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

on the table; but which are a. applicable 10 the
occasion, as TO that.
An opportunity may, perhaps, be hereafter sf.
fordcd me- Of discussing the reasons given by the
Secretary, for the very important me asure adopt.
ed by him, in removing the dcposites. But as !
know not how near that time may be, desire,
in the mean while, 10 make my opinions known, ,
without reserve on the present state Of the coun.
Try Without inte nding 10 discuss any thing al
present, ! feel IL my duty, nevertheless, 10 let
my sentiments and my convictions be understood.
10 the first place, thln, sir, ] agree with those
who think that there is severe pressure in the
money market, and very serious embarrassment
felt 10 all branches Of the national industry. u
think this is not local, hut general; general, at
least, over every part Of the country, where the
cause has as yet began to operate, and sure TO
become, not only general, bot universal as the
operation OF the cause shall spread. II proofs
were WANTED in addition 20 all that rs told las by
those who know, the high rate of interest, now
at IL per cent, or higher, where II was hardly
Is, last September the depression Of all stocks,
some ten, some twenty, some thirty per cent -
J and the low prices Of commodities, are proofs
abundantly sufficient, to shew the existence Of
the pressure. But sir, labor-that most extern
tive Of all interests American manual labor
feels, or will feel, the shock more sensibiy, far
more scnsibly, than capital property of any
kind. Public works have stopped, or must stop;
great private undertakings, employing many
hands, have ceased, and others must erase. A
great lowering OF the rates Of wages, as well as
depfeci alton Of property, Is the inevitable con
sequence OF causes now IN iall operation. Seri-
GUS endorsements in all branches Ct business
do certainly exist.
] am Of opinion, therefore, that there IL,
douotedly, a very severe pressure on the con
mnnity, which Congress ought to relieve If il can.
am that this pressure ~ not an instance OF the
ordinary re- acton or the epoing ana moving Of
com nerciai AFFAIR." but IS an extraordinary case,
produced by an extraordinary cause.
IN me mex, place. SIR, J agree entirely with
the nth Boston resolution, a. 10 the causes OF
this embarrassment We were in a state Of high
prosperity, commercial and agricultural. Every
branch 0f business, and especially manufacturing,
was pushed far, and the credit, as well The
capital OF the country employed 10 its ut
most limits. IN this state OF things, some degree
OF over trading do btless took place. which, how
ever, II nothing else had occurred. would have
been seasonably corrected by the ordinary al i
necessary operation Of things. But, on this pamy
s'ste OF thng', the late of the Secretary
zen, ana mas actea on u win powerhf and ia-
men'aoie en:c'.
qua > thihk, sir' 'hat such course 10 en-
ureiy adequate 10 produce me cHect; mat u Is
shoiiy hdtufai' anu 'ha' III ought 10 nave Decn
'orcsech 'hat IL would produce such eject. those
most nave looked AT the surface OF things only,
as ~ seems 10 me- VINO thouSht other"ise; and
VINO expected mar such an operation could DC
gone ,hrough with' without producing a very scri-
Gus shock,
The Treasury, IN avery short time, has with
drawn IRON tho Bank o.Ooo,o00 dollars, within
traction. ms call. OF course, the Bank has
Deen Obliged TO provide Tor, and could not pro-
viue ior wi'nGn' more or Tess Inconvenience 10
the public. The mere withdrawing OF so large
sum from hands actually holding and using IT.,
ana the transferring oil u, through the Bank col
iscnng' and through another Bank loaning II. 1t
can loan u, INTO other hands, Isl itself, an ope-
ration, WINCH u conducted suddenly, must pro-
duce considerable Inconvenience. And this is
an that the Secretary seems 10 have anticipated
nut inns Is no, the one h9ndredth part OF the
whoie evli. The great evil arises from the new
attitude IN which the Government places itself
towards ihe BANK Every thing - IN false posi-
uoh Inc government, the Bank OF the U. ).
the state Banks are all out OF place. lhey are
aeranged, and separated, ana costing against
each other. Instead Of amity, reliance, and nu-
ua succour, relations of jealousy, Of disrust of
hostility even, are springing up between these
parties. All act on the defensive e ach looks