Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-05-24

posltes we're safe in the Bank Of the L.
States.
1t is a remarkable fact that the mes.
sage Of 1888 of President Jackson, in
its paragraphs on the Bank Question,
like all the previous messages from
1929, makes no reference to Metal
lie Currency-and contemplates no
other substitute for the currency of the
U. S. Bank than the PAPER CURRENCY
OF THE Local BANKS. The long re.
port Of MIR. Secretary fancy, apollo.
getic for the removal OF the Deposites,
makes no reference to a METALLIC
CURRENCY, and promises nothing but
w BETTER CURRENCY to be furnish
ed by the State Banks. %
We copy from the report Of NY Sc
cretary development Of the plans Of
the Executive
g 1t is well understood that the sU-
PERIoR CREDIT heretofore enjoyed by
the notes OF the U. s. Bank, was not
founded on any particular confidence
III ITS management or solidity. 1t was
occasloned ALTOGETHER by the agree
ment on behalf of the public in the act
OF incorporation. to receive them in all
payments to the United States; and it
was this pledge on the part Of the Co.
vernment which gave general curren-
cy to the notes payable at remote
branches. The same engagements in
favor OF any other nlonied Institution
would give its notes equal credit, and
make them equally convenient for the
purposes of commerce" To wit
the same engagements in favor of the
Pets, would make the notes of Bufia-
10, Natchez, or New Orleans branch
worth one hundred cents on the dollar
in Boston. Why does not the Govern.
ment make such engagements "But
this obligation on the part of the United
States, the Secretary continues, twill
cease when the charter expires and
as soon as this happens ALL the out
standing notes of the Bank will lose the
peculiar value they now possess, and
the notes payable at distant places be-
comes as much deprecated as the notes
Of The local banks"
Nat onl y is this not the case-but
all the bills of the United States Bank
have been at premium in every part
OF the country while the local Bills
have been at a discount in many places
of from 5 to 25 per cent. What would
a bill of Western Pet Bank be worth
IN this city, compared with bill OF the
same nominal amount of The old or new
bank of the u. States 2
Again, let MY Secretary speak the
views of the President
The State Banks can, | have no
doubt, furnish a GENERAL CIRCULATING
MEDIUM, quite as uniform in value as
that which has been afforded by the
Bank of the United States. o. Pro
BADLY MORE So" go
"By agreements among themselves
to honor each others notes and drafts
they are providing a GENERAL cuRREN.
CY at least as SOUND as that OF the u.
States Bank, and will afford facilities
to commerce, and IN the business of do.
meStic exchanges QUITE EQUAL to any
which the community heretofore en-.
joyed."
Not syllable thus far from the pre-.
sdent or MY secretary of a Metallic
currency. The only proposed substi-
tute for the currency of the u. States
Bank is the PAPER CURRENCY OF THE
LOCAL BANKS. And this was the fifth
year Of the warfare on the Bank.
1891.
The expostions that we're made by
the Wing members of Congress during
the session Of lS33-'34, demonstrated
so clearly the incompetency of the
State Banks to furnish sound and
uniform currea cy, that the Executive
was compelled to shift his ground, and
the next rising Of the curtain was to he
the first scene of the gold Humbug.
FIRST HINT OF A METALLIC CURRENCY.
The progress Of our Gold Coinage
is creditable to the officers OF the mint,
and promises in short period to fur.
nlsh the country with a sound and por
table currency, which will much dimi.
nish the Inconvenience to travellers Of
a general paper currency, SHOULD the
STATE BANKS be incapable of furnish.
ing it."-JackSon'S Message of '34.
Here is the first intimation of any
doubt on the part OF the Executive of
the ability of the State Banks to fur.
nish suitable Paper Currency for the
country and here is the first indis.
tlnct and vague hint of specie cur.
rency. 1t is only a virtual admission
oi.the failure q the first experiment.. !
The message of 1885 repeats the as.
sertlon that the Bank of the U. States
had not furnished the country with a