Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1844-02-29

only key to the regulation ct currency
resting on aspecie bahia. That amount
like trade itself. Of which iii the expo
Deht. must be ever calculating; bot 1
paper currency will bd conceded 10 havI
reached all desirable Iperfectio1 when i
shal: expand and coDilacl only within the
same proportional limbs a. an exclusive
currency Of the precious metals must and
would. under ell circumstances. by the
natural andinesilable laws ofirsde,, while
ills believed that even 3his evil. incident
to ail currency,msy be iensihly pisigated
by measures within the reach Of skilful
and judicious administration Of a National
Institution.
such an Institution may. BY observing
due and constant io.beiween lis cifcu.
lating paper sndits specie. not only 10.
sure at all times the eeeye.libiliiy Of It's
owe issues. bui, guided b. an nnerring 10
dex, 70 which il alonehas access, may
with the aid of its branches. dispersed Al
convenient points. by example. and. by
its salatary influence over lhs local Banks,
induce Or compel. byAimely aud jllicious
measures. the observance of a similar ra-
Ito by eli the Banks IN She Union aud
thus the whole circulation. having always
fixed and just relation te Tie whole spe-
Gle Of the country will possess 10 the high
est degree the two great requisites OF a
good currency, soundnessssnd soffty. It's
notes being Of universal credit and 'unob-
circulation. lthe wants, and BUSH
ness Of every part of the country will at
urally command for it. itss due proportion
of them, or some equivalent medium OF
exchange; thus afofdiak that fail dis.
fribuiion Of currency which places every
part of the community o6 an equal foot.
ing with every other parts by securing 10
Abe circulating medium every where. an
other indispensable elemeH III If good cur+
Fency, uniformity Of veilA. Possessing,
thus, all the minor attribates Of a good
currency, and in a pre- eminent degree
the qualities Of sounduess safety and uni.
formity Of value. we might Justly expect
the currency furnished by ouch a system
10 challenge the high PRAISE deservedly
bestowed On that furnished by The late
Bank that Of "the best currsncy The world
ever saw.
Whatever The currency may consist of,
fluctuations 10 the quantity Of il must be
looked for. They are as Inevitable as The
alterations Of good AID had seasons. Of
prosperous and unfavorstle trade---but
under well regulated systan. these Hac.
tuaiions may be likened ID the ebb and
flow Of the ocean, which interrupt not,
spriutesfrre with, lis use ot.ssIne to nan:
while. under The present, they resemble
rather the changes Of scope capricious
ovetaowing ;Is banks. cow
exhausted of its wa.ers-bosh equally IN.
fitting il for its appropriate Gfss. and alike
ds!ying human foresight or power 10 guard
agains. or prevent.
What we*hsSe stated is BOT theory but
fact, not speculation but experience
Both the National Banks ef which we
have had experience, dispensed great and
signal benefits both 10 Ihet Government
and the people, far ou,weigbiOg any evil
they may be justly cbargeabse with. while
the late Bank for the greatsI part Of its
career. and np to the time swhen il was
palsied by the rude and laSless touch Of
power, was actually accomplishing for the
country all the good which we allege
such an institution 10 be capable Of prOduc.
ing,
+ Throwing around it all The guards which
the experience Of the past may have sue-
gesied-especislly taking cate so TO con.
stitute it as 10 prevent its becoming either
the mere tool Of the gosernhent. on the
one hand, or weapon 10 bh welded a.
gailst il, on the othet-and smpsrting to
it the smallest amount Of power compaii.
Die with the capacity Diminishing sound
and uniform currency, and OF fulfilling
the duties OF an efficient fiscal agent--we
submit that true policy impsratively de.
mands the re- establishment OF some form
Of Banking Institution erected Ey the au-
thoEiiy Of the Nation. !
The proceeds of the sales If he public
lands show a progressive increase, and
doubtless will continue to do 30 for some
years TO come. They will speedily reach
an amount that would afford Important aid
to The crippled finances Of thei States. and
as il is likely that the revenues from Gus.
toms under the present arrange Dent. will
hereafter be adequate 10 the wants OF the
Federal Government, il is hoped the dsy
is not distant; when an act of long. defer
req Justice will authorize the burdensone
state taxation, under which the people
now labor, 10 be materially mitiga,ed.--
You will. have seen with surprise and dis.
pleasure, that the House of Delegates al
time ike this. has again refused 10 re.
ceiye1the quota Of the Land Faad now
distribuis6Ie, and which has been SET a.
part. by law Of Congress, for this States
The absurdity Of leaving the enjoyment Of
a fund. which must belong To- thin State
or soAhe u. States. in HE hands Of third
party, clearly having no tile ID ill., when
loosiHe Z. States has not only lelinquish.
ed as claim. and rendered tfe money,
but put it beyond its power. while tie Ia
exists, TO reclaim o. Control 1.-THE cold
and wsnton disregard OF the 5nblie EN-.
bsrrassments manifested in .pdding IL
these embarrsssments By sne{ Gardens
instead of using such unexcsPtio able
means Of alleviating tlem.-tpe slarins
anconsistency Of the preteuce Of The wac
OF right in the State 10 receive Il. ia ID.
face d. recent unanimous resolution o
the House OF Delegates. that lsie PabIi,
Lands "belong 10 the State" e--lhe pre-
poslerousness Of represediing b . bEib.
10 the States what they claim ss 4 RICH
and the sffsclation ofseeningso shrink
q The representatives. and g0tfdisns .
the virtue Of The State. IS froG shs aefle
.ment bf ! bribe, from The acceplaace o
-zteat d.