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

tLat The power OF INJECTING upese ahs eitfl'ai ~"
ries. is, ~ The r~esi.tiess law Of a credit currency
ard credit trade, equally capable q extending ibtII
Consequences through all tue ranihrations u our
banking system, aud by that means indirectly OBJ
tanning. particularly when our banks are USED as
depasitorie les OF The pobiic moneys, a dangerous no
.f,ical Influence IL the United States, | have Gettns
ed il nv dufy 70 bring The subject 10 your notice,
aud ask for il your serious cors Iteration.
Is an argument required beyond the exposition
Of these facts, to show The Improperly Of using our
t+nking in.tiiutions as repositories Of the public
money! Cen We venture not only 10 encouptershe
ri.k il ih,ir indiyidualgnd mutual Encouragement,
hut. at The same time to place our foreign and do
nestle policy entirely under the control Of o foreign
moreyed in,eiestl To do 80 is 10 impair the indie
pepdeDce Of cur Government, a. tie ptessnt credit
syslem has already impaired tie independence Of
our banks. Il ia To submit 81 its impsftant opera
lions. " neither Of peace or war, TO be controlled or
thwaried 81 FIST by our own banks, and then ~ a
power abroad greater than themselves. / cannoi
bring myself TO depict The Illumination TO vhich this
Government ard peopie might be sooner OF LATER re-
duced, il the means for defending thelr rights are
o be made dependent upon those who may have
The most POW oflul Of motives to impair tlttm.
Nor is il only in reference to the effect Of this
state OF things on the independence Of our Govern
ment, or of our banks, thar the subject presents H.
self for consideration il j. 10 be viewed also IN rs
. elations TO the general trade Of our country. The
timc Is not long past, when a d. fciency Of foreign
crops was thought TO afford a profitable marker tot
the surplus Of our industry bat now. We awat wulI
feyerish anxiety the news at tie English harvest,
rot 50 much from commendUblc sympathy but lenr
ful lest its anticipated fsilare should narrow The
field Of credit there. Does mol this speak volumes
10 The patriot : Can a system be b me ieent, Wi>e.
% Just, which creates grealer anxiety for interests
dependent on foreign credit, than fr the general
prosperity Of our own country, and the profitable
exfmtiation of the surplus produce Of our labor
The circumstances TO which have ihus advert.
20, appear to me to afford weighiy reasons, devel-
pped ny late events, TO be added To those which /
nave ON former occasions offered, when sabuitting
70 yout better knowledge and hiseornmeni. tte pro-
priety # sepa,aiing the custody Of the Tuthc mo
uey ttom backing institutions. Nor has any flBng
occurred to lessen, in my opinion, the force # hal
las been heirtofufe urged. The onl, ground ON
which that Gus ody can be desired 10y The banks, IL,
the probable use Which th'y may m,ke Of the mo
nry. Such use would be regard q 10 individuals as
breach Of trust, or a cline Of great magnitude.
md set 1t may be reasonably doubted wh, thar, iirsi
ard last. it is rot attended with more misctlevous
cons qucnces, wien permitted 10 the former, than
to the latter. The practice Of permitting he pub
ic money 10 Be used by It's keepers, as here, IS be-.
lleved ia be peculiar 20 tins country, and 10 exisi
scafcely eny where else. 10 procure it here, i'm
proper Influences are appealed To; unwise conuec.
ntctions are established between the Goverrment
and vast numbers Of powerful STATE institutions
1tiler motives than the public good arc bought to
bear both on the Executive and Legishtive depart
inents, and selfish combinations, leading 10 special
lrgi.lation. nre formed. IL is made the interest OF
institutions and their siockholders til, ough-
out the Union TO use their eXeItions for The increase
OF taxation aud The accumulation Of surplus feve.
uur :. gnH ~ httR an oxrt-n -. Gf-.1.1 49,
are furgishtd Tor those excessive issues which lesd
to eXirayagdnt trading and speculation, and are the
oi IA vast d,bt abroad, and d Suspension
Of the banks at home.
Impressed, therefore, as | am, with tie proprie-
~ oi The funds ef lhe Government ic,ng Withdrawn
from the private use Of either hanks or individuals.
and the public money kept by dnly appointed pull
lie agents; ard believing, as I do, that such al.o is
The Judgment which discussion. reflection, ard tx.
Peftence bave produced on the public mud, | leave
he subject with you. 1t is, a, all events. essential
10 the interests Of the Community and t6e business
ct the Government, that a decision should he made.
Most OF The arguments lhet dis,uute Us fom en-
hanks, In The custody and disbursement OF
Tue pubic mohfy, apply with equal force to The re.
celPt OF their notes for public dues. The d iGere nee
Is only in form. In one instance, the Government
Is a creditor for its deposites, and in the other, fr
The notes it holds. They afford the same opportu-
any tor using the public moneys, and equally lead
10 all the evils attendant mon il, since a bspk
can as safely extent It's d scounts on a deposire of
its notes in The bands Ola public ,fiieer. as on one
made in IT'S own vaults. o. tho other hand, il
would give 10 the GJycrnmen: no greater security,
IN case OF lHiipre. the claim Of the no,e.holder
would be no better than tia, OF depo. nor.
am aware that The danger of Inconvenience to
The public. and unreasonable pressure upon sound
banks have been Urged as eAjeetief4 it ttq4uiug
the payment OF the revenue in gold and silver
l hese ohJeetions have been greatly exagerrated
= rom the best estimates, we may safely FIX the
amount OF specie in the country az eight, Eve mil
tons OF dollars, aud The potion If that which would
o. ~'tnploled at any "ne time in the receipts and
Disbursements OF the Gov rumcut even If The pro-
posed change were made AZ uuce, would not, IL /,
now ttrt fuller Investigation, believed, exceed four
80 uVe millions. II Tie change were Gradual, 50.
erd wears would elapse before thai sum would
"e rtq1ited, wiz onuuai opportunities. in the mean
lnlr' to amer HE law, should experience prove IL
go Dr. oppressive or luconytment lhe portions uf
The %c"nmunity ON whose business he charge wound
immediately oieute, are comparatively small. no,
Is II beilryrd '!at It's feet wou.dbc in the least an.
Just on il jntious Ia them.
In the pay meut of duties, which constitute h, G,r
the greater portion 81 ths revenue. "A veiy lame pru.
p%"rti"n Is derived from foreign commission houses
and agents Of foreign manufacturers. who sell the
goods consigned to th'in, gouerally,4t auction. and
Huf paying the duties oul Of the avail, remit ia,
resi- abroad w specie or its equivalent. That ihe
amount q du'ies should. in such cases, be also re-
famed m 'PrcIe, con hmdly be made a MATTE, of
compliant Our own importing merchants, by whom
ne residue of the duties is paid, are not only pccu.
iiaIly Interested ia maintaining Il sound currency.
"hlch the measure IN question will especially pro.
mote, bur are, from the nature Of their dealings.
oesi abie to know when specie will be needed, ard
to procure II with the least d hicuiry oC sscrfcr.-
Residing, too, almost universally, in places where
he revenue is received, and where the drafts used
by the Government for it,, disbursements must CON.
c~eotra'e' they have every opportunity to obtain and
use them IN place oS specie, should it be for their
interest on convenience. OF the number or these
drafts. and The f.rihtiss tbo, r-..a