Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-11-23

4 Government drew first breath unoer lis
provisions, the surerntendence and care
over The currency Of the country have
/ been admitted to be among the clear aud
unqne stones powers and duties Of Con-
gross.
4 " This WAS the opiaion in Washington
/ time, and his administration acted upon il
vigorously and successfully. And 10 Mr..
Madison's time, when the peculiar cir.
cumsiauces ef The country agan brought
up the subject, end gave It new impor-
lance, !, was held to be the exclusive, or
at east The paramount aud unquestioued
rlght OF Congress to take care OF the cur
ryncy, TO restore It when deprecated; to
see that there was sound, convertible
paper clrcul lion, suited to the circum-
Stances OF the country, and having equal
value, aud the same credit, in all parts Of
1t. This was Mr.. Madison's judgment.
He acted upon 1t, and both houses Of
Congress concurred with lin. But if
we now quote Mr.. Madlson's sentiments
we get no reply at all. We may read
his messages Of 1915 and 1916 as often as
We please. M man answers them, and
yet the party Of the administration acts
up directly opposite principles.
Now, what has brought about this
st,te of things What has caused this
attempt, now made, at the end Of halfa
centuary, TO ch inge great principle Of
Administration, aud to surrender most
important power oil the Government
Gentlemen, it has been a crisis OF par
ty, not of the country, which has given
birth to these new sentiments. The tor
,uous writings OF party policy have con
Quoted US ard nothing else could well have
conducted US, to such point. No,hing
but party pledges, nothing but courses Of
political conduct, entered upon for party
purposes, and pursued, from necessary
regard to personal and party consistency,
could SO far have pushed the Government
out Of its clear and well Iodden path of
Constitutional duty. From Gen. Wash.
'ngton's Presidency TO the last hour OF the
late Presidents, both the Government and
the country have supposed Congress to
be clothed with the general duty OF pro-
tecting the currency, either as an INFER
nee from the coinage power, or from the
obvious and incontestible truth, that the
regulation Of the currency IS naturally
aud plainly branch of the commercial
power.
General Jnckson was behind no one OF
his predecessors in asserting This power,
and 10 acknowledging the corresponding
duty. We all know that his very first
complaint against the late Bank OF the
United States was, that il had not fulfilled
the expectation oflhe country, by furaish-
ing for the use of the People sound and
uniform currency. There we're many
persons certainly, who did not agree with
him in his opinions respecting the Bank
and the effects Of its currency on the
country; but IT was expressly on the
ground OF this alleged failure Of the Bank,
that he undertook what was called the
great reform. There are those again,
VII, think that, OF this attempted reform,
he made a very poor and sorry business;
but still the truth is, that he undertook
this reform, for the very professed and
avowed purpose, that he might fulfil better
than il hal yet bern fulfilled, the duty OF
Government in furnishing the people
with good currency. The President
thought that the currency, in 1892 and
1888, was not good enough; that the
People had right to expect better; and
TO meet this expectation, he began what
he himself called his Experiment. He
said that the currency was not SO sound,
and so uniform, as II was the duty OF Gov
eminent to make it; and he therefore I'M
dertook 10 give us currency more sound
aud so uniform. And now. gentlemen,
let US recur, shortly, TO what followed; for
there we shall find the origin of the pres
ent constitutional doctrines and dogmas.
l. AS see what has changed the Consilu
ton in this particular.
"Iu 1888 The public depostes we're re-
moved, by an act ofthe President himself,
from the Bank of the United S,a'es, md
placed in certain State Banks, under resu-
lations prescribed py the Executive alone.
This was the Experiment. 9he utmost
confidence, adeed-an arrogant and in-
tolerant confidence, was entertained aud
expressed OF lis success; and all were re-
g ,rded MS blind bigots TO National Bank
who doubted. ARd when the experiment,
was put in operation, ii was proclaimed
that its success was found TO be complete.
Down to the very close OF General Jack
sons administration, we heard of no.bing
tut the wonderful success Of The Expen.
mest. 1t was declared from the highest
ethcal souces, that the State Banks, used
as Banks otDrposite, had not only shown
themselves perfectly competent to fulfil tie
duties Of fiscal agents to government, but
also they had sustained the currency, and
facilitated the great business of Internal
Exchanges, with the most singular and
gratifying success, and better than the
same thing had been d me before. In al,
this glow and lervor Of self Recommendation
the late Administration went out Of office,
having bequeathed the Experiment, with
all us bhushng honors and rising glores,
10, ITS successor. But lrost--a nipping
frost was at hand. Two months after
General Jackson bad retired, the Banks
suspended specie Payments, deposle banks
and all; universal embarrassment smoie
down the business and industry of the
Country The Treasury was left without
dollar, and the BRILLIANT glory ofthe ex.
pertinent disappeared 10 gloom and thick
darkness
4 - a.