Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13

10 reduce their debts, and 10 withdraw
from the United States large portion
of our specie.
! However unwilling any Of our CHI.
zens may heretofore have been to as
sign TO these causes the chief nstru.
mentality in producing the present state
OF things, the Developments subse-
quenily made, and the actual condition of
other commercial countries, must, as it
seems to me, disPel all remaining doubts
upon the subject. il has since appeared
that the same evils have been experen
ced in Great Britain, on the continent,
and, indeed, throughout the commercial
world; ard that in other countries, as
well us our own, they have been uni.
formly preceded by an undue enlarge.
ment oflhe boundaries oltrade, prompt.
ed, us with us, by unprecedented ex-
pansions Of the systems Of credit. A
reference to the amount of banking ca.
pltal, and the issues ofpaper credits put
in circulation in Great Britain, by
banks, and in other ways, during the
years 1884, 1885, and 1896, will show
an augmentation Of the paper currency
there, as much disproportionate 10 the
real wants of trade as in the u. States.
With this redundancy Of the paper cur
rency, there arose in that country also
a spirit OF adventurous speculation, EN-.
! bracing the whole range of human en-.
terprise. aid was prolusely given to
projected improvements large invest
ments Were made in foreign stocks and
loans credits for goods were granted
with unbounded liberallty to merchants
Of foreign countries and all the means
Of acquiring and employing credit were
put in active operation, and extended
in their effects to every department of
business, and to every quarter OF the
globe. The reaction was proportioncd
IN It's violence TO the extraordinary
character of The events which preceded
it. The commercial community of
Great Britain were subjected to the
greatest difficulties, and their debtors
IN this country were not only sudden
~ deprived of accustomed and expected
credits, but called upon for payments,
which IN the actual posture Of things
here, could only be made through
general pressure, and at the most ruin.
Gus sacrifices.
In view OF these facts, it would seem
impossible for sincere inquirers after
truth to resist the conviction, that the
causes Of the revulsion in both coun.
tries have been substantially the same.
Two nations, the most commercial in
the world, enjoying but recently the
highest degree of apparent prosperity,
and maintaining with each other the
closest relations, are suddenly, in a
time Of profound peace, and without
any great national disaster, arrested in
their career, and plunged into a state
Of embarrassment and distress. In
both countries we have witnessed the
same redundancy OF paper currency,
and other facilities of credit the same
spirit of speculation; the Same partial
success 8; the same difficulties and re-
verses aud, at length, nearly the
same overwhelming catastrophe. The
most material difference between the
results in the two countries has only
been, that with US there has also oc-
Cured IN extensive arrangement in
the fiscal affairs OF the Federal and
State Governments, occasioned by the
suspension of specie payments by the
| banks.
The history of these causes and ei-
lects, in Great Britain and the United
States, is substantially the history of
the rcyulslon in all other commercial
countries.
The present and visible effects of
these circumstances on the operations
Of the Government, and on the indus
try Of the people, point out the objects
which call for your immediate atten-
ton. They arc--to regulate by law
the safe keeping, transfer, and dis.
burscment, Of the public moneys; to
designate the funds TO be received and
!, paid by the Government to enable
the Treasurer to meet promptly every
demand upon it; TO prescribe the terms
of indulgence and the mode of settle.
ment to be adopted, as well in collect.
ing from individuals the revenue that
has accrued, as in Withdrawing it from
former repositories, and to devise and
adopt such measures, within the con.
stitutional competency Of Congress, rs
will be best calculated to revive the
enterprise and TO promote the prospect.
ty Of the country.
For the deposte, transfer, and dis
bursement of tho revenue, National
and State banks have always, with
temporary and limited exceptions, been
heretofore employed but, although
advocates Of each system are still to be
found, it is apparent that the events of
! the last few mouths have greatly aug.
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