Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-12-16
NUMBER AZ.

with, IN most oil the States an lrredeema-
BILE paper medium, is an evil which in
some way or other, requires a corrective.
The rates at which bills of exchange ate
negotiated between different parts OF the
country, furnish an index OF the value Of
the local substitute FOR gold and silver.
which is, in many parts, SO far deprecist'
ed, as not, TO be received, except at a large
discount, in payment OF debts, or IN The
purchase of produce. IL could earnestly
DC desired that every bank, not possessing
the means Of resumption, should follow the
example OF the late United STATE Bank
of Pennsylvania, and go into liquidation.
rather than by refusing to do so TO con-
tinue embarrassmenis ~ The way OF SOL
vent institutions, thereby augmenting tina
difficulties incident 10 the pr, sen. c1ndi-
ton of things. Whether this Govern
meni, with due regard to the rights oftbe
States, has any power TO constrain tho
banks, either TO resume specie payments,
or to force them into liquidation, is an IN
quiry which will not fail TO claim your
cons Iteration. In view of the great ad.
yaniages which are allowed the corpora
tors, not among the least Of which is the
authority contained in most OF their char
tiers, TO make loans to three times the a
mount of their capital. thereby often de-
riy ing three times as much lntert st on the
same amount of money as any individual
is permitted by law 10 receive, no sutii.
cient apology can be urged for a long
continued suspension of specie payments.
Such suspension is productive of the
greatest detriment to the public, by ex.
pelling from circulation the precious me.
tails, and seriously hazarding the success
of any effort that this Government can
make, 10 increase commercial facilities.
and to advance the public interest.
This is the more TO be regretted, and
the indispensable necessity for a sound
currency becomes the moro manifest,
when VIZ reflect on the vast amount Of
the internal OF the country.
or this We have 20 statistics, nor just data
for forming adequate opinions. But there
can be no doubt, but that the amount of
transportation coastwise, by sea, and the
transportation inland by railroads and
canals, and by steamboats,, and other
modes Of conveyance, over the surface OF
our vast rivers and immense lakes, and tho
value Of properly carried and inter-
changed by these means, form a general
aggregate, to which the foreign
of the country, large us il is, makes but =
distant approach.
Ia the absence OF any controlling pow
err over this subject; which by forcinga
general resumption of specie payments
would at once have the effect of resior.
ing a sound medium of exchange, and
would leave 10 the country but little 10
desire, what measure Of relief falling
within the limits Of our constitutional
competency, does il become this Govern.
ment to adopt Ii was my painful duty
at your last session, under the weight Of
mos: solemn obligations, to difftr with
Congress on the measures which il pro-
posed for my approval, and which il doub:.
less regarded as corrective Of existing
evils. Subsequent reflection, and events
since occurring, have only served to con-
firm me in the opinions then entertained.
and iIaukly expressed.
must be permitted to add, that no
scheme Of governmental policy, unalded
by individual exertlons, can be available
for ame!iorating the present condition Of
things. Commercial modes of exchange
and a good currency, arc but the neces-
sary means OF commerce and intercourse.
not The direct productive sources Of
wealth. Wealth can only be accumulat-
ed by the earnings of industry and the
savings Of frugalty and nothing can 30
more i'll Judged than TO look TO facilities
in borrowing, or to a redundant %circula.
ton, for the power of discharging pecunr
airy Obligations. The country is fullo.
resources aud the people full Of energy,
and the great and permanent remedy for
present enbarrassmcnts must be sought
in industry, economy, the observance Of
good faith, end the favorable influence Of
time.
In pursuance Of a pledge given TO you
il my last message TO Congress, which
pl ledge | urge as an apology for adyentur-
ing to present you the details of any plan,
the Secretary of the Treasury will be
ready to submit to you, should you re-
quire il, a plan Of finance which, while II
throws around the public treasure rea'
sonable guards for ITS protection, and rests
on powers acknowledged ia practice TO
exis; from the origin of the Government,
will, at the same time, furnish 10 the
couctry a sound paper medium, AMI az
ford reasonable facilities Tor regulating
the Exchanges. When submitted, you
will perceive 10 i, a plan ~amendatory Of
the existing laws 10 relation 10 the Trea-
sury Depar tment-su subordinate in all re.
specrs TO the will Of Congress directly,
and the will Of the people Indirectly
self-sustaining, should il be found in prac.
tice to realize its promise in theory, and
repealable Of the pleasure Of Congress.
1t proposes by effec.ual restraints, and by
invoking the true spirit of our institutions.
to separate the purse from The sword or
more properly to speak, denies any other
control to the President over the agents
who may be selected to carry j. into ex-
e~cution, but what may be i~ndispensahly
necessary to secure The fidelity Of such
agents and, by wise regulations. keeps
plainly apart fiom each other, private and
public funds. 1t contemplates the estao-
lishment of a Board of Control, at the
Seat of Government, with agencies at
prominent commercial points, or wherever