Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-06-24
DEFERHED ARTICLES.
F1em tae ealtimore Ameriean.
THE CURRENCY.


Mr.. CLAY. with characteristic prompts
ness, moved tho appointment OF Select
Committee on the subject of {" fiscal
agent" Of the Government. When asked
what kind Of fiscal agent he meant, his
answer was--a Bankof The United States.
This is beginning rightly--because tits be-
ginning by frank, open avowal, of what
is intended This mode OF dealing is
suited 70 the character Of the American
peope---and we may add--no other
mode IS.
Well il must be granted that National
Bank is indispensable. The Sub-Treasu-
ny scheme is no more to be thought Of:
'pe State Bank System was short lived
experiment, and its existence was as in
glorious as il was brief. We want no
more OF either. We believe that cen
trail or general government is not more es-
seniial to our political system, iederatiVe
as il s, than a central or general govern
mcnt is to our system without IT.
But we cannot escape the CONVICTION
nor refrain from the expression oil lt--that
National Bank, Indispensable as it is TO
the restoration OF sound financial state,
will yet avail but little, unless some de-
cided change is made in our regulation Of
trade. Currency and trade are 30 linked
together, so blended in their mutual rcla-
tons, that nothing can seriously affect the
one without influencing the other also.
What can Bank do without specie
And how can we retain specie in the
country enough TO constitute the basis Of
currency while constant drain is going
on under our existing commercial regula-
tons, the inevitable result Of which is to
take specie out OF the country? Ii the
experience Of late years is worth any.
thing it is valuable in teaching lesson
and a severe one--on this point.
Arc we to be answered by theories?
Shall we be told that trade will regulate
itself by its own laws of supply and de.
mand-- that if we export specie, we re-
ceive its equivalent in something else
that things will find their proper level if
let alone! We answer, that the laws OF
trade are not to be trusted to when those
laws are fashioned and modelled by for
eign nations to suit their own particular IN.
tsres,s. restrictions begin abroad their
efforts do not end abroad--and when a
hundred qualifying conditions and circum.
stances are interposea 20 affect the cur
rent of trade, it will not do to refer us to
its abstract laws. We must take things
as we find them, and protect our own in.
t.resis as we best may.
With regard to specie in its connection
with trade, there is this TO be Observed
that it possesses q two fold relation. Ii
is commodity il is also the basis OF cur
fepcy, or currency itself. As com.
modify it obeys the laws of trade--and II
it had no other Office to perform there
would be no difficulty about 1t. Tea, cot
fee, tobacco, and such articles may be
abundant or scarce at times without serl-
ously deranging the condition Of CONNER
cial or financial affairs. But with regard
to the precious metals the case is alto
gether different. They have speci'd
function to perform which nothing else
can discharge. If the course Of trade is
so regulated or disordered as to cause
drain of gold and silver, or to produce
fluctuations with ragard to them, the CT
iects ofsuch interpretations extend through
out the whole country, disturbing the
whole country, deFanSing commerce, I'M
settling values, and affecting al. sorts of
property.
Excessive importations, under our sys-
TEN Of low duties and in connection with
the restrictions of other countries which
prohibit our chief productions in return,
have produced the most disastrous results
in this country upon our currency. We
say nothing here OF their effects upon our
manufacturing interests. That subject
will stand upon lis own merits. We are
sending specie to France Ivy every packet
notwithstanding the fact that great
scarcity Of the precious metals exists in
this country. When are our Banks TO
resume specie payments? Will the es-
adjustment of National Bank hasten
that event? Can National Bank or any
other sort Of Bank bring specie into the
country and keep it here when the course
of trade, under our unwise arrangements,
tends steadily to carry it out
We. hope TO see some decided move
ment in Congress very soon towards on
amendment OF our Tariff system. If the
plea Of "urgent nee asity'' is wanted
we have it already.
THE IDEA OF A NATIONAL BANK.
The message of President TYLER con.
tains the following sentiment in connec-
ton with the subject of distribution -
Whether such distribution should be
made to the States in the proceeds of
lie sales, or in The form of profits By rir-
f2c Of the operations Of any fiscal agency
hasing those proceeds as us basis, should
such measure be contemplated by Con-
gfess, would well deserve its consIera-
ton"
We may presume that the idea of a
new National Bunk is here indicated.
The ntimation, however, is Of so general
character that nothing more than an in
definite outline of the institution limited at
can be drawn from the language oi the
Message. There appear to be several
considerations which commend the pro-
jcct To serious attention.
/. The capital Of a Bank drawn from