Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-07-14
NUMBER 20.

Of seven years we're 10 be selected, OF the
greatest prosperity which this people have
enjoyed, since The establishment. Of their
present Constitution, il would be exactly
tina, period Of seven years which rhmedi-
ately followed the passage Of the Tariff OF
1924"
And that period embraced the whole
term Of the administration of Mr.. John
q. Adams, which has been so unjustiia-
bly, abused
The contrast in the state of the coun-
try a, the two periods Of 1891 and 1912,
is most remarkable and startling. What
has rrecipi,atcd US from that great height
OF eDviable prosperity down TO the lowest
depths OF pecunlary cmbarrassmen,s p
What has occasioned the wonderful
change No foreign foe has invaded and
desolated the country. We have had nei.
ther famine nor earthquakes. That there
exists cause there can be no doubt; and
think il equally clear that the cause,
whatever it may be, must be a general
one, for nothing but general cause could
have produced such wide. spread ruin and
every where we behold the same or similar
effects, every interest affected, every sec.
ton ofthe Union suffering, all descriptions
ofproduce aud property depressed in va
lue. And whilst | cndeavor to find out
that cause, and to trace to their true source
the disastrous effects which we witness
and feel, and lament, entreat the Demo-
cratic portion ofmy audience, especially
IN, ticfa
dismissing Tor moment party bases and
prejudices, TO decide with impar;iality aud
in spirit Of genuine patriotism.
1t has been said by those, in high au-
thority, tina, the People are to blame and
not the Governme and that the dis.
tresses OF the country have proceeced
from speculation and over,rading. Tho
people have been even reproached for ex-
pecting too much from Government, and
not relying sufficiency upon their own ex.
erlions. And they have been reminded
that the highest duty OF the Government
is to take care Of itself, leaving the PEG
pie to shift for themselves as well as they
can. Accordingly we have seen the
Government retreating from the storm
created, and taking shelter under the sub.
Treasury.
That there have been some specula-
ton and overtradng, may be true, but
oil have not speculated and over-traGed
whilst the distress reaches, if not in the
same degree, the cautious and the pru-
dent, as well MS the ent-rprising and adj.
venturous. The error Of the argument
consists in misiaking the effect for the
cause. What produced the overtiadngl
What was the cause Of speculation p
How were the people tempted to abandon
the industrious and secure pursuits oflife,-
and embark in doubtful and perilous, but
seducing enterprises That is the i'm
portant question.
Now, fellow citizens take upon my
self to show that the people have been
far less to blame than the General Cow
ernm mt, and that whatever Of error they
committed, was the natural and inevitable
consequence Of the unwise policy OF their
rulers. To the action Of Government
is mainly to be ascribed the disorders,
embarrassment and distress which all
have now so much reason to depIore. -
And, to be yet more specific, think
they are to be fairly attributed to the &C.
ton of the Executive branch Of the Fede.
raj Government.
Three facts or events, all happening a.
bout the same time, il thei. immediate Ell
fects are duly considered, will afford
clear and satisfactory solution of all tho
pecunisry evils which now unhappily af-
flict this country.
The first was the veto Of the re-char-
ter of the Bank Of the United States.-
The second was the removal Of the dc.
postes OF the United States from that Bank
to local banks. And tho third was the
refusal of the President Of the United
States, by an arbitrary stretch of power,
to sanction the passage of the Land Bill.
These events all occurred, in quick sue
cession, in 1898, and each OF them de-
serves particular consideration.
l. When the Bank of the United States
had fully recovered from the errors Of ITS
early administration, and at the period
when i, was proposed to re-charter II, II
furnished the best currency that ever ex'
listed, possessing not merely unbounded
confidence in the United States, but
throughout the whole commercial world.
No institution was ever more popular,
and the utility of Bank Of the Uni,ed
States was acknowledged by President
Jackson in his Veto message, in which he
expressly stated, that he could have sug-'
gested TO Congress the plan Of an unex-
charter, " application had
been made to him. And state as a fact,
what many, am sure, will here remem.
bar and sustain, that IN the canvass then
going on for the Presidency, many Of his
friends in this State gave assurances, that
n the event Of his reelection, a Bank Of
he United S,atas would be established.
II was held OUT TO the people, that bet
er currency should be supplied, and
more safe and faithful execution Of the
iscal duties towards the Government
would be performed by the local banks,
han by the Bank of the United States.
What was the immediate effect of the
overthrow Of that institution The es-
Adjustment Of innumerable local banks.
which sprung up every where, WIN r."
,idity 10 which we cannot look back with
,ut amazement. Al respectable docu-
nent which now hold 10 my hand, be-
hat IN. fht{0 The