Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-09-19

much weight. Thar suspension arose from Unex-
pected and exsraordinary causes, which are net like
lv to occur again. and, therefore, any %afgasnent
founded upon i, is not applicable to the presentcase.
We shall have occasion to allude TO this point W
another yiew ofthe subject. Ii is sufficient, for the
present, to remark that, great as the evil Is Of :
general suspension OF specie payments, il is doubt.
fal whether the fortunes of the Government, in such
a case, ought to be separated from those OF the
Public, whose interests are under the gnardiansh'p
and ought to be under the effective protection ofthe
Government. The efforts ofthe Government should
be directed to the prevention OF the calamity alto
gether, instead eT being limited 10 the objects pro-
posed in this scheme. But it il be true that the
iusds and properly Of the Government are more sa-
cred, and ought TO be guarded with greater precau-
lions, than those OF individuals, in a case affecting
in common the property anil estate OF evsry ipdi-
viduai in the community, even this object might be
attained, in the conditions on which the Banks
should be made repositories of the Government,
without abandoning all the advantages which might
result from the use of these institutions in the man
agement OF the public revenue.
but the most Gapclusive and most pertinent an
swer TO the argument in favor Of the Sub Treasury
founded on the alleged insect4 ity ofdeposite Banks.
is that whichI trixnphantly given in the history
of the two Banks Of De Unitel States, which, for a
period Of neRly forty years had The whole custody
Of the rsyeMes o1aaeUnited States, collecting,
transferring from acs 70 place, aud discussing ali
the funds Of ile 0veru&ent. without loss, without
refusal q daE q paw III, many instance. withou,
embarrass Gent orllfhAl y Of any kind, and without
CHARGE If Nbe zoe that the local Banks are un-
safe depositqUes Of ID fuwds Of the Government,
the conclusive answer to the objection IS, that even
the hazard is fully obvia,ed by the establishment Of
a National Bank. That this would be an eifeetual
remedy is proved not only by eng experience, but
by ether considerations which are obvious on a mo-
ment's reflection. That a. institutions, established
by express legislation OF the Government OF the v.
States, with express referefNe to its having the Gus
tody of The public funds, and with all the precau.
,ionary ~enstSmenis, and all the control reserved to
the Government, necessary to give IT the utmost de-
gree of security-with any desired amount OF capi-
tai derived from private subscription, all of which
would be pledged for the payment in the hrst IN
stance, Of the claims of the Government OF every
kind-that such an institution must afford every de-
sirable degree of safety for the public money, no
reasonable and considerable person will pretend to
doubt. That the funds of the Government entrus-
ted 10 the charge of such an institution not only
WE'RE. under the administration of the two Banks of
the United States, which are now passed away, but
that from the nature of the case they must be, In
any similar institution iudiciously framed under the
legislation Of the United States, a hundred times
more secure than in the hands ofinliyidual Sub
rteasurers-lockcd up in their vaults and safes.
and under the protection of their oaths, and their
bonds, with the penalties ~offelony hanging over then
heads-we consider a point so clear and selt-evidsnt,
that il would be a waste Of time TO argue tfarther-
ave feel warranted, therefore, in assuming that
the object of rendering The public funds more secure
by the adoption of The S b-Tfeasury scheme is a
mere pretext-lhat itis not a real, bot a mere pre-
tended advantage of The system, and that, instead
of afording a greater degree of security. It Is less
-. r, l.., bat for NJ. bieh II ia IN ba substItuteu-
which is recommended by past experience, md
which is in cousonance with the practice ofindividu-
ais, in all the departments oftrade and industry
We here leave this branch Of The subject. and re-
serve to another number the consideration OF some
other points which require attention"