Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1829-12-31
Frsm thu Na'ionsl Journal ]
UNITED STATES RANK

Whether the hostility of the President to
| this Bank arises from the prejudice Of dotage.
or from OBSERVATION-DISCLOSURES and ignorance, Ger
| tain it is that his remarks have astonished
and COMPOUNDED his friends, and furnished his
opposers with more than they wanted.
After his usurpations of power, in creating
vacancies in the recess of the Senate, for the
purpose Of filing them with his own creatures;
after his determination to drive the poor In
dams into Punishment, against our most
solemn compacts; after hisproposed Judiciary
system, which viii destroy all contidcsce in
the exposition ofthe laws andihe Constitution;
after, in fine, his attack upon this independent
and coordinate branch of the Government
bis opposers had no necessity of this thrust at
the public credit ofthe cosntry as "A ground of
complaint The others were enough, III all
conscience, enough to arouse the alarm and
Indignation OF the public: yet he has, more
than six years before the charter expires, made
glatuitous assault upon the Bank of the
United States--when it is ~ full aud success
ful operation, and its credit stands high at
home and abroad: when are hold seven mil
lions of stock: when Others had invested in it
their private funds, under "A fun conviction
that its constitutionality and utility had been
conceded; was it well, was it patriotic, to
excite a universal alarm, and throw public
confidence INTO The ,ctlds
We hopeSthat our conjecturc IS groundiess,
that the substitute recommended Is to consii-
tute an office oil re,card. We trust that the
time is far distant, when the revenues of the
country are to constitute a fund to pay the
partisans of the ruling chief: yet, upon what
other foundation this "National Bank" is to
be erected, we are at an entire loss to per.
ceiye. To manage our revenues? Were we
without money, and would postpone the pc
Rod of national bankruptcy, thedcvise might,
at least, be plausible; but even then, the
Treasury Department might accomplish all
that was reqmred.s But the. President IS at
a loss how TO dispose Of our surplus; and
without regard to those who furnished it, he
would distribute it among the States, accor-
ding TO their representative population. In
this state of things for what earthly purpose
could National Bank, founded on the credit
of our revenues, be instituted, but as
system of favontism, and an engine oil political
power?
This Bank, as now constituted, feel little
Of the influence OF the Government. we
have seven millions only of its stock, and are
its debtors for that; upon it We are constantly
dependent for facilities in managing our IL
nancial concerns. Recent events have shown
that neither the War nor Treasury Depart
ments can manage it. The thing is as it
should be-the commercial interest controls At.
Is it the design of "the powers that be ITO take
it exclusively into their own hands? Let 1t
be remembered, that so soon as National
Bank is established, with the revenues for
its basis, and the management of its con-
Germs is exclusively in the ruling party, ty-
ranny Is inevitable.
The Government establishes ga National
Bank" for thepurpose OF borrowing or todasng.
We have no need to borrow, for our surplus
is already become embarrassing 1t IS then to
Loaf; to issue bills upon the basis of revenue.
The officers of this Bank are to be the in
strnnent of the party in power, and must be
| subservient TO the borrowers of that party,
| They would be removable at the will of the
| President Ii he were pushed hard in re-
election, the whole revenues might be hazar-
ded by loans to active partisans OF no respon-
| sibility. II party in power should erect thus
| engine of despotism, we might bid an everias-
ting farewell to liberty
| We repeat the enquiry, why IS the blow at
| this time aimed at public credit Have we
not pressure and embarrassment enough al
ready? Suppose foreign stockholders should
| become alarmed, and some twelve or fifteen
| millions be thrown at once into the market,
| the President would, by this dash OF his pen,
have created more distress and rum than he
I and his whole party could ever atone Tor: and
| when the Bank shall come to wind up its con-
| Germs, it must make immense sacrifices, es-
pecially Of its real estate, and the final divi-
| dend would sink low indeed
1t is probable, however, that President
| jackson did not know it was even in the Mes
sage. The scheme is too deep for him. Ills
! election has cost immense sums, and all the
offices he can bestow will not reimburse them
| If loans can be made upon the credit of the
revenue, these partsans will have ample funds
for the next campaign.
| Signs Of the 1Smss