Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1846-03-23
t'OE. AIEU.-.vO. 67

There Is ene topic connected with The indie pendsnt
treasury, and which is much relied upon for lis yjodi,
raiion which we did not comment on las, week. Itis
It's Influence IN regulating the currency ard causing tho
extensive diffusion III the precious metals. The idea ia
ha the example oihe government in taking bank notes
as money Is penicohs, and gives these notes much
wider Use thnn they otherwise would have, and that
The withdrawal Of this Influence and the nd ,btion Of the
system of taking and paying ,nly The constitutional cur
iehry VIII cause specie 10 be circulated through the
county Instead of hank notes. We have two or three
ojerons IN this proposition. First il will prove ms
convenient and allarious when the theory tried sea
condly. upon free trade plan. The effrts of the gov
ernmeni 10 regulate currency erroneous and third.
y, II Is not Al all desirable tina, The quantity Of specie
TOW IN circulation should be increased.
Il IS mt the example of government, whcl, causes "a.
per In he preferred 10 coin The people generally know
nothing ut that example and the political economy Of
politicians aa been many limes wrong that the peo-
Pile have ceased 10 regard the practice OF
with deep senefalin. We had in Gen. Jackson,.
time, great tit 10 suppress little blls but Cen Jack.
SON With all his mighty popularity. rouId not establish
81 announcement theory. The people preferred the lit
lc bills. ard the government eefe obliged yield 10
Their good sse The other theory Of waffing IN banks
vent somewhat better, hui has now very much died
away. The Sub Treasury brought harvard by
Mt Van bnen, IA WE have always understood it, under
HE impression HAT the party must have some PLAN soma
thing 10 ,un against the L. :. Bank. II was mea.
sure II The parry. therefore, and The battle about il was
fought in Congress with the utmost bravery on both
sides. II mas appandedby the Democrats as the most
noble u all financial plans. The Wings denounced il
as measure which was 10 ruin the counry But 10 +!
when II went into operation, II was neither blessing
nor curse, In practice II was nothing nj all The
gentlemen III that party, that they are In power a.
ealn think II necessary 10 MAINTAIN their consiste nry.
fl the consistency VI politicians IL always one Of Their
most precious virtues. Blu, 10 return from ts,or ic d.
erosion.
Largr quantities Of coin kept in circulation haven
very feeble influence in preserving a steady money
market, The coin III circulation is latent is wan,.
ed al all Inns fir that particular purpose. and ia only
~ very limited degree available 10 relieve pressure
The rainaqe Of mnts las done but Itlle 10 CAUSE
con 10 circulate The reason Is that paper is better
Paper Ia ltss connterieed than coin. it Is more conve~
nIenl iar transportation. more readily counted With
these practical advantages favor of paper il il i'm
possible Ia push the lnconvenen ino use The En-
lish Government have forced quantity of gold ino cir
culaton by prohibiting the circulation Of paper below
10. Bnt what good has IL dnne1 The raunpy mar
ke OF Eng and Is lar less stable than ours since we All
solved ourse YES from The guardianship Of Natiohst
Bank Look at The enormous specnations in rail rad
shares which have agiiaied England only but France
aud other countries, where they sill lrunde abuut spc
ee on Mheellauow, to pay ihe!r notes, The great
quantity gold in circulation seems 10 have lad no con.
tcrvatse lunnence NJ ALL AT any rate all The vices Of
speculation and revision have acted much yloen-
ly there lhan with u.s. though have no coin In circu
lalon except enuuah To make change under dollar
Thorough comprehension OF the of coin will nc
count Tor this. Money is the Tally by which men settle
accounts. The trade al the world is great system
OF barter IN lis operaiinn and money Is only wanted Ia
keep the account. The accounts are further kept hy
hooks and noes of hand The result Of the uhole is nm
exchange y sppiises Any hing which serves To keen
the accounts n irade is suiiiccn mud that cl does
his with The greatest ihcIy the best. Real money
--con=~is only wanted to settle the balance at lhe end
n the year. If country has traded more aryely Than
il should aud bought than it has Produce 10 pay fr
Must the merchant who exports cargo of flour 10 Iiy
epuo take gold for il there. and bringing the gold home
sell II to dry goods impoer aud he carry back
bny calicocsi Merchants have learned better than this.
The whole round Of exporting and importing is gone
through with paper. Just we do al home. Men buy
and SELL and settle their accounts, with paper Ifons
side gets largely in debt. coin will be- called for and
when really manled it is ready AT the Banks, The
whole business OF the world Is therefore transacted with
all the security Of specie currency and with all the ia
cllty Of paper. Oar Banks have NOW about million less
coin than they had year ago. What good would il
have done II the whole specie in their vaults had been
turned out and carried across the every morning.
1t would. Of necessity, have been carried back in the
evening The beginning and the end Of the matter would
have been just what II Is now. There would have been
a vast expense OF useless labor while The currency
would have been affected than if so mnch prav.
Il or paving stones had been carried about. Wei hen
what Is The benefit o carling specie and from iron
room} Plainly, It is mere toll To profit. The pro-
vince Of coin is be basis Of ccualiun and 10 be re-
ved ut the settlement If final balances Every bank
note, every check Is payable cun and the only rea-
sun why men do not demand payment always according
10 the tenor o The ub2aon 49, thai paper is befieror
their Paper money il worth more than coin, IN tho
common business fife. aud therefore is, that the PEG.
pie lake IT. Why then should politicians trouble them
selves and the people with SUBS Ireasures TO disoollue
business and prevent The use of the best iaclltes9