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

precious metals, for, if the Government
itself cannot forego the temptation Of ex-
cessise paper issues, what reliance can be
placed in corporations fpon whom the
temptations Of individual aggrandizement
would most strongly operate? The People
would have to blame none but themselves
for any injury that might arise from a
course SO reckless, since their agents would
be the wrong-doers. and they the passive
spectators.
There can be but three kinds of public
currency. 1st, Gold and silver. I'd,
The paper Of State institutions or, 3D.,
A representative Of the precious metals,
provided by the General Government, or
under its authority. The Sub. Treasury
system rejected the last in any form and,
as il was believed that no reliance could
be placed On the issues Of local ins.itu-
tons, for the purposes Of general circula-
ton, it necessarily and unavoidably adop-
ted specie as the exclusive currency for
its own use. And this must ever be the
case unless one Of me other kinds be
used. The choice, in the present state of
public sentiment, lies between an ex.
elusive specie currency on the one
hand, and Government issues Of some
kind on the other. That these issues
cannot br made by chartered insttu-
ton, is supposed to be exclusively settled.
They must be made, then, directly by
Government agents. For several years
la ~ bn
form Of Treasury notes. and have an
swered valuable purpose. Their use-
lulness has been limited by their being
transient and temporary; their ceasing
to bear interest at given periods, necessa'
riy causes their speedy return, and thus
restricts their range of circulation, and,
being used only in the disbursements of
Government, they cannot reach those
points where they are most required. BY
rendering their use permanent, to the mod
crate extent already mentioned, by offer
ing no inducement for their return, and
by exchanging, them for coin and other
values, they will constitute, TO a certain
extent. the general currency SO much
needed to maintain the internal trade OF
the county. And this is the Exchequer
plan, so far as il may operate in furnishing
currency.
cannot lorcgo the occasion to urge
its importance to the credit of the Co.
vernmenl in financial point of view
The great necessity Of resorlng to every
proper and becoming expedient IN order to
Il Of b.
highest responsibility, is entirely obvious.
The credit Of the Government may be
regarded MS the very soul of the Govern
ment itself--a principle Of vitality with
out which all IFS movements are languid
and all is operations embarrassed. In this
spirit The Executive felt itself bound by
the most Imperative sense Of duty TO sub
nit to Congress, OF its last session, the
proprie,y of making specific pledge Of
the land fund, AS the basis for the nego.i-
alton Of the loans authorized to be con-
iracied. J then thought that such an APP
picalon Of the public domain would,
without doubt, have placed at the com.
mand Of the Government ample funds to
relieve the Treasury from the temporary
rmbarrassments under which it labored.
American credit has suffered consIdera-
bic shock in Europe, from the large in
d,Medn IS Of the States and the Temporal.
nv inability OF some OF them TO meet the
interest On their debts. The utter and
disastrous pros,raion OF the United States
Bank Of pennsylvania, had contributed
largely to increase the sentiment OF dis
trust by reason Of the loss and ruin sus-
tanned by the holders Of IFS stock, large
portion Of whom were foreigners, and
many Of whom were alike ignorant Of our
political organization, and Of our actual
responsibilities. 1t was the anxious de-
sire of the Executive that, in the effort
to negotiate the loan abroad, the Ameri-
can negotistor might be able to point the
money lender to the fund mortgsged for
the redemption Of the principal and inter-
es, OF any loan he might contract, and
thereby vindcnte the Government from
all suspicion of bad faith or inability to meet
lis engagements. Congress differed from
the Executive in this view Of the subject.
II became, nevertheless, the duty ofthe Ex-
ecutive to resort to every expedent in its
power to negotiate the authorized loan.--
After failure to do so in the American
markets citizen Of high character and tai.
cnt was sent TO Europe with no better sue.
cess; aud thus the Notifying spectacle
mas been presented of the inability Of the
Government TO obtain a loan so small as
not in the whole to amount to more than
one.lourth of its ordinary annual income
al time when the Governments Of Eu.
rope, although involved in debt, and with
their subjects heavily burdened with tax
alton, readily obtained loans of any a.
mount at a greatly reduced rate OF inter-
est. 1t would be Improbable to look
further into this anomalous state Of things,
but cannot conclude withoui adding that,
Tor a Government which has paid off its
debts of two wars with the largest mari.
time power Of Europe, and now owing
debt which is almost next TO nothing when
compared with its boundless resources, a
Government the strongest 10 the world,
because emanating from the popular will,
g. firmly rooted in the affections OF great
aud free people, and whose fidelity to its
engagements has never been questioned
Co.. tn haua fanHprah