Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1859-05-16
Mr.. Letoher's Hard Money Doctrines

five hundred, or NJ per thousahu ""e'o "ue''
are accompanied with the cash.
Mr.. Letohers Hard Money Doctrines
In Mr.. Prcston's speech at Dudley Hall III" 9th
er night, he alluded, in terms of severe denunc'a'
ton, to a speech made by Mr.. Letcher few years
apo. in favor of divorce of Bank and State, and
the collection of tho taxes of the people i" hard
money. Mr.. Letcher. We believe, so fai from re
canting" tie doctrines Of that speecl-as he
has those of the Ruffner pamphlct-rcteratcs
them row upon every occasion, and "'ows h's
continued belief in the soundness Of tho policy
which he then advocated.
As we understand it, then. Mr.. Letcher is in
favor of ceiling out the States interest in the
Banks and Withdrawing from those institutions
all legislative sanction lie is. above ALL =" hos
tile to the Banking system. MS to be w'llnst"
pass Law refusing the issues Of uur Banks III the
payment Of dues t, the Commonwealth, and col
ec,ius all the taxes Of the people in solid gld and
silver.
The amount Of tax annually collected from the
people of Virginia exceeds four millions OF dol
lars. Mr. Preston read from the record to show
that, sometime last year, there was only hule
over two millions Of dollars OF coin in all tho
Banks of the State. There was, in the Banks, on
ly about half enough coin 10 pay the taxes Tor
one year. Surprising that there were in the hands
of the people us much coin there was III tho
Banks-and, by simple calculation, 1t VIII he
seen that single year Of collecting the taxes IN
hard money would sweep GU, of the State nearly
every dollar Of coin within it.
This might not be so bad if the taxes which the
people pay were returned to them for other rnr'
poses But it is we'll known that large proper
ton of our annual State expenditure goes to the
discharge Of the interest upon our debt This
debt is held partly in England in France, in New
York and in other places beyond the Common
wealth. So that large quantity of the hard mo
ney which our people would have to pay for taxes
according to Mr.. Letchers doctrine, would soon
be transferred beyond our limits 1t would require
only few years to drain the Commonwealth OF
every dollar OF specie within her borders.
But this is not only evil. The collection of tax
es in hard money would depreciate the value OF
every mans property to runous extent. u, Tor
instance, man were unable to raise the specie to
pay his taxes xith-and his property were expo
sed to public sale, to he paid for in COIN every bo-
dy knows II would not bring one half its value
1t is within the experience h every man that pro.
perty sold for cash. even when it i. paid for in
Bank Bills. brings less than when sold upon cred
it. But if name property, for the purpose OF
paying his taxes should not only be sold for cash,
but have TO be paid for in coin besides, it is plain
to the cnmmonest comprehension that it will be
knocked of at a ruinous sacrifice
We cannot believe that Mr.. Letchcr had consid-
cred the ruin and distress which the policy he ad
vocates would entail upon the people of Virginia.
His opinion must have been arrived at without
due consideration and reflection. Whatever may
his views of the benefits of hard money curren-
cy in the abstract, we are charitable enough to
suppose that Mr.. Letcher, when he advanced this
crRes proposition, had not given the subject that
reflection which its Importance demands.
If there is any one theory of political economy
more indisputably established than another. it is
that it will not do to have one currency for the
people in their ordinary transactions between man
and man, and another currency for the transac-
ton between the individual citizen and the Gov
eminent. The two are incompatible, aud the less
must yield to the greater. Establish hard mo-
ney currency exclusively for payments to the State
and il will coon follow that people will refuse
everything except hard money in their ordinary
transactions. They will not receive money thai
they cannot pay out for taxes. The consequence,
would be We should soon have IN exclusively me
tallic currency-that is, If We had any at all
and, while every mans property would depreci
ate in value. it would also follow, in consequence
Of such depreciation, that the assessments woul
fall short Of the nscessary amount for the purp,
~ Of the State. unless the percentage Of taxt
were largely increased. We cannot imagine
measure that would bring in its train create
flock Of evils and more iuxuriant crop Of di
tress. than this hard money proposition of Nj
Lssohsr
Obviously. II would be ruinous in Virginia
discard Bank money while all the surroundin
Ssa.ss are in The habit Of using it. The questio
Of sslling out ths.6,ats's interest in tho Banks
diesesnt question. about which there may
vssinss opinions. but which. in no event. cou
isaA y any very serious results. But the prop
iina y collect tie taxes in gold and silver alon
H6SS~hieh spproaches 10 every mans fresid
auaaGbeb M inssrssts to . vital extent II N
Islshs Sfssl1. b. possibility, b elected Cover
ss@ertrfsia. - Gost sincerely trust the Leg
Nlkt&nf ~ y bssd my feoouuendatson
ny aate, booking 10 the practical enforcement
- disastEoss psopasition.