Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-03-03
From he National TsteisgesceY.
The DISEASE, AND The REMEDY


In the observations, which we have
had occasion to make within the present.
week, upon she daily increasing disorde,
IN the currency, and, according to oui
view OF the matter, the corresponding ne
cesslty oil some action on the part Of the
General Government in regard to it, we
have expressed preference for the mea.
sure proposed by the Senate Committee
over any other, except the one which IS
supposed by that committee, and by most
other persons, 10 be upattaInable. We
have not said that it is perfect, or that It
is not susceptible Of improvement by a.
mendment. We hope to see the great
abilities OF the Senate woribily employed
in the endeayor to make il as perfect as
possible before submitting il to test vote;
and nothing, certainly, will give US more
qualification, boiler as We believe The
Senate project TO be, than to discover
that a better still can be devised and car
ried through both Houses Of Congress.
We have taken up the pen, however,
tosay, that the best agent that can be de-
vised, with view TO the Improvement Of
the currency, can only accomplish that
object TO q certain extent. The Exche-
quer plan will, in our opinion, be most
useful in bringing specie from its present
boards and hiding places, where it lies
as absolutely useless as if the metal from
which il is wrought we're yet buried IN
the mines, and lending it TO use the figure
employed by the committee in their report)
wings TO wait it from place to place, and
from one continent to the other, as the
wants of commerce or Of the Government
may require. But the Exchequer plan
will not accomplish every thing. |. is
no pdnaeea. 1t is no quack prescription,
pretending to cure all the ills Of life. 1t
will not dig the ore from the mines, mould
it into coin, and bring it into the United
States. That is an operation of com.
merce assisted by a well regulated Tariff,
such as will project the interests of our
own country, instead of leaving this PEG.
Pile longer subject, as iE so great mea-
sure they now are, to the commercial
policy Of foreign Powers. What is yet
more wanted, not only for the support Of
public credit, but for the maintenance Of
a sound currency, than the best fiscal a.
gent, is revision Of the Tariff, and such
an increase of duties upon the importa-
ton OF foreign goods, having due refer
ence TO the productive capacity Of the
United States, as shall ensure something
like reciprocity 10 our commercial inter.
course with foreign Powers, and reverse
that balance oftrade which now drains
the country Of the specie, which, after
all, is the only true basis Of sound cur.
rency.
We concur, therefore entirely in the view
Of this subject taken at the close Of MIR.
KENNEpY's separate Report, in the House
of Representatives, considering it, howey-
or, as justly applicable to any other pre-
frrted financial agent, as 10 Bank of the
United States which, the reader is aware,
IS the only choice Of tho distinguished
Representative from Maryland. With
this remark, we quote, therefore, from
his Report, for the purpose of adopting
its sentiment as our own, the following:
That, however effective a Bank or
other financial agent, may be found in
promoting relief from the existing embar-
easements ofthe nation, Il must be dlsa.
bIed Of great portion ofits usefulness, un.
less II be sustained by an instant and com
p1ete rerision ofihe tariff. The bank can
be but the minister oflhe currency. The
currency itself must be created by the
national means devoted 10 the payment
of the national debt. 1t must DO guarded
and preserved by steady and efficient
revenue, adequate to meet the engage
mcn,s of the Government without the aid
of loans or paper devices, by which timid
statesmen procrastinate day Of reckon
ing. To supply such revenue is the first
aud great duty OF Congress. When that
is done, the value of a bank will be daily
acknowledged in the gratitude of the peo-
pie. A good tariff and bank are in
separabe elements of national success IN
ali the departments OF industry. Our
choice lies between these on the one hand,
and funded debt, irredeemable paper
money, high-priced loans, and all the
shifts which lead to national dlshonor and
disgrace, on the other. The country.
above all things, desire that Congress
would make an immediate choice between
them"