Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1840-01-02

NV A%ITE tFHt "a - Ara-
a dePFeeiaied paper currency has existed g, ~htfs
and this, with the aid Of Treasury notes a. 'ears,
0t the time, wss done without lnterrpn,;an fst
Tie suspension OF 1887. Al the piesen, u-'hg
he receipts and disbursements Of the G''9nenf,
sre mode 10 legal currency In the larsesf nhens
he Inlon-no one suggests a departure f,o,, ~. :
RUE ana y Hean now be successfully carried ~
u viii % surrey attended with even less dfs.a1a.''
Wien bal k notes are again redeemed In sras"euiy
Indeed, | cannot think that a se.ion. ~
would any where be raised TO the receip, yyouos
ment Of gold and silver in all public ,ru,..aPsy-
we're it not from an apprehension the, a.fohs,
he Treasury might Withdraw a large n.:'Iiusi
from circulation, and lock il up unp,os ~ aono o. II
public vaults. Il would not, in my oriu;on' !" no
cult TO prevent such an Inconvenience f,o,n seoh'
ring but the authentic ta'ements which s uf
already submitted to you, IN regard to the ar,
amount in tie public Treasury, al any one 1''oal
ring he period embraced in them. and ~ - oa'
probability of a different state Of The T,eas nne
at least some years 10 come, seem TO renda. '"s
necessary 10 dwell upon it.. Congress no,a !" "a-
have before observed, will, in every v,s, s.tias
opportunity TO guard against it, should III a.ean
renee ct any circumstance lead US TO appreba,dI
Jury from this source. Viewing the sub;er, ! !,
~ asPects, | cannot believe that any n.,iod ~
De more suspicious Than ihe present., for The 3D.
tiou OF OIL measures necessary TO ma,n,pin i. .u'P'
lily Of ar own engagements. and to aid sang SANG
rig to the crmUuni y that abundant sunni asa ur
frecieos metals, which adds so much ia We
perity, and gives such increased stability 10 III r.o'
dealings. '"'hef
In a country 20 commercial a. ours. b.,,.
some form will p~robsbly always exis, Inn, an IN
serves only 10 Gender It the more incumbe,, ~
a9i~uhsiaiiHg the dlscouragetnesis of the mas, :,
.ifi7e ~ our respective stations To mitigate The s,a,
Il e, produce; 10 tale from ken a. randi.
ahiig sriors Of pubic fsiih anda careful co1.id ma
ron efthe immediate iaterc.ts of the e.ram.
vii petn'if. the " just character of nonen,E...v
heck 80 far as may be practicable BY pr,,de,, ~ !"
station, those tempiat ons OF Interest," ard ibosa
pefinniiies 70, thei, dangerous indulgence rhsTIr
besot Item on every side. and 10 confine ,hen 49,
10 tie performance Of their paramount DIM, ~.
OF aiding the operations of commerce, rather ,b,r
con sitlng their own exclusive ADVANTAGE III"
aud other salutaty reforms, may, it is believed ~"
somPli-hed y ilhuui the violations of any of ,ba .,ss
principles of he social compact, the ubservsneaa
which - indlspe nsable 10 ia existence. or ;,,ars,
ing macy way with the useful and profitable ON
r~lyTent OF reel capital.
Institutions, SO f FAMED have existed and ain at.
elsewhere giving TO commercial intercourse Al ~.
cessaIy facilities, without Initiating or deprec;a;,,
lie currency. or stimulating speculation. Tins s.
comprising then legitimate ends, they have gained
the sulest guarantee for their protection and ).
Nf E'FNA FtA VI tbt XIII -
Among a people so just as ours the same ,e..l,
could not fali 10 attend a similar course. Tbe Al.
rect supervision of The banks belongs, fun The i,
ure Il our Government, 10 the States Who sutbo.
tze them. II is to their Legislatures ina, III, ,eo.
pie must manly look for action ON that subject
Bur as the conduct Of he Federal Government in
the management If it's revenue has also a powerful
though less immediate Influence upon them. il he.
cpmes our dn'y 10 see tina, a proper direction ia d.
1 ven IA n W HlIp the lpnniuU as ,ha. ,bt,o .a..-. |
~ a separate and independent Treasury. and Of
collecting 1t IN gold and silver, will have a salu.sr
iniiuence on The system Of paper credit with shch
all banks are connected, aud thus aid those ,ha,
afe sot nd ard W, II managed. it Wi al the zane time
~sensihly check such as are otherwise, BY at once with.
holding the nfas Of extravsgance afforded by The
public fund.-, and restraining them from excessive i-
sues q notes which they would be constantly called
upon to redeem.
| am s~are it has been urged tina, this control /
may be best ettained and exerted, by means Of
a National Bank. The constitutional objections,
"hlch | am well known TO entertain, would prevent
me- IN any event, for proposing or asserting TO tina.
remedy but, in addition TO this, | cannot, after
past experience, bring myself TO think tina, ii can
any longer be extensively regarded as effective for
-hch a purpose. The history Of the late National
sank, through oil its mutations, shows that it was
not so. On the contrary, il may, after a careful 1
~ tt' ~ W. . ff1''" F"NI ~
led. thai, at every period Of banking excess. i.toOk
The lead thai, in 1917. end 1918, in 1923, in 49,
81, and m 1884, its vast expansions, followed BY
distressing contfaeiiuns, led To those OF he State
institutions. 1t swel!ed and maddened the lidesd
lie banking system, but seldom alleyed, or safely
directed them, Al a few periods only was a sap.
faty control exercised. but en- eager desire, on the
canttafy. exhibited for pr, fit in The FIST place; ard
H. afterwards, its measures were severe towards
otter InSiflnflQUe. il VAS Iprnugp its own safely
compelled it 10 adopt them. 1t did not differ from
mem in principle OF in for IT'S measures enda'
'ed from the same spirit OF gain; it ielt the same
temp'atinn 10 over ISSUES; it suffered from, and ~s
totally unable 10 avert, those inevitable laws u
'rade, by which il was Itself affected equally WIN
theHl and At least on one occasion, AT an cam as,
{ was saved only BY extraordinary exertionsWe"
me same far" thar attended the weakest ins'runea
q prof ssed 20 supervise. In 1887, II failed, squ%
y wth others, IN rcdeemlng It's notes, Though W
49," yours allowed by us Chbrtet Tor that pufPos'
nfd not cxInTed. a large amount OF When 'eH"'s,
q thr present. time, outstanding. hlis tue' y"
having 80 vast q cnpital. and strengthehta' " u"
use ui all Tie revenue. OF the Government. II p"
e'>ed mare power; but while IL was Itself. ey y"
circumstance, feed from the control whien "
Banks require. its paramount obieci and 'nooe
m"nt "erc lett the same--tu make the most 10, W
Ntorkho ders. not TO regulate the currency ., "'
county. Nor has il, as far as we are advised, ore"
fouud 10 be greatly otherwise elsewhere. Inc va
uonal chathcter given to The Bank Of Englato' IA
not prevented excessive fluctuations 10 Their cu''tr
'y' ana u proved unable 10 keep of a suspension"
specie payments, which lasted for nearly a quar-"
OF a century. And why should we txpeetn io@
otherwise? A national institution. though deriving
nS charter from a different source Than The o,Ss
banks, Is yet constituted upon the same prineiPts,
Is conducted by men equally exposed to ,emp'au'n'
and IS liable to the same disasiels; with The aou'
1onal disadvantage that It's magnitude occasions"
extent OF confusion and distress which the m'smau
ngement OF smaller institutions could not p'oou'e'
1t can scarcely be doubted that The recent 'n'fe@
non OF the United States Bank Of Penusylyanra-"