Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-03-15

q manner as to require peculiar skill
and much experience, to Distinguish the
counterfeit from the genuine note.-
These frauds are most generally per-
petrated in the smaller notes, which
are used in the daily transactions of
ordinary business +; and the losses oc-
casioned by them are commonly thrown
upon the laboring classes of society
whose situation & pursuits put it out of
their power to guard themselves from
these impositions, and whose daily wa
ges are necessary for their subsistence.
1t is the duty OF every Government
so to regulate its currency as to pro-
tect this numerous class as far as prac-
ticable from the imposition of avarice
and fraud. 1t is more especially the
duty of the United States, where the
Government is emphatically the Gov
eminent OF the people, and where this
respectable portion ofour citizens are
so proudly distinguished from the la.
boring classes of all other nations,
by their independent spirit, their love
of liberty, their intelligence, and their
high tone of moral character. Their
industry in peace is the source Of our
wealth and their bravery, in war,
has covered US with glory /; and the
Government of the United States will
but i'll discharge its duties lift leaves
them a prey to such impositions. Yet
it is evident that their interests cannot
be effcctuafly protected, unless silver
and gold are restored to circulation.
But when the charter Of the Bank of
the United States was obtained from
Congress, it perfected the schemes Of
the paper system, and gave to its ad-
vocates the positions they have strug-
gled to obtain, from the commencement
OF the Federal Government down to the
present hour. The immense capital,
and peculiar privileges bestowed upon
it, enabled it to exercise ~despotic sway
ove the other banks in every part of
the country. From itssuperior strength
it could seriously %injure, ifnot destroy,
the business of any n of them which
might incur its resentment {; and it o.
penly claimed for itself the power of
regulating the currency throughout
the United States. In other words, it
asserted land it undoubtedly possessed)
the power to make money plenty or
scarce, at its pleasure, at any time, and
in any quarter Of the Uuion, by con-
trolling the issues of other banks, and
permitting an expansion, or compelling
a general contraction, ofthe circulating
medium, according TO its own will
The other banking institutions were
sensible Of its strength, and they soon
generally became its obedient instru.
ments, ready, at all times TO execute
its mandates :; and with the banks ne.
cessarily went, also, hat numerous
class of persons in our commercial cit
les, who depend altogether on bank ere
dts for their solvency and means of
business and who are, therefore, obi.
ged. for their W safety, to propitiate
the favor ofthe money power by distin>
guished zeal and devotion in its ser.
vice. The result of the ILL., advised le.
gislation which established this great
monopoly, was, to concentrate the
whole moreyed power of the Union,
with its boundless means ofcorruption,
and its numerous dependents, under
the direction and command of one &C.
knowledged head; thus organizing this
particular interest as one body, and Sc.
curing to it unity and concert 0 faction
throughout the United States, and en-
abling j: to bring forward, upon any
occasion, its entire & undivided strength
to support or defeat any measure of the
Government. In the hands ofthis for.
midable power, thus perfectly organi.
zed, was also placed unlimited domin-
ion over the amount Of the circulating
medium, giving it the power to regu.
late the value of property and the
fruits of labor in every quarter of the
Union ; and to bestow prosperity, or
bring ruin upon any city or section of
the country, as might best comport
with its W interest or policy.
We are not left to conjecture how the
moneyed power. thus organized, and with
such a weapon in its hands, would be like.
ly TO use 1t. The distress and alarm
which pervaded and agitated the whole
country, when the Bank of the United
States waged war upon the people, in or
TO compel them to submit, to its de.
mands, cannot yet be forgotten. The
ruthless and unsparing temper with which
whole cities and communities were CD
pressed, individuals impoverished and ru.
lneG. and a scene Of cheerful prosperity
suddenly changed into one of gloom and
dependency. ought to be indelibly i'm
on The memory of the people
Of the United States. If such was its
power In a time of peace, what would it
not have been in a season of war, with an
enemy at your doors? No nation but the
of the u. States could have come