Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-12-11

Decply anu SOiSthhlJ h"PaS 1
The Justice Of these views, | feel 1t TO be
nv duty TO recommend to you, that
law be passed authorizing the sale oil
the public stock that the provision Oh
the charter requiring the receipt OF the
notes Of the bank in payment OF pubic
dues, shall, in accordance with the
power reserved to congress 10 tho l4th
section Of the charter, be suspended
until the bank pays to the treasury the
dividends withheld and that all laws
connecting the government or its OH |
GERS with the bank, directly or IndI-
rectly, be- repealed and that the IN
stitution be left hereafter to its own re-
sources and means.
Events have satisfied my mind, and
think the minds Of the American peo-
pie, that the mischief and dangers
which flow from a national bank far
over. balance all its advantages. The
bold effort the present bank has made
to control the government, the distress
es it has wantonly produced, the vlo-
lence (which it has been the occasion
in one of our cities famed for its obser-
vance of law and order, are but premo-
nitions of the fate which awaits the
American people should they b. delu-
ded into a perpetuation of this instltu-
ton. or the establishment of another
like il. 1t is feryently hoped, that thus
admonished, Ithose who have heretofore
! favored the establishment of q substi-
tute for the present bank, will be indu-
ced to abandon it, as it is evidently bet
ter TO incur any inconvenience that
may be reasonably expected, than to
concentrate the whole moneyed power
of the republic in any form whatsoever,
or under any restrictions.
Happily it is already illustrated that
the agency of such an institution is not
necessary to the fiscal operations of the
government. The State banks are
found fully adequate to the perform
ance of all services which were requir-
ed of the Bank of the United States,
quite as promptly, and with the same
cheapness. They have maintained
themselves, and discharged all these
duties, while the Bank of the United
States was still powerful, and in the
field as an open enemy; and it is not
possible to conceive that they will find
greater difficulties in their operations,
when that enemy shall cease to exist.
The attention of congress is earnest
ly invited to the regulation ofthe depo-
sites in the State Banks, by law. AL
though the power now exercised by the
executive department in this behalf, is
only such as was uniformly exerted
through every administration from the
origin oft the government up to the es-
Enlistment of the present bank, yet,
it is one susceptible of regulation by
law, and, therefore, ought so to be re-
gulated. The power of congress to
direct in what places the treasurer
shall keep the moneys in the treasury,
and to impose restrictions upon the ex-
ecutive authority, in relation to their
custody and removal, is unlimited, and
its exercise will rather be ceurted than
discouraged by those public officers
and agents on whom rests the response
bility for their keeping. 1t is desira-
BILE that as little power as possible
should be left to the president or secre-
tary of the treasury over those institu-
tions-which, being thus freed from ex-
ecutive influence, and without CON-
mon head to direct their operations,
would have neither the temptation nor
the ability to interfere in the political
conflicts ofthe country. Not deriving
their charters from the national autho
rites, they would never have those in
ducements to NEEDLE in general cleo
tons, which have led the bank of the
United States to agitate and convulse
the country for upwards oftwo years.
The progress of our gold coinage is
creditable to the officers OF the mint,
and promises in short period to fur
nish the country with sound and por-
table currency, which will much dimin-
lsh the inconvenience to travellers of
the want ola general paper currency,
should the state banks be incapable of
furnishing it. Those institutions have
| already shown themselves competent
ent to purchase and furnish domestic
exchange for the convenience oftrade,
at reasonable rates, and not a doubt is
entertained that, in short period, all
the wants of the country in bank &C
commodations and exchange, will be
supplied as promptly ard cheaply as
they have heretofore been by the bank
of the United States. If the several
States shall be induced gradually to re-
form their banking systems, and pro-
hibt the issue of all small notes, we
shall, in few years, have a currency
as sound, and as little liable to fluctua-
tons, as any other commercial coun.
try.
The report ofthe secretary OF war,
together with the accompanying docu-
ments from the several bureauX of that
department, will exhibit the situation of
the various objects committed TO its adj.