Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1835-12-24

present the singular spectacle az mn
extended country and numerous popn.
latlon, closely connected with each 9th.
er by many ties, whose currency !.
lett subject TO the regulation Of many
dtiiersnt governments. Under sucb
circumstances, nothing like unicornuv
Gun be expected. The interest oreach
state, viii induce il to supply. If nos.
siole, every want Of others, by lis own
particular means; aud the ,emnor,,v
vacuum IN the circulation of this Com.
monweaith, Il not supplied by herself.
VIII surely be filed by issues from
some other quarter. These issues will
crowd fast.upon the heels oreach other,
tue worse perpetually expclling the
better currency, until depreciation ~.
tam a height apparent to the most dull,
sighted observer. At this point m,
Federal Government, (which, as wa
Know, cntertains no doub, Of rs nu,bo-
rity to do so,) will certainly interfere.
IN some way or other, as heretofore ~
correct the evil, and then a new system
will necessarily produce a new ~rcyolu.
tiou.
Exposed thus 10 various porilS. vopr
most prudent caution will be reonired
to protect the interests of this Com.
monwealth--to render events. which
you cannot control, as little ininr;ous
rs posslble-and ~seasonably 10 provide
Tor future probable occurrences nv
the best means in your " witboo,
putting too much at risk upon any sim
glo chance.
III were practicable, ms some hnva
supposed il TO be, to make our curr.n
cy consist of nothing but the precious
metals, the immediate distress which
would necessarily result from such nm
experiment, might possibly be conner
stated hereafter, by the success Ina,
might then attend it. But when wo
reflect, that at 10 period Of our history.
mas the currency Of Virginia been OF
thus character !; that her faith is aIrea.
dy pledged TO several corporations. 10
receive their paper os equivalent ~
gold or silver and that tho paper Of
other States, with whom we have m,ch
intercourse, will certainly flow in unop
US, in despite Of every effort TO prevent
1.-THE attempt to establish here n cur.
rency exclusively metallic. can only
be considered as d visionary project.
OF impossible execution, even If it bro.
missed more desirable results than onv
that can be shown as likely to fow
from it.
linen our present situation seems 10
be Tins Our currency is compounded
IN part, (and necessarily so J of paper
OF various descriptions. Only a nor.
ton ofthis ~prevades the United States.
and is made. by law, receivable every
where by the Federal Government, In
payment of the many and heavy Dc.
mands 1t is authorized 10 exact. This
worry great portion Of the currency is
about TO be withdrawn from circulation
speedily. Its loss will be scnsiblv felt
every where, for n season, and must
be supplied by some equivalent. If
this equivalent is not furnished by our.
selves, 1t will be furnished by others.
IN the latter event, should depreciation
occur, (and we shall have no means 10
prevent ~ our W people will bear
the loss, without a corresponding benc.
ut to any of them. But If we supply
the vacuum ourselves, We may proven.
depreciation by wise legislation; and
should il u~nhappily occur, in despite of
all our caution, the loss one portion OF
our community may sustain, will be
compensated, in some degree, by the
gam Of another portion; and although,
some OF her citizens may suffer, tho
Commonwealth itself will sustain bu,
little comparative injury.
lfthis be a faithful picture OF our
situation, there seems to be little rea.
son 10 doubt The prudence orincreasinp
the Ranking Capital of the Suite. 81
least to an extent equal to the expected
deficit. But ifany question the accu.
racy ofthe description | have given, or
the policy OF meeting the impending
danger, by a course similar to that
winch will certainly be adopted by
other States, caution viii require all
such to forboar until time shall prove
whether my forebodings are well Drill
founded. The remedy tifsuch it may
be called) will be more dinicrlt q adop.
ton hereafter, certainly but L IS much
better to pause when We doubt, than to
run rashly into untried experiment,
where error may be productive Of such
serious effects.
Should you determine TO increase the
banking capital Of The Commonwealth.
at this time, various schemes present
themselves, by any Of which it is pro-
bable the desired end may Le attained.
| But while earh of fhaGa holda ofrf eor,n