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

these local banks, the nearest 20 US, and
that with respect 10 which we have the
best information. The Banks Of this Dis
trict. (and among them that Of the Me-
tropols) are required TO make annual re-
ports Of their condition, on the first day
OF January. The latest official return
from the Metropolis Bank Is Of the frat
OF January, 1882. Why Il did not make
one on the FIRST Of last January, along
win the other Banks, | know not. 10
point OF fact. am informed il made none.
Here Is its account Of January. 1881, and
! think you will agree, that i, 10 a Flemish
one. On the debit aide stand, capital
paid IN. five hundred thousand dollars.
Notes in circulation 67.S55 dollars. Due
to Banks se0.9ii 10; individuals on de-
posite s7A,977 "a; dividend and expenses
si7.59i II; and surplus tS,isi 02, max.
ing an aggregate Of S6s4.a96 81. On tho
credit side there are. bills and uotes dis
counted, and stock What sortpl bearing
interest, s6s6.0li 90; real estate SiS,-
do4. Sc; notes Of other banks on hand.
and checks on ditto. S23,ei3 so; specie
now. MIR. President, how much do you
imaginep Recollect. that this Is the bank
selected at the seat Of Government, where
there IL necessarily concentrated vast
amount Of public money, employed In the
expenditure Of Government AZ this place.
hccolect that. by another Executive e.
dict. all public officers. charged with tho
disbursement Of the public money here.
are required TO make their dcposites with
this Metropolis Bank; and how much spe-
cie do yon suppose il had at tho date Of
its last official return? tl0.974 rs. Duo
from other banks $500 90; making in
the aggregate on the credit side $685.
ae6 81. Upon looking into the items, and
casting them up, you will find that this
Metropolis Bank, on the first day Of JAM
uary, 1852. was liable to an immediate
call for Sl76.335 %, and that the amount
which Il bad on hand ready to meet that
call. was S40.079 55. And this Is one Of
the banks. selected at the seat Of tho
General Government. for the deposite OF
the public moneys Of the United Stascs.
A bank. with q capital Of thirty. Eve mill
y ms Of dollars, and upwards of ten mill
lions Of specie on hand, has been put aside
and bank with q capital OF half . mil
lion. and little more than ten thouaand
dollars in specie, on hand, has been sub
stituted in its PLACED How that half mil.
lion has been raised; whether. in part, or
IN the whole BY the neutralixing operation
OF giving stock notes in exchange for ccr-
ti6cates Of stock, does not appear.
The design OF the whole schemc or this
Treasury arrangement seems to have been
TO have united. in one common league, .
number Of local banks, dispersed through
out the Union, and subject TO one central
will, with right Of scrutiny instituted by
tho agents Of that will. II 10 bad imita-
ton Of the New York project OF a safety
fund. This confederation Of banks will
probably be combined In sympathy 40
well as interest, and will be always ready
to fly to the succour Of the source Of their
As to their supplying COM
mon currency, in place Of that Of tbs
Bank Of tho United States, the plan 10
totally destitute Of the essential requisite.
They are not required to credit each 9th.
er's paper, unless II be Issued 10 the "i,D-
mediate riciaiiy."
We have seen what Is in this contraeA
Now let US see what is not there. Il con-
tains no stipulation for the preservation Of
The public morais; none for the freedom
OIL elections; none for tho purity Of tho
press All these great interests. AFTER al
that has been said against the Bank OF
the United States, are left to shin and
take care OF themselves as they can. We
have already seen the President Of Bank
in neighboring city, rushing impeiuous-
" to the defence OF the Secretary OF tho
Treasury against an editorial article in q
newspaper. although "the venom Of tho
shalt was not quite equal 10 the vigor Of
the bow" Was he rcbuked by the Sccre-
tary of the Treasury Was the Bank dis
charged from the public servicee Or, arc
the press. and elections, 10 no dan
ger Of contamination, when host Of Banks
become literary champions on the side Of
power and the officers Of Government? II
The patriotism Of the Secretary only alarm
ed when the ipfallabiIity of high authori-
~ is questioned? Will the States silently
acquiesce, and see the Federal authority
itself into banks Of their crea-
ion, and subject to their exclusive con-
troll?
We have, Mr.. President, most won.
herful financ:er at The head Of our Treas
nry department. He sits quietly BY in tho
Cabinet, and witnesses the contest be-
tween his colleague and the President
Sees the conflict in the mind Of that col
league between his personal attachments
10 the President, on the one hand, and bis
solemn duty to the public on tho other
Beholds the triumph of Conscientious OBJ
legation. Contemplates the noble specta.
Gle OF an honest man, prefering to surren.
der an exalted office, with all its honors
and eplolumen,s, rather than betray tho
interests Of the people. Witnesses the in-
sulting and contemptuous expulsion Of that
colleague from office; and then coolly en-
tiers the vacated place, without the slight
est sympathy or the smallest emotion. He
was installed on The Esd Of September.
and by The goth, fhe brief period Of three
DAYS. he discovers that the Government OF
the United States had been wrong from its
origin; that every one Of bis predecessors
from Hamilton down including Gallatin