Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-06-09
r,nrn the Baliimore Patriot.

THE PR BANg ExPERIMENT.--Ifevera an ex-
pertinent failed utterly eve think that which mas
been made upon the currency with the aia oisho
National treasury, may be said TO have done so.
The experiment was founded moreover IN dis.
honest actin breach Of faith towards the Old
fiscal agent Of the government, which mad iuili-
led all its corrolative engagements, WIN scrnpu-
Ious fidelity and cxactitude. That the late BANK
Of the United States did its whole duty to the
government, while the depositary of the public
money, and .he agent for its disbursement, IS I'M
deniable. That il was positive wropg-a DIS
honest act-fo withdraw the public moneys IRON
that institution (these moneys being admitted 10
be safe) during any portion OF the twenty years
for which il had paid bonus OF l,5oO,OO0 dol
lars, must be equally evident and undenlsbie
So ianoble and iniquitous proceeding cou'd
not be expected 10 have other than a pcrncious
result. The unjust wrestling OF the public iunds
and agency from competent and experienced
agent, which had fulfilled all its duties TO the
government and country, and preserved the ex !.
changes and currency in a condition OF perfect
health, for the purpose of bestowing these funds
and this agency on a motley crew oil = Pets
without either competence or experience Tor the
duty assumed /; could not possibly end otherwise
than in disappointment No sensible person,
freed from motives Of personal interest, or party
biasses, could ever have supposed that the du-
ties to .he goyernm cnt and the currency, which
its peculiar organization enabled the U. States
Bank so well to discharge, could be safely de-
yolyed upon a score or two oil State Banks, scat
tered over the country, and altogether Wnnou'
unity Of management, design, interest, or aDiIity
The substitute was in every view OF the matter,
inadequate to the discharge of duty which the
country had right TO demand OF il in reference
TO the currency and exchanges, and which haa
been discharged with such signal zeal and hdeli-
~ by the old agent,-the agent that was DIS
missed without warning and IN violation oil con :
tract-not because il had failed in any part oil
its duty or engagements, but because it refused
TO become party machine, in the hands OF
party administration
Such an experiment" upon the faith Of con-
tracts, as well as upon the currency, could hard
ly have prosperous issue. That IL womb re-
suit in one of en- adverse character, aud greatly
dcrapge the currency and exchanges was well
forescen and plainly foretold by many. The
country is now in the full tide OF experiencing
the evils of this experiment" 1t has been
made TO work as two-edged sword against the
business operations and prosperity OF the conn
try! The excellent ystem established by the
United States Bank, for equalizing the exchan-
ges, and bringing equal and healthy currency
10 every mans door, throughout the Union,
has been utterly uprooted by the experiment,
and has been succeeded by deranSed " system
W hich operates as a great bar to business and to
remttahces, by imposing heavy rate OF ex.
change upon almost every transaction OF the lat
ter kind. AT whatever point OF the compass he
is al, the person RENTING, in other than United
States Bank notes, must pay premium, ana Or
dinarily a very high one, for the means OF dong
so. Here is one edge of the sword which is
now doing It's fatal work against the domestic
commerce aud business interests of the country.
The actual position of the public moneys-the
novel experiment OF holding up, as if for an evil
purpose, so vas, sum as thirty three millions Of
dollars keeping il not only out OF the channels
Of usefulness ITSELF but preserving it in abelligc-
rent attitude, so as 10 paralyze and checkmate
an important portion Of the remaining capita! OF
the country-this is the other edge Of that 1.-TWO
edged sword - which the National Administra-
ton has brandished, under the name of ".eIpe-
riment," and wields with such sinister and fatal
effect upon the prosperity Of the country. BY
obstinately retaining the thirty three millions in
o belligerent attitude, at the command OF a SIN
gle individual, and refusing 10 let il return into
the channels Of health and usefulness, there is
produced an unnatural aud needless pressure ia
the money market all over the country, which
is now working injury TO every interest, FAR and
near, large aud small Thus the very wealth Of
the land-its savings and profits upon past years
is turned, by this wrctched experiment" as
an engine Of wrath and destruction against its
present prosperity Is it not so? Let those
who doubt or would deny amy thing here said,
look at the condition of The currency, the money
market, and the rates of domestic exchange, and
compare them with the condition Of things, at
the commencement of the experimental war upon
the bank, three years ago.