Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-02-03
Kentucky.

nYftw. NNHH sAtE M y
We are irdebted to some distant friend
for a copy, 10 pamphlet form, Of Governor
Letcher's Message. A part OF it treats
Of the Currency Question. OF this he
says, that since the Federal Government
alone possesses The power of giving TO the
country a uniform medium of Exchange,
IL is its duty to do 50, without further delay.
he then pursues the subject as follows:
at is perfectly apparent that the State
Banks cannot accomplish this necessary
aud desirable object; aud II is equally
clear--indeed, no truth IN human affairs
was ever rendered more distinctly manifest
by bitter experiencc-that this country,
with all its distinguished advantages OF
climate and soil, aided and sustained, as
il is, by an industrious and enterPrising
population, cannot ever attain its proper
elevation IN prosperity, or ever ENJOY me
blessings OF q safe and uniform currency
without the benefits Of some such Inssitu-
ton as that Of d United States Bank. we
have had experiment after experiment.
each terminating in the same disastrous
result. and each affecting the country with
Increased and more aggravated distress.
or all the great powers and responsible
duties with which the General Govern-
ment is charged under the Federal Con-
stitution. there is none as ! sincerely be-
isiyc. so essential aud SO important to the
State OF Kentucky, as the faithful execa-
ton of the power to establish a sound and
uniform circulating medium.
But whether an institution created for
the uso and convenience Of the Federal
Government alone, looking TO its " ex.
elusive interest, afiording no general cir
culation, no accommodation, lending no
facilities TO the industry and business OF
the country having no checkso or balances,
managed and controlled by a few govern
ment favourites, and swelling executive
influence will, in any degree, alleviate the
present distresses ofthe country, and estab-
I.sh u currency upon n sound basis, IS a
question which | will not now undertake
TO discuss.
A regulator of,he currency is needed;
an institution which would rid the country
81 fits disordered circulation, awaken its
energies, revive its hopes, and restore It's
confidence.
La a couatry so extended as ours, with
its activity of commerce and Its diversified
interests, without q convertible currency
--one which the people can USE
and withou, u near approximation 10
equality Of exchanges, II 10 impossible Tor
industry to reap its just rewards, business
10 flourish, or the community to prosper.
Wills, the great inequality of exchanges,
always produced by a yitlated currency,
will secure wealth to the brokers and
money dealers, it will as certainly, in the
end, lmpoverish the farner, the mechanic,
and all other classes OF the working com-
munity. Look for a moment how severe.
w affects the citizens Of the Common
wealth at present.
The continued importation Of foreign
goods from the eastern cities necessarily
and constantly creates a demand for ex-
changes at those points. The difference
in exchanges when n National Bank was
in operation, it will be remembered, was
almost nominal-about one. hall orone per
cent. Now, it is from 3 l-2 TO 7 per cent.
This difference forms one of the elements
Of the prime cost of the goods and the
customers pay that much more Tor them
than otherwise they would have 10 pay.
AT the same time let it be borne in mind,
that those who purchase our products for
the southern markets, estimate very large
ly, il not very accurately, the loss they are
likely to sustain by being compelled to
take deprecated paper in the States 10
which they trade, and therefore regulate
their purchases accordingly. Thus it
acts like a two-edged sword, it is a double
operation; we are taxed in every dlrec-
ton. Tho farmers pay more for the
goods they consume, and receive less for
their agricultural products. And this
state Of things is d,ily growing worse.
The enormous rate of exchanges at pres
ent is ~crasping and paralyzing all the en-
ergies Of the State.
Whenever we have had n National
Bank. we have had every where a con-
yertible, redeemable currency, by which
the value of property could be clearly es-
,imated. When deprived Of that institu.
ton, we have had uniformly suspension
OF specie payments, sudden reduction of
the price of property, a heavy pressure,
crest embarrassment, and individual rum.
Such is our unhappy condition at present,
and such | apprehend it will continue to
be. in a greater or lesser degree, until the