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

Rank OF the United States. 1t was
monster. They had cxlolied aud lavish
al praises on the local banks. Now,
they turned around against the objects Of
their own creation aud commentator. -
Now they were brood OF little monsters,
corrupt and corrUpiing with separate prl-
vileges, preylDg upon the yitals OF the
State. They yehemen;ly call out for a
divorce Of State and Bank. And meanly
ieireating under the Sub. Treasury, from
the storm which themselves had raised
leaving the people to suffr. under all It's
peItng and pitiless rage, they ado insuh
to injury, by telling them that ihey IN
reasonably expect TOO much from Gov
ernment, thai they must take care o.
themselves. and thai il is the highest aud
most patriotic duty OF free Government,
l,o take care of itself, without regard 10
the sufferIngs and distresses oil the Peo-
pie
They began with the best currency.
promised better, and end with giving
lnone For We might as well resort to
the costum, Of our original parents IN the
garden VI Eden, as, in this enlIghte ned
age. with the example of tie whole COM
mercial world before US, to cramp this en-
ergetic and enterprising people by en-
culation exclusively Of the precious met
ais. Let US see how the m1iier stands
with US here in Kentucky, and believe
we stand as well as the people do N most
of the States We have circulation IN
| Bark notes amounting TO about two mil
lions ard a half, founded upon specie IN
their vaults amounting TO about enc ml-
lion and quarter, hall the nctual ciTeu-
llntlon. Have we too much money! No!
no exclaimed many voices If all the
Banks were put down, and all the Bank
paper were annihlated, we should have
lust one .halfthe money that we now have.
II am quite sure that one OF the immediate
causes Of our present difficulties, IS de-
feet in quantity as we'll as the quality OF
the circulating medium. And II would
be impossible. if We were reduced to such
regimen as IS proposed by the hard-mo-
ney theorists, to avoid stop laws, relief
laws, Reputation, bankruptcies, and per-
haps civil commotlon.
1 l
the present embarrassed condition nf the
country. hope with candor and fairness,
and without giving offence to any OF my
fellow citizens, who may have differed IN
political sentiment from me. II would
have been far more agreeable to my feel
inps to have dwelt, as did IN 1882. dur
ing the third year Of the fs' torn OF Pres
iden, Jackson s administration, upon bright
and cheering prospects Of general pros
peri,y. though, 1t useful to contrast
that period with the present one, aud to
inquire toto the causes which have brought
upon US such sad and dismal reverse.
A much more important object remains to
me to attempt, and that is to point out
remedies for existing evils and disorders.
And the first would suggest, requires
the cooperation of the Governm' nnd
the people,, is economy and irugelty,
strict and perseverng economy. both ~
public and private affairs. Government
should incur or continue no expense that
can he Justly and honorably avoided, and
individuals should do the same. The
prosperity Of the country has been impair
ed by causes operating throughout several
years, and it will not be restored in day
or year, perhaps no, in period less
than II has taken to destroy il. Blu: we
must no, only be economical, we mus, be
industrious, indcfatigably industrious.
An immense amount OF capital has been
wasted and squandered in visionary or
Improbable enterprises, public and Pri-
va,c. 1t can onl, be reproduced by labor
and saving.
| The second remedy which would sug.
gest, and that without which all others
must prove abortive or Intellectual, is u
sound currency, of uniform value through
out the Union, and redeemable in specie
upon the demand OF the holder. know
of but one mode 10 which tha, object can
be accomplished, and that has stood the
.es, of time and practical experience. II
anv other can be devised than Bank of
the United States, which should be safe
and certain, and free from the influence
OF Government, and especially not under
the control Of the Executive department.
should, for one, gladly see It embraced.
am not exclusively welded TO a Bank
OF the OUllcu CtuVSJ boi w " oli1 W
see one estabisht against the will and
without the conseLt of the people. But
all nv observation and reflection have
served to strengthen and confirm my con-
victiun that such an institution, emsnat
ing from the authority ofthe General Gov
ernment, properly restricted and guarded
with such improvements as experience
has point out, can alone supply relia
Bile currency.
Accordingly, st the Extra SESSION, a
bill passed both Houses Of Congress,
which, in my opinion, contained an excel
lent charter, with one or two slight de-
racts, which ii was intended to cure by a
supplemental bill, ifthe Veto had not been
exercised, That charter contained two
new and think admirable features; one
was to separate the operation Of issuing a
circulation from tina, of banking, coniid.
ing these faculties to different boards !;
ond the other was to limit the dividends
of the bank, bringing the excess, beyond
the prescribed amount into tho public
treasury. In the preparation Of the char.
ter, every sacrifice was mace tina, could
be made, to Accommodates, especially in
regard to the branching power, to the re.