Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-21
a'UE 1.-Two. CO.

and sincerity, Congress- thus uraided can effect com
para,ivcly but little hope they will with w on
thls good work Of retrenement aud reor A. shall 10
the last to express in advance any dsust Of their up
right intentions in this respect The only thing that
alarms mo is that two Of these departments hayo come
10 rs asking fer appropriation far beyond any that have
heretofore been demanded in time OF peace aud that with
ln knowledge of the fact OF an empty Treasury But
Isill hope, when they shall see Congress heartily in
earnest engaged IN rerenehing useless expenditure aud
reducing estimates that cannot be complied with, that
they vi" boldly bring To view all abuses which ex-
isl IN ltr several spheres a action and let apply tho
pruning knife 81 10 reduce the national expenditure
within some proper and reasonable amount. At all q
vents, they are. OF course most familiar with thn de,as
Of the subject 1t relates their several branches %
the Administrator Among other items there are sevc
raj naelcss minis which only operate 10 waste the public
menN lfehd, occupied IN investigating this subject,
hrs told nc thai the mint New Orleans has already
cost the country half million of dollars for getting ready
10 eein bullion not yet dug out OF the minel
MIR Borrlen here spoke something not heard
ly the Reported IN relation 10 the mint Dahloneps
which excited much mlrthin the noghbornp part Of he
Chamber
While every piece of coin mode by these Useless CO.
abshmrnts could ju't W., be coined by the cen,ra
mini at Philadelphia.
AMI now having gone through with all tho do,ails of
tbs series ol resolutions. which thought it my duty to
notice ALLOW me, in drawing TO conclusion Il these rc
Hak to preseal OF the advantages which il appears
olnc should ge us 10 adopt the system Of financial ar
ianaemtnt contemplated III iho resolutions.
And, first Tho government viii, III this way secure
n4i3slta adequate amount Of revenue, without being
Obliged To- deFtnd Ga teml tay aud dsrcputable ohptd
ents, and tna pI,.trNe lie public credit unsulliud-
Hhleh drrH a great advantage of the plan Credit is
a ineaeua.e tlloc, WhelhtI To- il nation or an indvis.-
val. England, proud England, country with which
Nc na} one dHy again come IN contact though eivts
leasuIe Ia gay that cannot perceive present tho
elst 'epcc, Il war nlhe political horzm--owes fer
srsan,e, hel tasluess o power. rerfadug the habila
bic eho mainly 10 hor strict aud uniform attention To-
the preservation 81 the national credit.
hcnezi ding recommended is retrcn,hmcnt in
the national expenditure, and Crater economy in tho
administration 81 the Government Aud do we not owe
il 10 tins bleeding country, 10 ourselves, and the unpar-
alised condition Of tho times to exhibit to the worlda
fixed rcfooe aud patriotic purpose 10 It luce tile public
expenditure 10 economical STANDARD.
, But much more important advantage than either
oi those haveye adserled TO IL Ia be found in tho
ebeeh Which The adoption Of this plan will impose the
c1lnX oflo precious nieia. from this country foreign
countries. | shall not 20 into the causes by which
the country has been brought down from the elevated
condition o prosperity II enjoyed 10 it's present
of general embarrassment and distress ! think thas
thee distinctly IN my understanding and
mcmorS any sui cets were ever impressed there hut
have no dc.fe Ia 90 into discussion which only
revive tho remeulraHeeof unpleasant topics Ny pur-
pose lhls noraaun. has been TO appeal all gentle
nien all political ldesof this Chamber out
and mako sacrifice Of all lesser differences in patriotic,
penefo9 and general tiar for the foei Of theireeuntry.
loo nnny instances. been inflicted by rothcrs han1sos
peeally Viii not do so At This time, and tbs
sha 'oh mefey Mt facts az they are shall not ASK
What have Leu tho Of the depression aud
nralehcdueaa o our lorous and happy country.
viii tnm NY vlH ouIy Oh causes which proximatc,,
iadi#I pa tai l., and Immediately lcore us.
One great, II not sole Ia ODE found IN the with
draWa OF CON ron the country to pay debts accruodor
aeeruing abroad iu orogn imports, debts contracted
during former periods o prosperity. and still hanging
YER the How this withdrawal n
Tee II not difficult obe understood. The banls OF tho
country. when they IN sound state act upon this
coin the blss OF Their circulation and discounts; the
withdrawal oil II not only ohllgos the lanLs to whhof
discounts and accommodations but To draw in what il
due from their debtors. al the precise time when they
sharing IN the general structure, are least abe 10 meet
the calls Property IL then thrown into the market to
raise means To comply with those demands. depression
ensnes and. * invariably the when there is a
downward tendency in It's value, il falls below lis real
worth But the foreign demand lor specie 10 pay conf
mcrca aud other public debt operates directly upon the
precious metals themselves, which gathered up by
banker and brokers and others. obtained from these de-
posIiorcs, and thence exported Illus this foreign de-
mand has double operation. one upon the banks, and
through them upon the community, and the upon
the coin Of the country. Gentleman In my humble opn-
ION. utterly deceive themselves in atlrbung the bank
ing institutions all the distress Of the country Doubt
less the and fraudulent administration of
II them has oecasoned much local aud individual dis
tess. Bui this would be temporary and limited, whilst
tic olhtl cas-le cullluntu tluN oi specie from tho
eountry- mol arrested. would perpetrne the Distress
Could you annihate every bank in the Unien. and burn
every bank note, and substitute in their place circula-
ton o nothing but the precious metals. long such
tariff continues exists. two years would not
elasc I'LL you would find the imperative necessity Of
proper medium OF conducting the domestic exclan-
yes.
announce only an historical truth when declare,
that during and even since colonial existence ncccs
silly has given to the existence OF paper circulation
OF seine form IN colony OF this continent; and there
WAS perpetual struggle between the Crown and the
Royal Governors the hand and the colonial Ie-
gsaturCs On the other this very subject OF paper
money. Ne; II you had 10 circulation coEsis-
ting oinohing but the precious metals they would leave
You the mnring dew leaves the fields, and YOU would
be left under the necessity OF deylsing mode fill the
chesm produced ly their absence.
am ready to make concession 10 the gentlemen en-
the other side. admit that it the circulation were in
coin alone, tie thermometer Of monetary fluctuations
would high or fall as low when the crcula
lion is Of missed character consisting partly Of coin and
partly Of rnper But then the fluctuations themselves,
within more circumerbed range, would be quite So
numerous, aud tEcy will and must exist so long such
tariff remains forces the precious metals abroad. |
again repeat the assertion iha could You annhate
morrow every bank ia the country, the very de-
scrpton of embarrassment if not in the same degree,
would still be found which peryades country.
What then. TO be done to check this foreign drain?
We have tried free trade We have had the principles
oil free trade operating than half the total amount
Of comforts for the greater part of nine years past
That will nti do it, we see. Do let recall the
collection Of the Senate the period when the pruccys
system thought about to be permanently established.
What the then urpCd AGAINST establish