Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-11-01
VOL. XXxvITT---No. AZ,

oAShanSo, AT points where
no present use can be made Of them.
NOW, y q bank Of the United States
were established, with a proper CAPT.
tai, and II were made the sole depos;.
tory ofthe public moneys, and its notes
were receivable in all Government
dues u might m operations
forthwith, with a small amount Of spe.
cle, perhaps not more than two mil.
ions. That sum would probably bo
drawn from the community, where il il
now boarded and dormant /: or lin
were taken even from the local hanks
they would be more than compensated
~ The security which they would en-.
Joy, by the remittance Of the stock OF
the new bank to Europe, as a subs,i.
tute for their specie.
Such a new bank, once commencing
business, would form a rallying point,
confidence would revive, exchanges be
again regulated, and the business and
prosperity OF the country be speedily
restored. And it is by no means Ger.
tain that there would he any actuaI
augmentation of the banking capital of
the country, for il is highly probable
thot the aggregate amount of unsound
banks, which can never resume specie
payments, would be quite equal to that
OF the new bank.
An auxiliary resolution might BIO
adopted with salutary effect, similar to
that which was adopted in 1916. offer.
ing to the State banks, as a motive TO
resume specie payments, that their pa.
per should be received for the public
dues or, as their number has since
that period greatly increased, TO make
the motive more operative, the offer
might be confined 10 one or two banks
N each State known to be Trustworthy.
Let them and "A Bank of the u. States
commence specie payments, and all the
other sound banks would be constrain.
cd, by the united force of public opin-
ION and the law, To follow the example.
II, in contrasting the two periods Of
1877 and 1887, some advantages for
tho resumption OF specie payments Ok
isted at The former epoch, others which
distinguish The present, greatly prepon-
derate. AT the first, there we've none
except the existence Of a public debt
y a smaller number Of banks. But
then an %exhausting war had wasted our
means. Now VIC have infinitely great
or wealth, our u are vastly
more developed and increased, u po.
pulation nearly doubled. oar knowledce
Of The disease much better, and, what
- OF The utmost importance, a remedy.
u applied now, would be administered
IN u much earlier stage Of the disorder.
A general currency Of sound and
uniform value is necessary TO the we'll
being Of all parts Of the Co~nfederacy.
but 1t is Indispensable to the interior
States. The seabord States have each
OF them banks, whose paper freely cir
culates within their respective limits.
and serves all the purposes Of their
business and commerce nj their capi-
tails, and throughout their whole e%xter,.
The variations, in the value Of this IA.
per, in passing through those States.
from onc commercial metropolis to a.
mother, nrc not ordinarily very great.
But how are We of the interior 20 como
TO b Atlantic cities 70 purchase our
supplies Of foreign and domestic com.
modities, without a general medium
The paper of our own banks will not
be received but at a ruinous discount.
We want a general currency, which
will serve at home and enable as TO car.
ry on our accustomed trade with our
brethren Of the Atlantic States. And
snch a currency we have a right to ex-
pect.
| do not arrogate TO myself a right
10 speak for and in behalf Of all the
Western States; but as n Senator from
one Of them, | am entitled to be heard.
This Union was formed to secure GER
tain general, but highly important, OBJ
Jccts, of which the common defence,
commerce, and a uniform currency
were leading ones. To the interior
States none is of more Importance than
that of currency. Nowhere is the at
tatchment I o the Union more ardent
than in those States but if this Go.
vernment should neglect to perform it's
duty, the value of the Union will be.
come impaired, and its very existence
10 process of time may become endan.
gered. ! do believe that between a
sound general currency, and the pres.
.eryation Of the Union itself, in full vi
gor and perfect safety. there is the
most intimate connection.
If, Mr.. President, the remedies which
! have suggested were successful, at a
former period Of our history, there is
every reason TO hope that they would
again prove e~ficacious; but let me
suppose that the. should not, and that
some unknown cause, which could not
then, should now, thwart their opera.
ton, we should have, in any event, the