Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-04-08
!. NATIONAL BANK.


I II tie Report DC tie Committee Il
Ways and Means, in Congress, le30s q
letter was published from MERCHANT 81
Charleston. Tic following passage il il
contains a prediction which subsequent
events fillflled
+ "If tho Bank Of the United States we're
destroYed, the local banks would again
issue their paper foan extensive amount !
ana while few adventurous spcculaiors
wcui3 Be- mitch benefited ~ such ~ Issue,
the honest anJ uasasaeciiag citizens q
orr country woull, inaHg be the losefs.
Il III We look back 10 what took place II
New York, Pennsylvania. the western
States. and even in our own State,- We
i shall Sc the efossest imposihons commits
I ted By banks, commencing eith a few
/ Thousand dollars Ia specie, basins. up
newspapers to puif them up as specie pay-
3iag hunks, 10 order to delQde tae pubic,
and, after getting their bulls IN cifculatlons
i Blowing Up, and leaving the nnsaapectia &
lpanier and lafmef victims d fraud, LII
whchthey were deprived oithe bard earil-
Iings Of years ofhonest industry. Bot sir
Il believe the bank owes gfeat deal IS
1.-The opposition witch exists and has exist.
led. 10 Tie fact TINT i hts put Gown ihese
fraudulent institutions, 80, np hy coiabt,
nations and consproeies of spectators. &
/ 1.-THE Gcnorsl Government has any
power over the currency, and Il Il Is un.
der any obligation Of duty 70 regulate tae
same, we are at d loss 70 perceive any
ISOLDE by which such functions con s9stle-
leess.glly performed unless BY National
Bank. Leaving ont the idea ofan ezeln-
isively metallic currency as s9methInT
neither practicable nor desirable, our nIlA-
Cd system Of paper and specie must be
taken to be managed to the best possible
advantage. How can any tltiag te ei-
iected towards this end If the power d
the General Government be not employ
ed A uniform system Is plainly I4pos
| sible Il twenty six separate Governments
are to exercise discretionary AMI soFer-
/ cisn power on the subject, caoa for iisalf
| without concert with the rest, While At A.
same time the action Of one must affect tia
condition Of others. The consequence Of
an over issue IN one State wsuld oe fen IL
Itae adjoining Staies-uaya solnumately
are the extreme sections ofthe Union con.
Injected ID the relations Of business, the
North 9Th the South, and the Esit with
Ithe West, thatn one portion of the c4un-
try eau suffer from fluctuations Of its eur.
rancy without impartiog some effects Of
such instability 10 other aal remote per-
tons.
! liza currency exclusively metallic ex-
listed mihe United States, aud gaos policy
required It's continuance, 90 one would
doubt that the power Of regulation over
snch e currency belonged to the General
Government The Stats are expressly
prohibited from coming money. But the
lpapcr system 81 the country Is mere
termination growing out Of specie basis,
without which It would be nollIty havt
ing no existence. The present condition
Of suspension is, Of courses an unnatural
ona, justified only by the necessity of the
case, being itself not part Of the whoie-
some operation Of the system, bat the re-.
suit Of unldvorabie influences acting a.
gainst it.