Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-12-12

u
surplus revenue among the States ms re-
qrired by Congress; and consider the
heavy expenses incurred by the removal
Of the Indian tribes, BY the military ope.
lions in FLORIDA and on gu account ol
the unusually large appropriations made
at the last two annual sessions OF Con-
cress for other objects, we have striking
evidence, in the present efficient state OF
our finances, of the abundant resources OF
the country TO fulfil all its obligations.
Nor is i, less gratifying TO find that the
general business of the community, deep
" affected as ii has been, Is revivlng with
additional yigor. chasiened py the lessons
of the past, aud animated by the hopes OF
the future. By the curtailment of paper
issues by curling the sanguine aud ad-
venturous spirit OF speculation and By
the honorable application OF all available
means to the iulfilment Of obligations,
confidence has been restored both at home
and abroad, and ease aud facility secured
10 oil the operations OF trade.
The agency of the Government, in pro-
ducing these results has been as eiilclen,
as its powers and mems permitted. by
withholding from the States The deposite
OF the fourth instament, and leaving sew.
eral millions a, long credits with the Banks,
principally in one section OF the country,
and more Immediately beneficial to II;
and, at the same time, aiding the Banks
and commercial communities in other sec.
tons, by pos,poning the paymen, OF bonds
for duties to the amount of between four
and five millions Of dollars by an issue
OF Treasury notes as means TO enable
the Government 10 meet the consequences
of their induigences but nffofdlng, al
the same time, facilities for remittance and
exchange; and by steadily declining to
employ as general repositories OF the pub
lie revenues, or receive the notes of all
Banks which refused 10 redeem them with
specie; by these measures, aided by the
favorable action of some Of the Banks,
and BY the support and cooperation oi
large portion Of the community, we have
witnessed an early resumption oil! specie
payments in our great commercial capital,
promptly followed in almost every part of
the United States. This result has been
alike salutary 10 the true interests OF ag-
rcalture, commerce., and manufactures (;
to public morals, respect for the laws, and
that confidence between man and nun
which is so essential IN all our social rela-
tons.
The contrast between the suspension of
1914 and 1897 is most striking. The
short duration of the latter the prompt
rcstoraiono OF business he evident bene-
fits resulting from an adherence by The
Government to the constitutional standard
OF value, instead of sanctionlng the sus
pension by the receipt ofrrcdeemable pa
per and the advantages derived from the
large amount ofspecie introduced into the
country previous to 1887, afford valua-
BILE illustration Of the true policy OF the
Government in such crisis nor can the
comparison fail to remove tho impression
that a national bank is necessary IN such
emergencies. Not only were specie pay
men,s resumed without It's aid, but exchan-
pes have also been more rapidly restored
than when il existed thereby showing that
private capital, enterprise, ADD prudence,
are fully adcquate TO these ends. On ull
these points experience seems to have
confirmed the views heretofore submitted
TO Congress. We ,ave been saved the
modification Of seeing the distresses oil
the community for the third time seized
on 10 fasten upon the country 30 DANGER
Gus an institution and we may also hope
that the business OF individuals will here
after be relieved from the injurious effects
Of continued agitation oftbat disturbing
subject, The limited influence Of Ma
iionaf Bank in averiing arrangement III
the exchanges OF the country, or IN COM
pcIlng the resumption specie pa ymen's,
is now not less apparent than IT'S tendency
10 increase inordnate speculation by sud
den expansions and contractions It's DIS
position 10 create panic aud embarrass'
ment for the promotion Gifts own designs;
its interference with politics; and Its far
greater power for evil than for good, either
in regard to the local Institutions or The
operations Of Government Itself. Wbat
was, in these respects, but apprehension
or opinion when National Bank was
first established, now stands confirmed By
Illuminating experience. The scenes thro'
which we have passed conclus'vely prove
how little our commerce, agriculture,
manufactures, or finances, require such
an institution, and what dangers are al
tendant on its power--a power, trust,
never to be conferred by the American
people upon their Government, and SUI
less upon individuals not responsible 10
them Tor lis unavoidable abuses.
NV conviction Of the necessity Of FUR
Their legislative provisions Tor The saieksep-
ING and disbursement OF the public moneys.
and my opinion in regard to the measures
best adapted 10 the accomplishment OF
those objects, have been already submit