Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-03-15

taxes, except for the purposes enume-
rated in the constitution !; and if its in
come is found TO exceed these wants,
it should be forthwith reduced, and the
burdens of the people SO far lightened.
In viewing the conflicts which have
taken place between different interests
in the United States, and the policy
pursued since the adoption of our pre-
sent form Of government, we find no.
thing that has produced such deep seat
ed evil as the course of legislation in
relation to the currency. The con-
stitution of the United States unques-
tionably intended to secure to the
people a circulating medium of gold
and silver. But the establishment OF
a national bank by Congress, with the
privilege of issuing paper money re-
ceivable in the payment of the public
dues, and the unfortunate course of Ie-
gislatlon in the several States upon the
same subject, drove from general cir
culation the constitutional currency,
and substituted one of paper in its place.
1t was not easy for men engaged IN
the ordinary pursuits of business, whose
attention had not been particularly
drawn to the subject, TO foresee all the
consequences of a currency exclusive
ly of paper, and we ought not on that
account, to be surprised at the facility
with which laws were obtained to car
ny into effect the paper system. Hon.
est, and ven enlightened men, are
sometimes misled by the s~pecious and
plausible statements of the designing.
But experience has now proved the
mischiefs and dangers Of a paper cur
rency, and it rests with you to deter
mine whether the proper remedy shall
be applied.
These views alone, of the paper cur
rency, are sufficient to call for imme-
date reform /; but there is another con-
sideration which wouldst til more strong
ly press it upon your attention.
Recent events have proved that the
paper money system of this country
may be used as nm engine to under
mine your free institutions (; and that
those who desire to engross all the po-
wer in the hands ofthe few, and to CO.
vern by corruption or force are aware
of its power, andprepared to employ it.
Your banks now furnish your only cir
culating medium, and money is plenty
or scarce, according to the quantity of
notes issued by them. While they have
capitals not greatly disproportloned
TO each other ; they are competi-
tors in business, and no n of them
can exercise dominion over the rest /;
and although, in the present state,
these banks may and do operate inju-
riously upon the habits Of business, the
pecuniary concerns, and the moral
tone of society ; yet, from their num-
Der and dispersed situation, they can
not combine forthe purposes of political
influence +; and whatever may be the
dispositions oil some of them, their po-
wer OF mischief must necessarily b.
confined to a narrow space, and felt
only in their immediate neighborhoods.
The paper system being founded on
public confidence, and having of itself
nc intrinsic value, it is liable to great
and sudden fluctuations thereby rem
derihg property insecure, and the wa
ges of labor unsteady and uncertain.-
The corporations which create the pa
per money cannot be relied upon to
keep the circulating medium uniform
in amount. In times of prosperity,
when confidence is high, they are temp.
ted by the prospect of gain, or by the
influence Of those who hope to profit,
to extend their issues of paper beyond
the bounds Of discretion, and beyond
the reasonable demands of business
And, when these issues have been
pushed on, from day to day, until at
length public confidence is shaken, then
a reaction takes place, and they imme.
dlately withdraw the credits they have
given; suddenly curtail their issues;
and produce an unexpected and ruin
u contraction of the circulating me-
dunn, which is felt by the whole com
munity. The banks by this means, save
themselves, and the mischievous conse-
quences of their im~prudence or cupid
ty are visited upon the public. Nor
does the evil stop here. These GIBBS
and flows in the currency, and these
indiscreet extensions ~ofcredit, natural
ly %engender a spirit ~ofspeculation inju-
rious to the habits and character ofthe
people. We have already seer its eff.
fects in the wild spirit of speculation in
the public lands, and various kinds of
stock, which, within the last year or
two, seized upon such a multitude of
our citizens, and threatened to pervade
all classes of society, and to withdraw
their attention from the sober pursuits
of honest industry. 1t is not by en-
couraging this spirit that we shall best