Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-04-27

ounces would such cNPdh MS nave been resorfed 10
there had been abundance Of the precious metal
answer the demands Of trade7 | know that THESE dis
graceful sxpcdlen,s have been imputed DESIRE the
part of the Sovsreigns who practised them cheni
their creditors; but they could surely have been i'm
PEELED to proceeding so dsrcputabls, rxcsp, by dir,
necessity arising from scarcity Of tho precious metals
Has such an sxpedcnt bccL csoried noe the regn
ol W ilam 3rdi ad why mott Simply because banks of
ISSUE then introduced the greatest secret which wasever
discovered by mcrea'ng the currency Of n country. by
issuing sound convertible bank paper,) wihom deba
sing Il.
II ~ ascertaincd by political economist al well AZ such
fact can be ascerancd that the smount - the pracou,
metals in The world has misunderstanding IL tho ex
'ens''e nst OF them IN plating. gliding and the arts gen
orally per cent in 20 years or rather morr than
per cont n year. For this tact. | refer 10 Tucker
money aud banks, page 1856 I, may be assumed as
we'll established principle OF common wtl p.
'ocai econnmy, that Tho condition Of country Is mos,
prosperous IN which prices nre gradually advancing
ana on The other hand that its condition is dIqas
'Ions when prices arc continually however slowly de-
Ginning In such state Of things trade must renan
stagna.e, TOR no prudent will buy when he know,
that he must sell n, Ions Now tho first f,hcae sta,.s
o society certainly produced by sound convcriih,
bank currency and the last condition Of things inevitable
brought about by hard money II is dcmons,tablc Tia
amount oil 'he precious metals in tho world diminish ~
the a3oi ! per cent per annum the population and
commerce Of the world are constantly increasing. the de-
mand Tor money must keep with this Increase and
10 the changing value Of the standard which continually
becoming higher from year 10 year, certain and fixed
rule Is established memorable fate by which prices
must oi necessity constantly decline and commerce ho
thus destroyed.
But says Mr.. Hunter, and the advocates of a hard
money currency, that 1t matters no, whether balf nm
ounce ofslver bc made AZ y,lu,bl, M nm ounce az il,
other words let four pencc hall penny be ~ vaah AS
dollar. and in The end il would be- all the same If,h,s
gentlemen could create the world anew or e,punr. al
~ l1lIpatt
docr,nrs. But fortunately they have no greatly, ruwtr
for from the visionary character OF their schenes We
might very REASONABLE, infer tina, they would not ofd,,
things quite wisely has been already done hy our
wise and bcnc' Mt Creator But as the world is moi 10
be created anew, debts rNpunpcd by the want o
an enchsnirr. let us inquire what in the actual state u
the country Willie the practical effect Of this hard mo
ney sehrnef do YOU not perceive that if You raise III.
standard ny 10 make four pence half penny represent
wha, dollar did before ha, you increase sixteen fold
the command Of those who have had the hard money o
yer the property Of ih'r nephhors and that Won multi
ply 10 M indefinite extent the command of crcdi,us over
drblorsi Fellow citizens, if you "ows no man an,
thing but lovr"if you have plenty Of hard non,v il
your chests, or deeds Of trust the property Of your
nesh'ors you may afford To be hard monry democrats
II, on the other hand you your friends in debt;
yon owe one fourth the estimated value of Your protr,
a, FAR pr'cc-hy lbcscech you. from the clutches o
w" nara money denor'dcy Tor II they succeed through
your a'n IN cocns 'her rnino,s projects you gone
even o. x"l,.hism to save yon.'
t'hE. fellow ctIzcns have clearly shown that Ill,
PROJECT Of hard money currency is destructive
scheme, hnichcd IN the brains Of miscellaneous doma
g"gn's ana adopted by honest but hoir-balnrd polil
zeal en'hnslasis-and that sound convertible PAPER
currency is indispensable to individual and national pros
poniy.
How Ia this be attained? Can il bn sprlrd By
o,ao Banks a'onei No sensible man at the present day
VIII MAINTAIN such proposition. Can any hc alb
ltft. la,
s,encc from The legislation Of 26 Independent States and
without any cecual checks CONTROL furnish sncI
acnHencyf
But experience has shown tina, these institutions may
he checked or controlled aud the same t,nc aided aud
nylgoraied by national institution. DO you sta mush
rooms spring up in the glare Of the monday sun Nor
will unsound Banks spring up in the presence Of
national Observation-Disclosures prove this; in 1892, when
the first Bank ofihr United States chartered there
were IL Banks in the United Slacs-in 1871 being 20
years. they had increased TO only s0-n 1920. (herc
having been no bank of tho IT, s. from 1911 to 1916.
they had increased TO 20s-in 1898. in the course Of
eight years. whilst there bark Of the IT, S. or nf
its restraining influence had been DESTROYED by The
war upon il by the government the State Banks had IN
creased TO the almost incredible number Of $50. DO
mushrooms spring up abundanly after the sun has
sunk below tho horizonl
But the state banks in the south cannot furnish spcl
currency in the present state Of the world even they
conducted on the most prudtD, principles AMI not
unduy multiplied Their notes cannot be- kept 'bny p
States and people As soon an they are issued they 90
north To nay debts; and moi The enti,. SAND
ness of many OF the banks they are sent back immod
atey for the specie. Their issues are thus 10 crcnm
scrihed that they cannot possibly furnish an adrauat,
currency although doubt not they would gladly do 80