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

States, and ask your earliest attention TO
this subject; so vitality connected with the
prosperity Of our citizens, the interests Of
ibis Commonwealth, and the success Of
all our undertakings.
The constitutionality Of the Bank Of the
United States in this case, is not mat.
ter OF discussion; and every citizen is en-
titled to his own opinion on that subject,
as the States have not thought it necessa-
~ or expedient, as sovereigns. TO express
an opinion in relation TO it. Legislatures
whose powers are limited, II 10 true, nave
done SO; but they are the agents oil the
sovereign people, who, when they exer
else their power, winch mas no mn'''' 90
in a convention Of themselves. Therefore,
whatever opinion may be entertained by
the Legislature or People Of a State, we
are bound to regard that Bank as entitled
to all the rights and privileges conferred
upon il by law, until competent tribunal
shall declare its charter inconsistent with
the provisions Of the Constitution Of the
| United States.
Without any intention TO refer to the
constitutionality Of its creation, we must
now regard the interest Of the citizens OF
this Commonwealth, which is greatly in
voved in this transaction; and may lead
TO lasting embarrassments and injury and
may even affect the interest Of the Com.
monwealth, so far as her pecuDiary con
neciion exists with the Banks Of this State.
This arrangement is Of a character
which will enable that department to car.
ry on a system Of espionage throughout
the Union, and ultimately fill all our mo-
MED institutions with partizans and para
sites; looking TO the Federal Admistra-
ton. rather than that of the Common
wealth, and the due accommodation Of
the mercantile part Of the community and
farming and planting interests of the coun
'Itry, which will soon subject the whole
moDied operations Of the country TO the
will and control Of the Federal Admins
tration. BY the system now organizing,
Banks are Injured or sustained by the
value which the Presidents Secretary
thinks proper TO give to their notes; the
notes of the Southern or Western Banks
are put up or down. as he may order them
TO be taken or refused in payment of pub.
lie dues. The agreement thus entered
!. into, may be dissolved. and the Bank dis
charged from the service Of the Govern
ment' at his pleasure-and, presume,
new arrangements made with other Banks,
whose flexibility may be more obhquely
useful
The effect Of this system will be so ru-
nous TO the interests of the country, par.
ticularly the Southern s. Western States,
that no effort ought 10 be spared 10 de
feat it, and avert the calamity. All the
money--all the arrangements Of com
merce. the value Of the paper Of all the
Banks Of the United States, and, in some
measure, the price of all the products Of
agriculture, will be at the mercy Of the
President, or his Secretary. subject to
their will
BY the removal Of the deposites from
the Bank Of the United States, TO the
Banks elected by himself, the ultimate ef
feet must be TO give TO the paper of the
favoriie Banks, a greater value than o.
Their Banks-since it will be sustained by
the Department Of the Treasury, and f,
therefore, more current. This will place
the whole commerce Of the Southern and
Western States, and all the debt of those
States, at the mercy Of two or tire Banks
in the City of New York, managed by
friends and lavorites Of the Secretary Of
the Treasury. A very large proportion
Of the imports made into the United States,
is entered and paid at the port Of New
York, perhaps many millions annually, Of
the whole revenue of the Union. This
sum is deposited in those Banks, man.
aged by merchants or other friends IN that
City, who determine to substitute the
notes Of their Banks, for those of the u
nited States Bank, and lay the whole
mercantile community Of the United
States under contribution, who, for self
preservation are compelled somewhat, to
aid the scheme, and in doing so, insure
the States Bank which necessarily lessons
the price Of produce when brought to
market by the farmers and planters.
A merchant in the South or West, will
find himself, once year. If not oftener,
obliged to enter the market at New York
for the purpose Of merchandise for the ne
cessary supply Of his customers at home
for a part Of this purchase, he is, in the
usual course Of trade, compelled TO give
his bond payable in, say one year from
the date-this bond, according to the
laws Of New York, will bear an interest
Of seven per centum per annum, and when
all the debts OF all the merchants of the
States are included, will amount to many
millions annually, The merchants and
others who owe the money, III the mean
time, transport these goods TO the West
and South, and sell them TO the consul
mers who are their customers, and take
their obligation TO pay at the period their
own debts become due in New York
These bonds by the Laws of Virginia,
and it is believed most others Of the South
ern States, bear an interest Of six per
centum per aDnum, which at once is an
annual balance in favor Of New York OF
one per cent upon many millions of debt,
levied upon the West and South.
When the merchant returns TO dis.
charge his bond, or even to pay for the
merchandise then purchased, and shall
produce bis money for that purpose which