Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-05-24

circulating medium" Congress and
four and twenty State Legislatures did
not agree with the General, and the
consequence is what we have seen, the
destruction Of sound and form cur
rency, and the substitution of an un-
sound and nuetuating currency in the
paper Of the local banks.
1896.
We have traced the documentary
history of the warfare on the Bank,
from its commencement in 1929, when
the attack was made on the express
ground that the Bank failed to esta-
blish sound and uniform currency"
This currency it was proposed to
improve by substituting the better pa.
per currency Of the local banks and
this remained for five years the policy
of the administration.
AS the community became aware by
reflection and experience that these
banks could not furnish a general cir
culatng medium, and that they did not
as per agreement honor each others
notes and drafts" it became necessary
TO make still another promlse-to fur
nlsh substitute for the substitute which
had been given us for the currency of
the United States Bank. And how is
it with This substituted substitute AZ
ter eight years ofincessant and harass-
ing interference with the currency,
what has been attained by President
Jackson's own showingl Let the mes
sage Of 1886 speak for him.
although various dangers to our
republican institutions have been obvi-
ated by the failure of that Bank to ex-
tort from the Government a renewal of
its charter, it is obvious that little has
been accomplished ercept a sanitary
change of public opinion, towards resto-
ring to the country the sound curren.
cy provided by the Constitution.
And how much is that little ? And
what is that salutary change in public
opinion ?
l. Three hundred and fifty seven
new banks have been created. 2. One
hundred and seventy nine millions have
been added to the banking capital. 8.
The circulation of paper money has in.
creased 1923, 100000. 4. Loans and
discounts have been increased $685.
100000.
And this is the marvellous good for
which we endured SO much This is
the result for which we have passed
through SO much suffering, and are
now the witnesses Of such wide spread
devastation ! And the Executive looks
calmly on-exultng in its iniquities-
rejoicing in the ruin it has caused-and
appealing for the justification oil its
measures to the MOTIVES that induced
them, and the 07-"HApPY coNsEoUEv.
cEs" 80 in which they have resulted.
POSTSCRIPT.
Since writing the above, we have
received further intelligence of the bet
ter currency-the d" improved circula-
ting medium"-of which Gen. Jack.
son so learnedly discourses in his mes.
sages. The Safety Fund and Depo
site Banks in New York have suspend
ed specie payments. This is the finale
the denouement of the gold humbug.
Gen. Jackson's humble efforts" for
the restoration of the Constitutional
Currency, have compelled the banks to
suspend Specie payments, and have l..
terally cursed the country with a cur
rency of Rags. Truly, did DANIEL
WEBSTER say, in the memorable ses-
sion of l933-'34:
would say to every honest man
every where, who wishes by HONEST
MEANS to gain an HONEST LIvING-Be-
ware of wolves in sleeps clothing i;
whoever attempts, under whatever pc.
pular cry, to shake the STABILITY OF
THE PUBLIC CURRENCY, bring on dis.
tress in money matters, and DRIVE THE
COUNTRY INTO PAPER MONEY, SLABS
YOUR INTEREST AND YOUR HAPPINESS
TO THE HEART! And whoever has the
wTckedness to conceive and the hardi.
MOOD to avow purpose to break down
what has been found in forty years
experience essential to the protection
OF all interests, by arraylng one class
against another, and by acting on such
a principle as that The poor Arrays hate
the rich, shows himself the RECKLESS
ENEMY OF ALL. An enemy to his whole
country, to all CLASSES, and to EVERY
MAN IN 1T, he deserves to be marked
especially as the Poor MANS CURSE"
TREASURY CIRcULAR.-The last Nash.
VILE Republican says: "A joint resolution
was offered on the 22d ult., in the lower
house of the Mississippi Legislature. re
questing the President of the United States