Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-04-05
Tur MoSny MaRGEr-rHn CUR.

the people. 1t speaks, as history VIII
speak, of the administration OF 1en1.
Andrew Jackson; an administration
propelled by passion and directed oy
;onoranca-which wantonly sacriflced
tho great interests of the nation to gra.
tifv personal m~alignity, and subserve
The miserable ends OF faction.
The plain, simple, incontrovertible
exposition by the American, OF the
working Of the "expcriment'-of the
necessity, that the evils we now exPe-
rience should result from the causes,
will strike the mind Of the reader ana
force conviction, wherever there IS IN
tellcct enough to comprehend TWO
ideas.
From the New York American.
TurCURREycY.-The intimatecon
n~ection which commerce establishes
between nations, renders IT impossible
TINT n shock or arrangement should
occur in the money affuirs of n coun.
,yy. il largely commercial, without pro-
ducing corresponding effects in other
countries with which it is largely con.
nected. Hence, paradoxical and even
doubtful as it may seem to rejecting
persons, the difficulties o existing IN
the English money market are trace
able, in the first instance, to the e.
pertinent, so wantonly made by Gen.
Jackson upon the currency OF this
country, followed up and out as that
was by the irrational, yet dazzling
humbug Of a Specie Currency among
n people made, md advanced so far
in the career Of prosperity before 9TH
er people, by credit.
In order to conclliate friends to the
violent assumption Of removing the
public deposites, the delusiye phantasm
of golden eagles glittering in every
mans " silk net purse" was sodlligent'
PLAYED off, as &c impose apparently on
the mass. In order to keep up his
phantasm, unnatural efforts were made
to bring bullion into the country /: the
French and Neapolitan Indemnitles
were ordered out in gold-the pet
banks were encouraged and stimulated
also to import spccie--and instead OF
leaving the demand for the precious
metals to be regulated by the ordinary
wants Of commerce, strained efforts
were made to obtain an undue share oil
this common medium.
In this way, very large sums OF the
precious metals were distracted from
The points where they constitute the
basis of a paper circulation, in which
1--WE speak particularly in reference to
England,) our merchants and traders
had a direct interest, as affording them
through their correspondents, facilities
for t%ransacting business, in order to be
brought here, where they were not
wanted.
The result was a double injury-lst
by causing in part the alarm, the cur
tailmeuts, and consequent embarras'
ment whish We now see IN England +;
and secondly, in prompting the legs
latures of many of u States to give
an undue extension to bank lncorpora'
tons, under the delusive idea that,
having so much specie in the country,
there could be no risk in adding to the
paper circulation.
Hence the market where we needed
credit was crippled, while II WI
market was made TO overflow with new
emissions Of paper.
Then came the Specie Circular
which operated on the sea board,
where the chief monetary transactions
OF the country arc settled, precisely as
the forced importation of specie here
operated on the London market by
withdrawing the precious metals from
the points where they afforded a sub
s%tantial aid and foundation TO the cur
rency, to place them where, for that
important end, they were comparative
ly useless.
The gold and silver that should have
remained in the vaults of the Atlantic
banks, was wagoned and boated to the
West, and there locked up--useless to
the banks that held it in deposite, and
injurious to those from which it was
Withdrawn.
The consequences Of this state of
things are now developing themselves.
The Bank Of England finding its
specie diminishing, has been gradually
raising its rate Of discount, without as
yet, however, inducing any sensible
curtailment Of its issues. This process
must 60 on until money is made scar.
Ger, and the exchanges turn in favor of
England--because that country must
get back its due amount of specie.
This country, then, must dlsgorge a
portion of that specie-brought here
with so much cilort--at such great Sa-
crifces-and in such deplorable igno-
rance, or contempt, Of the underwriting
laws Of trade.
The progress Of reorganization is al.
ready begun. Exchange on London
: -. g.. 4 4 A. n r.nnatt.Tn