Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-20

pose Of throwing odium on the Govern
ment, and producing a persuasion, that,
lin The extension or the charter would be
found the only remedy for the mischief.
\ That II would not hesitate to- do so, the
President believes-that it ought not to
have an excuse for doing SO, the under
signed is certain.
i 1t is, indeed, mentioned, in the letter Of
the President, that the United States
Bank will not be able 10 effect any such
purpose. But the undersigned is not sat
isfied, that an institution with so large a
lcapital, with branches at so many impor
tant points, acting with one accord, and
for single end, with specie equal TO half
its circulation, has it not in its power TO
affect the operations Of local banks, with
, specie equal to about sixth OF their cir
culation only. Ii the Bank is really so
harmless as this part of the Presidents
{ letter supposes, then the alarm that the
{ Undersigned has at all times entertained,
2 at the existence of such a power, is I'm
founded, and one of the most serious oh
i, jections TO the renewal OF the charter il
], ohviated. But the undersigned is not able
{ TO arrive at such a conclusion: he is con
G WINGED, that it is in the power Of the Unit
e ed States Bank, so organized and so Sc
cured, gTievously TO affect the local banks,
( and the community; the undersigned thinks
; that the trial ought not TO he made.
! Beyond doubt, the power OF the United
States Bank TO control the local banks,
and, through them, masses Of the people,
and. through those masses, some of the
constituted authorities of the country, is
q of nd 70
excite alarm. But the very existence oil
, such power teaches extreme caution
such an adversary should gain no advant
: age from an abortlve experiment to limit
IFS influence.
: The struggle to be made is not to see
which can do the other the most harm
: the Government or the Bank The Gov
t eminent has but one duty to execute, &c
!. inform the people and their representa-.
I tives of the apprehended danger. II is
# not called upon to MAIN the Bank, lesi
: the Bank should master the country. IL
c any attempt to MAIN, the agents Of the
o Bank would be those most Likely to es
e cape; the wound would be felt in the cot
l. tage of the farmer, rather than in the pal
J. ace Of the banker.
: On the other hand, if the suggestion o
The President is sound; that the United
!, states Bank dare not operate oppressive
! ~, because the State Banks, having Gov
j eminent deposltes, might run upon The
: branches, then there is check at al
j times in the hands Of the Government; anc
e the Bank, during its legal existence, vii
be careful not to do or omit what nigh
e warrant total remova. of the depostes
ha D. L.,
n presented by some of the local banks a.
an engine so powerful as to be an obiec,
!, oil universal alarm, and, the next moment
t so utterly feeble, that, by the simple ope
8 ration OF treasury order, the entire
/, branches may be broken up one after the
E other, and the paper flung upon them in
D masses, which they will not be prepared
TO redeem! Which of these is the true
picture? II treasury order has such tai
isEianic Influence, can there be better
pledge for the safety of the public depo
sites? But, if it has DO such power, is it
discreet to commence the war? In all
such calculations, as those referred TO.
} the Ringing bank masses of Bank paper
and breaking up the branches, are items
|. that seem to have caused no compassion
for the ultimate sufferers. 1t appears to
J have been forgotten, that large portion
oil the good and pure people OF the land
would be ruined-and why ruined? Be-
cause the Government of their country
had put the power to ruin them into the
hands OF corporations, intent alone upon
their own aggrandiZemenn Whether il
is wise to make such experiments, the
undersigned, with confidence, respectful
ly submits.
He submits. with confidence. because
he knows the purity of the Presidents
purposes, and that he will not press for a
measure, TO say the least of it, of doubt
ful and portentous character, He is not
at all surprised that excitement should
exist; 1t is almost unavoidable on the part
of those who are pure themselves, and
who sincerely believe that they see impu-
rity IN others; its existence is even honor
able TO those, who, TO avert catastrophe
really apprehended, are content TO incur
some risk on their own part. No one can
imagine that the President can have had,
or can now have. any other than the pur-
est intentions; his apprehensions are sin
cere. not Fictitious; bat still the appre-
tensions that are entertained, warrant
those measures only, which will bear the
cool examination of the future historian.
rather than the test Of contemporary feel.
ing. II is Of such measures as are now
proposed, that history will be the record.
1t will be 10 the adoption or rejection of
them that public men, in after times, will
look for examples. 1t is all important,
therefore, that the most exalted ground
should be taken, when about TO direct
movements that will be compared with
the past, that will affect the present, and
te an enduring guide in future.
The President, indeed, seems to think
that he is but oheying the will of the PEG
pie; he believes that his veto message be
came the deciding as well as dividing
points at elections. But the undersigned
rs unable TO concur with him, that his
election was the result of a contest ON
that point. In many parts of the Union
the Bank question formed no part of the
materials of dispute; in others, many
friends of the Bank voted for the Presi
dent, and every where, thousands voted
Tor the same reasons that had induced