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

tiYely ~ ala oi INC IhonuiaSlutipS i"tS-
res.s OF the Union, will not fail to produce
the most beneficial results. Under a sys
ten OF discriminating duties imposed Tor
PURPOSES Of revenue, IN unison with the
provisions Of existing laws, il is 10 be
hoped that our policy will, in the future,
be fxod and permanent, so as to avoid
those constant fluctuations which defeat
the very objects they have in view. We
shall thus best maintain position which,
while it will enable US the more readily to
meet the advances Of other countries cal
culated to promote our trade and com.
merce, will at the same time leave in our
hands the means Of rctalallng with great
er effect unjust regulations.
ia intimate connexion with the question
OF revenue, is that which makes provision
for a suitable fiscal agent capable OF al !
ing increased facilities in the collection
and disbursement Of the public revenues,
rendering more secure their custody, and
consulting true economy III the great
multiplied and delicate operations OF the
Treasury Department. Upon such an
agent depends, in an eminent degree, the
establishment of currency Of uniform
value, which is Of so great Importance to
all the essential interests Of society; and
on the wisdom to be manifested in its ere.
alton much depends. So intimately in
terwoyen are its operations, not only
with the interests Of individuals, but with
thosc OF the States, that it may be regard
ed in great degree as controlling both.
If paper be used as the chief medium of
circulation, and the power be vested in
the Government of issuing it at pleasure,
either in the form Of Treasury drafts or
any other, or if banks be used as the pub
lie depositories, with liberty to regard all
SURPRISES from day to day as 50 much
added 10 their active capital, prices are
exposed to constant fluctuations, and in.
dnstry to severe suffering. In the one
case, political considerations, directed to
party purposes, may control, while Excess
siye cupidty may prevail in the other.
TIE public is thus constantly liable to i'm.
position. Expansions and contractions
may follow each other in rapid succession,
the one engendering reckless spirit OF
adventure and speculation, which en-
braces States as we'll as individuals I; the
other causing fall in prices and accom-
pshing an entire change in the aspect Of
F. affairs. Stocks Of all kinds rapidly de-
clne-indiyidualj are ruined, and States
embarrassed even in their efforts to meet
with punctualty the interest on their
BIT. Such, unhappily, is the state of
things now existing in the United States.
Taese effects may readily be traced to
the causes above referred to.
The public revenues, on being removed
fom the then Bank of the United States,
under an order Of late President, were
placed in selected State Banks, which, ac-
,uated by the double motive Of conciIating
the Government and augmenting their
profits to the greatest possible extent, en-
larged extravagantly their discounts, thus
enabling all other existing banks 10 do the
same. Large dividends were declared
which, stimulating the cupidhy of capital
lists, caused rush to be made to the Le-
gisatures of the respective States for SINH
lar acts of Incorporation, which, by many
Of the States, under temporary nfatua,
ton, were readily granted, and thus the
augmentation Of the circulating medium,
consisting almost exclusively of paper,
produced most fatal delusion. An Illus
tration, derived from the land sales Of the
period alluded to, will serve best to show
the effect If the whole system. The ave-
rage sales of the public lands, for period
Of ten years prior to 1884, had not much
exceeded So 100000 per annum. In
1884, they attained in round numbers, to
the amount Of $4,000, 600. In the sue
cceding year of 1885, they reached &c.
600 900. Aud the next year, of 1886,
they amounted to the enormous sum Of
1928, 000, 000--thus crowding into the
short SPACE OF three years upwards of
twenty-thrce years purchase of the pub
lie domain. SO apparen, had become
tho necessity Of arrestng this course of
things, that the Executive Department
assumed the highly questionable power
of discriminating in the funds to be used
in payment by different classes of public
debtors-a discrimination which was doubt
less designed to correct this most ruinous
s,nte Of things by the exacton Of specie
in all payments for the public lands, bat
which could not Mt once arrest the tide
which had so strongly set in.
Ilence tho demands for specie became
unceasing, and corresponding prostrution
rapidly ensued under the necessities crc-
ated with the banks to curlail their dis
counts, and thereby to reduce their circu.
lation. recur to these things with no
disposition to censure pre.exlsting admin
IS raiions Of the Government, but simply
in exemplifcation Of the truth Of the posi-
uon which have assumed. II, then, any
fiscal agent which may be created shall
be placed, without cue restrictions, either
IN the hands Of the administrators of the
Government, or those of private indiydu-
ais, the temptation 10 abuse will prove to
be resstess. Objects Of political aggran-
cement may seduce the first, and the
promptings o(a boundless cupidty will as.
sail the last, Aided by the experience OF
the past, it Will DO the pleasure of Con-
gress so TO guard and forlily the public
interests, in the creation ofany new agent,
as to place them, SO far as human wisdom
can accomplish it, on footing of perfect
security. Within few years past, three
different schemes have been before the
country. The charter Of the Bank Of the