Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-12-18
9 0 81 19UF1c IoM.
Foa TIE AARTINssURe GAZETTE
MIR. CALHOUN on THE CURRENCY

car science, there has been none in nv iudSe
ment more rePlete with that sagscity which
marks the statesman Of mature and ripened re-
hection-none more characterized by tempcr
talent, and profound thought, than t,,.s sneech d
the honorable Senator from South Carolina
In bold and searching spirit Of investigation he
has penetrated TO the source ofthat disease which
has spread distress and ruin through the country.
and with pencil Of light he has pourtrayed the
remedy which alone can remove the evil. Tia,
asPeech Of such transcendent ability and practi-
cal good sense should have been delivered in any
delibSrative assembly in this country, without
pfoi,ieiig t;s adoption of the measures which il
recommends, aus another TO the many lamen-
/ table proofs now before us Of the eutire subjee-
ION OF all the essential interests ofthe nation 10
the M. -,chinery Of party politics. So numerous
indeed are tl.e currents and under currents which
influence our poitica' system: SO active and per-
vading the spirit of intrigue IN the administra-
tion OF our affairs, that no public question, no
matter how vitality it may affect the happiness
Of the nation, can now be deliberate, Y consider
ed upon its own merits. Systems Of policy are
overthrow and established, as their rise or fall
may extend or diminish the force Of parties
parties formed upon the basis of personal ha-
tired or attachment TO men and the day is not
far distant when every interest worth cherishing
| in this great republic, is destined TO be engulph
ed in the vortex Of Presidential politics Me
| lancholy as tins picture is to every sincere pa
trIot 1t is nevertheless true; and consequently it
IS no matter of surprise That even the currency
aye the money OF the country" which as an
English statesman apty observed g was of no
party" has been appropriated TO The purposes Of
those empires who are using every thing to ad-
vance their personal designs.
II is the fortune, good or bad, of Mr.. Ca lhoun
to belong TO neither Of the great political parties
which are struggling for the ascendency in the
| country. To use his own language, " he is the
partisan Of no class, nor of any political party
| lie is neither of the opposition, nor of the ad-
mins'ration." This neutral attitude of Mr.. Cal
hounr proclaimed no doubt, for the purpose of
conciliating both parties, proved in lis result the
means OF propitiatng neither. The administra-
| ton had its purposes to accomplish, and SO had
the opposition. The neutrality OF Mr.. Calhoun,
was alike offensive TO both, and hence il was
| that philosophy, as profound as issued from
the lips Gilman, sustained by eioquence as chaste
and classic as ever adorned American Senate,
fell poweress to the earth, and with no effect
but that Of comforting Immortality of fame up
on the orator himself
1t is not my purpose to follow The eloquent
! IL, A. nc l.,
simply today before the public such extracts as
will exhibit in the smallest possible compass the
results ofhis rapid and sagaeious mind.
MIR. Calhoun very properly does not consume
any time in examining in the abstract what cur
remcy is subject about which there has been
much idle and vapid discussion-but he comes
directly to the enquiry; Yhat is the actual cur
neg Of the United States.2
He tells us ''that il consists almost exclusively
Of bank notes gold having entirely disappeared
and silver in a great measure expelled by banks
instituted by twenty-five distinct & Independent,
powers They are in point Of fact The MINT Of The
United States. They coin the actual money
(for such we must call bank notes. and regulate
its issues and consequently its value. IL we en-
quire as TO their number, the amount oftheir is
sues, and other circumstances calculated TO shew
their actual condition, shall find that SO rapid
has been their increase and so various theil
changes, that accurate information can be had
According 10 the latest and best that have
been able TO ascertain, they number at least fou'
hundred and fifty with capital Of not less thar
one hundred and forty millions Of dollars, witt
an issue exceeding Seventy millions; and The
whole of this immense fabric standing upon
metallic currency of less than fifteen millions o
dollars. If we compare the notes in circulation
with the metallic currency in their vaults, W.
We shall nd the proportion about sir to one; ant
if we compare the latter with the demands which
may b. made upon the banks, We shall fad tina
, the proportion about one TO eleUen. II we cx
: anime the tendency Of the system at this mo
!, ment. we shall find that it is on the increase
rapidly on the increase" Speech, PIP. 3.
Here at ouce is clearly revealed the cause c
,ha .oble aud flactu etins character of our cur
, renew A paper capital of Si45,ooo'ooo wit
an issue exceeding $40 ,oOO.V0o, resting upon
metallic curreccy of Sl5,0oo,o00 am we
!, aware, indeed, that this state OF things has bee
I somewhat changed since the delivery OF MI
' Calhoun's speech which was in March 1884, an
that the contraction oftheir issues by the banh
together with the influx Of gold since the passae
Of the gold bill, has materially altered the the
existing proportions between paper and specie
i, Still such ,cas the state Of the currency VINE
,e the late desolating blight passed over the land
and such without any change material TO the
cument, does it still continue. And can SUI
= a currency be sound? Common sense rcvols
il. AS wen might you in opposition to u
n, plaiuest lessons of experience, and the simple
~ rules of architectural science expect permaren
- and stability in column measuring at IT'S cal
:, ,al three times the diameter Of IT'S base l
ne the thing is impossible. Hence those eons''
vibrations Of the pendulum--those cxPansi'
and contractions of Bank issues, those irequ'