Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-10-20

] States, 10 create and establish sound
/ circulating medium throughout the Union,
; convertible into specie, bat in suiiicien,
, bandence To elevate the standard of value
f from the dreadful depression to which it
; has fallen, and in lacl To be adequate To
perform the exchanges OF trade and value
10 our country. Whether this DE a Bank
If the United Stales or an issue of re-.
deemable currency by the Federal Trea-
Sury, is not of so much comparative i'm
poTiance, ms thai we should have an abun.
dant and uniform circulation from some
source or other, which, making al
lowance for the variations in the bainnce
Of trade, shall be of equal value in New
Orleans and Boston.
This circulation in the recesses of that
financial wisdom which is past finding out,
was destroyed by our friend Gen. Jack.
son, when he slew the Bank ofthe United
States, with the erm OF Samson, and nj
most with the self same weapon, ton, !"
when we recolieci all the iwnddie Of the
told gentleman on this subject. tie, as
Burke said, was certainly ''consnmmate
architect OF Rum, in his time and tide,
and had The happy faculty Of impcrsona,
ing corporation ''in his minds eve" for
the purpose of hating il as cordially as be
once did you and Mr.. Poindexter. When,
therefore, Mr. Blddle entered into con-
test with this hero Of Two wars, he forgot
the wisdom Of The Spanish proverb.--
"'Ihat he who sets down to dine with the
devil should eat with long spoon. -
I Whist has been the result Of this feast. in
broken meat and empty plates YOU well
know. II has LETT our country palsled in
deed-hungry in flesh and poor in spirit.
| doubt, stree the creation of the world,
whether such an example can be exhibit
ed as We have presented Tor the last six
teen years of folly aud ms government.
No Southern planter would permit his
plantation for one hour To be governed
with such a lack Of all sense and provi-
dence. The Catfras and Hottentois, in
reference to their condition. doubt not,
have been governed with policy far more
vlgilant and enlightened.
country Of immense resources, in
period OF profound peace, or the verge Of
bankruptcy Any man who will read
iiume's essays on Public Cledit' and on
Money" can be at no loss TO trace our
present condition 10 It's true cause. Ne
Rave been suffering ever since General
jackson destroyed the Bank Of the United
States {wiih the exception Of a shorI Pc
rod Of dstcmpered initiation crcaird By
his own measures) under steadily dl.
minshiug circulation. which the eminent
philosopher to whom have referred, has
declared t. be one Of the worst ca!amiiies
that can belal civilized country-lhr
more disastrous ""han the contnu blight
Of unievurable harvcs,s and seasons. -
TINS result has been first ia the constant
action 81 the Federal Government, or their
Isuppos medluted actions on The Banks
of the Staies, which crested universal
panic, that has compelled the Bunis TO
withdraw their circulation, and next the
General Government permitting to remain
in criminal abey ance their sovereign lunc.
uon 10 supply currency equal TO the
wants oithe country, aud TO regulate lie
value"
The consequence is, that the States
have nothing in the shape Of credit, or
money 81 home to pay with abroad. -
Every species OF property has fallen fiom
fifty to one hundred per cent, and the
standard of value so seriously disturbed,
that man in 1899 might have had pro
perry 10 three times The value of his deb,s,
yet he is now ipso facto ruined by the 81.
lent transit Of our country, from redun-
dant circulation to what some are pleased
most iehcnously TO call hs rd money cur
rency- when the fact is that we can pro-
cure neither that which is hard or soft.
by this alteration 10 the standard Of
value, revolution is IN porte ntons pro-
gress IN our country, as wide. spread and
desolaling, as far as property IS coocetn-
ed, rs that which distinguished and Illus.
traied the masterpieces OF human policy OF
the Robespieres, Dantons and Mafa,s of
another ill-lalod country, which in its time
was governed by its demagoguts too, who
made paper money so that il showed as.
signals in the streets of Paris, end then
turned round and burnt in their phrenzy
their own handy work. Look, my deaf
sir, at the thousands, and tens Of thou.
sands of families that have been ruined
that have had unutterable woe carried in
to the very bosoms of their houses, by
the nostrums of our political quacks, who,
IN their senseless war on the very banks
they created, gave no time "by the pre-
paratory revolution ofthe intervening dis.
cords" Tor the country to pass from a Pc
Rod of expansion 10 one Of severe and arid
restriction.
To those who have been ruined in these
unhappy times; whose estates have pass
I'd under the tender gripe Of the sheriff
the moral justice ut General Jeckson's
memorable apo,heysm will be but dry
crust, "that those who borrow money
ought to break" doctrine out Of which
their creditors are likely TO derive IS lit
lie comfort as themselves, although il
must be admitted that the General tried
all he could to secure this blessing 10 the
country. But, my GOOD sir, the day Of
| reckoning must come. The account will
be adjusted now or by postefiiy hereafter
| One of lis first sums will be to settle what
the victory Of New Orleans has cost us
/ Those are generaily extensive Daoennts