required
after ~o3 they chartered without necessity anc
multiplied beyond example. In December 1851. lhcr,
were no less than 1G9 State Banks Nearly louf hun
drel banks sprung up upon the nuns Of the L. y Bank
and S-JebODuOJ Of capital was Incorporated II suppl
tIle uses Iomcfjy discharged by the S350JOO0O capita
oi the United States Bank. The impulse given 10 q
OF banking capital was quchencd by the circulars Of liz
Treasury Department tolbosc oct STATE Banks HAT wen
nltde the circuIalurs OF tie national revenues.
New Banks were lcglslatcd INTO existence to nee
every imaginary want. The parry pushed their schca
To the CNfcmlly Of bursting from sell lulla1n. \
gans the wishes Of The hqs. and in despite Of thci
opposition, were these corporations chartered, until
MAY le3l, the whole slst,n eApodrd uponthc iir-
reyu~iuu in trade
Nv ltil thclr usual tact and boducss the Locuiucd
haye used the currency question like twu.cdgod sWOl
With Their State Bank experiment they cut down li
national currency. and now that they have brought dsa.
ter and damay upon the people, they change Their iIa
cry. and are ondeayoring 10 smother tie WHITES vii
the very banks with which they oyolaid the county
Acr argument in ayoI u IaTIlf, the Addns
says
The question upon this presentation Of facts afsos
The remedy The answer Is Restore the laws III
dcrWIich we We're prosperous and happy. Give as II;
ti5na currency and Tariff equal 10 tie expenditures
r. the Government. aud reasonable support To dbmcst
t labor That the Wing party have mol made more pr
gress towards no rouSpmuation ul thus great thlcc
may not In "l'tgtd a. fut Il lh"i,. For rca=ou,