Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-10-25

lf SpBlS "a 49, -
eminent, an official corps-the servants
OF the People--gIittering in gold, and
the People themselves, their masters,
buried in ruin, and surrounded with
rags.
No prudent or practical Government
will in its measures run counter to the
long settled habits and usages Of the
People. Religion, language, laws, the
established currency and business Of a
whole country, cannot be easily or
suddenly uprooted. After the denomi.
nation Of our coin was changed to dol.
lars and cents, many years elapsed be.
fore the old method o~fkeeping accounts,
in pounds, shilllngs and pence, was a.
bandOned. And, to this day, there
are probably some men of the last
century who adhere to it.. If n funda.
mental change becomes necessary, it
should not be sudden, but conducted by
slow and cautious degrees. The PEG.
pie of the United States, have been al.
ways a paper money People. 1t was
paper money that carried us through
the Revolution, established our llber.
ties, and made US a free and independent
People. And, if the experience of the
revolutionary val convinced our an.
%cestors, as we are convinced, Of the
evils of an lrredeemable paper medium,
It was put aside only to give place to
that convertible paper which has 81
powerfully contributed to our rapid ad,
vancement, prosperity, and greatness.
The proposed substitution of an ex.
elusive metallic currency, to the mixed
medium with which we have been SO
long familiar, is forbidden by the prin
ciples of eternal justice. Assuming the
currency Of the country to consist OF
two.thirds of paper and one of specie /;
and assuming also that the money of a
country, whatever may be its compo.
nents parts, regulates all values, and
expresses the true amount which the
debtor has to pay to His creditor, the
effect OF the change upon that relation
and upon the property Of the country,
would be most rulnous. All property
would be reduced in value TO one. third
OF It's present nominal amount and ev.
cry debtor would, in effect, have to
pay three times as much as he had con
tracted for. The pressure Of our for.
eIgn debt would be three times as great
as 1t is, whilst the six hundred millions
which IS about the sum now probably
due to the banks from the people, would
be multiplied into eighteen hundred
millions.
But there are some more specific OBJ
Jections to this project Of sub. Treasu.
rles, which deserve to be noticed. The
first is its insecurity. The sub-Trea.
surer and his bondsmen constitute the
only guaranty for the safety Of public
money which pass through his hands.
Is tins to be compared with that which
Is possessed through the agency of
banks? The collector, who is to be
the sub Treasurer, pays the money to
the bank, and the bank to the disbur.
sing officer. Here arc three checks :;
you propose to destroy two of them.
and that most important OF all, the
bank, with It's machinery Of president,
directors, cashier, ~tellers, and clerks,
all oil whom are so many sentlnels.-
vt the very moment when the Score.
tary OF the Treasury tells us how well
ms sub-Ireasury system works, he has
communicated to Congress a circular,
signed by himself, exhibiting his dis.
trust IN it ; for he directs in that circu.
lar that the public moneys, when they
amount to a large sum, shall be speci.
ally deposited with those very banks
which he would repudiate. In the State
OF kentucky (other gentlemen can
speak OF their respective States al.
though it has existed but about forty.
hive years, three Treasurers, selected
by the Legislature for their established
characters of honor ard probity, pro.
yea talthless. And the history of the
delinquency of one is the history ofalI.
1t commenced in human weakness,
yielding TO Urn solicitations for TEN.
porary loans, with the most positive as.
s%urances OF a punctual return. In no
instance was there originally any in.
tentlon to defraud the Public. We
should not expose poor weak human
nature to such temptations. How ca.
sy will it be, as has been done, TO IN.
demnIiy the suretles out of the public
money, and ~squander the residue?
?. Then there is the liability to ia.
voritism. In tho receipts, a political
partisan or friend may be accommoda.
ted in the payment of duties, in the
disbursement, in the purchase of bills,
n drafts upon convenient and ~fayora.
Die offices, and in a thousand ways.
j.. The fearful increase of Executive
patronage. Hundreds and thousands
OF now officers are TO be created for
this bill is a mere commencement of
the system, and all are to be placed
under the direct control of the Presi.
dent.