The North-Carolina standard., 1837-10-11

Mr.. President
An extraordinary course of events, with
which all are too familiar to need recital, has
separated in fact, the Government and the
Banks. What relation shall they bear here
after? Shall the banks again be used as 6s-
cal agents of the Government Be the de-
positories of the public money? And, above
all, shall their notes be considered and treat
ed, as money, in the receipts and expendi-
lures of the Government? This is the great
and leading question; one of the first mag
nitude, and full of consequences. | have
given it nv most anxious and deliberate at
tention; and have come to the conclusion
that we have reached the period when the
interest both of the Government and the
Banks forbid reunion. | now propose to
offer my reasons for this conclusion. shall
do it with that perfect frankness due to the
subject, to the country, and the position l
occupy. All l ask is, that l may be heard
with candor and fairness corresponding to
the sincerity with which l shall deliver my
sentiments.
Those who support reunion OF the
Banks and the Government, have to over
come preliminary difficulty. They are now
separated, by operation of law. and cannot
be united while the present state of things
continue, without repeating the law which
has disjoined them. ask, who is willing to
propose its repeal? Is there any one who,
during the suspension of specie payments,
would advocate their employment as the fs-
cal agents of the Government, who would
make them the repositories of the public
revenue, or who would receive and pay away
their notes in the public dues? If there be
none, then 1t results the separation must con-
tinue for the present, and that the reunion
must be the work of time, and depending on
the contingency of the resumption of specie
payments.
But suppose this difficulty to be removed,
and that the banks were regularly redeeming
their notes, from what party in this body can
the proposition come, or'by which can it be
supported, for reunion between them and
the Government Who, after what has
happened, can advocate the reunion of the
Government with the league of State banks
Can the opposition, who for years have been
denouncing it as the most dangerous instru-
ment of power, and efficient means of cor
rupting and controlling the Government and
the country? Can they, after the exact full
flment of all their predictions, of disastrous
consequences from the connection, now turn
round and support that which they have SO
long and loudly condemned? We have heard
much from the opposite side of untried ex-
perlments on the currency. concur in the
justice of the censure. Nothing can be more
delicate than the currency. Nothing can re-
quire to be more delicately handled 1t ought
never to be tampered with, nor touched, un-
til it becomes absolutely necessary. But if
untried experiments justly deserve censure,
what condemnation would repetition of an
experiment that has failed deserve? An ex-
pertinent that has so signally failed, both in
the opinion of supporters and opponents, as
to call down the bitter denunciation of those
who tried it. fto make the experiment was
folly, the repetition would be madness. But
If the opposition cannot support the measure
how can it be expected to receive support
from the friends of the administration, in
whose hands the experiment has so signally
failed, as to call down from them execrations
deep and loud? '.
If, Mr.. President, there be any one point
fully established by experience and reason
hold it to be the utter incompetency OF the
State banks to furnish, of themselves, q
sound and stable currency. They may sue
ceed in prosperous times, but the first ad
verse current necessarily throws them into
utter confusion. Nor has any device beer
found to give them the requisite strength
and stability, but a great central and con
trolling bank, instituted under the authority
OF this Government. go further. Ii W.
must continue our connexion with the banks
if we must receive and pay away thei
notes as money, we not only have the rgh
to regulate and give uniformity and stabilit!
to them, but we are bound to do so, and t
use the most efficient means for that purpose
The constitution makes it our duty to la!
and collect the taxes and duties uniforml!
throughout the Union, to fulfil which we ar
hound to give the highest possible equalit!
OF value throughout every part Of the coun
Try, to whatever medium it may be collected
IN; and if that be bank notes, to adopt tn
most effective means of accomplishing il
winch experience has shown to be a Banl
VI the United States. This has been Ion!
my opinion. entertained itin 1916, an.
repeated it in my place here on the deposit
question in 1884. The only alternative, then