Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-03-30
w HIG ADD RES S.
TO THE PEOPLE OF VIRGINIA.
CONTINUED.

|
coNriSuEp.
Having thus adverted to the embarrassed cor
dition OF the country, we propose TO proclaim III
principles and policy by which the Wing mart
expect to restore and maintain national prosperity
Inc hrst and most vital of the means to accom-
plish that end is the restoration Of
SOUND CUnRxNcY.
NO iabored augmentation is required at thi
day, TO satisfy you that the existence of nationa
prosperity rests upon 'national currency of equa
value, credit and use, wherever it NAV circulate
mat your currency is the measure of value of al
proPerty-ihdt II controls every transaction of bu
siness-and that commerce, foreign and domestic
depends upon II, none will deny. Its functions
nave been beautifully compared to those of III,
1iooo IN The human frame. 1t is the primum mo
Oile, the source of life TO the whole system.-
When flowing in sound and healthful condition
through ITS channels, the whole community, from
the narts OF commerce, to the fields OF humble La
ho', qulckens under its impulses, and .'blossohs
as The rose with prosperity. When il becomes
diseased blight and ruin and desoation pervade
the land. Every irregulariiy or obstruction in its
action Is felt in the remotest extremiiies of the
country. Ii must not only be sound in condi-
uon' and sufficient in quantity, but regular in its
iiow' to supply the wants of the country. You
cannot look through the borders of your country
ana doubt on this subject. few years since
you possessed Il sound and regulated currency,
ana you prospered above all the nations of the
ear'h, until you became proverb among them
iha' blessing you have lost and now your distress
ses are beyond much further endurance You do
hotdouot-you Know that until you have sound
anu wen regulated currency, you cannot be a
prospecting people, and you are earnestly desiring
ana seeking Its restoration Tie wants and ne.
cessities OF the Government, which are subordi.
nate to yours, also require it.
The powers and duties Of the Federal Govern
ment, over and in connection with the currency is
~ ind
now IN issue between the two great parties of this
country.
In other countries, whatever their grade of civil
lization, when elevated above barbarism, the pow
CT ana duty OF Government to create and to Jegu-
late the currency of its people, have been fully
recognised, exercised and accomplished. And in
THIS Union, until recently, it was not denied that
our rederai Government had power, and was
bound by the Constitution to create and to reuu-
Ia.e ihe currency of this country to give i,
equal value. credit, and use, wherever it might
circulate" The only question in DISPUTE was
the mode by which the duty should be fulfilled
The administrations Of Washington and JefTer-
son. and Madison, have illustrated their recogni-
ZION oil this duty by their efforts to discharge it,
General Jackson exceeded all others in his claim
OF power for the Government, over this subject;
Tor In his Farewell Address, he asserts that it is
us duty TO regulate the currency not only for the
general good, but for the benefit of a particular
class oil the community; and his Administration
maze repeated efforts to improve and to regulate
the currency. And Mr.. Van Buren,, too, in the
first years of his Administration, made similar
promises and efforts.
Inc wing party, adhcring to principles which
were the guides of the most iilustrious men of
our country, maintain that the Federal Govern
meh' is endowed with the control over the curren-
cy-wlth the power to create and to regulate it
and is bound to exercise it, in such manner, as
VIII ensure to the people of this Union, one "ot
eqna value, credit and use, wherever it may cir |
culate." The accumulated experience of our ma |
uonai existence, demonstrates the facts, that the
power to regulate our currency. exists only in the
Federal Government, and that its failure to exer-
else 1t, is followed by the most disastrous conse-
quences. That experience demonstrates the fur !
Their Tact, that while six and twenty SOVEREIGN |
states, In the exercise OF conceded powers, have
created, AMI can create Banks of Issue. which |
supply the people of those States with their To- |
Cal currency, thereby furnishing large portion of
the general currency. (Which is consequently, Of
unequal value, credit and use.) The federal Gov
eminent does not and cannot discharge its duty !
and accomplish the object of regulating the |
currency ny tne mere coinage of gold and silver.
nat being the case, something more must be |
zone, Tor The power must be commensurate with
the purpose oil lis existence. and is not exhausted
untii mat purpose is accomplished. In exerci-
sing that power, the peculiar circumstances
wh'ch attach TO, and mark the currency Of this
country, must be considered and such modes
must be adopted as will harmonise with those
circumstances. The Federal Government has no
right 10 destroy, directly indirectly. the State
banks; the rights of the States and The interests
OF the people require their preservation The sys-
TEN OIL stale Banks, rs characteristic feature of
our Tree institutions, has been the parent of much
gooo, and VIII continue to be so. if wisely repu-
lated. 1t is the handspring Of our credit system,
which has materially contributed to make ours the
land OF freedom and equality. In view of all
these facts and reasons, the " hig party maintain
that the Federal Government cannot fulfil lis dn.
ties tn the country, unless it creates national in
si!tuiIon, which hdrmonizing ~ ih the State Banks.
VIII remedy the present defects of our monetary
system, and meet all the wants of the conmuni-
" ana the government. In that mode only can
"currency OF equal value, credit and use, wberev-
,er u may circuiate," be furnished, without the
destruction Of the State Banks.
Upon the other hand the Democratic party
avow and maintain the doctrines, that the FEEDER
al government has no other power over the cur
rency, than that which is involved in those to
coin gold and silver and to regulate their value.
and to provide for the collection OF its revenue in
that medium; and that the people expect too
much OF their Government. when they demand
any further effort to accomplish the high duty Of
giving sound and uniform currency to the coun-
try. 10 Mr.. Van Buren, and his party, the cred
II, II 1t be credit, of discovering these new po-
litical principles, is due. They were announced
at late period OF his administration, under MEM
! orable circumstances. il was when tho success
i've experiments of the 'sPet Banks" and the
| 'Sub-Ireasury' had, to the fulflment of Whiu
prophecies. failed to furnish and to regulate the
national currency, az was so confidently promised
| by their originators, and confdingly believed
/ by misguided people; and when that people,