The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-12-25
THE PRESIDENT ON THE p.Nrs

applicable TO Banks is recommended ~.
Lynchburg Virginian says, "if Mr.. Bueb,,,n
really desires to see the State banks eru.b.a
so that every thing may be brought down 10
his favorite "specie standard" "ten cent? no,
diem and all that-and believes, as he alFs.,.
to believe, that the Federal Government h,v.
supreme control over the subject, why M,
recommend more summary process to aba,s
the evil, by compelling the State banks to 90
into liquidation at once, rather than to recon.
mend measures that no bank in the cO,n,v
could, or would accept!
After ali the war made upon paper monsv
we find that the Administration are comp.ll'
ed to resort to the issue of it to bring them
through the present emergency, notwitb.
standing, ms the President affirms, "four hun.
dred millions of gold have flowed into N.
country from California during the las, eipb,
years, and the tide still continues to How.n
And how has it ever been? Two hundrea
years ago paper money was issued BY tho
Colonies for purely governmental purposes,
whilst tobacco, and sundry other eommodi.
ties, were the standard by which, in the utter
absence of gold and silver, all other articles
were relatively valued.
AT the period of the Revolution there wsrs
no banks, and to meet the pressing demand,
of the war, the States and Congress hud 70
issue paper money. Omitting 10 enumera,e
the State issues, we find that Congress issued
between IT'S and 's2, 1857, 476,54i in paDer.
called Continental! money; and by the aid Of
this currency, poor as it was, yet the bes,
that could be had-our fathers achieved IN,
liberties We enjoy. Since 1888, Government,
has issued bonds and Treasury notes TO tina
amount OF $307,835,67O. During all tbs
wars that we have since passed through. in.
GLIDING the preparation that was made for the
quasi war with France-the Government ha,
been forced to issue paper money. In March.
1889, when we were at peace with all the
world, Treasury notes were issued. In 1896.
during the Mexican war, they were again in
circulation, so that neither in peace or war.
has this been a "hard money" government
We might also advert TO the fact that large
issues OF paper money have occurred chiefly
during Democratic Administrations. To the
credit of Mr.. Madson's we may place S96,.
0O0,Oo0-to Mr.. Van Buren's S23,OOO,0OO-
and to Mr. Folks, of which Mr.. Buchanan
was Premier. $6s,OOO,OOO.
Since ITS, government has borrowed on
its notes, six hundred and sixty-two millions
of dollars-over four hundred millions of
which were in notes Of hand circulating
among the people. As recently us IS47, GOV.
eminent was circulating its notes, and has
been engaged every year for the last half
century, in redeeming them. Therefore, we
conclude, that our commercial growth and
greatness are not to be attributed to the ideas
which the present Administration and the
Democratic party generally, would inculca!s
respecting specie currency; nor have the
Democracy, though generally in power, been
able to conduct the business of the county
upon such basis.
Whilst we admit that the Staies-though
not the Federal Goyernment-should endeav-
or to keep their banks within wholesome
bounds, so as to secure, if possible, stable
currency-we are impressed with the convlc-
ton that banks are ndispensably necessary
to carry on the vast commercial interests Of
the country. A necessary evil, il may be, bp.
one which all experience has proven cannot
be removed without irreparable injury. h
may be alIeviated, but it cannot be thorough
ly eradicated.
The Virginian might have added, that oil
the talk about "hard money curreney"is for
Buncombe, and that the parties who advocate
it know full well il is impracticable. Since
the pressure set in ,hers is \ large prejudice
against Banking institutions, the sound of
metallic currency" falls pleasantly ON the
popular ear, and the demagogues are only
playing upon that prejudice with view 10
future capital. Every one who has reasona-
BILE knowledge of commerce and the great
business interests eff the country, knows that
we must have paper emissions of some sort,
and to pretend otherwise is arrant knavefy.
EXCITEMENT AT LEcoMPToS.-A Lawrence,
Kansas, correspondent Of the st. Louis Re-
publican under date of December 7th, says:
ITO add to the interest at Lecompton to-
day, on Saturday night n messenger brought
the following letter to Lawrence, directed to
Gen. Lane. understand there is no ques-
ton of its genuneness.
"LEcomPToy, Dec. 8, 1857.
"Dear General Col. Moore just tells me
that Calhoun has sent out u requst TO tho
members of the old legislature TO meet hero
on Monday.
Il hear that your, and G. w. Browns lilo
is threatened if you come to this place on
that day. My advice to you and MIR. Brown
is, to come, and we will see that the ID
scoundrels do you no harm. Be sure and &c:
all the men at this place on that day yonean'
and they should all be well armed.
Yours truly, SAN'L. WALKER.
GEN. LANE"
No sooner had Lane read the letter, than
he issued orders 10 the Orear Guards, and
company Of cavalry under lis charge, to DO
in LecomptOn ut m early hour this morning.
"Every team and firelock in the shape OF
side arms, which can be found has been gals'
cred up, and crowds are continually leaving