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

something TO the many embarrassments of
that proceeding, yet these are FAR over
balanced by its direct tendency TO produce
a wider circulation of gold and silver. Ia
increase the safety of bank paper, to i'm
prove the general currency, and thus 10
prevent altogether such occurrences, and
the other and far greater evils that attend
them.
1t may, indeed, be questioned, whether
it is not for the interest OF the banks them.
selves that the Government should not re-.
ceive their paper. They would be con.
Quoted with more caution, and on sounder
principles. BY using specie only in its
transactions, the Government wopld ere
ate a demand for it, which would, to a
great extent, proven. It's expectation. and
by keeping il in circulation, maintain
broader and safer basis for the paper cur
rency. That the banks would thus he rem.
dered more sound, aud the community
more safe, cannot admit Of doubt.
The foregoing views, il seems TO me do
but fairly carry out the provisions of the
Federal Constitution in relation to the
currency, as far as relates TO the public
revenue. AT the time that instrument
was trained, there were but three or four
banks iu the United States, and had the
extension of the system, and the evils
growing out of il, been foreseen, they
would probably have been specially guard
ed against. The same policy which led
to the prohibition of bills of credit by the
States, would, doubtless, in that event,
have also interdicted their issue as a cur.
rency in any other form The Constitu.
ton, however. contains no such prohibl.
ton and, since tho States have exer.
cized, for nearly half century the power
to regulate the business OF banking, it is
not to he expected that it will be abandon.
ed. The whole matter is now under dis.
cusslon before the proper tribunal-,he
people Of the States. Never before has
The public mind been SO thoroughly ava.
keneded TO proper sense Of IFS impor.
tauce never has the subject, in all its
bearings, been submitted to so searching
an inquiry. |, would be distressing the IN.
telligence and virtue Of the people TO doubt
the speedy and efficient adoption Of such
measures of reform as the public good dc.
mands All that can rishtfuily be done
by the Federal Government TO promote the
accomplishment of that important object
will, without, doubt be performed.
In the mean time, it is our duty to pro.
vide all the remedies against deprecated
paper currency which the constitution en-
abies us to afford. The Treasury Depart
meht, on several former occasions, has sug-
gesled the propriety and importance Of an
uniform law concerning bankruptcies OF
corporations and other bankers Through
the nstrumentaity OF such law, saluia-
~ check may doubtless be imposed on the
issues Of paper money, and an eifectnht
remedy gwen 10 the citizens in way at
cnce equal in all parts OF the Union. and
fully authorized by the Constitution.
The indulgence granted by Executive au
thofity 10 the payment OF bonds Tor duties,
has been already mentioned. Seeing that
he immediate enforcement Of these otll-
cations, would subject large and highly
respectable portion Of our citizens TO great
sacrifices, anu believing that a temporary
postponement could be made without det.
riment to other interests, and with ncrea-
SD certainty OF ultimate payment, did
not hesitate TO comply with the request
that was made ofme. The terms allowed
are, TO the full extent, as liberal as any
that are TO I've found in the practice OF tho
Executive Department. II remains ior
Congress TO decide whether a further post
ponement may not with propriety DO al
lowed, and, il so, their legislation upon the
subject is respectfully invited
The report of the Secretary of the TIes-
sury will exhibit the condition Of these
debts the extent and effect of the present
indulgence the probable result oil ITS fur
Their extension on the state OF the Treasury
aud every other fact necessaryto a lul
consideration Of the subject. Similar IN
formation is communicated IN regard 10
such repositories Of the public moneys as
are indebted TO the Government, IN order
that Congress may also adopt the proper
measures IN regard TO them.
The receipts and expenditures for The
first half OF the year, and an estimate oil
those for the residue, will be laid before
you by the Secretary Of the treasury
| In his report OF December last, it was est.
mated that the current receipts would
fall short of the expenditures by abou!
three millions OF dollars. II will be seen
that the difference will be much greater
This is TO be attributed not only 10 the &C.
currence Of greater pecuniary embarrass-
ments IN the business OF the country than
those which were predicted, and. onss-
quently, a greater dlminution Ia Inc reve-
nue., but also to the fact that the approprla-
tons exceeded, by nearly SIX millions, the
amount which was asked for in the es't'
mates then submitted. The sum ne.
cessary for the service ofthe year De-
yond the probable receipts, and the a.
mount which it was intended should DO
reserved in the Treasury at the com.
mencement of the year, will be about
six millions. Ifthe whole fthe reser'
we'd balance be not applied to the cur
rent expenditures, but four millions DC
still kept in the Treasury, as seems
most expcdient, for the use OF the mlnl'
and to meet contingencies, the SUM
needed will be about ten millions.
In making this estimate, the receiP'ss
are calculated on the suppositlon Oh
some urther extension of the indulgence