Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1844-03-07
THURSDAY MORNING. MARCH =. IS4A.

uonai authority, can alone answer all thu
conditions Of a good currency. Conduct
ing, as it would, (not regula,ing) the for
r'gn exchanges raceiving or paying Owe
such portInn of the precious metals ss
might be necessary TO equality The con.
tnualy f1uctusting balances Of our for.
eIgn trade, It would, OF all times, know
the amount OF specie in the country, and
thus possess the easy and only key to the
regulation offs currency resting on spe
Gle basis. That amount, like trade itself,
OF which |; is the exponent. must be ever
huctoating; but paper currency will be
conceded 10 have reached all desrabl,.
perfection WIN II shall expand and ron
TT Ct only wnhln the M prop utiouaI
limits 80 an exclusive currency OF tn pr
c'ous meals must aud would, unde all
Circumstance by the natural aad Ipevlta
Ole laws OF trade; while II is believed that
evt n this evil, Incident to al currency,
may be sensibly mit'gst"d by measures
within the reach Of skilful and judclous
administration OF Matt ma institution.
Such an institution may, by obse wing
a due and constant ratio between its CIR
cnlatlng paper AM lis specie, not only
insure at all times the converiibIli,v of Is
own lssups, but guided by an unerring IN
dex, 10 which il alone has access, may
| with the aid Of its branches, dispersed at
convenient points, by example, and by its
salutary influence over ihe local Banks,
induce or compel, by timely and judicious
M aS fh., oh ~
o BY all the Banks in The Union; aud
thus the whole circulation, having always
fixed and just relation TO the whole spe
ce of the country, will possess 10 :he
highest degree the two great requisites Of
good currency, soundness and safely. -
lis notes beng of universal credit and
unobstructed circulation, The wants and
business ofevery part Of the country will
naturally command for il, its due proper
ton OF them, or some equivalent MEDIUM
OF exchange; thus affording that fair DIS
tnoutIon OF currency which places every
part OF the community on an equal footing
with every other part, by occurring to the
circulating medium every where, another
indispensable elemen, Of good currency,
uniformity Of paiue. Possessing, thus. oil
the min"r attributes of good currency,
and IN pre-smnent degr the qualities
OF soundntss, safety and uniformity of
value, we might justly expect the curren
cy furnished by such system, TO chal.
leng" the high praise deservedlv bestowed
on that furnished by the late Bank, that
ot"the best currency the world ever saw"
Whatever the currency may consist Of,
fluctuations in the quantity of il must be
looked for. They are as inevitable as
the alterations of good and bad SEASONS.
oil prosperous and unfavorabl trade but
under welI-r gulated system, these fluc.
tnations may be likened to the ebb and
How OF the ocean, which interrupt not,
nor interfere with its use or value to man:
while, under the present, they resemble
rather the changes Of some capi ,cious
sream-now Overlooking its banks, row
exhausted ofiis walers--both equally un.
hs'lng it for IT'S appropriate uses, and alike
dei'ing human foresight or power to
guard against or prevent.
What we have stated is not theory but
TACT, not speculation but experience
Both the National Banks OF which we
nave had experience, dispensed great and
signal benefits both 20 the Government
and The people, far outweighing any evil
they may be justly chargeable with, while
the late tank for the greater part OF its
career, and up to the time when il was pal.
sled by the rude and lawless touch Of pow
er, was actually accomplish. for the
country all the good which we sllege such
an lns''tuii n to be capable fproducing.
Throwing around it all the guards
which the experience of the past NAV
have suegested-e especially taking care
s" to constitute il rs to prevent its becom.
ing either the mere tool Of the Govern
mrnt, on the me hand or weapon TO be
wicked against it, on the other--and inn
parting TO 1t the small st amount of pow
er compatible with he capac ty OF furnish
ing sound and uniform currency, and OF
fulfilling The duties Of an efficient fiscal
agent We submit that true policy imper
lively demands the re.es,ablshment Of
some form of Banking institution erected
by the authority Of the Nation.
The proceeds ofhe sales of the public
fands show progressive increase, and,
doubtless will continue to do so for some
years to come. They will speedily ach
an amount that would ah'rd important
ard TO the crippled finances of the STATES,
and as 1t is likely that the revenues from
Customs under the present arr ,ngement,
will hereafter BE- adequate to the wants Of
The Federal Government. II is hoped the
day is not distant VIII n an act Of long
deierr' justice will authorize the burd"n.
some state taxation. under which the PEG.
pie now labor, TO be materially mtigated
You will have seen with surprise and dis
pleasure, that the House of Delegates, at
time like his. has again refused to re-
ceve the qu"ia OF the land fund now dis
,rlbutable, and winch has been st apatt.
by law Of Congress. for this Sta,e. The
absurdty Of leaving the enjoyment of a
fund, which must belong to this State. or
to the United States, 10 the hands Of a
third party clearly having no title to it,
WHEN too, tie U. States, has not only re.
nquished ITS claim and rendered In NOM
ey, but put II beyond its power, while the
! law exists. to reclaim or control 1.-THE
cold and wanton disregard If The public
embausssmenls manifested IN adding To-
these embarrassm nv new burdens