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

because in the future they fear still
deeper distress, instead Of relief III
the restoration of the deposites might
afford relicffor a season, as | believe II
would, Trey Iooh ptiII beyond that pc
lfiuc--IlIey Caii tire ottoneion Of thiS
House to permanent relief. They be-
lieve and present the most cogent and
forcible facts and arguments, drawn
from experience, to prove that perma-
nent relief can be afforded only by a
Bank Of the United States. They de-
sire that the present Bank of the United
States may be re-chartered, or that
new Bank may be established and
chartered to take its place.
They observe, that they believe past
experience, as well as present necessity,
demand reclarter of the present Bank
! of the United States, or Bank of some
what similar organization. "Twce has
this country felt the full weight of ca
llamites incident to a deprecated and
unregulated paper currency, and twice
has a National Bank restored credit
and security and prosperity to the coun-
try"
The memorialists have an extensive
commerce not only with foreign coun-
tries, but with al parts Of the United
States. The question must be asked,
lagain and again. bow can the vast COM
merce Of hundreds Of millions annually
so profitable and so useful to all parts
OF the United States, be successfully
prosecuted without II sound and stable
currency? What power have we over
the currency of the country? What
shall be the future Standard What
! the weight! What the measure? What
the value of Property? Can we control
the money and currency Of the country
but by the power and lnstrumentality
of Bank Of the United Statesl
! No one pretends to call in question
the constitutional right, of each State
4 in the Union, to charter as many banks
as ii may choose, and under such regu-
Ilations and restrictions, as it may think
fit. Thus we have twenty four States,
with hundreds of Banks, and hundreds
of millions of Bank bills now in circu-
Iation, over which we have no control.
Ifthere be any other mode of regulat-
ling the currency of the country, except
Iby a Bank of the United States, let it
be presented. Let it be examined and
considered.
The memorialistS desire Bank of
the United States, TO collect and distri-
butte the national revenue, as the only
safe depository Of the public funds. OF
more than four hundred millions col
lected and distributed by that Bank, not
n dollar has been lost. But we have
lest by short experiment with State
banks, from one to two millions of dol
lars; with interest, it would now amount
ITO more than four millions called, in our
treasury reports, unavailable funds; but
IN reality, State bank bills or notes
good for nothing.
Mr.. Speaker, the memorialists are
wise and practical men, and prefer, in
money concerns, and in those measures
which affect the currency of the. ccun-
try, experience to experiment. They
express an apprehension, that the evil
of which they complain, will be extend.
ed to allparts ofthe country, and great.
| ly aggravate the present calamity
They urge that their suferings are
mainly owing to a general panic, and
want OF confidence. Surely, then, they
can have no motive or desire to exag-
gerate their distress; for by so doing
they must be likely to excite further a.
larm, and thereby increase the very
calamity Of which they complain.
Sir, this memorial contains state
ments of facts and arguments, presented
plainly and forcibly, by wise and prac-
teal men, we'll deserving the grave
consideration of this House. They
are anxious to sustain the currency of
the country upon the basis Of specie;
but they view the attempt, or expert
ment, of returning to a hard money
currency, as idle, impracticable, and
+, injurious.
The memorialists state, that the pre-
sent system of currency, adopted by
the most civilized nations, is the very
life. blood of commerce; that the policy
of the rest Of the world is settled, and
we have no power to resist it; and to
attempt to establish specie currency,
must be an useless, vexatious, and ru.
nous experiment.
| have felt fully justified, indeed |
have felt impelled by sense of duty,
to submit the above considerations to
the notice of this House. Inow move
that this memorial may be read by the
Clerk, and printed, and laid upon the
table.
The Races.-The Match Race, be-
tween Mr.. Richardson's Bertrand, Jun,