Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1823-08-14
Total Officers,
KENTUCKY CURRENCY.

Ahc htHluChJ hepoflef gives US q
most shocking picture of the financial
concerns of that state. We will pre-
sent the main facts in their due order:
Fact No. I've understand that Mr..
Wickliffe, in a powerful address in the
market house on Monday last, observed,
that the people were indebted to it for
defamation and stump etoquence, but
that too many relief speeches had been
paid for in adUance - the Treasury being
as he had predicted last year, actually
iasoirenH Such is indeed the fact. We
have it from an unquestionable source,
that there is not even paper dollar in
the Treasury; but, on the contrary, the
Treasurer has overdrawn, from the Bank
of the Commonwealth, tloenty three
thousand nine hundred and ainety-sir
dollars, serenteen cents. Sowe 90.
Fact No 2.-In neighboring coun-
ty, case like the following, we are in
formed, lately became matter of record ::
A poor man issued on a note of twelve
dollars, credited on the back, by six dol
lars received There was proof that
the SIX dollars were paid in paper, and
the magistrate said he was bound to con-
slider SIX dollars, six dollars, and as pa
per was worth two-for-one, the amount
of the note appeared to have been paid,
and accordingly gave judgment for costs
against the plaintiff
Fact No. 3.--If a man refuse to nav
his bond, judgment can be obtained a.
gainst him for one halt only, and thus
he clears fifty per cent By being sued. If
he prefer not paying even one half of his
Justdebt m Commonwealth paper, he can
replevy two years, and at the expiration
OF two years, he may send his creditor
to seek wild lands-provided, the relief
Legislators hold the scales of justice two
years hence.
Fact No. A. The .appraisement La,c.
This is also part of the "system,'' but
where it comes in we do not exactly
know. The whole is, however, so dove
tailed that the system would not be COM
plete without it. The poor debtor can
give his house worth ten thousand DOL
lars, to the relief commissioners, to be
appraised in their estimation twill pro-
badly be valued at $4,000, as it is to nav
the mechanics 5000 dollars for building
it and finding materials. The claim of
the mechanics being for six, the iudg-
ment OF the COURT three thousand. The
house must sell for twelve thousand.
(three- tourths the valuation) or it can
not DE sold. The Sealing system" here
operates inversely. 1t reduces the de-
mand of the poor mechanics one hall,
but aduances the value of the rich debt
or's house when it is to be sold. We
cannot imagine how such law as this
can be viewed in any other light than as
nuisance-to abate which, we hope all
honest mechanics will unite on the first
Monday of August.
Fact No 5.-We hear every day in
dustrious, intelligent, worthy people say,
Commonwealth money, bad as it is, is
better than nonsi Good hard money cir
culates in every country in the world
where there are no laws to prevent it;
and even where there are such laws, the
value OF the medium is based upon hard
money. Every body knows, for exam-
pie, that it is the hard money in Kentuc-
ky that causes the circulation of Com
monwealth money. The market price
of rags, changes and fluctuates from day
TO day, because more or less hard mo-
ney can be had at different times for the
same nominal amount of rags. Ex-
change is now 100 per cent. advance; it
therefore requires two hundred dollars
OF Commonwealth to buy one hundred
good money.
This ought surely to warn legislators
not to attempt more than they have the
means of accomplishing. Here are two
distinct currencies, one authorized By
the state, and the other by all the civil
lied world Marx The consequences
Ofsixty three vessels which arrived
at The port of Havre during May last,
IS were French, % American, and z
BRUSH. The American vessels we've
all from the United States, some with
argoes OF native produce, others laden
with colonial produce
BY late arrivals at New York. il ap-
aears that there is 10 account of fresh
piracy on the coast OF Cuba.