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

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the deposltc and distribution Of the rcve-
nue. at all times partially, and, on three
Inherent occasions, exclusively first,
anterior TO establishment OF the first
Bank the United States second. in
the interval between the termination OF
that institution and the charter Of its
successor and, thirdly, during the H.
mlted period which has so abruptly clio.
sed. The connexion thus repeatedly
attempted, proved unsatisfactory on
each successive occasion, notwithstan.
ding the various measures which were
adopted to facilitate or insure its sue.
cess. On the last occasion, i'm tho wear
1888, the employment of the State
banks was guarded in every way
which experience and caution could
suggest. Personal security was re-
CURED for the safe keeping and prompt
/ payment OF the moneys TO be received,
and full returns of their condition were
from time 10 time, TO be made by the
repositories. In the first stages, the
measure was eminently successful, not.
outstanding the violent opposition of
the Bank the United States, and the
unceaslng efforts made to overthrow it.
The selected banks performed with Fl.
deity, and without embarrassment to
themselves or to the community, their
engagements TO the Government, and
the system promised to be permanently
useful. But when il became necessary
under the act of June 1896, to with.
draw from them the public money, for
the purpose of placing il in addional in
stltutlons or OF transferring il to the
States, they found it, in many cases in
convenient to comply with the demands
OF the Treasury, and numerous and
pressing applications were made for in
diligence and relief AS the instruments
under the deposite law became payable
/ their own embarrassments, and the ne.
cesslty under which they lay of cur.
failing their discounts and calling III
their debts, increased the general dis.
tress, and contributed, with other caus-
es, TO hasten The reyulsion, in which,
at length, they, in common with the o.
Their banks. were fatally involved.
Under these circumstances, il be-
comes our solemn duty to inquire whc-
ther there are not, in any counexIon
between the Government and banks of
issue, evils of great magnitude, and "a
gainst which no precautions can cilec.
tually guard. Unforeseen in The or.
ganlzation Of the Government, nnd
forced upon the Treasury by early ne.
[ h0 IF
banks, was, in truth, from tho begin
nng, more measure of emergency
than sound policy. When we started
into existence as nation, in addition
! 10 the burdens Of new Government,
we assumed al the large but honorable
load OF debt which was the price of our
| liberty but we hcsilated 10 weigh
down the infant industry Of the country
| by resort to adequate taxation for the
necessary revenue. The facilities of
banks, in return for the privileges they
acquired, were promptly offered, and
perhaps, too readily received, by on
embarrassed Treasury. During the
long continuance Of national debt,
and the intervening difficulties Of for.
| egn war, the connection was continued
from motives Of convenience but these
causes have long since passed away
We have no emergencies TO make
banks necessary 20 aid the wants Of the
Treasury we have no load OF national
J debt TO provide for, and we have on &C.
tual deposile large surplus. No pub
lie interest, therefore, now requires the
| renewal Of q connection that circum-
stances have dissolved. The complete
| organization Of our Government, the a.
bundancc Of our resources, the general
harmony which prevails between the
different States, and with foreign pow.
ers, all enable us now 10 select the sys-
tenn most consistent with the consitu.
| ton, and most conducive to the public
welfare. Should we, then, connect the
Treasury for fourth time with the To-.
cal banks, it can only be under a con-
viction that past failures have arisen
from accident, not inherent defects.
A danger, difficult, i not impossible,
to be avoided in such an arrangement,
is made strikingly evident in the very
event by which it has now been defeat
cd. a sudden act Of the banks entrus-
ted with the money Of the people, de-
priyes the Treasury without fault or
agency of the Government, of the abb
lily to pay its creditors in the currency
they have by law right TO demand.
This circumstance, no nuctuation of
commerce could have produced, if the
public revenue had been collected in the
legal currency, and kept in that form
by the officers OF tho Treasury. The
citizen whose money was in bank re-
ceiycs il back, since the suspension, at
sacrifice in its amount; whilst he
who kept il in the legal currency Of the
| cnnnirY md IN his own nnssnssinn