Lynchburg Virginian

THE BETTER CURRENCY.

From the Philad. National Gazette

During the monetary system of the great and good Washington, in twenty years which intervened between the charter of the first national Bank in 1791 and its expiration in 1811, there were made only 89 banks.

During nine succeeding years, in consequence of the abandonment of the Washington policy, there were 219 State Banks created.

During ten years from 1820 to 1830, within which the Washington policy was again in successful operation, only 12 State Banks were created.

But during the seven years in which Jackson undertook to reform the Washington system, there were 357 banks with 146 branches created, for the most part by States in which the ruling party were predominant.

In this same period there was an augmentation of Bank Capital of 179 Millions.

of Bank Notes of 124 Millions.

of Bank Deposits of 69 Millions.

of Bank Loans or Discounts 320 Millions.

Under these circumstances is it wise to abandon the policy of the Father of his country and the lessons of experience?

During the periods in which the Washington policy was preserved, your currency was excellent.

None of those defects in it of which you now complain existed. No doubt but Jackson was as competent to fight a battle as Washington, yet as a statesman and as a financier you cannot but admit that he was inferior.

Jackson promised you a better currency than that of Washington. How have his promises been performed either by himself or his successor, who is pledged to carry out the Jackson policy?

It it was not the duty of the general government to regulate the currency, wherefore did Jackson undertake to make it better

But if it be the duty of the general government to regulate the currency, is it not inexcusable in the administration, after throwing our monetary concerns into confusion, to adopt no adequate measures to remedy the mischiefs which they have perpetrated?