Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-30
I the disposal OF the Secretary Of the Treasury

at the disposal OF the Secretary Of The Treasury,
TO be kept where he Pleases.
Now, sir, do not think this Is a state Of things
in which the country is likely to acquiescc.
Mr.. President, the restoration ofthe depositcs
is a question distinct and by itself. IL does not
necessarily involve any other question. IL stands
clear Of all controversy and all opinion about re-
cbartcring the Bank, or creating any new Bank.
But ] wish, nevertheless, sir, to say few
words Of bearing somewhat beyond that ques-
ton. Being Of opinion that the country Is not
likely TO be satisfied with the present state Of
things, have looked earnestly for the suggest
ion Of some prospective measurs--somc system
to be adopted the future policy Of the country.
Where are the public moneys hereafter to be
kept in what currency is the revenue hcreaf-
ter TO be collected What is to take the place
Of the Bank in our general currency SYSTEM
How are we to preserve a uniform currency,
uniform measure Of the value Of property, and
the value Of labor, uniform medium Of exchange
and Of payments? How are we to exercise that
salutary control over the national currency,
VIII oh il was the unqucstionable purpose Of the
Constitution to devolye on Congress?
These, sir, appear TO me TO be the momcntous
questions before us, and which cannot long
keep out Of view. In this question, every man
in the community, who either has dollar, or
expects 10 earn one, has direct interest.
Now, sir, have heard but four suggestions or
opinions, as to what may hereafter be expected
or attempted
The first is, that things will remain 90 they
ars--ih, Bank be suffered 10 expire, no new
Bank created, and the whole subj CT LIFT under
the control Of the Executive Departments.
have already said, that do not believe the
country will ever acquicscc in this.
The second suggestion is that which was made
by the honorable member from Virginia (Mr
Rives) That honorable m mber pl dyes him
self TO bring forward proposition having for its
object to do away with the paper syst m altoge-
thar nd m In lie
cy.
40 not expect, sir, that the honorable men,
b'r will find much support in such undertake
ing. A m re gold and silver currency, and the
entire abolition Of paper, is not suited to the
times. The idea has something a little too an
tiquc, too Spartan, in il; we might as well III nix
Of going TO iron at once. II such a result as the
gsntleman hopes for, were even desirable, ] re-
gard its attainment as utterly impracticablc and
hopeless. lay that scheme, therefore, out of
my contemplation.
There is then, sir, the re-chartcring of the
present Bank; and, lastly, there is the establish
ment Of a new Bank. TIE first of these received
the sanction of the last Congress, but the mea-
sure was negativod by the Ir sid.nt The 9TH
er, the creation Of a new Bank has not been
brought forward in Congress, but it has excited
attention out Of doors, and has been proposed in
some Of the State Legislatures. ] observe, sir,
that proposition has been submitted for consi-
Iteration, by very intellig Mt gentleman, in the
Legislature Of Massachusetts,, rccommc ndng the
establishment Of new Bank, with the following
provisions
al. The capital stock to be fifty millions of
dollars.
SEQ. The Stockholders Of the present United
States Bank to be permitted to subscribe to an
amount equal to the stock they now hold.
'3. The United States 10 be stockholders to
the same extent they now are, and TO appoint
the same number Of Directors.
81. The subscription to the remaining fifteen
millions to be distributed to the several States in
proportion to federal numbers, or in some other
just and equal ratio; the nstalm"nts pay able Ell
ther in cash or in funded stock of the State, bear
ing interest at five per cent.
as. No Branch Of the Bank to be established
in any State, unless by permission Of its Legisla
ture.
SO The Branches Of the Bank established in
the several States, TO be liable to taxation by
those States respectively, in the same manner,
Banks.
IL. Such States as may become subscribers to
the stock, TO have the right Of appointing GER
tain number, not exceeding one third, of the Di-
rectors in the Branch of their own State.
''S. Stock not subscribed for under the forego-
ing provisions, TO be open to subscription by in
diyidual citizens"
A project, not altogether dssimilar, has been
started in the Legislature of Pennsylvania
These proceedings show, at least, conviction
of the necessity of some Bank, created by Con-
gress. MIR. President, on this subj ct have no
doubt whatever. ] think National Bank pro-
per and necessary. believe il to be the only
practicable remedy for the evils we feel, and the
only effcctual security againt the greater evils
which we fear. Not, sir, that there is any ma
gic in the name Of Bank; nor that National
Bank works by any miracle, or mystery. But
locking to the state Of things actually existing
around us-looking to the great number of State
Banks already existing, not less than three hum
dred and fifty four Misunderstanding to the
vast amount of paper issued by those Banks; and
considering that, in the very nature of things,
this paper must be limited and local in its credit
and in its circulation, conf SIS see nothing but
a well conducted National Institution, which is
likely to afford any guard against excessive pa
per issues, which can furnish a sound and uni
form currency to every part of the United States.
This, sir is not only question of finance, il not
only respects the operations Of the Trcarury, but
il rises to the character Of high political ques-
ton. II respects the currency, the actual mo-
ncy, the me asure Of value of all property, and
all labor, in the United States. If we needed
not a dollar of money in the Treasury, it would
still be our solemn and bounden duty to protect
tins great interest IL respects the exercise Of
one Of the greatest powers, beyond all doubt
conferred on Congress by the constitution. And
hardly know any thing less consistent with
our public duty and our high trust, nor any thing
more likely to disturb the harmonious relation:
VI cidtCss III All u BUSINESS anu liz
than for Congress TO abandon all care and contro
over the currency, and TO throw the whole mo.
ney system of the country into the hands of four
and twenty State Legislatures.
| am, then, sir, for Bank; and am fully per
suaded that to that measure the country mus
come at last
The que stion, then, is between the creation o.
a new bank, and the re-chartering of the pre-
sent bank, ruth notifications. | have alrcady
referred TO the scheme for new bank, propos, 1
to the Legislature of Massachusetts by Mr.
| White. Between such bank as his pro-
positions would create, and a re-chartering O
the present bank, ,oih mod fcations, there is nj
very wide, certainly no irrcconcilable difference
We cannot, however, create another hank be
fore March, 1886 This is one reason for pre-
ferring continuance of the present And, treat
ing the subject as practical qsestion, and look
ing to the state of opinion, and 10 the probability
OF success, in either attempt, incline TO the O.
pinion that the true course of policy is TO propose
a re-cbarter of the present bank, trith mod flea
| fiOns.