Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-10
VOL Il..-.vO. AZ

old United States Bank in its pamiest DAYS The
age Of her circulation had been but eleven 10 twelve
millions but here gaeai Central Beard. with ff
tytwo agencies, and circulation Of fifteen millions!
But the evil he denounced merely in prospect actually
existed the face Of this BILL it bill TO borrow IT.
teen millions. That was palpable On five millions
actually IN the Treasury the Bank to issue fifteen
millions Here a loan OF ten millions once then
when the Bank should down, which il would \
do, Government was to lend il five millions more, in
certificates OF loan from the Treasury Department 10 thu
Fxchequcr Board Here worn Ten millions OF debt paid
at once the one-to three principle. and the five mil
lions more OF the Government make up, IN fact, loan tv
the Board Of fifteen mons--a loan Of which man,
woman, child could have dreamed, perusal
OF the bill; yet IL demonstrates il must he twas
the issue ola paper money, without the peicnce of
II specie lass support IT,
Mr. II. said he had never been 4 great friend TO the
existing banking system Of the United States he hsA
believed II was fast going onin contained the elements
OF Ills own destruction within itself Let it go he should
give II no impulse, he would leave IT TO itself. In that
respect he would not say whether this Government
bank would work for evil. but certain il tina, itwould
soon make an end Of the State banks. II went TO invade
their most precious pcruuatvc IT was empowered TO IN
five dollar bills where's hitherto Treasury notes
had never been permitted of less denomination than
fifty dollars but in issuing solUw five dollars, il would
sad rerogradc motion in another respect Ex-
pefcnee had shown that there never could be a sound
specie basis maintained when bank bills We allowed To
be issued low MS five dollars They had been srug-
Cling 10 get twenty dollars fixed as the lowest point, aid
let all sums below that be paid in gold and silver that
laborng might receive THAR wages in gold and sill
aud leave the merchants and capitalists receive the
larger bills but here the denomination be rcdu-
ced To five dollars, and that with circulation exceeding
by millions thai of the old Bank Of the United States
MIR. BENros, speaking Yes: and they will
soon have II down toone dollar
Yes, they may pet itdown 10 that
Mr. Is. SAID he should feel much greater alarm in
looking at this now scheme OF bank. were IL not that
he believed IN his soul that us financial MEASURE
would wndup III six months. Why. where would tho
of It's circulation be- II might send it's bills north,
south east. and west, hut the centre of their circulation
after all, would tie in Wall street New York
the settling place for the lnun and must be- There
specie demanded for oyporation. These notes
would be boarded in the Wcst To pay debts the Gov
crnmcni and for purposes Of exchange AT New York
Then let sudden demand for specie from al road
on whom il first fall The local tanks would take
care to protect themselves we'll they could they
would hoard these Toasur notes in their vaults aud
the first run would be- on the Treasury Of tho United
States And in what condition would the Treasury 10
sustain run after the issue of fifteen millions Of pa
per five millions Of spccel The Government ITSELF
must blow up The Treasury scheme would succeed in
one way cortainly-C apain Tyler would he headed IN
more oociuay than hy all the coniryanccs ever vet
thouhhtof Then the cry would Immediately be heard
We'll von see the las, experiment has failed and now
there is nothing else Tor it but we must have oood old
fashioned Bank Of the I5nlted Sfatos' However OK
claimed Mr. b. there is one event in which Uncle sam
will be safe he can't be sued 4 laugh don't knew
thai lac can take the benefit Of the bankrupt law But
may be useful in another spectators can yet the hank
bills cashcd and then ret clear If their debts The tive
naus 4, III v,rl admiralty tnortbrr | 4 lnuob |