Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-08-01
MORNING.. AUGUST I. 1912.

extreme case
Instead OF the present distress and the vet more a
farming distress u the prospect before the land might
have flowed with milk aud honey" The extension
OF the period OF assumption would have driven the
cuatlOn home, moi into the Banks. 10 be locked mp in
place of thcr spcc carried of but uto all the
OF inygoated andlnvgorotng Industry, aud would have
furnished relief atuncetor the absence 81 circulation
was the oi distress 1t would have been driven
home by movable law Of tade. aud not be locked
up. but 10 be usei as certain that all commodities
leave the lesser md seek the greater demand and the
highest vaue--lnd IL would have been driven home
without taNng the community with the full aud entire
difference existing abroad for there Is difference.
iof purposes at home, between suspended circulation
and specie standard. 1t would have been driven homo
upon the rS ncdicdtiir principle, sgnay illustrating
the difference between a wise hene6ccncc and iumblnn
empncism. It would have been driven homo mucl,
better than th wiseaeres Of the land have doomed II 10
come. a. ilcsvCn'- natural rain Is better Han Nh rs
py sariidclashowors. II would have been driven back
saving IN tp process fully dollar in every ten. be
sides all the culatcra benefit Of sufficient circulation
10 the peopl oN ugnia, her a2rcuursls. The growers
ii her gpn staplts.-wheai and tobacco, particularly
--mauliesiA, unqnesilonahlN.
Virginia had the game in her own hands-ler AMI
eutursts than all else; ard hardly less than her
agrlcultnrsts, those engaged in her other important
interests. There hardly school boy in The land. that
does not understand. thoroughly aud distinctly what
halt the hemhors of the last Argna Leu slnture and
SOME Bank Presidents. will understand, fer
thou ht n aud never have bent into their brains bN
the slcdg hammer logic ot hard cNrrrience.o wit.
that the depreciation oil the circulation abroad
rlly somuch gained al homes and is appreciation
much lst The commodity which forms the basis of
exchange inevitably must lose gain accordingly.
less tn vendor instead Of raising pay his debts.
creating moss only To purchase nocessaes and luNu-
fies from abroad, Certainly, them there would he an
mpalan gain TO The platter aud farmer, upon every
pound ut his tobacco and upon every bushe of his wheat
III
weight of his tobacco, and upon his wheat proportion.
In honest and conscientious desire 10 arrest The
lainns crisis pending and before us. we are not rca
sgiing upon ihe justice OF the ease but upon the pub
IL interest, and upon the supreme law. thai the public
s,toy be taken Of Nor any thing IN the
Particular justice Of the which requires that whole
community should he sacrificed and ruined III order 10
lake care oi brokers and money sPccuaaIs abroad who
lfc always tho truthful source OF Bank suspensions
and Of enbarrassments aud difficulties al home, Il is
stupid policy that takes Of every body else. and
makes "wni's bait of ourselves. We would
ler hang hall the brohersand. and then to show
them the way to then proper place in the other world
a full hooded Shyock dyed in the wool. and perfect
in his vocation, we would hang mp with them--"sky
hgh" and IN mid air would hang HIM and earth s
pure atmosphere shouldn't be tainted by hun
But we were speaking of the influence of the non
resumption policy Tor the present, upon tobacco and
wheat What would be the visible influence In Ill,
frt place, sudden aud violent contraction Of Bank
circulation leaves hardly any thng To buy with destroys
competition in the purchase Of those staples and thus
materially reduces their value II there be money enough
10 purchase them at all. al any price: and safe and
sound expansion as naturally produces precisely The OPP
posite effect. And IN the ncN place, has been aca
dy remarked every dollar Of depreciation abroad Is dol
lar gained at home III the pockets Of the seller Of wheat
and tobacco, and vendors OF other articles and comnod
ties far their sales 90, and far tho different
bases Of exchange are converted into money 10 pay
debts with See the double operation henefeentl
eXclt,di Ample means 10 purchase; and besides fall
prices, resulting from cause that never fails To be
get fun prices, supcradded value accruing from
the depreciation in question, and Just in proportion to
such depreciation. certainly the advance of prices
abroad would create additional value nj home. il -
qulns ~ ciji;;re h Know that IN tn ibsence Of
Legislative COERCION and resumption suspended another
year, sterling bills would now have been worth here In
Virginia 20 per cent thercabou,s; fact which
the history of the first sspenson and the state Of things
in reference Ia their currency IN other States abundant
" proves and establishes. il like produce like ei
lecls Then taking sterling bills. New York as a
monetary centre lor standard, and the exchange gain
ed would have been 20 To Scr g. clear gam 10 the
debtor class here Of or 10 per ccutto the tobacco
planter and wheat grower, at all events We have an
itching fancy for reminding them particularly of the
policy Of their public inncouafes; and would espe
cally remind The ADVOCATES Of premature resumption
mongst them. of holr sell sacrificing aud sui al
generosity in favor of foreign brokers and money spccu
laors aud at the hazard too. Of lmmolang Their neigh
hors upon the same holy altar Aud would fam remind
resumpilUnls and rosumplionis of the blessed If
iecis OF The party tactics that make such generous
sacrifices!
Trying a. was ard IS The crisis and ruinously as. in
lis Consequences must oventulae thousands vet
never was a crisis lraught with self edoomnp Gle
mcns. Ihr very evils belonging to II were pregnant
with relief if the Baks could havcbeen but left nniran
ncilcd. In the pecunary struggle the people had 10 en-
counter. they had the benefit Of position aud vantage
eround--likc an enemy entrenehcd upon high hill,
commanding the Whoe cucampmont OF the foe. And o,
the wisdom Of the General Assembly endorsed by the
act Of the Presidents o the Banks has only
yersed POSITIONS but ordered arms to BIZ stacked and we
have only wait 'ull the des Of September 30 see the
Banks and the community staggering like wounded men
under the calling fire Of IN army Of brokers. dian
hungry wolves upon flock oil deenceess sheep. lcil
waniouly prey to their insatate rapacity.
Solomon, in all his wisdom, never spoke ulster sen
timcnt than when he said the fooshness Of fools is fol
w aud but for the foolish connscs Of those whom the
people have trusted their public iunctonarcs prosper
tv IN Virginia had been well nigh wholly establish
ed. There is not solitary branch OF industry,
interest within the wide range othe Commonwealth, that
would not have felt the wise and benocent influence Of
policy leaving the Banks unirammelcd, and giving 10
the debtor and weaker portion ofthe community the ad-
vantages only 10 which they were leoitimaoly ened-
advantages resulting from state Of things which they
neither wlled had any direct agency in bringing
about while the creditor (and therefore the powerful
class can always take ofiselt
Is general condition Of public dslress.publc dis
trcss uneXampledio be preferred 10 state oi pros
pcnty} Premature resumption nsures the urmet and
a wise extension Of The existing suspension certainly
the latter. Premature resumption reduce the price
OF the staples. and necessarily diminish The vau,
Of every description Property. contraction must &c