Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-06-03


Wheeler. Al the United States Bauk charter which
expired in 1911 had been renewed in duo season
x wsuld haze been enabled 10 continue specie pay.
ments during the waT RndIihe disastrous period to
the commerce Of the country which immeJiOlely
'ncceeded. Is In say the least. problematica; and
whct the L. 8. Bank of 1916 produced reg
torSt'on ofsPecie payments. or the same accom-
pli-had through the fundamentally of other means.
was matter &C some difficulty Mt that tim. deter.
nine Certain IL -. for the first years OF the opera
lion OF that bank It's disastrous for
the greater part Of its subsequent career became
e-sinently successful.
As To the second. the experiment with n reJnn
dant Treasury. which continued To increase until It
seemed Ia 10 tho par, of wisdom To DISTRIBUTE the
sarpius revenue amor The States. which operating
nj the same time wit the specie circular, snC the
csuses before ndvcrted 10. caused them TO suspend
specie puy'ndnls, shd involved the country in the
greatest embarrassment
| And, To the third IL carried through oil the
stages of is TRANSFORMATION. from paper and specie
70 nothing bot the precious metals. 10 say nothing
Of the insecurity Of the public moneys rs injurious
effects have been anticipated by the country IN ITS
nGrs';ied condemnation What is now to be re
garded a. the judgment Of he American people on
ihIs whole subject have accurate mCIrs o; de-
iermining, but Nv appealing 10 their moro immedi'
ate representatives. The late contest which tcrni-
mated m the election Of Gen Hirrisun 10 the Presi
-
openly declared and. while The sub-lrcnSury re-
ccived in the result The most decided condcnnni on
vet other scheme Of fnulce seemed 10 hove been
cpucurr-d in TO Won, then. who have conc more
directly from the body Of common constituents,
submit the entire question. best qualified TO
give ful exposition Of their wishes and opinions.
shall he ready 20 concur with YOU IN the adoption
Of such a system you NAV propose. reServing I"
myself ihe ulI'mlie pnwer Of rejecting any meas
urcs which may ~ my qjcw conf 81 with the Con
sutuion, oihorW ie"Io-d the prosperity uf the
country; power winch I could not part with
even n I would. bat wlicl, ! will not b,lieve any
act Of yours will brin- into rcgusiioh.
cannot avoid recurring. in connection with this
subject 10 the necessity which exists for adopting
some suitable measure whereby the unlimited Gre
non of hanks By The siaies may be corrected in
future. Sue n result can be most readily achieved
by the consent OF the states. to be expressed the
form % a compact among themselves, which they
can only enter into with the consent and npDroha
ton Of this Government consent which might
IN the present emergency of the public demands
'jusliisbly be given i'm advance Of any action upon
terms well defined by the nct OF tender. Such
measure. addressing itself To The calm reflection
the states would find in the experience ofths past
and the condition at the present much sustain il
And 1t - greatly % be doubted whether any schea,
OF finance can prove for any length of time sucresS
T full while the states shall continue in the unres
trained exercise OF the power of creating bankn,
corporations This power can only DC limited b
their consent.
With the :doption Of financial aren
,cy OF a satisfactory character, the hou
may he INDUCED lha: tie country ma
once moro return TO n state Of prospe ri
+ ". Measures auxiliary thereto. ard, i
some measure, inseparably connecte
I with It's success, sill claim the attentio
, o Congress. Among such, dstribu
n ton Of 'he proceeds OF the sales Of ia
i public lands, provide such dis,ribliio
" Cocs not force upon Congress the ncce
" 81 y ofimposing upon commcrce heaVie
=. burdens than hose con empiatei by Ill
Ii &C. OF 1888, would act as an cficicr
he RENE isl measure by being brought d
~ recily In aid Of the Safes. As one 81
:, cerely devoted TO the task Of prcSarvIn
IA just balance in our system OF COVER
TO ment, by the maintenance Of the ST Il
~ in n condition the most free and respe
&c table, and in the full possession OF O
!. their power, can 40 otherwise than fe
ms DESTROYS for their emancipation from Il
id situa ion 10 which the pressure on the
NJ finances now subjects them. And, viii
- Unjust repVdiate as q measure founded
w. error. and Sga!TsSr approach TO an a.
In sumption by this Government Of III
?. debts of the States, yet can see, in III
:, distribution adyerted 10, much 40 recon
l. mend il. The compacts between III
10 proprietor States and this Govarnmct
.. expressly guaranty to the States all IA
q benefits which may arise from the sale
:, The mode by which this is 10 be efTc
;. ted addresses itself TO the discretion {
o Congress. as the trustee Tor the State,
b and ITS exercise, after the most bcneGc
al manner, IS restrained by nothing I
/. the grants or in the Constitution. so loC
!. as loGgrcis shall consult that equalii
a IN the distribution which the compact
require. In tho present condition O
{ some Of the States, the question Of dis
r trIbution may be regarded as subtantiaI
} ly a question between direct and indrec
taxation. If the distribution be not mad
+ IN some fern or other, the necessit,
: VIII daily become more urgent with tn
Q debtor States for resort 10 an oppras
10 sivc system OF direct taxation, or thniI
r credit, and necessarily their power an
4 influence, will 30 greatly diminished
= The payment OF tax, after the most in
g convenient and oppressive mode, will b
i exacied IN place Of contributions for tn
d most part voluntarily made, and there
:. fore comparatively unoppressive. Tn
Y States are emphatically the constituent
Z OF this Government; and we should b
IS entirely regardless Of the objects hel,
+ IN view by them in the creation OF TIN
2 Government If we could be Indifferent
II to their good. The happy effects O
y such measure upon all he states woul
: Immediately be manifested. With tn
I! debtor States il would effect the relief 1
a great extent Of the citizens from
~ heavy burden uf direct taxation wuic
: presses with severity on the laborin,
% classes, and emineniIy assists in restor
;, ing the general prosperity. An immc
e dlste advance would lake place in IA,