The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-08-18
Fkex TIE SoursERS LITERARY Journal
Extracts from an article 6y Dr. Cooper
enii,led BANKS AND BANKING"

them under their present organization and
operation. A faithful portrait 81 them pre-
senis an ugly likeness for the public to dwell
on. There are exceptions to this as TO al.
most every other general assertion, and re.
loice at The opportunity of saying so. But
the mass, fear, is not productive OF public
benefit.
am very suspicious of the moral homes
Nv that guides the transactions OF the MONEY
nARKEr Of men who grow wealthy not by
producing wealth but by shutting the cards.
consider mercantile enterprise carried
TO the extent OF the las, three years, as put
tug on too much the character of gambling,
: putting honest principles IN jeopardy
destructive of real wealth, not producing in'
dusiry. aud wholesome frugality. Excessive
impor,ations are tempted by the facilities
of bank competition. The consumer, Is
tempted beyond hrs means ct paying. Over
trading and wasteiul consumption lead TO
the direct and downward road to insol-
yency. These are common place remarks;
so are all important truths.
we are becoming a nation OF lawyers,
bankers, merchants and clerks. The labour
Of the hands is considered as disgraceiul.
oar Young men are no longer agrlcuIturIsis
and manufacturers. We import our bread
and meat, and corn and hay. Gradual and
moderate gains are for gtovelling spirits
ouly.
am 20 friend 10 General Jackson's al
tack upon Mr.. Bldtie's bank. Nor TO any
Of his experiments on tie currency. The
enormous patronage of government carried
Inn through aud paralyzed the opposition
OF soberer aud wiser heads.
Bat thoroughly convinced as am of the
abuses Of banking, the mercantile world feel
the occasional convenience Of this system
too strongly to renouace 1t. Nor can the
commerce Of the world be carried on with.
out the aid of paper money. We must pa.
tiently note the errors and impertections OF
the system and amend it gradually. No
man can satisfactorily answer the question,
where are YOU to procure the quantity OF
bullion necessary 10 carry on the commerce
Of the world without the aid Of paper cred.
1T II is not 10 be found.
Whatever plan be adopted, land | incline
10 think, that Congress has the power OF
regulating the national currency,) hope
the people will insist that government,
whether that word means Congress and
The Executive, shall have no part 10 the
conduct of it. Hands oil, gentlemen. Il
you please"
II the country ls to be governed oy ar
uaion Of the executive and tho monied IN
tercst, it will be worse than a union be
tween Church and Safe. Ii the aItemp
be made, and it prove successful, there VII
b. ~ cure but revolution.
have collected the following memoranda
to assist general reader, who wishes tc
reflect on those intensely interesting sub
Jecis.
Whai are the conclusions these facts seen
10 furnish
/. That our present difficulties are like
our former ones, a Ink 10 the cham OF peri
odical results. Too much facility IN Dor
rowing bank paper; too great temptation
10 use the credit Of drawing on Europe oper
accounts, instead OF being confined to rea
ponahie credit on actual invoices and con
signments. These temptations are tor
strong TO be generally resisted, and lhos'
who furnish them, have no right 10 CON
plain OF their consequent losses.
2. All these facilities show clearly tina
immense wealth . accumulated by capital
lists and nominal capitalists, drawn from th
very yitals Of real productive industry
That the class Of middle men called mer
chants, are necessary 1t would be folly
,eny. That occasional loans become ne
cessary TO the most prudent and caution
merchant, from accident, from want {
plnctuallty 10 his correspondents, from q
casional want Of temporary loans, IS equa
~ true that banks afford these most uselu
facilities, occasionally preserve the credit Q
honest merchants, and smooth many d.ifl
cultles in the path OF useful commerce,
fnaa must be blind not to sec. But multi
pllclty, the cupidity, the hazardous specu
lations Of these institutions, the many unial
preiensions they set up TO credit with ID
public, on capital never possessed, have had
manifest and inevitable tendency to prodlc
those distressing periodical suspensions
payment and Of credi, which have SO ofe
afflicted England and this country. III
common place routine Of bank competition
facilities in loaning, increase Of borrower
oyerradlng, hazardous investments, frau
uleut spectators with borrowed capital, I
solvency, are inevitable, and IN the prese
state Of trade periodical.