Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-04-20

Banking capital were more than doubled
and in 1887 the circulation was considera
bly, more than double that of 1880; while
but very trIfliDg increase took place il
Banks and capital between 1920 anc
1880. See the following statement;
Years Banks Cirertl0tioz CAPITAL
1890 sos so sop, coo sls7,io0 O0t
1890 $40 6i300 600 las 100 o0t
1887 634 I49 100 900 290 200, 00t
1910 729 log 600 0ou 35s 600 I0t
A necessary consequence OF this enor.
nous and sudden increase in the clrcula.
ting medium of the country, was TO raIse
The price Of every hing in as great, OF
perhaps greater ratio. Property was
bought and sold al handsome profits thus
soon produced the specializing MANN, the
slow, but sure, reward Of patient industry,
was exchanged for the ctance of sud
denly amass ng great fortune few
succeeded, but The many are reaping the
bitter fruits Of the wild experiment. -
viii any one pretend 10 say, tina, the de-
pressed state of the times, is no, owing IN
great degree, to the late inflated state oil
/ the currency, or that, the initiation was
not produced by the Government circular
to the Opposite Banks, and the great IN
crease OF State Banks And is il not per-
fectly clear, that the circular and nearly
! 400 State Banks grew out of the fall OF
the National Bank lC.these things be
true, and we defy any man acquainted
with the history of the country for the
last IL years, to deny them: does il not
follow, that the present distress, is in a
great degiee owing to the want of Ma.
tional Bank for the last seven years T.
What course does prudence recommend us
to pursue under the circumstances p
Suppose you wete on Journey to given
place, and some mistaken friend had per-
sunded you to leave the old well beaten
road, Tor a new and untried one as you
continue to advance the new road became
less aud less plain, until finally tdwinded
down to a blind path, scarcely distinguish.
able from the forest land new difficulties
| present themselves CT every step, caverns
yawn, serpents hiss, and you are en-
tangled in boys and quagmires which
threaten 10 stop all further progress. Up.
on consulting your compass you find that
opposite TO the place of your destination.
Would you not instantly about face, and
retrace your steps to the old road as soon
az poss hle1 Certainty Won would As
nation we desire to reach the highest
point Of rational prosperity we farsook
the old road when we. dispensed with .
National Bank, which had done US good
service for forty years; a better curren-
cy was promised US, but we received a
worse gold and silver were promised,
but We tecei7o ''shihpIasters," and now
we have very little of any kind: the
money path has become SO dim, that some
OF us cannot see II at all reputation
J yawns beneath the feet of States, ss well
! as individuals, and the hiss OF contempt ~
Blown upon our credit, in the money mar.
kets Of the World, our feet are en'angrd
in difficulties from which there is but one
way of escaping, and that is, to get back
to the old track as soon as possible, and
prob, by the lessons Of experience.
The second part OF tbs question pro
pounded in this address, is easily answer
ed. "By whose agency was the present
state of things brought about"
During The last fourteen years, the Lo.
ccfocos have been in power twelve years,
the Wings one month, and John Tyler two
years! John Tyler did not produce il
Tor two reasons; first he is not SO much
charged with doing what IS wrong lin
matters of national policy as falling TO do
what is right. He failed TO act with the
Wings in Congress, upon the mos; impor'
tant of a series of important measures,
designed TO bring relief to the country, and
thefore his sin is negative. Secondly, the
cause, and a forrtas,e land pretty strong
as much affected by war IN Europe, as
that of the beIlgerent nations themselves
a state not at all in accordance with what
our extensive territories, sa'ubrous eli
mate and enterprsing population, give US
"a right to claim and expect. By the
plan Of discriminating duties these diff.
culties may be avoided, and yet no one be
Iinjurlously affected. Suppose q farmer
use 500 worth of imported goods pei
annum, and pay horizontal duty Of &c
per cent. on the whole he then phys just
$40 for the support OF Government.-
Now suppose one half Of those dos not
come 10 competition with American indus
TRY, and they be admitted free Of duty,
and duty Of 40 per cent be levied on the
and seine that do not the price OF labor
is so much lower in the thicklv populated
countries Of Europe, than it IS here, that
If an equal or horizontal duty (suficieni
TO support the Governmeht) were levied
on oil imports according 10 value, the I'M
porter could furnish these articles which
compete with American productions lower
than the articles could be made here, and
1.-THE consequence is, the American would
be driven from his own market; Africans
and Manufacturers would be compelled TO
mutt business that would no longer sup.
port them, and rush into agricultural pur.
suits the balance between the agricultural
and manufacturing interests would be lost
large quantities Of grain &c. would be
produced, and no market for them except
the uncertain one of Europe. We should
be dependent in double sense first for
almost every manufactured article neces.
sary to comfort or luxury and secondly
we should be dependent upon the tluctua'
,ions of the crops in Europe, for the sale
/ =. i II