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

power, who have had the opportunity to
amass fortunes, and who have not been
free from abuses TO which monopolies are
i liable, are soon TO cease IN their opera
tions, Goes il not become the duty Of the
Representatives Of the people, whose lives,
liberties, and happiness are more or less
affected by those institutions, TO consider,
whether the fiscal operations of the Gov
eminent may not be conducted without
such agency Could the inquiry be made
at more propitious time? Is it wise TO
D make entanglDg alliances either with an
, institution not authorized by the consti-
tuition Of the United States, or with loose
Corporations, which interfere with, de-
range, depreciate, and Danish the only cur
rency known to the constitution, that oil
gold and silver? Is it not inconsistent
; with the dignity OF the. Government, TO be
obliged TO grant favors or exclusive privi
a Ieges to particular descriptions of persons
, that would not be otherwise granted
merely 10 secure free and safe receipt
. and disbursement Of the public income
and expenditure Is il consistent with the
4 public spirit and intelligence of the repre-
sen tatives Of the people TO suppose, that
they cannot devise a method 10 escape
such thraldom? But, if, in the wisdom
of Congress, no such mode can be found,
as will enable the Government to conduct
its fiscal operations without the aid of a
bank, then it is respectfully suggested,
whether some constitutional provision
should not be made. to ensure all the good,
with as little as possible of the evil, of a
bank.
Although the undersigned limits the in.
curry to the mere wants of the Govern
ment, il is not because he thinks this the
only question worthy of consideration.
On the contrary, an inquiry into the pre-
sent state of the entire currency, ifnot
now demanded. must soon be required
: But it is not TO the agents Of Banks, thai
I resort may be safely had, in inquiries O
S this nature; good and useful as those a
: gents may be, and no doubt are, in all thu
private relations of life, they are not Sc
free from bias, as voluntarily to develop,
the nature and results of their own opera
$ tons; the laboratory of the people is pre-
ferable, their representatives the manipu
lators.
The inquiry, that must at last be made
and for which preparation may be neces
sary, is not, which Of two descriptions o.
monopolies, alike at variance with the SOW.
ereign attributes of the United States ant
the general good of the people, is The
least pernicious, but how their abuses, anC
the consequences of those abuses, may be
gradually corrected and averted. Such a
scrutiny would be worthy of the wisdom
Of Congress; it might be so conducted a.
not to affect injuriously, by its results
any interests; and an opportunity might
be presented to the Union and the States
gradually 10 limit or remove institutions
) which, whilst they have some uses, are
yet SO partial in their operations, and Sc
liable TO be perverted, as to affect serious
~ the morals, to impair the earnings, and
endanger the liberties of the people.
| Those institutions are now so powerful,
and have such common interest-men in
companies are so prone to do what, as in
dividuals, they would scarcely think Of
that any change affecting them will be
stoutly resisted. Can they be resisted at
all, if their power shall have no check ere
long? Oris the evil only to be remedied
by one of those commissions in which, as
IN war, the ruin usually falls on those who
ought TO escape?
But if there is any allusion in this sug
gesiion Of a general inquiry, at least there
can be none in the particular or prelmi
nary inquiry first suggested The fiscal
operations of the Government should be
safety. steadily, and speedily conducted
How shall they be so conductedo What
shall be the machinery? Who the agents?
The undersigned, in voice of experience,
cannot err in saying that local banks are
not the best.
VII. Surprising that, in adopting the
proposed measure, the faith of the coun
try would not be violated; that contempt
to the last and the next Congress would
not be evinced; that the power to contract
with State Banks exists; and that it would
not be unwise TO make the contract; still
the question presents itself, what would
be the effect upon society," Would the
operations of the Government, or of the
commercial world, be facilitated Would
confidence between man and man be pro
NOTED? Would the facility to stand a
shock, in the event of war in Europe
Tor instance, be given to the local Banks?
These questions, and others of an
analogous character, need not be discuss
ed by the undersigned; for bis predeces.
tent to advise the President than he is
has placed this part of the subject. especi
ally, in point of view that cannot. he re-
spe ctfully thinks, be overlooked by a
Chief Magist rate. so anxious as the Presi.
dent has proved himself TO be. 10 protect
the mass of the community from embar.
rassment. From want Of experience or
information, the undersigned NAV not an.
tcipate evil so extensive as that appre
hended by his predecessor; but his fears
are still SO strong, that he is quite unwil
ling 10 be the one who is TO put the match
TO train, the end of which he has not the
sagacity TO discern.
Even if be doubted whether the United
States Bank could meet every demand of
Government as made upon it, he would
hesitate, whether it would not be his duty
to forbear, rather than to increase the
evil, by abridging the power Of the Bank
to surmount its difficulties; so that, in the
absence of all doubt OF the kind, the un
dersigEed would be at loss for an excuse.
were he to produce, by an act on his part,
the very mischief that is apprehended