Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-14

ERS%9 -"
degree TO urge us to exert the utmost
vigilance in calling into action the
means necessary TO correct the evils
resulting from the unfortunate exercis-
es of the power, and it is to be hoped
that the opportunity for efecting the
great good, will be improved before the
country witnesses new scenes Of en-
barrassment and distress.
V~ariableness must ever be the char
acteristlc of a currency, Of which the
precious metals are not the chief lngre-
dent, or which can be expanded or
contracted without regard to the prin.
ciples that regulate the value of those
metals as u standard in the general
trade Of the world. With us bank is
sues constitute such n currency, and
must ever do so until they are made de-
pendent on those just proportions of
gold and silver, as a circulating medi.
um, which experience has proved to be
necessary, not only in this, but in all
other commercial countries. Where
those proportions are not infused into
the circulation, and do not control it,
1t IS manifest that prices must vary ac-
cording to the tide o flank issues, and
the value and stability o~fproperty must
stand exposed to all the uncertainty
which attends the administration of in
stltutions that are constantly liable to
the temptation Of an interest distinct
from that of the community in which
they are established.
The progress of an expansion, or ra-
Their a depreciation ofthe currency, by
excessive bank issues, is always atten-
ded by a loss to the laboring classes
This portion Of the community have
neither time moi opportunity to watch
the GIBBS and flows of the money mar
ket. Engaged from dayto day in their
useful tolls, they do not perceive that,
although their wages are nominally the
same, or ven somewhat higher, they
are greatly reduced in fact by the ra-
pid increase of q spurious currency;
which as it appears to make money "a
bound. they are at first inclined to con-
slider a blessing. 1t is not so with the
speculator, by whom this operation is
better understood, and is made to con.
tribute to his advantage. 1t is not un-
I'll the prices of the necessaries of life
become SO dear that the laboring class
es canno supply their wants out of
their wages, that the wages rise, and
gradually reach a justly proportional
rate to that of the products of their la.
Dor. When thus by the depreciation
in consequence of the quantity of pa
per in circulation, wages as we'll as
prices become exhorbltant, it is soon
found that the whole effect of the a
dulteration is a tariff on our home in.
dustry for the benefit of the countries
where gold and silver circulate, and
maintain uniformity and moderation in
prices. 1t is then perceived that the
Enhancement of the price ofland aud la
Dor produces a corresponding increase
III the price ofproducts, until these pro
ducts do not sustain a competition,
with similar ones in other countries
and thus both manufactured and agri-
cultural productions cease TO bear ex-
p~ortation from the country Of the spu-
rlous currency, because they cannot be
sold for cost. THIS is the process by
which specie is banished by the paper
of the banks. Their vaults are soon
exhausted to pay for foreign commodi-
ties; the next step is a stoppage ofspe-
Gle payment a total degradation of
paper as a currency !; unusual depres-
sion of prices; the ruin of debtors, and
the accumulation of property in the
hands OF creditors and cautious capital
lists.
1t was in view of these evils, togeth-
er with the dangerous power welded
by the Bank of the United States, and
lis repugnance to our constitution, that
was induced to exert the power con
ferred upon me by the American PEG.
pie, TO prevent the continuance Of that
institution. But, although various dam
gers to our republican institutions have
been obviated by a failure of that bank
to extort from the Government a re.
newal of its charter, it is obvious that
little has been accomplished, except a
salutary change of public opinion, 10.
wards restoring to the country the
sound currency provided for by the
constitution. In the acts of several of
the states prohibiting the circulation of
small notes, and the auxiliary enact.
ments of Congress at the last session
i~orblddlng their reception or payment
on public account, the true policy Of
the country has been advanced, and a
larger portion of the precious metals
infused into our circulating medium
These measures will probably be fol.
lowed up in due time, by the enact.
ment of State laws banishing from cir.
culanon bank notes of still higher de.
nominations and the object may be
materially promoted by farther acts ofI