Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-30

As TO the alleged extension of the bust.
ness OF the Bank, it has been again and
again satisfactorily accounted for by the
payment of the public debt, and the with
drawal from Europe of considerable sums
which threw into its vaults large amount
OF funds. which. TO be productive, must
be employed; aud. as the commercial
wants, proceeding from extraordinary ac-
tiylty OF business, created great demands
about the same period. for Bank accom-
modatIons, the Institution naturally ensur
ed its transactions. Ii would have been
treacherous TO the best interests Of its
/ constituents. if it had not done so.-Tbe
| recent contraction Of its business is the
result OF an obvious cause. Notwithstand
ing the confidence in IL, manifested by
! one of the last acts of the last House oil
! Representatives, Congress had scarcely
/ left the District before measures were put
/ IN operation to circumvent its authority
Denunciations and threats were put forth
/ against 1t. Rumors, stamped with but too
much authority, were circulated, of the
intention of the Executive to disregard
! the admonition Of the House of Repre-
! sentatives. An agent was sent out-and
then such an Ggent-[Here Mr.. Clay was
interrupted with bursts of applause from
| the galleries, which occasioned the inter.
ference Of the Vice President. Ito sound
the local institutions as to the terms on
| which they would receive the deposites.
Was the Bank, who could not be igno-
rant of all this, to sit carelessly by, with
out taking any precautionary measures?
The prudent mariner. when he sees the
g. Ia lie "a
for all its rage. The Bank knew that the
that it had nothing TO expect from it's for
bearance. 1t had numerous points 10 de-
fend, the strength or weakness Of all of
which was well known from its weekly
returns TO the Secretary, and it could not
possibly know at which the first mortal
stroke would be aimed. If. on the 20th
Of Sept. last, instead OF the manifesto of
the President against the Bank, he had
officially announced that he did not mean
to make war upon the Bank, and intend
ed TO allow the public deposites TO remain
until the pleasure Of Congress was ex-
pressed, public confidence would have
been assured and mistaken, the business
Of the country continued in quiet and
prosperity, and the numerous bankrupt
cies in our commercial cities averted. The
wisdom of human actions is better known
in their results than at their inception
/ That of the Bank is manifest from all that
has happened, and especially from its act
uai condition OF perfect security.
Z. The Secretary complains of miscon
duct of the Bank in delegating to the
Committee Of Exchange the transaction
OF important business, and in that com,
mittee being appointed by the President,
and not the Board, by which the Govern
+. ment Directors have been excluded The
! Directors who compose the board meet
only periodically Deriving no compensa
! ton from their places, which the charter
| indeed prohibits them from receiving, it
! cannot he expected that they should be
constantly in session. They must neces-
! sarily, therefore, devolve a great part of
/ the business Of the Bank, in its details,
! upon the officers and servants of the Cor
pora.ion. 1t is sufficient, if the Board
controls, governs, and directs the whole
machine. The most important operation
of Bank is that Of paying out its cash.
and that the Cashier or Teller, and not
j the Board, performs. As 10 Committees
Of Exchange, the Board not being always
in session, it is evident that the convent
ence of the public requires that there
should be some authority at the Bank
daily, to pass daily upon bills, either in
the sale or purchase, as the wants of the
community require. Every Bank, be
leve, that does business TO any extent,
has "a Committee Of Exchange similar to
that Of the Bank OF the United States. In
I'd m fha Of ht,
the President Of the Board. ii is in con
formity with the invariable usage Of the
House Of Representatives. with the prac
tice Of the Senate for several years, and
until altered at the commencement Of this
session, with The usage in great variety,
/ If not all, Of the State Legislatures. and
4 with that which prevails in our popu
lar assemblies. The President, Speaker,
Chairman, Moderator, almost uniformly
appoints committees. That none Of the
Government Directors have been on the
Committee Of Exchange, has proceeded,
il is TO be presumed, from their not being
! entitled, from their skill and experience,
and standing in society, to be put there.
The Government Directors stand upon
the same equal footing with those appoint
ed nv the Stockholders. When appoint
ed, they are thrown into the mass, and
must take their fair chances with their
colleagues. If the President Of the Uni
ted States viii nominate men OF high cha
racter and credit, Of known experience
, and knowledge in business, they will no
: doubt be placed in corresponding stations
If he appoints different men, he cannot
EXPECT it. Banks are exactly the places
where currency and value are well under.
! stood and duly estimated. A piece Of
|. coin, having even the stamp Of the Coy
!, eminent, will not pass unless the metal 4
9 pure.
1 8. The French Bill forms another TO
II pic of great complaint with the Secretary
4 The state of the case is, that the Govern