Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-12-08

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taid when Constitute h,r resouIocs) exert h.r bank
siaek Weld very little no revcnne-seafccly any
ihleg COS INTO tbe treasury rum them
'as'e o' 'te States, IN consequence, they a'egc of
aer having been cheated reius,d ay the interest up
IN motey which 1t Is alleged they hrh4wed. and can
talisls seeing they eunld resort to no remedy IN cnf
lashen. become suspicious Of he credit If the States
Army holders If State bonds forced them into market
aud being sod whilst disiis rested uren iAem. they
un 'iibeiow their nominal value
Several Of the legislatures or the States have c,lI
or refused 10 tax the people the interest of their
Naie debt and all have shown the greatest reluctance I'm
do 50. M,nied mon this, ard very nationally con
elnde that The Legislatures refuse 10 lay taxosor rr,
Nde IN see other way ir tie payment ii the interest
81 the State debt il will be difficult 10 induce them ever tn
tax The people TO ray the PRINCIPAL
am much inclined 10 think that the legislatures ofthc
d5ierent States haveb by the ercatonoiprv mint stock
companies and other acts Of private Incarpuraion con
irbutcd mure 10 the present state e hHas than ali tlcr
eaesfs combined by tie Incorporation o many of these
caiianes, an opportunity has been afforded u many
base and dishonest men Ia rob and cheat onr people L
is very true that some o the projectors III some of these
acis d private Incorporation have been toeeer with all
who had any thing 10 do with hrm ruined But it is
equally true. that many acts of private Incorporation
have hecn obtained by Individuals thai they lniuht mn
der TIE sanction oi law, With the greater t4rity rcypt
nate The gruSats fands upon the community Iy The
Investment o money IN these various schemes vast 4
moni a capital was diverted from lis Terminate chm
nj, which has not yet fund lis way tack Confidence
between man and man became shaken by these frauds
aud When suspicion aroused as 10 the debts of tine
States the demand for money increased aud under the
eee'spi the pane thus created States and individuals
alike failed Thousands ui the aclyc business men Of
the country sunk under the times the dsapnearancr of
Each one only Increased the loom. aud the people bcCan
- cry aloud to Their re pecVe governments Tor re cf
The government olthe nitcd States was looked To
ht many, and Tie tables oIihe two houses Of Congress
were alnos pressed down under the weight Of the e
lions which were heaped ON them.
congress took the subject up, and resolved on doing
something; but truly fortunate would ii have been if they
had done nothing.
The result Of tloir labor was the passage of bank
rnp law, which has entirely prosaled every thing like
ile@c and cred;. There never has been, and Il ere
never can be- any lcesaro devised, fy"hit .t5:"ia'
debts can he ra'd No Government has ever oXisc!,
alshon6 ST enough 10 tax the thrifty and rSfus for
the sole benefit Of the sothtul aud lazy. Such Law
Would be more odous than an aatarian law, for by it the
deserving would have at least their raeable share in
common with ALL without entirely removing the inccn-
tive 10 honest lndsry whilst the law take from the
industrious citizen the fair product If his labor would
renoyeevery mduccment 10 honest industry. lie who
looks 10 the government 10 pay his debts provide tie
neans To do so. will surely lie disappointed, and, the
end ruined. The government cannot, whilst it acts
only within the sphere Tor which all good governments
are formed do any thing to benefit portion Of the
people, 10 the Inconvenience and injury OF the other All
good citizens entitled 10 the protection If the law; no
one class more than another aud hence have looked
upon all rel,ti and 'stay laws" as wrong. What hcne-
Ct can result to the community fran say law? None
literally none unless il be purchased At lie sacrifice Of
iGsloc If a STAY law he uassc1 merely IN de,.r the
payment Of de t. il ran ,, n, o,l. nm The contrary
think it viii be productive of harm 1.-THE n,ymcnt of
debts be deferred The amount Will mos, certainly he in
sed hy interest and urebaIv costs also hnld thai
there is not more than on man in GlIv ,nooopd in bn
sness Who can afford to nay six per cent interest for
nenpy and hence II seems Ia me that the surp effect If
such law wuuId be the min of the debtor class
Having briefly rotated out whatI cooeeiye IA he
Il Tie causes of our present cuoljlion you may
and doubt do fee a little anN iurs Ia see hat remedy
recommend to improve The sltuat on Of tie State and
people, and confess thai have with the greatest anx
ieiy reflected, that question naculaiacd as am
with either the science or pih sopLy Of finance f,elen
cly unable 10 do more than 10 present 10 vonr
ton the lo,wng. plan by which public credit can
in some measure be restored I Il, nn, offer j, ia tho
public as an nalble panacea for all the ills ole nor
am vain enough to view i, as a sncci6c NV which tho
present condition of things is to be cLanged and bered
rs inslanancousy as magician would chance his Tow
ot deceit Believing that the situation Of the State md
It's citizens never be bo,ercd until confidence tc rn
stored, and that can be done only hy GIVING 10 tle
world practical evidence that the IeGslaure will do all
1t can to place the Stae in condition of one determined
to be honest, have recommend 10 your consioor,
ton the policy and proprey Of Increasing the taxes so
as o cause the supply Of fund.- the treasury to be GER
tam and equal to the demand upon it. This will only
require very small increase upon the present taxes
ne receipts INTO the treasury from taxes are now
e39 ,ou independent oi dividends upon stocks. The
shia' demands upon the treasury for all purposes du-
nv te present ilScai year Will MT be than about
eJoo;oDo, exclusive vi the of $3.50 Geo n loan