Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-12-18

only last years page oil history, tnat the
president himself " assumed the RESPONSE
biity" of removing the public money from
the bank Of the United States to bring its
further disposition within the control Of
his veto, and thus absolutely and undenl-
ably wrested from congress The power
which he now declares TO belong 10 them
alone-a power which they bad solemnly
exercised in the act Incorporating the
bank. An ounce Of practice IS worth
pound Of theory. says the proVerb.
As to the recommendations Of the mes
sage, touching the bank, it is hardly neces
sary to say that they are such as, almost
without exception, congress cannot pay
any favorable regard to without an entire
disregard Of public faith, and an utter con
tempt Of all the requirements OF justice as
well as the inducements Of expedlency.-
That such is the impression made on the
public mind, by this part Of message, IS
proved by the fact, stated in the eastern
| journals, that the accommodation oil THIS
course Of measures, with the new charge
of Murder which has been got up and SUI
peradded TO the old counts in the annual
executive presentment Of the bank, has
not affected the price Of the stock OF that
institution single dollar
The feivent hope is expressed, 10 The
message, however, that those who have
heretofore favored the establishment oil
substitute for the present bank, will be IN
duced to abandon il, as it is evidently bet
fer 10 incur any Inconvenience that may he
reasonably expected, than to concentrate
the whole moneyed power Of the republic
IN any form whatsoever, or under any re-
stTictions.n
The only suggestions, that we recolect,
OF substitute for the present bank Of the
United States, have been made by the
president of the United States himself in
his first annual message to congress, in
which he submitted to the wisdom Of the
legislature whether national one, found
ed upon the credit of the government and
IFS resources, might not be devised, which
would avoid all constitutional difficulties"
&c.-but more specifically, in his second
annual message, dec. 1880 which,
after two years observation Of the mis-
chiefs and dangers" of the bank Of the u
States, he again calls the attention Of con
sress to the approaching expiration Of the
present bank charter, and presents them
with the following remarkable projst of"a
substitute for the present bank" which he
then thought not liable to objections sit
is thought practicable 10 organize such a
bank, with the necessary officers, as a
branch of the treasury department, based
on the public and individual deposltes,
without power to make loans or purchase
property, which shall remit the funds Of
the government, and the expenses Of which
may be paid. if thought advisable, by al
lowing its officers to sell bills of exchange
to private individuals at moderate pre-
MUM. Not being a corporate body, hav-
ing no stockholders, debtors, or property,
and but few officers, it would not be OBJ
noxious to the constitutional OBJ ectious
which are urged against the present bank
and having no means to operate on the
hopes, fears, or interests of large masses
of the community, il would be shorn Of the
influence which makes that bank formida
BILE. The States would be strengthened
by having in their hands the means of fur
nshing the local paper currency through
their own banks while the bank Of the
United Stntes. though issuing no paper,
would check the issues of the State banks,
by taking their notes in deposite, and for
exchange, only so long as they Continue
to be redeemed with specie. In times of
public emergency, the capacities of such
an institution might be enlarged by legis
iative provisions
In his annual message Of December,
1881, the president referred to and renew.
ed the above recommendation and in his
veto message, of July. 1882, he lays ii
down. distinctly, that "a bank Of the Uni
ted States is. in many respects, convenient
| for the government and useful to the PEG
pie ;" and clearly intmates that, had the
executive been consulted, a bank might
have been devised such as would meet his
appreciation. Thus. from the time Of hi;
accession to the executive chair, unit
within the last year, the president was o
opinion that bank. Of some sort, was ;
valuable if not indispensable agent in thu
administration of the fiscal affairs of th'
country. But, at that time, (risum tenea
lis amici p the bank of the Udited States
had not committed murder! 1t had only
been guilty of lese majesty, 10 refusing Il
be the supple instrument of political ca
bal and, under a more pure aud virtuou
direction, such as the Kitchen Cabine
would have selected. would have great,
added to the glory and honor OF the Chic
who now commands.