Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1846-10-15
PRACTICAL RESULTS or A HARD MONEY
THEORY.

The Secretary III The Treasury was an unsuccessful
-upploanl yespefiay 10 our Guy Banks ior loan Of
thet notcs, redt--nere bank rags in the slang Of
Mi Walkers p,Illcal suggestions --np'n p's,e OF
the mites rays III the L. ). Treasury, hearing an IN
etest Al ; per The proposition Vl the Secretary
"as. that The B,nks should place some hrce or Jor
ntilloas Ia lhe credit 81 The Treasury o the United
sales. and aceep, nsecuuy therefor, like amour,
oi Imisuy mites bearing per cent interest In other
wards. The ofpan OF this hard money administration Of
Tered 10 The Bhnksconplee separation between which
aud the public mnnles o The ax'"ms "' the H.
iimnre nnyenllon aud Is tho main LIQUIDATION ui he
Dub Treasury b-wn all lts apparatus oi iron SAILS,
Receivers tally pad. aud penal bonds -thal It they
would advance l., the Federal Government some three
~ "nf millions al their paper, bearing NJ interest, inc
Government would give nf such advance their own
paper hearing , per cent nu res.
And the Banks relus d " nh good reason they re
fused, lar II such amount III lhtlt ordinary capital
"efe loaned In the government 'e 81 much All
stfleled lion he ollhify capital e"phvcd IN The rgn
lar business nj the clty-uhltss indeed the Treasury
Mites deposited security should lie unt"rdaltIy put
IN the M, ket by lie Banks-Nh,ch III the present di-
mlnshed receipts thu Custom House could not prob
bls be DONE without causing dechne IN the value OF
such Notes
The nanks however oil red 10 make the loan a, per
cent, nj winch rate they freely lerd upon gmd b0
paper all the funds they have Mr.. Walker
fused, alleging that he could elsewhere obtain at per
ceni. what he required.
The sum deposile IN the several Banks Of this eli
y. Is about i,ro naions III dollars Mr.. Walkers de
sire WIS 10 have three four millions Al his cred
Ito he transferred the greater part o H. rs Is bellev-
ed, Ia New Orleans. Failing etIrctlng this loan. he
mly possibly order The transfer o the whole or thu
greater part o these depos,s Tor which the Banks are
prepared.
lhls Is mor'llyng exhibition for the public Treasn-
y-hul II Is only Just 10 adj hat this dsctcdt arises
from tie misnanagcnen aud incomperncy OF the Sec
Rotary, aud moi lfnm any dlsrusi Of the security.
II IL absurd 10 suppose that the Banks will lend
10 the Government NJ > per cent. whan they can
yet u per cent from Their customers upon short
business paper-and every one cnnversant. as n
Secretary oI the Treasury ought 10 be, with such
matters knnAs that II rs soand therefore the wrong of
putting The Treasury IN the attitude oi suppc,ni 10
The banks ln iaynrs THIS is wrong 10 the public
IN hr particular laion which Mr. w alkrf and the
administration al which he Is the organ stand to the
Banks M Inconsistency exceedingly ridiculous.
Inc credit ri The L. ;. under this ad nns'ta-
nbqneslionable- IT. instead ot prdJlnI about
his Treasury Notes. aud sueing wuh ba,ed breath tar
the favor oi Banks the Secretary had invited proposals
Tor per loan, II would have been rapidly hlled
IA nd II lor long term, would have commanded
premium
This must YET be the OF The Treasury. for,
whatever present relief may be- obtained through ten
poafy expedlenls the enormous expenditure for the war
aud the ialng revenue. uill leave 'icncy which
will render resort 10 loans unavoidablc.-N T. toW.