Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1815-04-06

| the other tax to one year after the war
The calculation nevertheless, was, that ali
! the war expenditures might be betrayed by
| loans and to doubt it, was to want patrio.
ism. At first, the government, coming
| into market in good credit, and finding
here a surplus capital which the war had
brown out of employment was able TO
procure loans on reasonable terms. But
| the more they borrowed, while there were
no means of repayment provided. the worse
became their credit-and the more they
borrowed, and the longer the war con-
tinued, the fewer persons could be found
able to lend The prospect of extravagant
gain, however tempted several banks and
speculators, who were not in a fit cendi
ton to make large advances, to come for
ward with proposals for the new loan; and
their terms, though most extravagant and
usurious, were greedily accepted In the
nature of things, such course could not
continue long. 1t accordingly found It's
termina ton in general explosion of pub
lie and private credit The government
was unable to borrow on any terms, and
tn ose who had lent the government were
unable to meet their private enga gements.
All the banking institutions south of the
Hudson, dishonored their own paper and
the treasury was obliged to protest the
most sacred demands of its creditors
This alarming and disgraceful state was
brought to completion, soon after the
commencement of the session. The prin-
cipal remedies suggested for it were, re-
sort to a vigorous system of taxation, and
the establishment of a national bank To
4 IL 1~~4L 6 .
propositions advantageous bat in relation
to each Of them, notions seem to obtain,
that were in my judgement utterly wild
and extravagant The taxes proposed,
which were to be without liritation as to
time, and nortgaged to the creditors as
security for the principal and interest of
their debt, exceeded the ability of the pee
pie to pay during state of war and block
ade while there was no commerce, nor
price for the products of industry. 10
most Of them therefore, particularly to the
eXorbitant direct tax, and the taxes on the
most necessary manufactures, | could not
yield my assent-such as seemed TO me
least exceptionable, | found myself bound
to vote foi. In regard to the bank, | had
no doubt that bank, on correct principles,
might be rendered salutary to the govern
meht, and convenient to the nation. A
portion of its capital being made to consist
either of treasury notes, or of stock here
after to be issued, would operate SO far as
a loan to the government on the most be-
neicial terms. The bank might be advan-
tageous in anticipating the receipts of taxes,
and eninently useful in safely keeping and
cheaPly transmitting, from place to place,
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sound medium of general circulation, and
might be made to foster and cherish such
of the state banks, as were honestly anxious
to retrieve their affairs Under these i'm
pressions, and with these views, | Jealous.
ly co-operated in endeavoring to effect such
an establishment. One of the plans which
supported, failed in the house of represen-
tatives-another, passed both branches of
the national legislature, and then was re-
jected by the President. His reasons are
before the world, and are assuredly entitled
to great respect--truth, however, requires
Of me to say, that they ;iave not convinced
me of the error of Congress The plans of
a bank which the President preferred, and
through his minister of the treasury propos-
ed were based on a scheme which my
best judgement condemned.
Without designing to repeat my objec-
lions already known to you, will only say
that thought it calculated to impart an
artificial and temporary value to a portion
of existing stock, to the exclusive advan-
tage of its holders, and to the injury OF
other public creditors, and Of the govern
ment-to impose on the nation heavy an
nual charge, and to put into the pockets of
spectators an exorbitant profit for manu-
featuring government securities, in the
form of bank notes--to sinh; still lower the
public credit by partnership with a cor
poration whose very charter stamped upon
| it the character of insolvcncy-and to in
crease the already intolerable evil of de-
preciated currency, by pouring on the
| country flood of paper, which was neither
money nor the representative of money
Congress refused to sanction any of the
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