Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-06-10


Gates, and it is believed was also condemn
cd by the popular sentiment. Tue exist
ing Sub Treasury system does mol seem
to stand in higher favor with the people,
but has recently been condemned 20 q
manner too plainly indicated TO admit OF
doubt. Thus, in the short period oil eight
wears. the popular voice may be regard
I'd as having excessively condemned each
OF the three schemes of finance TO which
have adycrtod. As to the first, il was In
troduced at time (l6l6) when the State
banks, then comparatively few in number,
had been forced TO suspend specie pay
ments, by reason of the war which had
previously prevailed with Great Britain.
Whether, il the United States Bank char
ter which expired i'll 1911, had been re-
newed in due season, it would have been
enabled TO continue specie payments dur
ing the war and the disastrous period 10
the commerce Of the country which i'm
mediateiy succeeded, is, to say the least,
predetermined and whether the United
States Bank of 1916 produced restora.
ton of specie payments, or the same was
accomplished through the instrumentallty
Of other means, was matter OF some DIFF
fculty at that time 10 determine. Certain
it is, that, for the first years of the opera
ton OF that bank, IFS course was as dlsas-
trous as for the greater part OF lis subse.
quent career il became eminently success
fuI. AS 10 the second, the experiment
was tried with redundant Treasury
which continued to increase until il SEEM
ed 10 be the part Of wisdom to distribute
the surplus revenue among the States,
which, operating at the same time with
the specie circular, and the causes before
adverted 10, caused them to suspend spe-
Gle payments, and involved the country
in the greatest embarrassing And, as
to the third, if carried through all the
stages Of its transmulation, from paper
and specie to nothing but the pre-.
cious metals, to say nothing of the insecu-
rity Of the public moneys, its injurious eff
fects have been anticipated by the coun-
try in its unqualified condemnation. -
What is now to be regarded as the judg.
ment of the American people on this whole
u
termining but by appealing TO their more
imme diate representatives. The late con-
test which terminated in the election OF
Gen. HARRISON to the Presidency, was
decided on principles well known and
openly declared and, while the Sub
Treasury recevedin the result the mostd dc
cided condemnation, yet no other scheme
OF finance seemed to have been concurred
in. TO you, then, who have come more
directly from the body of our common con-
stituents, submit the entire question, as
best qualified to give full exposition OF
their wishes and opinions. shall be ready
to concur with you in the adoption of such
systeln as you may propose, rcservlng to
myself the ultimate power ofrejcctng any
measure which may IN my view OF II con-
lct with the Constitution, or otherwise
leopard the prosperity of the country; u
power which could not part with even il
| would, but which ! will not believe any
act of yours will call into requlsition.
cannot avoid recurring, in connexlon
with this subject, to the necessity which
exists for adopting some suitable measure
whereby the unlimited creation of banks
by the States may be corrected in future.
Such result can be most readily achieved
by the consent Of the States to be ex-
pressed in the form of compact among
themselves, which they can only enter
into with the consent and appreciation OF
this Government q consent which might,
in the present emergency Of the public de-
mands, jusiifably be given in advance OF
any action by the States as an inducemen,
to such action upon terms well defined by
the &C, of tender. Such measure, ad.
dressing itself to the calm reflection of the
States, would find in the experience OF the
past, and the condition Of the present,
much 10 sustain it. And it is greatly to
be doubted whether any scheme Of finance
can prove for any length of time success
lul, while the States shall continue in the
unresiraned exercise Of the power of Gre
a,ing banking corporations. This power
can only be limited by their consent.
With the adoption of financial agen-
cy of u satisfactory character, the hope
may be INDUCED that the country may
once more return to state OF prosperity.
Measures auxiliary thereto, and, in some
measure, inseparably connected with IFS
success, will doubtless claim the attention
Of Congress. Among such, distribution
OF The proceeds of the sales OF the public
lands, provided such distribution does not
force upon Congress the necessity oil i'm.
posing upon commerce heavier burdens
than those contemplated by the act OF
1888, would act as an efficient remedial
measure by being brought directly in aid
Of the States. AS one sincerely devoted
to the task of preserving just balance in
our system of government, by the main
tenance of the States in a condition the
most free and respectable, and in the full
possession of all their power, | can no
otherwise than feel DESTROYS for their
emancipation from the situation to which
the pressure on their finances now sub.
iects them. And, while ! must repudiate
as a measure founded in error, and want
ing constitutional sanction, the slightest
approach to an assumption by this Govern
ment of the debts Of the States, yet can
see, in the distribution adverted 10, much
to recommend it. The compacts between
the proprietor States and this Government
expressly guaranty TO the States all the
benefits which may arise from the sales.