Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-11-15


law you may, you cannot have your
evenue paid in specie, so long as IT
remains al a premium-and that, the
very first effect ofthis law, by creating
a new demand, would be to increase
the premium, and thus render perma-
nent tho very e%xigencies to which
your legislation is now actually yield
ing.
But, take another view Of this sub.
ject. Suppose the law carried out,
what then would follow? The impor-
ter, besides all other charges, for insu-
rance, freight, duties, &C., is required
TO pay five or ten per ceDtum for specie
to pay the duties. Certainly this lat
ter would be added TO the price Of the
commodity {; and thus the whole effect
OF your policy would be to tax the peo.
pie to this extent, 10 order that Govern
ment might deal in gold, while they
were left TO struggle on, unaided, a.
gainst all the ills of worthless paper
money.
My view Of the subject, then, is, that
by passing this law, you postpone to
an indefinite period, the resumption of
payments by the State banks that un-
I'll they do resume, the law must be in
operative, and the treasury supplied by
loans or, if enforced, besides creating
a new and heavy tax upon all foreign
merchandise, the sole effect will be, to
enrich the office -holders, and all who
feed upon the public crib, at the ex-
pense of the rest of the community
know, sir, that this last objection has
been secuted at as mere slang, as a
partof a mere "rabble." and unworthy
Of notice. But I Tell gou that it neper
has been met, and that IL cannot be ouer-
hrown. | do not believe, (and that dis
belief is founded on the experience of
the present day. that such a law could
be carried out. But if it were, the host
of Government dependents would grow
rich under it. They would have mo-
ncy worth five or ten dollars more IN
the hundred, than the money used by
the people and the people would be
taxed to the extent Of this five or ten
dollars in the hundred, to furnish the
lorme; with the better currency.
Now, sir, in all this, my sympathies
are with the tax payers, and not with
the tax gatherers. go for the inter-
ests OF those who are to pay, and not
for those who are to receive. | cannot
agree TO any policy which might, and
| believe would, lead to these results.
1t is unwiSe, unjust, and unnecessary;
and it could not, and ought not to stand
one day, after those results are ascer.
tanned.
may express myself strongly, but
| do not to do so harshly. see
mischief and disaster without end, in a.
ny attempt 10 legislate now, as you
would have us do by this bill-and it is
to save ourselves from utter defeat and
that | beg you to pause with
me, and consider the consequences of
such an attempt.
Let me, before leaving this part of
my bject. Observation-Disclosures which
to my mind increases the difficulties to
be ENCOUNTERED by the proposed law. II
havcso far considered only, the demand
arising under the accruing revenue, as
that which is to retard the resumption
of specie payment. But the revenue in
arrear, that Of which we are to post.
pone the payment, will come heavily in
aid, to increase this demand at the We.
ry outset of the new law, to what ex.
we do not as yet certainly know,
but reasoning from what we do know,
the promise is sufficiently appalling
The duty bonds to be postponed amount
in New York alone ~ more than 81,
600, 600, computed to January next,
and including the other cities to more
than $4,000, 900, constituting 10 such
extent, whatever it may be, an obstacle
at the outset, over and above what is
to be encountered inits ordinary course.
| have heard it said, however, that
this very demand to be created under
the law, will have the effect Of bringing
IN specie to meet lt-and thus it is al.
legged, that the demand will occasion
the supply. do not deny this, in the
least degree. There is nothing more
certain IN every branch ofpolitical eco.
Monty, than that there will be a supply
for the demand. But, regard for one
instant, only, what this demand is. and
the iallacy Of the reasoning will appear
at once. 1t is q market demand, which
is to produce this supply. /, is an in.
crease only Of the same demand. which
has already banished coin from circu.
Iatlon-now ii is purchased for xpo
tation, then, it viii be purchased for
Government, and the effect will be pre-
cIsely the same in both cases. To give
a marketable value to specie as mer-
chandize, in lieu Of the exchangeable
value, which il would otherwise have
as money. None wiiIpretend, that be-
cause Government will nav il out n.