Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-01-10

bear, q ADOPT the resosuAioh Wien
specie payments had been restored, u
will be found, | fear. to bear with Sc
verify on the banks, to sink their
credit, and to cripple them. IL Banks
DO admitted 10 be safe, important ana
valuable agents in the economy oil the
State Governments, and may not with
Just regard to the interests oil their
constituents be dispensed with, Tres
pectfully submit whether the policy Of
the States in this respect be not so Tar
entitled TO respect from the General
Government, as that il should not, u
to be avoided, pursue a course calcula-
ted to Cypress and embarrass it.
There is another view ofthe subject
which demands the solemn considera-
ton of the General Assembly. The
State Banks have been heretofore re.
garded, and az it seem to me with
much reason, the only safe and Prac-
teal substitute for q great national es-
Adjustment of credit and finance under
some form or other. If these institu.
tons, therefore, shall now be allowed
10 be crushed or discredited, their ETH.
cheney impaired, or the accommodation
they are capable of yielding to both
government and people, thrown aside,
the consequence will be sooner or la.
ter, a resort to some central monied
power as the exclusive fiscal agent Of
the General Government and the pri-
viledged dispenser Of q national cur
rency. U~nfavourable as has been u
experience Of such an institution, we
have not yet seen it, under its most
dangerous aspect. Its natural relation
is tina, Of ally and instrument Of the
Federal Executive, not its rival and
opponent. Where two such formida-
bic engines shall work in concert. as,
under their natural bias and impulsion
they would do, the result must be a
fearful enlargement of the powers OF
the Federal Government, destructive
alike to the rights of the States and
the liberties Of the people. Is it not
then incumbent on the friends OF our
Republican system, to uphold the insti.
~tutions of the States, IN all their com.
petent functions I; to oppose with firm.
ness every project, which, in rendering
the General Government Independent
of the people and the States, shall
strengthen the arm Of Federal power,
and which, by leading to a multiplied.
ton OF executive officers, and by CIV
ing to the executive head, a direct con-
troll over the public money, shall aug
ment the patronage, and add to the al.
ready formidable influence OF that
branch Of the Government? The mea-
sures recently proposed in the national
councils, before alluded to. force these
considerations on the attention of v
ry rejecting patriot, and they will
doubtless be weighed by the General
Assembly with all the deliberation and
solemnity due to the occasion.
The approaching expiration Of the
charters of the existing Banks, will
present an early occasion for thu revI-
sion and improvement of our Banking
system. The defects, which expert.
ence may have disclosed, will, it is to
be- hoped, be remedied, and new secu.
rites provided against the dangers and
excuses to which it is occasionally liza
BILE /; but in the present advanced stage
Of commerce and civilization, conside-
ring the vast and increasing amount Of
exchanges to which the extraordinary
developments Of modern industry and
enterprise have given rise, aud con-
trasting Herewith the limited supply
| Of the precious metals in the world, the
idea of abolishing every conventional
medium Of circulation, and returning
to an exclusive metallic currency, mus,
be regarded as altogether behind the
progress OF the age. Least of all, is i
adapted to a new and growing country
like ours, where credit and anticipated
| capital have already achieved such
wonderful improvements, and where so
much yet remains to be affected by
their necessary aid.
had hoped to be enabled to COM
municate to the General Assembly,
the intelligence that all the principal
banks in the union had agreed on a day
to commence redeeming their notes in
specie, and lament that | cannot con-
vey that desirable information. IN
derstand, however, the prospect OF com.
mencing at no very distant day, is ia
vorable, and that the banks in our own
State have been and are now ready to
fix on an early day i; thaithey should do
so is greatly to be desired, but howev.
anxious WI may feel ON the subject,
it Is our duty so 10 act, as to render
the operation as little distressing as
possible, and avoid everything which
may tend unnecessarily to disturb pub.
lie confidence. 1t will be seer from
the last return of the Bank of Virgin
ia, made on the LIST of November, IS-