Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-12-15


The Post Office laws have been honestly
administered, and fidelity has been obsers-
ed IN accounting for, and paying over BY
the subordinates Of the Department, the
monies which have been received. For
| the details of the service refer YOU to
the report.
| iaiter myself that the exhibition thus
made of the condition of the public ad-
ministration will convince you that every
attention has been paid TO the interestsoi
the country by those who have been cal
led TO the beads Of the different Depart
ments. The reduction in the annual ex-
penditures Of the Government already ac-
tomplished, furnishes sure evidence that
economy in the application of the public
monies, is regarded as paramount duty.
At peace with all the woIld--the per-
sonal liberty of the citizen sacredly main
tanned, and his rights secured under po-
lilical institutions deriving all their author
Iiiy from the direct sanction Of The PEG.
pIe--with soil fertile almost beyond ex-
ample; and country blessed with every
diversity Of climate and production, what
remains to be done in order TO advance
the happiness Of such a people' Under
ordinary circumstances ibis inquiry could
readily be answered. The best that prob
ably could be done for people inhabit-
ing such country, would be to fortiiy
their peace and security in the prosecu-
lion of their various pursuits, BY guarding
them against invasion from without, and
violence from within. The rest, for the
greater part, might be left to their own en-
ergy and enterprise. The chief embar-
easements which at the moment exhibit
| themselves, have arisen from over. action !;
and the most difficult task which remains
to he accomplished, is that of correcting
and overcoming lis effects. Between the
years 1888 and 1885, additions were made
TO bank capital and bank issues, in the
form of notes designed for circulation to
an extent enormously great. The ques.
ton seemed to be, not how the best cur
rency could be provided, but in what
manner the greatest amount of bank pa
per could be put in circulation. Thus, a
vast amount of what vas called money
since, for the time being, it answered the
purposes Of money--was thrown upon
the country an over issue which was at
tended, as a necessary consequence. by
an extravsgant increase Of the prices of
all articles OF property, the spread of
speculative mania all over the country,
and has finally ended in general indebt-
NJ On tho MAJ ~ ,f St.tBx aud eltts,I
uals. the prosiration Of public and private
credit, depreciation in the marker value
of realand personal estate, and has left large
districts Of country almo entirely without
any circulating medium. In view Of the
fact that, in 1880. the whole bank note
circulation within the United States a
mounted to but SCI 1913, s9S, according
to the Treasury statements, and that an
addition had been made thereto of the
enormous sum of SIS, 900 GOO in seven
years, (the circulation on the first Janua-
ny, 1881, being stated at $40, lisa. $50, J
aided by the great facilities afforded in OBJ
tanning loans from European capitalists,
who were seized with the same specula-
tive mania which prevailedin the U. States
the large importations Of funds from
abroad, the result Of stock sales and loans
no one can be surprised the apparent,
bot unsubstantial state Of prosperity which
every where prevailed over The land
while as little cause Of surprise should be
felt at the present prostraiion of every
thing. and The ruin which has befallen so
many Of our fellow citizens in the sudden
withdrawal from circulation Of so large
an amount Of bank issues, since 1855
exceeding, as is believed, the amount adj
Died TO the paper currency for similar Pc
riod antecedent TO 1897, it ceases TO be a
matter of astonishment that such extern
sve shipwreck should have been made Of
private fortunes, or that difficulties should
exist in meeting their engagements on the
part of the debtor States. Apart fom
which il there be taken into account The
immense losses sustained in the dishonor
Of numerous banks, it is less matter of
surprise that Insolvency should have visit
ed many OF our fellow-cl,izens, than that
so maLy should have escaped the blight
ing influences Of the times.
In the soemnsconviction of these truths,
and with an ardent desire 10 meet the
pressing necessities of the country,I felt
It to be my duty TO cause TO be submitted
to you, at the commencement of your late
session, the plan Of an Exchequer. the
whole power and duty of maintaining
which, in purity and vigor, was to be ex-
eIcised by the Representative of the Peo-
pie and the States, and, therefore, virtually
by the People themselves. II was pro-
posed 10 place it under the control and d.
rection OF a Ire asury Board, TO consist Of
three Commissioners, whose duty it should
be to see that the law of its creation was
faithfully executed, and that The great end
of supplyinga paper medium oiexchange,
at all times convertible into gold and sill.
yer, should be attained. The Board thus
constituted, was gwen as much permanent
CIV as could be impaired TO it, without en-
dangering the proper share Of responsible
" which should attach 10 all public agents.
In order 10 insure all the advantages Of
weli-matured experience, the Commission
ers were 10 hold their offices for tile res
.pective periods of two, four, and six years
thereby securing at all lines ia the man
agement Of the Exchequeg, the services
Of two men of experience; and 10 place
them in a condition to exercise perfect IN