Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1859-05-20
Mr.. I,etcher's Manifesto.

are ACCOM- panied Win III Curh'
Mr.. Letcher's Manifesto,
The candidate of the ''lmposition' party finds
it necessary to ;naugnrate a new system IN " |ir-
pinia canvass, and sends forth from his retirement
A labored defence Of himself, which he is taxing
the Post Office Department lnow very much IN
the straitened circumstances of the Democracy
to carry al over the State under his frank rs n
member Of Congress, which he has ceased to be.
Nj. Letcher first cites his course ~ editor Of
the Taliey Sta, and afterwards in the Conren'
~vcntion, to prove his soundncss ON the internal
improvement question. Then he passes to IL con
sideration of his hard money %humbug, rcitcrnting
his determination, so far rs he can effect tho
object. to divorce the State from tho Banks, and
to collect the taxes in specie. lie refers in this
connection, to the action of the Legislature in lc-
galising the suspension of specie payments by tho
Banks during the late crisis, in terms of unmis-
takeablc apprehension, and INDUCES the usual
demagogical cant about "the fate of the hard
working millions when made to meet their obliga-
tions," &c.
He says not a word. however. absut the adyan-
tage which suspension conferred upon the bust
utnb u tHc COuhiiy , uNh Wouih INV NiS' HhNo
been crushed if the Banks had been compelled
virtually to suspend their operations by contract
ing to n ruinous extent their loans, and forcing
the property Of their debtors into market which
deplorable consequences nothing but suspension
created.
He assumes, by implication certainly, the ridi-
culous position that the Banking capital of the
State should be represented by specie'-in other
words. that the specie in the vaults of the Banks
should at all times equal their circulation, and that,
where this is not the case, 'tho people who are
deeply interested should know it, and the sooner
the fact is known the better" Mr.. Letcher seems
to ignore the fsct that property is equivalent to
money-that the bonds of the State, or Of indi-
viduals held by the Banks as collateral security
for their issues, is not enough, but independently
Of these, the Banks must have lying idly in their
vaults an amount in specie equal to their whole
circulation. This. is certainly his meaning, if he
means anything.
Upon this hypothesis we should like to know
where the profits Of banking would come from, or
how long q single banking institution would
existi Mr.. Letcher says that "the cry of mo-
specie enough was raised when the independent
treasury systen WAS organized still tho friend.
Of the measure pressed it to adoption, and the re
suit has realized their highest an,icipations.'
Aud what anticipation has it rcalizedg Did w,
not see the government issuing millions Of lape1
money after the Independent treasury scheme wa
adopted and is it not now doing the same thin,
to keep aaoat, whilst with the aid of this mer,
representative Of money" it cannot keep out q
debt. but is every day p~lunging deeper into tht
mazes of pecuniary embarrassment
And this result too. notwithstanding the unex
pected and extraordinary influx of the preciou,
metal from California
To prove furthur the plausibility of his postu
late. and the entire practicability of collecting
the taxes in specie. Mr.. Lstcher refers to some q
the new States, especially to Mississippi. which
has, he says, collected her revenue since 1886, il
gold and silver.
Are the people Of Virginia prepared to follow
The example of repudiating Mississippi! Proba
bly,. if we should now wipe out our indebtedness
as Mississippi did prior to the time referred to b.
Mr.. 4eteher, we should then be able to collect tn
little revenue we might need in specie, and tina
without inconvenience to the people. But, to NEE
oA ohhNnJ oSuAs'6 oAPo"e0o, P'"''uS W. WI
interest on our public debt, and raise n sinkin
fund for it's final extinguishment, requiring mi
lions Of money annually, is a very different ma
ter. Moreover. the internal Improvements of vi
ginia have all been made at the expense of he
people, aided by the State treasury, whilst til
new States enumerated by Mr.. Letcler have r.
ceived aid from the Federal Government, b
whom, Rlso, the entire debt of Texas was assumet
1t Eas manifsstly disingenious then, in "hone,
John" % instance the practice Of these new State
- afording proof Of what Virginia could accom-
plish. when"tbe cases are by no means parallel.
We are persuaded that the attempt Of NJ
Lstsber TO palliate the blunder he first made i
hi attsck upon the Banks, and his expressed d
sssniaatisn 70 foroe. If possible, the collection
tk6alpspeps II specie. BY making an issue tetwee
thSsanGak2 Aad arraigning them against ese
ohlss,s N - ground that The old Banks ha
becSsbs 1ssipients Of peculiar favors from Il
State, Is an after-thought, designed to break Il