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

TO the just principle of raising no more
revenue from The people, in taxes, than
is necessary for its economical support.
Even that alternative was not spoken
OF but in connection with an amend
ment of the constitution. No temporal
~ inconvenience can justify the cxer-
else Of a prohibited power, or a power
not granted by that instrument, and it
was from a conviction that the power
to distribute even a temporary u plus
OF revenue is of that character, that it
was suggested only in connection with
an appeal to the source of all legal
power in the General Government, the
States which have established it. No
such appeal has been taken, and in my
opinion q distribution ofthe surplus re,
venue by Congress, either to the States
or the people, is to be considered as
among the prohibitions Of the constitu.
ton. AS already minated, my views
have undergone a change, SO far as to
be convinced that no alteration Of the
constitution in this respect is wise or
%expedient. The influence Of an accu.
mulating surplus upon the legislation
OF the General Government and the
States, its effects upon the credit sys-
tenn OF the country, producing danger
Gus extensions and ruinous contrac-
tons, fluctuations in the price of pro-
perty, rash ST eculation, idleness, extra.
vagance, and a deterioration ofmoraIs
have taught us the important lesson,
: that any transient mischief which may
attend the reduction Of our evenue to
the wants of our Government, is to be
borne in preference 10 an overlooking
Treasury.
beg leave to call your attention to
another subject, intimately associated
: with the preceding one-the currency
= ofthe country.
!, 1t is apparent from the whole con-
G text Of the constitution, as we'll as the
e history of the times which gave birth
D to it, that it was the purpose of the
convention to establish a currency con.
sisting Of the precious metals. These,
r from their peculiar properties, which
e rendered them the standard of value in
all other countries, were adopted in
Q this, as well to establish its commercial
t standard in reference to foreign coun.
s tries by a permanent rule, as to ex-
clude the use ola mutable medium of
a exchange, such as of certain agricultu>
r raj commodities, recognized by the
statutes Of some States as a tender for
t debts, or the still more pernicious ex.
pedlent ola paper currency. The last
= from the experience of the evils of the
issues of paper during the revolution,
= had become so justly obnoxious, as not
r only 10 suggest the clause in the con-
4 stltution %yorbidding the emission of bills
J of credit by the States, but also to pro.
duce that vote in the convention which
negatived the proposition to grant pow.
er to Congress to charter corporations
} "a proposition well understood at the
time, as intended to authorize the es.
Enlistment of a national bank, which
2 was to issue a currency Of bank notes,
= on a capital to be created to some ex-
tent out of Government stocks. AL.
, though this proposition was refused by
a direct vote of the convention, the OBJ.
4 Ject was afterwards in effect obtained
t by It's ingenious advocates, through a
strained construction Of the constitu.
, ton. The debts ofthe revolution were
! funded at prices which formed no equi.
, valent compared with the nominal
amount ofthe stock, and under circum.
t stances which exposed the motives of
some OF those who participated in the
passage of the act to distrust.
The facts that the value of the stock
: was greatly enhanced by the creation
Of the bank, that it was well under.
t stood that such would be the case, and
4 that some Of the advocates of the mea.
6 sure were largely benefited by it, be.
= long to the history of the times, and
If are we'll calculated to diminish the re.
spect which might otherwise have been
due to the action Of the Congress which
created the institution.
On the establishment Of q national
I bank, 1t became the interest Of its ere.
/ dltors, that gold should be superseded
: by the paper of the bank, as a general
currency. A value was soon attach.
ed to the gold coins, which made their
e expectation to foreign countries, as a
t mercantile commodity, more profitable
than their retention and use at home
as money. Ii followed, as a matter of
c course, If not designed by those who
s established the bank, that the bank be.
5 came, in effect, a substitute for the
mint of the United States.
Such was the origin of a national
e bank currency, and such the beginning
: OF those difficulties which now appear
in the excessive issues of the banks in.
e c%orPorated by the various States.
Although it may not be possible, by
e any legislative means within our pow.
or To chnnmn IT nnn. aL.--