Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-04-10

them. IL the existing Bank had been per.
mitted to die a natural death, and the
term allowed for winding up its affairs
had been extended from time 10 time, its
debtors might have been able TO meet
their engagements, if not without incon.
venienee, yet without sacrifice and ruin
The attempt to antedate its doom, 10 des
troy it suddenly and violently, has pro
duced the natural consequence: state O
ronvulsion that distorts and racks ever,
part of the body polite. Let gentlemen
remember the amount Of debt due in tn,
western country TO the Bank Of the Unit
ed States; let them reflect on the vast pro
portion of fixed landed capital, compared
with the active money capital, of tina
conntry-and then let them ask them
selves. whether any people on earth will
or can, reasonably be expected to abide
with patience, the sale of their property
Of their very dwellings, under the ham
mer OF the auctioneer, when, for want o
sound currency, it must be sacrificed
in order to pay debts due TO the Bank o
the United States, in which their direc
interest as stockholders is comparatively
trivial Whether it DO not nnwise anC
cruel TO put the patriotism of any people
! to such test, events rapidly approach
: ing may serve TO show. The love OF The
Union is founded on a just sense OF its
advantages to all: the loyalty OF free
people to government is, as il ought to DC,
founded in a perception Of its blessings,
and must cease when it becomes curse.
| might look to other parts Of the Union
which present the danger under differ
ent aspect; but will not pursue the sub
ject, which, indeed, was loath TO touch.
If the alternative shall be presented, whe-
Their the charter Of the Bank shall not be
because it is uncon stitutional. or
The Union, and with it of course, the
whole constitution, shall he put in jeopar
1y, the people will weigh the subject with
anxious care and deliberation.
If it please God to spare me life, and
the possession Of my faculties, the People
Of Virginia shall understand all the altern-
itives likely to be presented to them.
rney must decide. When the question
shall be, whether a vital and permanent
change shall be wrought on the iunda-
mental principles of our institutions-whe|
her, in effect, any thing shall be done or
omitted, the doing or omission OF which
shall lead to revolution-thc determine.
ion shall not rest on my sole responslbi
ty: it shall rest on that Of the sovereign
State to which belong. AS citizen,
may advise, dissuade, oppose; but, in the
end, | shall not be able to discover myself
rom her. | follow her destinles; stand
,y her in all events.
Mr. Leigh, in conclusion, makes the follow
ng forcible alusion to the visionary plans which
loaf through the brain of President Jackson;
The recent disclosures have convinced |
ne, that broader metallic basis than now
exists, is absolutely necessary to sustain
our extended system Of Bank credit and
Bank paper currency; and can readily
see that this may be partially effected by
State or Federal egislation-wise, judi
cious legislation but | must protest a.
eainst the power Of the President to &C
complish such an object, however desira-
bile. | make the remark, because the
President told one Of those committees,
that recently waited on him with memo
riaIs, that He meant to restore metallic
medium of circulation TO the country; and
that in order to do this, He proposed,
first, to stop the circulation of all notes
under ten dollars, by placing the public
deposites in such State banks as would is
sue no notes below that denomination, and
by prohibiting the receipt, in payment of
the revenue of the notes Of such banks
as should issue smaller notes; and that,
afterwards, like process would be en-
ployed to put out Of circulation all bank
notes under the denomination of twenty
dollars. That he should think the Execu-
tive power competent to adopt and enforce
such system of policy, could excite nc
mans surprise.
But what | am going to mention IS very
remarkable, and it is equally remarkable
that it has not hitherto attracted the leas
notice. The President being asked wheI
he intended to commence the execution @
his plan, answered, no. till after the ex
piration of the charter Of the Bank of tn
u. s. Il am only stating the substance
Of what he said, from memory Now.
wish to have il observed, that as the char
ter Of the Bank will expire on the Is
March, 1886, and the PRESIDENTS tern
Of office ends on the 4th March, 1887, eth
er he designs to accomplish this dificu OF
ration of restoring a metallic medium o
circulation within the short space Of on
year; or he intends to be reelected for
third term. and perhaps for another tern
after that: for the probable duration of hi
life will hardly be equa, to such work
, do not affirm that such are his designs
but he has taught me to note his words
and to compare his subsequent conduc
with them. His words are often proter
! tous. We have no light by which we ca
discern the issue Of the present state {
things, but that which corruscates fror
his mansion; and that is like flashes c
/, lightning, in dark night, serving only t
r show US precipices, dangers, and horror
all around US, but no road by which "
can hope TO extricate ourselves from then
Must the earth quake, before the Peopl
cease to sleep?
More ConsiStency.-The U. S. Ban
must be put down because part of it
capital is held by foreigners; and 9Th
government" of Pennsylvania, fey
days ago, took its stand against tn
Bank for this, among other reasons
, lSince which time the Sametpoyernnlent