Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-05-09
repositories where the collections are

! from the quotations, and from the
sources from which they come, trust
there can be no longer any doubt on
the public mind, as to the manner in
which the Snb. Treasury bill, lit shall
become law in its present shape, will
be carried into effect---and leave it 10
the judgement of every rational man
10 say, whether the receipt OF the notes
OF specie paying banks under such re-
! gulations, and under the discretionary
power claimed by the Executive is
not far worse than the positive aud alb
solute receipt ofgold aad silver only r.
In the latter case, the banks would on.
! ly suffer in consequence of their specie
beng drawn from them, and deposited
IN the Sub. Treasury vaults, by which
they would be disabled 20 extend those
Accommodations to which the mercantile
community is entitled. la the former
II would subject them to the same in.
convenience by the presentment ofther
notes for specie, and pnt il in the pow.
oil the Executive 10 pull down or build
up any bank he pleased, from the man.
ner in which he would accumulate its
bills if it continued to do business, and
suddenly present them for specie. The
same remark is also applicable TO Mr..
Calhouns proposition whilst bank notes
are leccived) by which one-sixth was
to be received in specie the first year,
two-sixths the second year, and so on
till the the whole receipts of the pub
lie revenue should be in gold and silver.
Who can fail TO see that, under such a
system, every bank throughout the
country may be destroyed, and all
those evils which have been so fully
depicted, during the discussion Of this
question, inflicted on the community
Ii is in fact establishing a gold and sill.
yer currency for officers and contrac.
tors of Government and leaving the
people at the mercy ofthe Executive
or the Secretary of the Treasury
The banks cannot resume nor continue
specie payments, if they continue TO do
business, under such system. Nay,
they cannot live but by Executive Gle.
mency.
The great evil consists ia tho adop.
ton ofthe Sub Treasury system in any
form. That done all others follow
There Is ns~way in which the objec.
tons TO lis adoption can be overcome.
II is not capable of being made by any
amendments either useful or harmless.
hope the country will not be deceived
by the present form Of the bill. 1t
was right 10 strike out the specie clause
If we could, because, that was giving
a blow which destroyed what little con.
gruity it had, and left it in shape in
which it has hoped none would serious.
Iy think of passing it.
Ii contains powers which lead direct.
ly to an unmtigated despotism of opin-
ion. You have not failed to see, in
reference to the progress Of this mea.
sure, the dangerous extent of Executive
influence. You can scarcely imagine
the evils which may follow the exercise
of the additional powers proposed to be
conferred by this bill on that depart.
ment lthe Government. Away then,
with the whole system-away with
these vaults and safes, these bars and
bolts. Let the Government deposite
its funds IN sound institutions, and let
there be received the notes Of such
banks, as the deposite banks will agree
to credit to the Government as cash.
Let the Government then make its
drafts on those repositories, and let
the holders draw such currency as they
desire.
am utterly astonished at the man.
ner in which this measure is attempted
to be forced upon Congress and the
people. If the collection Of the reve-
nue. in gold and silver be so essential
for the General Government why is il
not equally so for every State Govern.
mentl The same argument would
apply in the one case as in the other.
What would be said to such PROPOSE
ton in the State Of New York 7 |
believe il was entertained at Tammany
Hall. But what would the people Of
the State say? What would the Leg
islature say? 1t could scarcely com.
mand voice or a vote with the one or
the other. Who is there that would
require our canal tolls, our auction and
salt duties, and our taxes to be collected
in specicl Such a law, if it were
passed, could not be enforced. The
same remark is applicable to every
State in the Union. And say, what
is good enough for the States and the
people OF the States is good enough for
the General Government. hope,
then, the community will not be decei.
we'd as to the character of this BILL
1t does not contain a single mitigating
feature. trust it will be resisted or
any thing like It in all the stages Of its