Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-02-29

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sbly mtigated by measures within the reacl
: of skilful and judicious administration of ,
National Institution.
; Such an institution may, by observing O
due and constant ratio betw cen its circulating
paper and It's specie, not only insure at all
t'mes The convertibility of its own issues, bu,
g"'ued by an unerring index, to which II alone
mas access, may with the aid of its branches
uiSpersed ut convenient points, by example.
ana oy Its salulary influence over the local
banks, induce or compel, by timely and Judi
: clous measures, the observance of n similar
: ratio by all the Banks i'm the Union. and
: thus tue whole circulation, having always n
hxed and Just relation To the whole spec,c of
the country, will possess in the highest degree
the two great requisites of good currency.
Soundncss and safety It's notes being of am
versal credit and unobsrucied circulation. the
wants and business of every part of the coun-
Try Will naturally command for it, its due pro-
portion OF them, or some equivalent medium
OF exchange; thus ailordng that fair distribu-
t,on OF currency which places every part of
me community on an equal footing with every
o.her part by securing to the circulating me-
uiuin every where, another Indispensable ele
ment of good currency, uniformity of pa1ue.
Possessing, thus, all the minor attributes of n
good currency, and in pre-eminent degree
The qualities of soundness, safety and uniror
mity oil value, we might justly expect the cur
rehcy furnished by such system. to challenge
me hlgh praise deservedly bestowed on that
furnished by the late Bank, that of ethe best
currency the world ever saw.n
Whatever the currency may consist of, nuc-
tuations III the quantity Of i; must be looked
Tor They are rs inevitable as the alterations
oil good and bad seasons, of prosperous and
unlavorable trade-but under well-reeula,ed
system, these fluctuations NAV be likened to
the ebb and flow of the ocean. which inter-
rupt not, nor interfere with its use or value
10 man: while, under the present, they resem
Die rather the changes of some capricious
stream-now OVERLOOKING its banks, now ex-
hausted oil lis wa,ers--both equally uniting
II Tor It's appropriate uses, and alike defyiny
human foresight or power to guard agains, or
prevent.
What we have stated is not theory but fact,
nol speculation but experience. Both the
National Banks of which we have had eype-
rience, dispensed great and signal benefits
both TO The Government and the people, far
ouiweighing any evil they may be Justly
chargcabe with, while the late Bank for the
greater part OF lis career, and up TO the time
when 1t was palsied by the rude and lawless
touch OF power, was actually accomplishing
ior the country all the good which we aiege
such an institution TO be capable of produc-
ing.
Throwing around il all the guards which
the experience of the past may have suggested
I-eSDecialiy taking care SO 10 constitute il as
to prevent It's becoming either the mere tool
oil the government, on The one hand, or
weapon to be welded against it, OH the other
and imparting to it the smallest amount of
power compatible with the capacity of fur
nishing a sound and uniform currency, and of
fulhllIng the duties of an efficient fiscal agent
we submit that trne policy mperatively de-
Inands the re-establishment of some form of
Banking institution erected by the authority
of the Nation
! The proceeds Of the sales of the public lands
snow progressive increase, and, doubtless,
will continue TO do so for some wears r.
come They will speedily reach an amount
that would afford important aid to the GRIN
pied finances of the States, and as i. is likely
that the revenues from Customs under the pre
sent arrangement, will hereafter be adeonatc
to the wants of the Federal Government. il is
| hoped the day is not distant, when an act of
long-deterred justice will authorize the bur-
densome state taxation, under which the peo-
pie now labor, TO be materially mtigated.
! on VIII have seen with surprise and displea-
sure, mat the House of Delegates, at a time
Ike this, has again refused to receive the quo
Ia OF the land fund now distrbutable. and
winch has been set apart, by law of Con-
gress, for this State. The absurditv of leav
ing the enjoyment Of fund, which must be-
long TO this State, or TO the United States. in
me hands OF third party, clearly having no
title to I--wben too the u. S. has not only re-
hDgusted Its claim, and rendered the money.
Dut putitbey ondiis power, while the law exists.
to reclaim or control 1.-THE cold and wanton
disregard OF the public embarrassments mani
Tested III adding to these embarrassmeDts by
new burdens, instead of using such uncxcep-
uonaole means OF alternating them,--the car-
ing inconsistency OF the pretence Of tho want
OF right IN the State TO receive it, in the face of
a recent unanimous resolution Of the House
! oil Delegates, that the Public Lands "beopn TO
the States"-.,he preposterousncss Of repre-
sentIng as bribe 10 the States what they
f claim as arigh-aDd the affectation of seeming
10 slrlnk, DIS the representatives and guardians
OF the virtue of the State, as from The defle-
! ment OF brbe, from the acceptance Of some
> JeD thousand dollars, while that very nice and
iastidious virtue sleeps, in the persons Of those
same representatives, under the greater deile-
pent OF the millions heretofore distributed
received and retained from the selEsame
= source cannot, we are sure, have escaped
T the attention of the country, or fail TO draw
down on the actors in so unworthy farce.
l!sjust dlspeasure and signal rebuke.
Such is the present aspect Of these great
practical questions which concern tic econo-
meal policy Of tho Government; and which,
so tar as 1t has Undergone change, since we
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