Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-07-14

10. Whist the United States BANK was
IN eristence. the l,.cal banks, not aspir.
irv 10 the regulation ofthe currency we're
chartered with small capitals, as occasion
mi business required. After 1873, they
wa,a chartered without necessity and
o,oltiplied beyond example. In Decem-
her. 1897, there were no less than 'U9
State banks. Nearly four hundred banks
snrunp up upon the ruins Of the United
States Bank, and $3.50, 000, 900 of capital
was incorporated, to supply the uses uses Tor Tor,
,o.rlg discharged by the S3o, OOU oD0
capital of the Bank of the United States.
THE impulse given 10 extravaganza and
speculatlon by this enormous increase oil
banking capital, was quiekened by the
c,rculars Of the Treasury Department to
,hese net State banks that were made the
enstodiers OF the National Revenue.
4 vast proportion of these new banks,
more believe than four fiths, we're char
tered by Legislatures 10 which the Dem
ocrstic party had the undspuied ascrn'
dancy. well remember that, IN this
State, the presses Of that party made .
grave change against me of being lnim-
cal 10 the establishment here of State
banks AMI | was opposed TO their estab-
l,shmcn,, un,il all prospect vanished OF
getting Back Of the United States.
The eif-et upon tho country OF this
sudden increase TO such an immense a.
mount, Of the banking capital Of the coun.
nv. could not fail to be very great, II moi
disastrous Il threw out, III the utmost
p,ofuson. Bank notes, pos, uot4s, checks,
drals. bills, &c. The currency thus put
forth, the people had been assured was
bs,ter than tina, supplied by the Bank OF
tbs United States; and, after the removal
of the depostes, the Local Banks were
urged and stimulated, by the Secretary OF
,hs Treasury, fr ely to discount and ac-
comnlodsts upon ths basis OF those depos
,,rs Flooded as the country was, by these
means and IN thls way, with all species oil
Bank rnon"y and facilities. IS II surpris'
ma that they should have rushed INTO
speculation, and freely adyentured IN the
most desperate enterprises IL would
have been bette, to have avoided them !,
!, would have been better that the people
.hooli have been wiser and more prudent
than Government but who is most to
blame. they who yielded to temptation so
thrown bsfore them--they who yielded
confidence to their rulers--they who could
not see when this inordinato ISSUE OF mo-
ney was to cease, or TO become yitiated
%, Government. that tempted, seduced
and betrayed ,hen
And nav, fellow citizens, do lot us, IN
calmness ADD candor, revert for moment
q some OF the means which were employ
I'D 10 bre.k down the Bank OF the United
States, anil to inflict upon the country all
thu sad consequences which ensueo.
sh all no, stop to expose the motives OF the
assault Upon that institution, and to show
that II WIS because II refused TO make IT..
self baseiv and scrvilely instrumental to
the promotion OF political we've and OBJ
i-crs.
The B.uk was denounced as monster,
aiming, AZ was declared, ~ rob the people
of THAR liberties. and TO subvert the Gov.
.rnmsn, OF tho country. This Bank TO
suhve,t thr Government Why how
could the Bank continue tn exist after the
overthrow Of that Government to which It
vas ,aisbtej for its existence, and IN VIZ
tue OF whose authority II could alone sue.
cessfully operatp CONVERSIONS, reyoIu-
tons. clYl wars, nre not tho SOCIAL condi'
tons mos, favorable t. Bank prosperity {;
hu, they flourish most when ordT, law,
r-pui,rtY puDctuallty and successful
business prevail.
II 1 L., r al
rray what would 1t do with thrtn alter the
robh ~ w,s perpe,rated II could not
mn, them IN ITS vaults, OF mNks interest OF
profit Upon them, tho leading, Iinot sole
ob,,c, of Bank. And how could It de.
s,roy the Liberties of the people without
\, the same time destroying the liberties
Of all persons interested or concerned IN
the Bank What is a Bank ? 1t is cor
ppration, the aggregate OF whose capital
~ contributed by individual shareholders
mi employed in pecunary operations
undor tbs management OF othciaI agents,
called President, Directors, Cashier, Tel
YER and Clerks, Now ali these persons
arc usually citizens of the United States,
,us, as much interested 10 the preservation
at tho liberties Oh ltle Cpubiyi NC ohy S'"
ar citizens. What earthly motive could
prompt them to seek the destruction OF the
liberty of their fellow citizens, and with Il
their own.
The fnte Of the Bank of the United
States clearly demonstrated where the
real danger to the public liberty exists
I, was not IN the Bank. Its popularity
had been great, and the conviction OF its
othty strong and general, up to the Pc
y,od of tho Bank Veto. Unbounded as
ras the influence of Gen. jackson, and
und,sruised as his hostility was TO the
Bank, he could not prevent the passage
through Congress ol bill to reeharter H.
IN such favor and esteem was II held, that
the l. gislaiure of Pennsylvania, IN wh'c'
ms friends had uncontrolled sway, almos
UNANIMOUSLY recommended the re-charter
Bu, his Veto came be blew his whistle
Tor its d sirucilon II was necessary &c
sustain his party, which could only be
done by sustaining him, and instantly
and every where, down with the BANK
and huzzah for the Veto, became ih'
watch words and the raIlying cry of hl'
partzlns. That same Legislature o
Pennsyvanla, now, with the equal unan
nifty, approved the destruction OF an m