Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13

suffered had it pursued the course Oh
the latter. These embarrassments, are,
moreover, augmented by those salutary
and lust laws which forbid it to use
deprecated currency, and, by SO dong
take from the Government the nbiilty
which individuals have of accommoda-
ting their transactions TO such catas'
trophe.
A system which can, in time OF pro-
found peace, when there IS a large re.
venue laid bv, thus suddenly prevent
the application and the use OF the mon
ey Of the people, in the manner ana ioi
the objects they have directed, cannot
be wise and who can think without
painful reflection that under it, the same
Unforeseen events might have beiallen
us in the midst Of a war, and taken
from us, at the moment when most wan.
ted, the use Of those very means winch
were treasured up to promote the ma.
tional welfare and guard our national
rights 70 such embarrassments ana
10 such dangers will this Government
be always exposed, whilst It takes Inc
moneys raised for, and necessary to,
the public service, out OF the hahas Oh
its own officers, aud converts thom ihto
mere right Of acton against corpora
tons entrusted with the possession oil
them. Nor can such results be etfeciu.
ally guarded against III such system,
without investing the Executive with u
control oyerthe bonds themselves, who
Their State or National, that might with
reason be objected tc. Ours IS, prob.
ably, the only Government IN The world
that is liable, IN the management OF IT'S
fiscal concerns, 10 occurrences IKE
these. But the imminent risk IS not the
only danger attendant on the surrender
ofthe public money to the custody ana
control of local corporations. Though
the object is aid to the Treasury, ITS Ell
feet may be to introduce into the OPP
erations OF the Government, lniiacn-
ces the most subtle, founded Oh inlef-
ests, the most selfish.
The use by the banks, for their own
benefit, OF the money deposited with
them has received the sanction OF the
Government since the commencement
of this connection. The money recei-
we'd from the people, instead Of beng
kept till it is needed for their use, Is, IN
consequence Of this authority, fund,
on winch discounts are made for the
profit Of those who happen to be own
ers of stock ia the banks selected as de-
positories. Tho supposed and often ex'
advantages Of sach a boon,
will always cause it to be sought for
with avidiiy. | viii not stop to cons.
der on whom the patronage incident to
il is to be conferred whether the So
lection and control be trusted to Con.
gress or to the Executive, either will be !
subjected to appeals made in every
form which the slgacity Interest can
suggest. The banks, under such sys'
tenn, are stimulated to make the most
of their acquisition the depostcs are
treated as an increase OF capitals; loans
and circulation are largely augmented,
and, when the public eNigenclcs require
a return, it is attended with embarras- |
ments not provided for, nor Ioreseen.
Thus, banks that thought themselves
most fortunate when the public funds
were received, fad themselves most
embarrassed when the season Of pay
mcnt suddenly arrives.
Unfortunately, too, the evils Of the
system are not confined to the banks.
1t stimulates a general rashuess of en-
terprise, and aggrayates the tluctua-
tons Of commerce and the currency
The result was strlkingIy exhibited du-
ring the operations Of the late dcposte
system, and especially in the purchase
ofpublic lands. The order which ult-
imatoly directed the payment Of gold
and silver in such purchases, greatly
checked bat could not altogether pre-
vent the evil. Specie was indeed more
difficult to b, procured than the notes
which the banks could themselves ere.
ate at pleasure bat still, being obtal-
ned from them as loan, and returned
as a depositc. which they were again at
liberty to use, it only passed round the
circle with diminished speed. This op.
Grafton could have been performed, had
the funds Of the Government gone into
the Treasury, to be regularly distribu-
ted, and not into banks, 10 be loaned
out forthcir own profit, while they were
permitted TO substitute for it a credit il
account.
In expressing these sentiments, De
sire not to underyalue the benefits ofa
salutary credit system to any branch
of enterprise. The credit bestowed on
probity and industry is the just reward
ofmerit, aud an honorable incentive tC
further acquisition. None oppose il
who love their country and understand
is welfare. Bat when it is unduly en-.
couragcl-when it is made to iahame
the public mind with temptations of sud-
don and unsuhsiuuti1l wpal Inv hen il