Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-11-04
From tAe Baltimore Amsrteoa.
SPECIE PAYMENTS.

There are indications in various quar-
,ers showing tina, general movemen, is
in contemplation TO urges resumption OF
specie payments by the Banks. The
dominant party in this State will probably
think themselves bound to make stir in
The matter, and we do not know thu. the
Wings will offer any obstruction TO the
course which the other side may choose
TO pursue. Ii the suhjoc, were one upon
which reason and flc,s might prevail
against the restless impulses of impotence
and the force Of many prejudices, We
Should BE- induced TO say more than we
feel disposed to shy at present.
|, may be worth while to consider thai,
all parties are in favor Of return to spe-
Gle payments. The currency is a, pr sent
in an unnatural condition a state OF sus
pension is nj direct variance with the rs.
srnial principle of our monetary ~ stem,
which requires n specie basis, md recog-
nizes no circulation except such us is con
ver,ibIe. But s,nte Of suspension be-
came unavoidable II was necessary to
submit to it whether we woali or not.
the Banks were subject 10 this compul
sion; they did not create the necessity (;
the causes that producad il were lar be
yond the sphere ot their action, ind not
Of their power either 10 remove or c"n-
troll. They are subject to the nec' s',y
still, and the proper point of inquiry is no.
whether a resumption is desirable. but
whether the condition Of the country is
such that the Banks can r, sumo consist
emily with their du,i,s TO tho community
and with fair prospect Of permanent
continuance.
The only differences OF opinion on this
subject are not differences of principle but
differences in regard to time. The point
e.med at by all is precisely the same.
Some, however, are for nn immediate re-
sumption. regardless Of all considerations
that might plead for delay; others, equal.
ly desiruus OF n return 10 specie payments,
believe that the time for il has not yet
come.
The Banks hero could resume, no
doubt, md they might maintain them.
selves in that position. Blu, their usnlul-
ness would be gone. Their circulation
being returned upon them and redeemed
in gold and silver, the specie woull br
drawn off to pay our indebt dness to New
York, and TO swell tho current Of the pre-
cious metals which now sets 30 strongly
abroad. From tho South end West we
could look for no replenishing Of our ex
haIsted resources. The fiscal policy Of
the General Government is still unsettled
and it canno, yet be- known whtther the
Administration will be able to do any
thing electually for the restoration OF the
currency or for lis efficient regulation
We have no Tariff adequate 10 the main
tensnce Of stable currency. We know
not how long the expectation OF coin will
continue 10 payment Of the foreign bal
ance against US and to meet the annual
interest Of State debts.
These are things, concerning which
something ought to DO known d 6niteIy.
A resumption Of specie payments. to be
worth any thing, must come us the result,
of new system of policy on the part OF
the government, since the present d snrdrr.
ed state of things was chiefly caused by
the bad policy Of the government. l. =
the causes be removed--let erroneous no.
tions be abandoned Jet us come back Ia
the principles OF better d ,ys. departure
from which has involved us in these trou-
bles--so shall the country revive again,
its rrsourcss improve, atforJing a strong
foundation of native interests wherein the
structure Of substantial currency may
ba established. and we may then res. with
Some feeling OF assurance that our hnan
cial system may otsnd secure against the
fluctuations ard vicissitudes of foreign ori.
gin which no~ affect Il 90 disassrously.