Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-06

} = That the law creating the Bank ofthe Uni
TED States, was IN his opinion uncons titutional
That no power 10 create National Bank wa
conferred, or intended TO be conferred by III,
iSonsutuuon-Ihat the provision by which Con
gress was authorized to regulate the currency
had reference only 10 domestic and foreign coin
and not 10 paper Of any description.
4. That having made up his mind irrevocabl,
upon all these points-Aadreto Jackson never
would restore the dcposites TO the Baak--An-
oretc JACKSON would never rcchartcr that monster
OF corruption-That neither persuasion nor cocr
cion; nor the opnons Of the people, nor the voice
oil the Legislature, could shake his fixed deter
| mination--That sooner than consent 10 restor,
the deposites or rechartcr the Bank, he would
undergo the fortunes of ten Spanish inauisitious
that sooner than live in n country where such ,
power prevailed, he would seek an asy lum in the
wids OF Arabia.
| 8. II was announced by the President that he
meant TO continue the present system Of collect
ing the revenue by the state Banks, until the cx.
pertinent had been fully tried, and al all events
until the expiration OF the charter Of the United
States Bank. That he had no doubt OF the success
ofthc experiment, nor that the State Banks would
answer all the purposes OF the country. That he
would furnish the country with good, nay, a
better and more solvent currency than that Of the
National Bank. That he had early foresecn aud
provided against the inclination OF the Bank Of
United States TO crush the State Banks, and that
has interpostion alone had saved them from ruin.
That he would continue to protect the State Banks
by all the means in his power.
o. The President admitted that considerable
distress had followed the action Of the Govern
mcnt in citation TO the dcpositcs lie had never
doubted that Brokers, aud Stock Spectators, and
all ,rho ,oere doing business upon borrowed capi-
fal would suffer severely under the effects OF the
measure, and that all such people ought TO break
The foregoing paragraphs are believed TO con-
tain all the important ideas expressed by the Pre-
sident, in the first part OF his discourse 10 the de-
legates. In some emphatic expressions his Ian
guage is accurately preserved, while his hume
rous rcpetitions of the same idea in different
words, which served unnecessarily to prolong The
interview. have been avoided. Once or twice
the Chairman took occasion TO explain that he
seemed 10 misapprehcnd the position OF the De-
lcgates; that they had not come TO represent the
Bank or promote its interests, but 90 lay before
him the condition and wishes Of Citizens of PHI
ladelphia, unconnectcd with that institution, and
engaged in the various departments OF commerce
and industry. Such explanations, however, pro-
duced no visible effect the tenor Of the Prcsi-
dents discourse, nor did he allow an opportunity
to make those statements as 10 the condition Of
this community with which the delegates were
especially charged.
In reference TO his declaration, that he would
continue the present system Of collecting the rev
enue through the State Banks, until the expert
ment had been fairly tried, ono OF the Delegates
inquired, whether he had determined upon any
in case the experiment faiieds His answer was,
that he was disposed to be candid, and would ex-
plain his views on that point. in order TO
restore the currency to the condition intended
by the Constitution, and place the moneyed con-
Germs of the country where the sages Of the Con-
stitution found and left them, he proposed TO put
out of circulation all notes Of five dollars and
der, by placing the public money in such State
Banks as would issue notes below ten dollars
and by forbidding the receipt. in payment Of
the revenue, of the notes Of all Banks which
should issue notes under ten dollars. That the
same process would next be pursued in reference
TO all notes under twenty dollars, and thus a me-
'talic currency be ensured for all the COMMON pur
poses Of life, while the use Of Bank notes would
be confined TO those engaged in commerce.
The same Delegate having inquired when he
proposed to put this plan in execution, the
swer was, not Immediately -not until the expir-
alton Of the charter of the Bank Of the United
States. Go home, gentlemen, (said he and
tell the Bank Of the United States TO relieve the
country, by increasing its business. Let the u
nited States Bank make no run upon the State
Banks, and will take care tibet the State Banks
make no run upon her. Let the war between
the Banks cease, and all will be well in forty
eight hours. The Bank Of the u States is try
ing 10 crush the State Banks Tell the State
Banks that will protect them, and that the pow
or . the United States Bank is nearly gone, and
Ina. Nill be compelled TO cease It's present
course. Here one OF the Delegates observed TO
the President we are, many Of us, sir, connect
ed with State Tanks, and yet we know Of no
such warfare between them and the Bank OF
the United States, as we speak OF. II does not
exist in the city of Philadelphia. There is, on
the contrary, til, utmost good will, and harmony
between the U. States Bank and the other Banks
of our city, and nearly all the latter in favor
of re-charter. To which the President quick
ly replied, know all about il, sir; know that
some Of your Banks have combined in favor Of
a., off he. tod I have
ed the whole subject, and understand it better
than any Of you. have looked impartially at
both sides OF the question, and have the best in
formation on the subject from Maine TO New Or
leans from the most undoubted sources. learn
this morning tFeb. ID from New York, that
stocks are rising, and that money is becoming
abundant. Let the Directors Of the Bank pursue
their business principles OF Christian beneyo-
lence, and all will be well Let them wind up
the business OF the Bank, without attempting 10
break down the Government, or force re-char-
ter, and it will die with the blessings OF thou
sands; otherwise, it will have the curses Of mil.
lions have read the Scriptures, gentlemen
and find that, when Moses assembled the noun
tain, the children Of Israel rebelled, and made
golden calf, and worshipped il, and it brought {
curse upon them. This Bank will be a greater
curse. have no hostility 10 the Bank; am
willing il should expire in peace; but, If IL does
persist in its war with the Government, / have q
measure in contemplation which will destroy il
at once, and which am resolved 10 apply, be
the consequences TO individuals what they may.
The Bank has in circulation ten millions of checks
which have no doubt illegal. and which !
will direct the State Banks TO refuse in payment
4 Of the public revenue. These checks must then
Ibe returned upon the Bank, and will drain her Of
1.-The specie she is boarding. This measure will
apply, unless the Bank desists from its course.
! Here the Chairman remarked, that the Bank
Twas perfectly aware Of the design Of the Execu-
Tive in reference to the checks, and gave il a
reason for not extending its discounts, and for
tanning so large an amount Of specie hand;
that daily and hourly applications for relief were
made by our citizens to the Bank without effect;
THAT the Directors of that institution felt bound TO
husband their resources, and stand on the de-
fensive, while serious a weapon is in the
Hands Of the Executive. Well, sir, replied the
president, let them do right, and will not in
lure them; but, if they persist in measures which
II deem oppressive and unjust, they must expect
Ito feel my power.
In the course OF these remarks, of which a
lplain and certainly not an exaggerated sketch
has been attempted by your delegates, the Presi-
dent very frequently used the expression that
HE was determined 10 place and toleave
his Government. where the sages who
Framed the Constitution found and left it
and also to place the currency and reve
n -