Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1835-03-19

and be drawn very reluctantly from the
hands which hold them so that the clrcu
lation Of the bills may more or less con.
| tinue for a considerable time after the
charter shall expire. La this way. have
no doubt of its continuance TO do good
for some time after its legal existence shall
have ceased. There will be no rush fol-
payment of its notes and bills, because
there will be no doubt about the suiiicien.
cy Of the fund. There viii be no haste to
get rid of them, because they will be bet.
ter than any other paper, and better than
gold and silver.
But the Bank must wind up its affairs
its debts must be collected. and its circu.
lation, after while. entirely withdrawn.
And when this takes place, or begins to
take place, then, and not ill then, the ex-
listing Government experiment" will be
gin to be put 10 the proof Al present all
is fair weather; the question is, how win
il be, when it becomes necessary TO sill up
the void, occasioned by withdrawing the
bills Of the Bank of the United States, by
notes Of the deposite Banks. When these
banks shall be brought TO rely on their
own means, their own credit, and their
own facilities when the substantial sue
cor Of universally accredited paper cur
rency Of twenty millions 10 amount shall
be withdrawn. then the Experiment will
be put on trial.
Ii is known, Sir, that am one Of those
who believe in the impracticabiity OF an
exclusive, or Of a general metallic curren
cy. Such currency is not suited to the
age, nor to commercial convenience. The
return OF the golden age is dream.
There will continue to be banks; and the
mass of circulation will be paper circu-
lation Of some kind; and the question viii
be, whether State Institutions, associated
together as deposte banks, can furnish
sound and universally accredited circua.
ton.
At present they are not proved capable
of any such thing. Ii a gentleman here
wishes to remit money to New England,
or to the Ohio river, be certainly does not
send bills of the Deposite Bank Of this
District. II single individual has done
that, by way of trying the experiment."
he probably does not repeat the trial !, and,
at any rate, the example is not generally
followed. The Deposlie Banks pay specie,
which is, SO far, very well and person
with check on one of those banks can
obtain specie, and with that specie he can
obtain bills OF the Bank Of the United
States; and this is the process he will go
If he wishes 10 remit money in
the shape Of bank notes, to places at any
considerable distance. In fact, that is well
known to be the only practice. How this
is 10 be effected, when there shall be no
longer notes Of the Bank Of the United
States to be had, remains TO be seen.
[ have said, sir, the day OF trial has not
come, and that all as yet seems clear
weather. But | have recently learned
some symptoms Of approaching squalls.
Some little specks Of clouds at least. make
their appearance above the horizon. |
learn, from authority not to be questioned,
that, within the last week or ten days,
Treasury warrant was drawn on De
posite Bank in one of the cities, payable
in another city. The Bank on which the
warrant was drawn offered TO pay in a
check on Bank in the city where the war
ant was payable /; and when the check
was presented, it was found TO be made
payable in current bank notes. Here,
think. sir, there is, as have said, small
cloud dsrkening the early dawn OF the new
golden day OF our currency. Even so soon
as the present hour Treasury drafts are
thus offered to be paid IN current bank
notes. have very good reason to believe,
sir, that other Deposi:e Banks draw their
checks, in like manner. payable IN current
bank notes. And have called the atten
ton of the Senate TO these occurrences.
not merely to expose the practice, but TO
correct it also. wish to stop II e. The
threshold, by declaring 1t illegal. and
have prepared section, which trust the
Senate VIII see the Importance Of insert
,no. "a fk.a hill