Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-02-21

Hence ii was that IYcurgus ueslred hol t'i"' "''
laws should be written. after they had once
been eneralted upon the temper OF his peeple'-
What will he more likely. then, to preserve our
credit intact than 10 give 10 the great body oil the
naople If Virginia direct, tangible. peennhry
iatare.t in keeping our bonds above paf!
Al Increased home demand for our State
londs Vill tend TO transfer them from Inc hands
of foreigners 10 he hands OF our own citlzPn-'
and thus 10 diminish, if not ultimately To eh''n-
,.ui.h cur public indebtedness beyond our o''
6ers Tbi. would be a blessing TO Virginia 50
great that it might well atone for the evis'h ,hfy
really existed, which have been wrongfuy char-
cod anan the system. The State now pays be-
,ond her borders an annual interest Of SOL ,oDo-
M mon cannon bonds amounting 10 Slo.I9'''
mn OF her registered debt s3,l51 ,1r9 % Is
hold on, of the STATE. The interest upon this
sum il s2O9. O69 s5 Here is more than one
million of specie, the very life blood OF cur com
mcrce annually withdrawn from Virginia III the
form If interest upon our bonds. When the
principal falls due what fearful increase IN tins
rninoos drain of the precious metal from the
State, How much better that these millions OF
interest and principal should go back, as they
fall due through the vaults of the banks INTO inc
hands of the people from whose taxes they come!
Why is that the financial embaras5inent N hn''e I o
isphe due 10 causes existing this should be 50 dlsas
ironsy felt in period OF nneNamprd phy prosP"!
gbaut the Of the une states 1t Is because OF
seia, Of The Treasury Of the March s4 the aggregate
nn If American secnfies known be held by foreign
or. ON the 10Th June a53 SlSlls1 ia. by others It Is
estimated high three hundred millions OF dollars ihe
sequence foreign debt not merely the annual de
rsrnre from lu shores twelve eighteen millions OF
Specie pay interest 10 foreign bondhoders but Involves
The loss Of financial independence hsn
government necessities raise the value OF
,ooney in Europe the securities held a5road come Dach 10
this sale and redemption Then down SINKS the
specie in banksthen come Withdrawals OF
i6aseonactions of currency and crcditsearey OF mo
neya fail of priceand struggle for their very existence
banks and houses in the country mus
that Wall street is made 10 owe ieaty TO oorhhii nus
it was That an increase III the rate OF interest aa % f
Bank o England created panic aud scarcity ." money
throughout this whole country in The face ct abundant crop"
unparalleled prices for breaduhs Sir, such heavy ar
foreign Indebtedness could never have accumulated
against but for the speculation overtradng and heavy I'm
] se feitics which they have afforded
all the manifold evils of tbs financial and
,Is nanny land with an oneous burden ndebedncssa
calamity fatal 10 the character independence and
prosperity oualions than Of individuals
II is the doubs merit of the banking system which have
advocated that 50 Tar Virginia concerned, 1t will first
strike this growing indebtedness beyond our
borders by cutting down the bank circuits rom Wh'n mas
sprung and secondly that ii will transfer the evidences OF
existing public debt from the hands Of foreigners INTO the
hands OF own citizens. How peculiarly important are
the Of that dissolution OF the Union to
which events seem TO be 50 nnhappy aud 80 eany iend
have now cndcavored show, Mr.. speaker that the
whole history of banking in this country aud elsewhere dis
CLOSES the necessity and makes duty TO guard by srn
legislation against the manufacture OF unsecured aud in
upon Npansou bank credit that the proposed OF
banking is better calculated to accomplish these objects than
answer me various objecon Which have urged to
whether system Of banking, or because of its alleged col
lateral effects upon the credit and finances Of the State
snoi advocate OF banking, but OF reforms IN bank
ing thai have addressed yo. wish additional
ueons imposed upon the dangerous powers and privileges OF
all essos of banks have not voted and will not vote foi
charters whether to the old banks or to the new without
farther limitations The policy which have advocated
support ending, but simply as beginning Of
Improvement ~ IN important step not "a the hnal goal
our conc of rcium because II is enough 10 accomplish fol
the present, though all that will need in the future
LEI not he alarmed by the threats of the old banks that
additional restrictions be imposed upon them, they will call tn
their loans aud Withdraw their capital acknowledge then
whole history is but an illustration Of It's caamitons exercise
as Is when they think 10 perPetuatc by holding
N ora over the people and their representative Let u
profit hv the example Jackson his with the
Bank but Mt the lime let be precipate ON
action nor harsh in our requirements et us Give time
enough frtc ch,ngc and he old banks OF virginia WIN
organic nndor general law, when they IT is their only
alternative without exception, they have done in New
York and capital from other channels will Unnecessary, come
Let not be frightened by their predictions of evil ans
than by their threats OF mischief 1t is that al
change not reform aud that in attempts at reform there
need always of caution have borne this in mind in all thai
nave urged have advocated no sudden transition Bn
If we shall stand still,
In fear motion viii be mock'd or carpd at
We should take root here where we sit, or sit
State statues only
Where evils and abuses have been shown which
from une legislation ii is solemn duty rerrr
seniaves ola suffering people who have conded high trust
to our hands make, least honest effort
seeming To think that whatever is right have always been
found assaI every proposal for important reforms But lei
Virginia, with its manifold His than its existence for
than the threats of banking
lamation about the danger of change Such
would have perpotuated priesera and Tyranny
abuses of the II would have the United
States National Bank in Virginia small
and currency merely deprecated but wholly
BILE II would deprive of the Independent Naona
Treasury, that nohcst OF monuments the principles
patriotism of the great Democratic party of this
England aud other countries been
towards hard money currency Let notnVuye
still nrNtricaby in system OF banking which
precious metals fom onr soil Let us at least begin to 81
backwards In this matter The time is propiiious
smiles upon the ahors al the husbandman and
happy commissions of Europe augment the his
while Australia and California their
To aid Let vail until some disastrous reNulson
in ~7 exhibits dire necessity for reform aud
time iorbis 1t to lac made Like the oauders, let
our dke the breach large enough lei in
Lei this legislature with boldness caution firmly
aud permanently establish the foundations
system Of banking, and of progressive change
better ia the currency of Virginia. and will Judgment
etie tse to the everlasting gratitude of tho people of this
/ Commonwealth
Il behalf Of the mighty whole popua
ttnu-lut for Internal
corporations or banking associations that have spoken
hive ntccstlrepescnt interest in this subject
the interest the sound currency healthy
aud an Independence commercial and financial New
York and Europe My views may be mistaken; they ma,
fail to receive the approval of this House
result at least of strong conviction and ii
their defence should have felt the duty con
hdent always in the final victory of truth present them
| Your consideration.
AMUSEMENT.
MASONIC HALL.