Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-05-24
THr PnEssuRE-ITs HlsToRy.-The present

err, But short time ago, and IFS prosperity,
.eemipgly, outstretehed that Of any other nation
or peopie; now, that prosperity is stricken to the
yround, and the people Of the country grooming
under weight Of embarrassment and difficulty
more CALLING and injurious in its tendency, than
many of the abuses Of power complained Of in
governments differently constituted from our
own Eight wears ago and better regulated
.xs,em Of government, and currency, than our
own, could no; be found on the lace OF the globe
Our currency was then, from the simplicity Of
liz ooeratiou, regular action, and undoubted uti-
i.r. the best the world ever saw-it was cur
rrncv whose value was alike in all parts of the
country and the world--it passed in the COM
sncrcsl marts of Europe. in the seaboard cities
and western frontiers Of our own country, with
the same facility as it did in the streets OF the
city where its principal head was located. 10
ordinary times it would have been thought pre-.
sump,ion and folly TO have meddled with sys-
tenn so admirable, but in this age OF reform, when
the most sacred and binding injunctions of the
constitution are weaker than rope OF sand, no
Experiment. however dangerous, seems too
fearful to undertake.
Al the beginning of the administration Of the
late President this great regulator d the curren-
cy-thc Bank of the United States-was in com.
plete and healthful operation. A short time af
fer his elev alton TO office, the idea entered his
head, that his own popularity, and the political
strength of the party which supported him,
would be greatly augmented if the influence sup
posed to be attached 20 that institution could be
made TO operate in favor of his me asures and pc
Icy, and, both he and his partisans, began TO
cast about for the means of putting themselves
in possession of that influence. FOR feeler, a
move was made upon distant point, but, lucki-
ly, the plot was discovered in good season, and
the rebuke received was such as to prevent any
future attempt Of the kind From that day is
dated the opposition of that administration and
ito supporters, to the Bank Of the United States
the discovery that il was unconstitutional and
that it was detrimental TO public veal, by those
who waged war upon it. 1t is needless for us
here to recapitulate all the transactions that
took place relative to the destruction ofthe Bank,
for they are familiar as household words 10 ev
cry man CT common intelligence in the country.
The immediate effect of seyering the counex
ion between the bank and the government, and
the distribution of the national revenue among
large number of State Banks, was the spring
ing up Of host of new banks in every State in
the Union. The great check upon over issues
was removed, and money became plenty. Pro-
duce, and real estate brought enormous prices.
All these glorious results were duly placed TO
the credit Of the sagaeiaas Jackson, sad tbs i'm
maculate Solomons who aided him with their
councils. The fnger Of scorn was tauntingl.
pointed at the opponents of the administration
for daring to predict that many years would not
elapse before the whole system would be explo-
ded and destroyed.
The Government" in the mean tire, i'm :
ported large quantities of specie, f,om foreign
countries, under the plausible pretext of enlarg.
ing the specie currency, which, IN due time was
to take the place Of paper, and forever secure
the country from any depreciation in its circula
ting medium Bank paper, however, incre ased
ten times faster than il had done before, and for
every dollar in specie the country was blessed
with more than ten in paper. From the facility
with which bank accommodations were obtained
speculations in western lands, and overtradng
with foreign countries, to a ruinous extent, were
induced. The speculation in lands extended so
far as TO alarm the government for the safety of
the funds received from that source, and an edct
was sent forth demanding that specie should be
required in payment for the public domain
Spectators, from that time, turned their attea
ton TO the collection Of specie for the purchase
Of lands, and the re suit Of their operations has
been the abstraction of the metallic currency
from sections of the country where il was need
ed, TO place it in the vaults Of banks where il is
Of no use to individuals or to the government.
The ruinous effect of this edlct was seen and
foretold by many. bill for its repeal passed
both houses of congress by large majorities and
went to the President for hisf approval or rejec.
ton. Neither were obtaiHed- Awaiting him
selfef eensttuti ion al provision he smo,hered it
lie was too stsbhsruFto Yield to the wish of the
nations rescntatives against a measure OF his
own creation, and he well knew that if he retur-
ned il TO congress, it would pass that body by a
majority that would set his opposition at defiance
The odious measure was continued, and the tor,
pado, whose approach was seen and pointed ou
by those whose vision had not been obscure6 by
devotion 10 the Hero, has reached us with i'll
fury and swept away the prosperity, the credit.
and the currency of the country. What else
could have been expected The destruction Of
ths Bank as fiscal agent of the government o.
the United states-distributing the revenue a
mong squad Of State Banks-the creation Of an
immense increase OF bank capital and bank cir
culation, making money cheap and easily obtain.
ed-specuatons in lands. houses. and merchan
die, to an unbounded extcnt-the specie circu.
lar-the stoppage of specie payments by all tn,
banks in the country, and the ruin of thousand,
and thousands Of enterprising 4 industrious citi
Eens, arc but successive links in the chain Of e