Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-02

cupation of the undersigned justife
them in stating their conviction, that
is owing in great degree to the judi
cious operations of that Institution, tina
] for ten years past our moneyed system
has been so perfect-and that whether
its solidity, its. adaptation to the want!
ofall classes of the community, its ia
cilities for internal commerce, and it:
protection against the vibrations of TO-
reign trade, be regarded, it has no SUI.
perior in any country. II is, therefore
with deep regret, that the undersigned
are now constrained to inform Cen.
gress that, in their belief, this system,
with the signal prosperity it has pro-
duced, has undergone a sudden and
painful change. The moneyed opera.
tons of our commercial cities are al.
most. at a stand: the commerce be.
tween the States is again laboring un-
der tax, which must continue in
creasing, of loss of all its exchanges;
the circulating medium already begins
to arrange itself on the scale of depre.
citation; while in the train of these
evils, and not far behind them, may be
apprehended a general abandonment
of specie payments.
In looking for the cause of this state
of things, the undersigned feel no diff
Guilty in naming that which is at once
obvious and adequate. On the LIST of
October last, the whole moneyed sys.
tenn of this country commenced total
change. To the eye of a common
observer, it seemed to be the mere
transfer Of the public revenue from one
Bank to many Banks. But it was, in
fact, the DISCRIMINATION of the whole
moneyed system, and the whole reve
nue. system of the country. Until the
LIST Of October the revenue paid by the
whole country was dffused by the
Bank and its branches throughout the
whole community, to be used for the
support of the industry Of the whole,
and gently recalled when needful for
the service Of the whole; while the
Bank, as the common friend of all
sound State Banks, uniting with and
sustaining them, was enabled to supply
an adequate circulating medium from
its own resources, and to preserve in
uniform and sound condition the issues
of the State Institutions. Now, the
public revenue is no longer diffused
the whole Union, it cannot
even be advantageously used where it
is collected; and the Bank of the Uni.
ted States, whose expansive power and
credit have been so frequently employ
ed to relieve the community, must look
necessarily and primarily to its own
security.
Happily for the country, the remedy
for this distressing state ofthings is as
evident as the cause of it. The un-
dersigned do not hesitate to express
their belief that as the removal of the
deposites Of the United States from the
Bank of the United States, is the real
cause Of this distress, so the restora-
ton of them to that Institution is the
real, and will be the cffectual, remedy
for them. With a view to remove
from that measure all reasonable ap.
prehension, the undersigned venture
to request, that the deposites of the pub
lie revenue now in the State Banks
should remain pith those institutions,
until mithdrawn in the course of the
public service, or as the ,eisdom Of Con-
gress may please to direct; but that
hereafter the accruing rerenue Of the
United States should be collected and
deposited in the Bank of the United
States.
And your Memorialists will ever
pray.