Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1844-12-12

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its credit. No apprehension Of this sort,
is, at this moment, entertained /; since
the stocks OF the Government which but
two years ago were offered for sale 10
at home and abroad, at de.
probation, and could find no purchasers,
ale now greatly above par IN the hands
OF the holders but a wise and prudent
forecast admonishes US to place beyond
the reach Of contingency tho public cred.
IL.
Ii must also be matter Of unmingled
qualification, taat, under the existing f.
nancial syslem-restlng upon The act of
1889, and the resolution Of lSl6--ihe
currency Of the coubtry has attained a
state of perfect soundness, and the rates
OF exchange between different parts OF
Union, which, in 1871, denoted by their
enormous amount, the great depreciation,
and in fact wor,hlessness Of the currency
in most of the Sla,es--are now reduced
to little more than the mere expense OF
transporting specie from place to place,
and the risk incident to the operation.
In new country like that Of the United
States where SO many inducements are
held out for specuIation-th the repositories
Of the surplus revenue, consisting OF
Banks of any description, when it reach.
es any considerable amount, require
the closest vigilance on the part of the
Government. All banking institutions un-
der whatever denomination they may
pass, are governed by an almost exclu-
sve regard to the Interest OF the stock
holders. That interest consists in the
augmentation Of profits, in the form Of
dividends, and large surplus revenue
entrusted to their custody is but to lead
to excessive loans and to extravagantly
large issues of paper.
AS necessary consequence, prices
are nominaly increased, and the specula.
tive mania everywhere seizes upon the
public mind. A fictitious state OF pros
perity for a season exists and, in the
language of the day, money becomes
plenty. Contracts are entered into by
individuals, resting on this substantial
state of things, but the delusion speedily
passes away, and the country is overrun
with Indebtedness so weigh,y as to over
wheIm many, and TO visit every depart.
ment Of industry With great and ruinous
embarrassment. The greatest vigilance
becomes necessary on the pat OF Gov
ernment TO guard against this state OF
things. The repositories must be given
distinctly to understand that the iavors OF
Government will be altogether withdrawn
or substantially diminished, fits reve-
nues shall be regarded as additions TO
their banking capital, or us the foundation
of an enlarged circulation. The Gov
eminent, through its revenue, has at all
times, ar importan; part to reform in con-
ncxion with the currency /; and it greatly
depends on its vigilance and care, wheth.
err the country be involved in embar-
rasmenis similar TO those it has had re
Gently TO encounter; or, aided by the
acton Of the Treasury, shall be preserv-
ed in a sound healthy condition.
The dangers to be guarded against are greatly
augmented by too large surplus of revenue
When that surplus greatly exceeds in amount
what shall be required by wise and prudent fore
cast to meet unforeseen con tingences, the Lcgs.
azure "sei' may come 10 oe sei]eo WIN o''Po'
siton 10 inouige IN ektreVagan' appropriations 10
Objects many oil winch mas-sna most Piooaoiy
wouid-oe 'oond 10 connect win the CONSTITUTION
A fancied expediency is elevated above constiu-
uonsi suthofi'y' ana reckless ana was'eiui eN-
"aNasau1e pu' 'oo cei'hiuiy 'oio~S' AUG iWPo''
tant power OF tsSanon' ~h'ch, "heh exercised IN
its most restricted form, is a burden on labor and
Productlon Is tesor'eu TO- under various pfetests,
ior purposes having no athnhy 10 Tue motives
whch dictated It's giant ana the extravaganza OF
Government stimulates Individual exiravagance,
untii the spirit oil whd ana httegulhted specuia-
ton involves one and all In ITS unfortunate results
IN view OF sueh ia'a eohse quehces, u may De iaid
down as an axiom founded ID mora an" poi'icei
ruth, that no greater taxes snouia DC imposed
than are necessary tor an economical admih'stra-
ton OF Inc government ana 'pa' Whatever exists
beyond, should De fesuced OF nod'ned' ms doc
t'he goes ~ "o way oon"o' WIN 'ne eAeto,se Vi
sou'u e'se''''''ut,o" !" 'n7 se'ee'ou y, 'ne a,t'
cies 10 DC taxed wh'oh d Jus iesa'o 10 tue Puo'o
veal "ouiu a. all tunes Suggest 10 the Leg,siauVe
mlno. IL leaves the range Oh 'eieo''oh unuehneu'
ana such se'ecuon shou'd Always DC 'aoe WIN an
eye 10 Tue s,ea, INTERESTS o' 'no oo".t'y' So"
posed Us Is 'ne ohioh' ., sePa'''e 1nu
states Pa.i'o''o Les'sa'"'e WI" "ot IAN :" 'o'i
su'thg Tue ,n'ete''s ., 'ne ps.", ~ auop' sue"
COURSE a' w'i oe ge - W ~, 'ne
"o"y VI Tue ~nu'e' Gu" 'n' = '"a' P.'"'"
WIFI ~. e.' en l s.'1;.tla RI r .i.an.,
;.n,n,, ~ - III Con0rs.s. aoS ,ho -
40 ~, ,,'', ,ha s'.na ,ba 80.