Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-13

/ 4. T..
at, IS Just so much sabstracted from the amouu
OF their own Accommodations, and so much IN.
more has gone 10 the benefit Of those who bestov
,nelr own labor and industry capital in small
Poftions. 10 the great majority, this has beer
OF incalcuable benefit in the United States; anc
therefore, SIR, whoever attempts the entire over.
throw OF the system Of Bank credit, aims dead.
~ blow at the interest Of that great and nius,ri
Gus class, who, having some capital, cannot, ne.
vertheless, transact business without some credit
and can mean nothing else, If he have any intel
iigible meaning at ALL than to turn all such per
sons over 10 the long list of mere manual labor.
ers. What else can they do, with not enough
o. absolute capital, and with credit This
sir, TINS = me trse tendency, and the unavoida'
Die result, OF these measures, which have been
undertaken with the patriotic object OF assisting
the poor against the rich.
Sir, am well aware that Bank credit NAV be
abused. know that there is another extreme
exactly the opposite of that of which have now
been speaking, and no less sedulously to be a
wooded. know that Bank paper may become
excessive, that depreciation will then follow,
and that the evils, the losses, and the frauds con
scquent on disordered currency, fall on the rich
and The poor together, but with especial weight
OF ruin ON the poor. | know that the system of
Bank credit must always rest on a specie basis,
and that it constantly needs 10 be strictly guard
I ed, and properly restrained; and il may be so
guarded and restrained. We need not give Up
the good which belongs TO il, through fear Of the
Z cfiis WHICH IOliOW from It's abuse. w have
the power TO take security against these evils II
is our business as statesmen, to adopt that secu-
riy; II IS our business not toprostrate, attempt
TO PROSTATE, the system; but to use those me ans
Of precaution, restraint and correction, which ex-
perience has sanctioned, and which are ready at
our hands.
II would be our everlasting reproaeh-it would
be placing us below the general level Of the in-
telligence Of civilized States-to admit that we
cannot contrive means 10 enjoy the benefits OF
Bank circulation, and OF avoiding, at the same
time, its dangers. Indeed, sir, no continuance is
necessary. Ii is contIcance, and the love Of
continuance, that spoils all. We are destroying
ourselves by remedy which evil called for.
We are running perfect health by nostrums aud
quackery. We have lived, hitherto, under
well constructed, practical, and beneficial sys-
tem-a sy stem not surpassed by any in the world;
and it seems to me to be presuming largely,
largely indeed, on the credulity and the self de-
NAL of the People, to rush, with such sudden and
impetuous haste, into new schemes, and new
theories, TO overturn and annihilate all that we
have so long found useful.
avow myself, therefore, decidedly against
the object of return to an exclusive specie cur
rency. ] find great difficulty, confess, in be-
Heving any man serious in avowing such an OBJ
ject; il seems to me rather subject for ridicule,
at this age Of the world, than for sober argument
But If it be true that any serious, for the
turn Of the gold ard silver age, am seriously
against it.
Let us, sir, anticipate, in imagination, the
complishment Of this grand Experiment. Let us
| suppose, that, at this moment, all bank paper
was out Of existence, and the country full Of spe
Gle. Where, sir, should put it, and what
should we do with it? Should we ship it, by
cargoes every day, from New York 10 New Or
| leans, and from New Orleans back to New York?
Should we cucumber the turnpikes, the rail-
roads, and the steamboats, with it, whenever
purchases and sales were TO be made in one place,
| OF articles to be transported 10 another. The
riage OF the money would, in some cases, cost
half as much as the carriage of the goods. Sir,
| the very first day, under such state OF things,
we should set ourselves 20 the creation of banks.
| This would become Immediately necessary and
unavoidable. We may assure ourselves, there
fore, without danger Of mistake, that the idea of
an exclusive metallic currency is totally incom-
] patibe, in the existing state Of the world, with
! an active and extensive commerce. il is incon-
sistent, too, with the greatest good oil the great
| est number; and, therefore, oppose il.
! But, sir, how we to get through the first ex
pertinent so as to be able 10 try that which is to
be final and ultimate? That is to say, how
| VIC 10 get rid of the State Banks? How is this
! 10 be accomplished? OF the Bank Of the United
! States, indeed, may free ourselves readily;
but how are 10 annihiate the State Banks?
| We did not speak them into beingwe cannot
| speak them out Of being. They did not origin
ate in any exercise of our power; nor do they
!, owe their continuance to our indulgence. They
! are responsible to the States; to they ire
! sponsible. We cannot act upon them; we can
/ only act with them; and the expectation, a. IT
would appear, is, that by zealously co operating
with the Government, in carrying into operation
its new theory, they may dsprove the necessity
of their own existence, and fairly work them
selves out of the world! Sir, ! ask once more,
is a great and intelligent community to endure
patiently all sorts Of suffering, for phantasies like
these? How charmingly practcable--how de-
lightfully probable, all this looks!
! 4 md II INN ~ ai,
that the removal of the deposites arose in any
such purpose is now avowed. believe all
this TO be an after thought.-The removal was re-
solved on, as a strong measure against the Bank;
and, now that it has been attended with conse-
quences not at all apprehended from 1T, instead
Of being promptly retracted, as il should have
BEEN il is TO be justified the ground Of grand
experiment, above the reach ofeommon sagacity,
and dropped down, as it were, from the clouds,
'to witch the world with noble policy 1t is not
credible, not possible, sir, that six months ago
the Administration suddenly started of to aston
ish mankind with their new inventions in politics
and that it then began its magnificent project BY
removing the depostes as its first operation. No
) sir, no such thing. The removal of the deposite
: was a blow at the Bank, and nothing more; ant
2 if il had succeeded, we should have heard moth
ing of any project for the final putting down OF al
State Banks. No, sir, not one word We shout
have heard, on the contrary, only OF their useful
o ness, their excellence, and their exact adaptio
!
i But the experiment Of making successful use 9
/. State Banks having failed, completely failed, i
this the very first endeavor, the State banks hav
ing already proved themselves not able 10 fill tn
d place and perform the duties Of National Bank
: although highly useful in their appropriat
e sphere, and disastrous consequences OF the mea
e sures Of Government coming thick and fast upo
e us, the protested object of the whole movemer
t, is at once changed, and the cry now is, dow
n with all the State Banks. down with all III
Il State Banks. and let return TO our embrace
it of solid gold and solid silver
y Sir, have no doubt, that if there are any pei
% sons in the country who have seriously wishe
l. for such an event the extinction OF all Bank
. they have not, nevertheless, looked for the at
IS sence Of all paper circulation They have onl
n looked for issues Of paper from another quarter
Il We have already had distinct intimations th'
A. paper might be issued on the foundation OF tn
reper,le The Treasury Of the United States
"A INTENDED to become the Bank of the United State
:, and the Secretary Of the Treasury is meant
~ be the great National Banker. Sir, TO say noti
70 inc Of the crudity of such notion, may be a
If loyed 10 make one observation upon IT. w
h. have. heretofore, heard much OF the danger
Iv consolidation, and of the great and well ground'
Hi