Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1835-12-17

=pcIlGuCe VI duOtiiCA year ildS confined
the utter fallacy of the idea that the
Bank of the United States was necessa.
ry as a fiscal agent Of the Government,
Without its aid, as such, indeed in des.
pite Of all the embarrassments it was
il its power to create, the event. has
been paid with punctuality by our Cit.
zens the business Of exchange, both
foreign and domestic, has been con.
Quoted with convenience and the cir.
culating medium has been greatly i'm.
proved. BY the use ofthe State Banks
which do not derive their charters from
the General Government, and are not
controlled by its authority, it is ascer.
tanned that the moneys of the United
States can be collected and disbursed.
| without loss or inconvenience, and that
| all the wants of the community, in rela
ton to exchange and currency, are
| supplied as we'll as they ever have been
before. II, under circumstances the
most unfavorable to the stcadiness of
the money market, it has been found
that the considerations on which the
Bank Of the United States rested its
claims to the public favor were imagi-
nary and groundless, it cannot be
doubted that the experience of the flu
lure will be more decisive against them.
1t has been seen, that, without the
agency ola great moneyed monopoly,
the revenue can be collected, and con-
veniently applied to all the purposes OF
the public expenditure. 1t is also as
c%ertained, that, instead of being neces-
sarily made to promote the evils of an
unchecked paper SYSTEM, the manage
iliary TO the reform which the legisla-
lures of the several States have AREA
dy commenced in regard to the sup
preston of small bills and which has
only to be fostered by proper regula-
tons on the part Of Congress, to secure
a practical return, to the extent rcqui-
red for the security of the currency, to
the constitutional medium. Severed
from the government as political en-
gines, and not susceptible o. dangerous
extension and combination, the State
banks will moi be tempted, nor will they
havethe power which we have seen cx-
ercised, to divert the public funds from
the legitimate purposes Of the Govern
ment. The collection and custody Of
the public revenue being, on the con
trary, a source Of credit to them, will
increase the security which the States
provide for a faithful execution OF their
trusts, by multiplying the scrutinies to
which their operations ard accounts
will be subjected. Thus disposed, as
well from interest as the obligations of
their charters, it cannot be doubted
that such conditions as Congress may
see fit to adopt respecting the depositcs
in these Institutions, with n view to tho
gradual disuse of the small bills, will
be c~heerfully complied with that we
shall soon gain, in the place ofthe Bank
ofthe United States, a practical reform
in the whole paper system Of the cot
try. If, by this policy, we can ulti-
mately witness the suppression of all
bank bills below twenty dollars, it is
apparent that gold and silver will take
their place, and become the principle
circulating medium in the common bu-
siness ofthe farmers and mechanics
Of the country. The attainment of
such a result will form an era in the
history of our country which will be
dwelt upon with delight by every true
friend of its liberty and independence.
1t will tighten the great tax which u
paper System has so long collected
from the earnings of labor, and do
more to revive and perpetuate those
habits of economy and simplicity which
are so congenial to the character Of
republicans, than all the Legislation
which has yet been attempted.
To this subject | feel that | cannot
too earnestly invite the especial atten-
ton Of Congress, without the exercise
ofwhose authority, the opportunity to
do so much good, must pass unimpro-
we'd. Deeply impressed with its vital
Importance, the Executive has taken
all the steps in his constitutional pow
er, to guard the public revenue, and
the e~xpection which the Bank Of
the United States INDUCED, of renew
ing and perpetuating its monopoly, on
ground Of its necessity as a fiscal
agent, and rs afiording a sounder cur
rency than could be obtained without
such IN institution. In the perform.
ance Of this duty much responsibility
was incurred which would have been
avoided, if the stake which the
had in the question could have
been otherwise preserved. Although
clothed with legal authority, and sup
nnrted by nrecedcnt was awnre Tint