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


cipa.t I'd dat the ie~ banks tslea exi..in. srte a.
swell to an extent which would sxpeL. 10 "a great .
degree, ths gold and silver, for Mbic4 ti,.Y bad mr.
sided, from the channels q a circulation, and fiji
them With q currency that defeats the objects lhey
had IN view. The remedy Tor this must chief rest
with the States, Eon whose legislation ii has sptung
No good that might accrue, in a particular case,
from the exercise Of powers, not obviously cobfet-
red on the General Government, would authorize
its interference, or justify a course that might. In
the slightest degree, increase, at The expense OF the
States, the power of the Federal auihorities-Hor
do | doubt that The States will apply the remedy.
Within the last iew years, events have appealed TO
them too strongly TO be disregafdsd. They have
seen that the Constitution, though Theoretically adj
hered to, is subverted in practice; that while on
the statute books there Is no legal tender but gold
and silver, no law ~impairing The obligations of con-
tracts, yet, that in point OF fact, the privileges con-
ferred on banking corporations, have made their
notes the currency Of the country; that tie obliga-
tions imposed by these notes are violated under the
impulses of interest or convenience; and thar The
number and power Of the persons co~nnecled with
these corporation. or placed under their Influence.
give them a fearful weight when their int, Is, is IN
opposition to the spirit ofthe Constitution and laws.
To the people ii - immHterlal whether these results
are produced by open violations Of Tire isiter, or b,
the workings OF a system Of which the result is the
same. An i~niexible execution, even Of tie existing
statutes OF most OF the States, would redress many
evils now endured; would ,Hectnally show The
Banks the dangers OF acknowledgement, which i'm
punity encourages them 10 repeat; and would teach
all corporations the useful iessna that they are the
subjects OF The law and the servants Of the peorle.
What - still wanting, 10 effect these objects, must
be sought in additional legislation; or. if that he
inadequate, in such further constitutional pants or
restrictions. as may bring US back into the path { ON
which we have 50 widely wandered.
la the meantime, II Is the dd;y of the General
Government 10 cooperate with The States, by a
wise exercise OF its constitutional powers, and the
enforcement OF ITS existing laws. The extent 10
which 1t may do so, by further enactments, have
slready advei ted to, and the wisdom of Congress
may Yet enlargc them. But, above all, IL il ihcnm-
bent upon us TO bold erect the principles of morale
~ and law, constantly executing our own contracts
in accordance with the prosi.ions Of the Constitu-
ton, and thus serving as a raIlying point ty which
our whole country may be brought back 10 that SAFE
and honored standard.
Our people will not long be insensible to The ex-
tent of The burdens en,eiled upon them by the false
system that has been operating on their sangaine,
energetic, and industrious character; nor to the
means necessary to extricaie themselves from these
ADVERTISEMENTS The weight which presses upon
a large potion OF the people. and The States. is ~
enormous debt, foreign and domestic. The Foreign
debt OF our States, corporations, and men Of basi-
ness, can scarcely be less than two hundred millions
of dollars, requiring more than Ten millions of dol
lars a year to pay the interest. This sum has TO be
paid our of he exports of the country, and must Of
necessity cut off imports to that extent, or plunge
the country more deeply in debt from year tn year
1t Is easy 10 see that the increase of this foreign
debt must augment the annual demand on the ex-
poIts to pay the interest, aud to the same extent
diminish the imports; and in proportion to the en-
l%argement of the foreign debt, and sie consequent
increase OF interest, must be the decrease of the i'm
pOIt tfadp. In lien pf the cnwgarts which IL po.y
brings us, we might have our gigantic banking in
sttutions, and splendid, but, in many instances,
%prohtless, railroads and canals, absorhing, 10 a
great extent, in interest upon the capital borrowed
10 construct them, the surplus fruits Of national in
dustry for years to come, and securing to posteriiy
no adequate return for the comforts which the la
bors of their hands might otherwise have secured.
1t IS not by the increase of this debt, that relief is
70 be sought, but in its dlminution. Upon this
point, there is, | am happy TO say, hope before US
not so much in the return of confidence abroad,
which will enable the States to boz row more mo-
ney, as in a change Of public feeling at home, which
prompts our people TO pause IN their career, and
think Of the means by which debts are to be paid
before they are contracted. If we would escape
Embarrassment public and private, we must cease
TO run in debt, except for objects of necessity, or
such as will yield a certain return. Let the failf
OF the States, corporations, and individuals, already
pledged, be kept with the most punctilious regard.
1t is due to our national character, as well as 20
Justice, that this should. on the part Of each, be IA
fixed principle of conduct. But it behooves us all
TO be more chary in ~pledgiug ii hereafter. By ces-
sing to run in debt, and applying the surplus OF OUT
crops and incomes to the discharge of existing obi
cations, buying less and selling more, and managing
all affairs. public and private, with strict economy
and ~trusaiiiy, we shall see our country soon recover
from a temporary depression, arising not from nat
urai and permanent caus,s but from those | have
enumerated, and advance with renewed vigor in her
career OF prosperity.
Fortunately for us, at this moment, when the bn-
lance of trade is greatly against US, and the dlfi
Gully Of meeting IL enhanced by the disturbed state
OF our money affairs, the bounties Of Providence
have come to relieve Us from the consequences Of
past errors. A faithful application Of The immense
results OF the labors Of the last season, will afford
partial relief for the present, and perseverance, in
thu same course, viii ~ due season. accomplish the
rest. We have had full experience, in times past.
of the extraordinary results which c.n, in ihi, res
pec,, be brought about in a short period, by heuoi-
ted and welldIFccted etiurts Of a community like
ours. Our surp.u, profits, the energy and industry
of our population, and the wonderful advantages
which Providence has bestowed upon our country.
in ITS climate, It's various productions, indispensable
to other nations, will, in due time, aford abundant
means TO perfect the most useful Of those ohjec,s.
for which The States have been p~lunging Themselves,
OF late, in embarrassment aud debi, without inpo-
sing on ourselves, or our children such fearful bur
thens.
But, let il be indelibly engraved on our minds,
that relief is not 10 be found in expedieuts. Indebt
edness cannot be lessened by borrowing more mo
ney, or by changing the form Of the debt. The ba-
lance Of trade is not to be tnrned Ia our favor by
creating new demands npon US abroad. OnI cur
rency cannot be improved by the creation OF new
banks, or more issues from those which now exist
Although these devices sometimes appear 10 give
tempoia AIRY relief, they almost invariably aggravate
The evil in the end. IL is only by re%treneh~eui
and reform, by curiailiug public aud private expen
,ditures, by paying our debts, and by reforming our
banking ~ STEM, that we are 10 expect efieciual re
lief. security for the failure, aud an enduring pros