Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-03-23

y ,
/ (which IS cons, quenily, OF unequal value
credit and use. the Federal GuverGmcur
do;s not and cannot scpargv lis luly anc
accomplish the object Of regulating IA,
currency by the mere coinage ol gold
ond silver. That beng the case, SOM.
must be commensurate with the purpose
OF its * sience, ami IS not exhausted, an.
I'll that purpose is accomplished. la ex-
ereising tibet power, the peculiar circum-
stances when attach 10, aud mark the
currency of this country, must be eoBsid-
cred, aud such modes must be adopted as
will harmGnls4 with those circumstances
The Federal Government has no fighi 10
deslroy, directly or indirectly, the State
Banks; the rights oI the States and the
interests Of the people require their pre-.
servauon. The system OF State Banks,
IS a characteristic feature oi our Tree Ia
sttuilous, has been The parent If much
good, and will contlDu 10 b. 81, II wisely
regulated. Ii is the handspring oi uui
credit system, which has materially con-
irbuleJ 10 make ours .he land Of freed m
and equality. la view OF all these facts
and reas MS, the Wing party MAINTAIN
that the Federal Government cannot luI-
fl Its dutts TO the country, anless II crc-
utes national institution, which, harno.
nz.ng with State Banks, will m-dy the
present detects Of our monetary system,
and met all the wants of the community
and The government. In that mode only,
can ''currency of equal value, ere dit
and use, wherever II may circulate" b.
furnished, without tue destruction OF the
State 3snks.
Upon the other hand, the Democratic
party avow add maintain The doetrln,s
that the Federal Government has no o;her
power over the currency, than that which
IS involved III those to coln gold and sill
yer, and to regulate their value, and 10
provide ior thu collection Of us revenue
IN that medium; aud that the people ex.
pect loo much Of their Government, when
they demand any further etfor, 10 accom-
plished the high duty OF giving sound and
nnllorm currency 10 the country. 70
Mr.. Van Buren, end his party. the credit,
if II BIZ credit, o! discovering these new
political principles, is due. Tney were
announced at a late period Of his admins.
tration, under memorable circumstances
1t was when the successive experiments
Of the "Ptt Banks" ami the sub. Treasu-
ry' had, To the fulflmeut Of " Ing proph-
tcles, iailed to furnish aud 10 regulate the
national currency, Ms was 80 confidently
promised by their ofiglnators, ana as con-
fidenlly believed by guided peopI,
and when that people, amidst the thro
and convuls ms OF the MONETARY syst, IN
consequent upon the failure Of III, ST pro.
j"cis, directed their hopes and entrt ailas
To that administration, 10 devise some eli
ficitn. regulator Of the currency, that !,
r, fuse To make any furlt.r fort to stay
he iidr Ul rum, which was sweeping .ye,y
thrng before II, ond sarmkng within the
vsuIts of It's sub Treasury, announced To
that people, that its sole duty was II take
cere Of us, II, and that they expect too
much OF their Government IN l"uk'ng To-
IT for relief from the evils Of an unsonnd
aud unequal currency. How that annuu-
cihuon spote upon the public ear, you
well recolieci. How il carried dsmay 10
ynur hearts. and was followed by rulu To
your (ouunrs, you vii not ,on forget.
AS necessary adjunct to these dogmas,
the obstruction OF the State Banks is con-
templaled by large portion oi the ID m
ocratIc party for N no otherwise can,hr
coinegr of specie give currency ofequol
value, credit and use, wherever il may
circulate, 10 the country. To regulate
your currency by dtslruyin il, would be
40 make sol,tuGe aud csil II peace"
la connexIon w,ih ihis subj ct, anoih.
or, having an insrparabl- relation to II,
presents itself 10 your consideration; and
that is, the power and poiicy of the Gov
crnment. in the creation OF sn agent for
The collecil n, ssie-krepng aud d,sburs-
ny Of its revenues. The acllon Of tba,
agent, Ia the exercise al the mos, llmted
p,we,s, will necessarily involve con
siderable, II not con,roiing nf1ence over
the National currency. The Democrat
lc party have sisked themselves upon HE
''Sub.Trrasury.' rs their prjec, tor
fiscal agent, aud IN some SOFT, regulator
of The currency. TIE defects OF that
ptoject have been heretofore fully expos.
ed. The power which il gives IT'S n,sn.
ayers over the State banks, by whirh
they may aud probably viii be Destroyed
the dangerous increase of Executive
mower deriyable from tits uusalrty as
a place Of deposlt-and It's entire inco-
gtuity with our free Institutions, have
been made NANTES, 10 you, and you have
impressed upon II your seal of condemna-
ton. You will nj, you cannot, now
give It your appreciation, for it has 10 no
respect changed It's nature. In It's char.
acter, action and effects, II is equally alb
horreni to your reason now, as when las:
you sputned II from your presence.
The Wing party now, as in 1910, ad
vocate the creation by Congress If Ma
tianal Institution, which viii be liable 10
no well-lounded objection and which,
while il will give you sound aud we'll
regulated currency, by acting IN harmony
W IN, and periectlng, our present incom-
piete and nefiicleEt system Of currency,
will be constituted the agent for the coli
lection, saie-kerping and dsburslns OF th'-
public revenue i--an agent, which VIII
nnf ayarn1ea "a royavt and AapVar0tiS If