The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1836-12-17

on q eaatlal 10 be created 10 some exeht out o.
Government stocks. Although this psoposi!ion
vas refused by direct vote Of tie convention, ,
the obiec, was afterwards in effect Obtained, by
tia ingenious advocstes, throogha strained con.
s.ruc,:cn Of the constitution The debts ci 'hc
revolution were funded, AZ prices wsich formed
M eouiyaIen, comparei wilh the nominal amount
OF the stock. .nd under circumstances which r3-
nosed the motives oe some Of these who ps:uci?a-
ted in the passage o: the &C. to disi:usi
The facts that TIC value Of the stock was great
" cnh.nced b.. the creation Of The bank, Laai II
was we'll understood that such would be The CASE
aud that some of the advocates OF the measure
were largely benefited by il, belong To- The his:o-
ry o! The times, and arc well calculated to ditn'n'
ish ,fc rcspcc, which might otherwise have been
due to the action of ihr Cong'css which c!csro
The institution.
On ihr establishment, Of na,ioua. bans. IL be.
cam. The in.ercss: oil its creditors thai gold should
De superseded bv the paper Of ihc bans, Is gen
c.al currency 4 va'ur ,Sas soon aiIachec 10 INC
ro,a coins. which made their expectation 10 iof'
cira countries, mercantile commoc''S 'no'e
T,,ot:.a5l than their retention and t'ss a. nome a.
money. (, followed as matter o! course, u not
designed BY those who established tue oans, tna'
tho bans becaDe, IN eject, suasa'o's 'o' VIC
mir, Of the United States.
Such was the origin of national bank crrrcn-
cy. and such the beginning OF those diuaen y. .
which now a2pcaf in the excessive issues OF Inc
banks Incorporated by the various States
Although i, n,ay no; be possible, BY any lrgs'a-
tive means within our power, 10 change AZ once
The system which has thus been introduced, ana
has received the aeauiesecncc Of all portions OF The
country, j, il certainly cor duty TO DO all that Is
consis,cn, with on. constitutional obligations In
preventing The mischicfs which arc Threatened ~
Il. undue extension. Tha: the efforts Of Tic IA
,hc.s q! on, Government to guard against u ey
y constitutions! provision were founded on an ~
tisnaic knowledge Of the subject, has bcen 'rc-
cucnuy a,tcs;cd by the bitter experience e' INC
cocn,5Y This same causca which, ca them 70 re-
fusr their sanction. 10 Q powc: authorizing The es-
lablishmsnt oi interpretations fc' BANKING Pc'Po-
scs now exist IN a rpuch stronger ecgsrc 10 urge
TN 70 ger. the ctInos, vigilance IN CALLING into &C
ton means necessary 10 cn.tcc. The cv.s :cEn';I
IRON .i,c unfortunate exercise O! The power, and
is n b. hoecd iha: the opppo'tunity Tor cteciing
.his great s.ot, will bc improved br.ofc Tic
enan,,y witnesses ncT sccars o! embarrassment
aad distress.
va.:s5lrnsss must crc, be Characteristic Of =
currency, Of which The precious metals arc moi
;hr chief ingredient, or uheh can ec expanded OF
contracted without rcsasd TO the principles that
&c sua.r tic value OF ,hosc rsriass as slsndar
in tl.c general trade Of the world With us bank
;ssaes constitute sceh currency, and must ever
do % na;.i ,hry made dependent on thoSc Jus'
proportions o! gold and si!rc., ns circulating
s.ed;rm, which c1pc,;eacc han proved 10 sr nc.
ccEssry no, only ia this. bet ia al os!srr CONNER
c,a. conn;..c, Whcrc those proportions a:e Dot
...suecd so ,!. ejaculation, and do not control u,
IL is uIz:Ii:ca: ,s; prices vary according 10
the ,Jc Of bank tissues and thr varr and niahIi;ty
o! property must stand cIpesrd N all thc ahee''
tainty which attends the administration o. inst,u-
lions li,a, an coas,aa,ly l,shc 70 the 'rinp;ahen
Of .n,rscst dis;iuc: from that o: TIC eotcana1'y
k-y, f-lf shrI
The Psossess Of an expansion. OF rather dc.
prrca..on O! tic cu1rrncy, by cxcrss'rc bsnk - :
aars IA always attended By loss 10 the iabasins
ciazses. This por,Ion o! ;hc cou'naasiy hare ac'.
tkcr Grsr ma: opportunity 10 wa'ch INC cop' ana
aor'a o: ihr nseary market Engaged from Gay
To 6sy IN i.scr usrfu 'oiis, The! DC mol Fr'ecisc
that although, :ri, wsgrs arr no'n';ai'y iss .sfae.
%, cvru unracwha: higher. :!,cy nv greatly sc-
duccd in fact BY L,r .ap,d ,nc'rssc Of spurious
currency which. es spfcars 10 EIsse menrr
abound they arc AT h.ss ,ac!incc TO eo:'aiarf
blessing. IL IS not with The SPECTATOR. oy
whom this operation 10 bette! anGc1stood, ENC -
made 10 contribute 10 his advantage. ~" no! en-
Ill The pr,ecs Of The n~ccrsatra Of h!e become 10
dear that ,ir !so.:ng ciasaca cannot supply ''rtf
wants oct OF ttci. Wages that The wages sssr eao
gradually reach a tuttly pso?a'tionrd 'air To tha'
or the products Of isci: labor. Whsu thus ny ne
depreciation IN consequence o. tnc qssH'''y o.
paper ia Circulation, Wages a. vel ~ SF'sS,
0oC1r f10fullxIi. u w tp'R sSsbe N@&NN ~'N
ctIcs, of tho adnl,crat.on - 'ar.a on onr h"n'c
industry 70. The Lcarfi oa The countries where
eola and sIires circulate, and t.ain,asn un''o''y
and moderation 10 prices. !. II 'hrn p-re,red
that the enhancement Of The prier OF land and a.
boz producers corresponding ineFr.sr IN The P''er
Of prodaets, until thrsr products DO n"' sustain
competition xi,h similar oneu in e'her eoentiirs; |;
and thus both manufactured and agricultural prs"
ductioa. crnrr 90 bear rxpostasioa from iar e"un
,sr q, The spurious eurfenn bccaaao 'hey esano'
BE- sold for cost, This 10 tho process by rh'eh .ic
clio ia aar,shcd by the ra?r' o! Tho eahG'. "f"
vsnI,s arc soon exhaus,rt 10 nay Tor 'eir'gn com
n.sa,,.en; the mex, sep 10 a s:o7paEc a' 'Peeio
caylrn,; total degradation ol pairI af cur
rcney; unuruai drpirrs'on "i Pt,oe' shs RUN OF
debtors, and Tho accumulation: o! properly VI 'ae
la ads OF creditors and eact;ons capitalists
Il uss In risw q! these evils, together will 'i'r
dangerous power uirldrd By the Bank o' thc
tinted States. and iIs ;cpagnsusr 10 our eoussi'n
Toa, that wss induced 10 exert the power con'c'.
rrd upon u,- By ti,r American people, 10 p.'rcnl
the continuance q that institution But, although
various oAnsrrs oar republican institutions have
brrn obyi.,sd BY ,Ac lsilafr ol that bank 10 cat"u
from tho Le,rri.u,rnt q srncual oi i's Chariot u
a. obr,ou. that little has been accomplished. cx.
cop, salutafy change Of public opinion, towards
rrs,u.inp U The county the sound currency pro.
v,rd for in the eoas,,uiion ln u,c acts q! sc'ri,
al Of ihc sisu, prohibiting the e,',''a'"a o. f'aa
po,rs. aud tho auxiliary cnsetnra!a o' 'i'.!eHs
=, IN, isg, -~e.,on fa.sidt,ns !h-.r .ecr.uon or