Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1833-12-19

for the whole supplies OF the other states.
When the distant merchant 10 thus in
formed that New York bank notes will be
taken at par, he Immediately informs his
customers, that If they present him those
notes, they will be received IN discharge
Of debt at par, to the exclusion OF the pa
per of the Farmers Bank Of Virginia,
which must sink to five percentum below
par, even in Virg,nia-as they will not
bring more in commerce. Our farmers
and our planters will in due time be m
formed, that the Bank notes Of Virginia
will not be received except at discount,
in discharge Of their debt: and in pay
ment for their flour or tohacco, If any
notes are paid them which are not at par
in the deposite Banks Of New York, the
price must be low in proportion to the
scarcity Of the notes sought, or they are
paid 10 their own deprecated paper.
BY this means the notes Of the New
York Banks will soon supersede the notes
Of the Banks Of Va. and by the system
thus established six per centum per an
mum, will be paid TO those dependents OF
the Treasury, upon the whole commercial
transactions of that city, perhaps amour.
ting to a sum almost equal TO the com
merce OF that city.
Nor is this all-this becomes political
engine which is welded by The Secretary
of the Treasury, who by this agreement,
is authorised 10 send one or more agents
TO espy into the condition Of the Bank
and report as he may think proper, OF
Banks in which even the commonwealth
itself is interested-and such is the nature
of the agreement between the Secretary
of the Treasury, and the Bank Of Virginia
and its office at Norfolk, that they have
actually agreed TO pay Gan adequate pro
portion" of the expenses OF the Secretary's
Agents, whenever he may think it neces
sary to dispatch one, and acknowledg
themselves "in the service Of the Govern
meni;" they also agree to make weekly
returns Of their accounts, and permit the
Secretary or his agents TO make examlna-
tons whenever he please--a privilege not
heretofore deemed necessary by this com
monwealth, which has SO deep an interest
in the Bank itself
BY this agreement, many evil conse
quences must arise-'The Bank Of Virgi
mia, agrees to give collateral security for
the safe keeping and honest disbursement
of the United States money, whenever the
deposites shall exceed one half Of the CAPT
tai Stock Of said Bank actually paid in
and when the deposites does not exceed
one bali of the capital, they are required
to give collateral security, whenever the
Secretary Of the Treasury may think pro-
per to demand it.
The Bank of Virginia and its office al
Norfolk. being thus under The surveillance
of the Secretary, it is bound by This ar.
rangement to submit itself to his inspection
by any one Of his agents whenever he may
think proper to despatch a friend, who
receives his guerdon from the Banks for
this act of duty. He is also at liberty TO
TO Withdraw his favor and dismiss this
Bank from his service, whenever he pleas
es. The credit of Bank employed upon
these terms, cannot otherwise than be in
jured, whenever the Secretary shall with
draw his countenance, which will be sup
posed was done on account OF insecurity,
and if required to give collateral security,
il may not be easy TO determine how it can
be done, or what it shall be. This ar
rangement is mate upon the happening oil
a certain contingency, security is 10 be
given for the safety of the United States
money, whilst heretofore it has enjoyed
the confidence of the Commonwealth, in
being the depository in part of her funds.
This arrangement is well calculated to
subject all such banks to the control oil
party machinery. and enables the Secre-
tary Of the Treasury to curtail the accom-
modations OF all who do business at such
banks, and induce loans TO others who
have not heretofore been SO readily &C
commodated; as the Secretary has already
desired some OF the Banks in his service
to accommodate literally those who have
duties to pay. Nor can such an arrange.
ment otherwise than have an injurious CT
feet upon the paper and stock of the Far
mer's Bank of Virginia, in which the
Commonwealth also has an interest, by
giving a preference to the paper Of one
Bank over the other, which consequently
must be sought to the exclusion, in a mea
sure Of the notes of the other
I'VE omit in this place large portion of thu
Message which consists of little more than al
argumeutative criiiqis upon the doctrines of tn,
Presidents Proclamation of the ION of Decem
Der, 1882. The subject has been fully discussed
and we dare say most of our readers would b.
unwilling to wade through four or five columns O
old arguments upon a subject that has lost mos
of its interest.-Rich. Comp.I
The time has arrived in the affairs O
the confederacy when with firm ant
steady determination. the people ought t.
Investigate the purposes Of the admins
tration of the Government of the limited
States, that the gain may be ascertainee
which has accrued to liberty, when W,
are told the representative of the Roya
Government insists upon the power to use
arms as did their prototype, to subdue al
who ask for justice and relief from tyran
meal oppression. Let US enquire. wheth
er we, under this representative of Royal
ty, possess the right Virginia claimed fol-
herself in l716-and pause to examine
with care and scrutiny the effects uDoU