The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-06-30

would they condemn him tor ms want oil
sharp eyes, aud let the person escape all
censure, who from carelesness or malice
had left the CRATE open That those should
ascnbe altogether to over trading and ex.
cessive speculation the disasters which are
every dav accomplishing, whose obligation
is tc shield from public odIum the true an.
thors, is quite natural; but IT is not easy TO
see how others can justify themselves IN
stopping short of the true source of the mis-.
chief. Every word they utter is seized
upon BY the press of the Administrator,
which has identified itself with the mea'
sures of General jackson, in order TO draw
off the Public from tho true scent; and as
the faithful editors of those journals take
especial care to let their readers see none
of the arguments which go TO prove the ru'
nous tendency Of those measures, they &C
tuaily derive their strongest support from
the admissions Of their opponents. This
viii be seen every day in the columns OF the
official paper at Washington, which being
read BY Thousands of persons IN all parts oil
the United States who see no other paper,
is enabled to make false impressions on the
public nina from materials furnished by It's
very enemies. Even the Journal OF Com
merce. of the commercial city OF New ork,
has been guilty of the Indiscretion of giving
countenance to the doctrine that no deeper
cause exists for the distress which now per-
wade the country than the spirit OF specuia'
ton and over trading OF the American mer.
chants and the English bankers. In at.
tempting too, TO make this appear, IN the
Journal Of 26th April, the additional lndls.
cretion has been committed Of greatly ex.
aggerating the amount of accommodations
extended by the latter to the former, which
learn from the most authentic sources,
has not exceeded the sum OF twenty mil.
lions OF dollars, without property or avaiia-
Die securities 10 hand, or IN tranSstu. Blu;
even had The amount been as great as nifty
millions, the sum asserted by the Journal,
what inference in favor OF oyertrading could
have been drawn from that fact None
whatever. By the modern Improvements
of trade, the London bankers have furnish.
ed the American importing merchants with
the means of purchasing British manutac.
iures VIII cash, or al short credit, at
great isdU ion from the old long credit
pTices, and by this operation our merchants
have become indebted TO British bankers
instead of British manufacturers. The com.
nerc,al debt OF America to England has
not thereby been augmented, and If detail
cations in remIttances have taken place on
the part'o OF the American merchants suifl
Gent to embarrass the London bankers,
those defacauons have resulted from the
disasters which have taken place on tins side
of the Atlantic, owing to the removal OF the
deposiies and the specie circular, which
have stopped remttances from the Western
country; or, on the other side Of the Allan.
tic, owing TO the fall in the price of cotton,
consequent upon the gold bill and The mpor.
ta,ion Of the French indemnity. So that.
.Ics the matter as we may, the source OF
the evil Is to be found at home; and like
iI" p0l.putu Sift Vi -Nco>u0' u wiz S'i%a
to us authors IN spite Of all the efforts e the
Globe and Journal Of Commerce 10 shake
il of.
But is il not somewhat derogatory TO the
higher character Of the Hero, who, in his
famous manifesto TO his cabinet Of the 18th
Of September, 1888, announcing his resolu
lion to remove the deposites, so fearlessly
declared, Its responsibility has been as
sgmed after the most mature dellberatlon
and reflection that his partlsans should
display 50 much anxiety to shield bin from
the responsibility Ifthere was any mean
lns 10 the phrase, il must have been that
he was wling to bear the blame Of all the
fatal consequences which should follow the
act. There was no other responsibility
which he could have assumed, unless II were
ihat Of UNDERWRITING the country and lndI.
vlduals for the tens Of millions OF dollars
losses which they have sustained by his
measures, which will hardly be pretended
by his friends, and IS therefore dIsparaging
10 his fame and chlvaIlc pretensions to
thrust forth the unfortunate men whom he
aas ruined, to stand between him and the
Pu5hc, and thus endeavor 10 shield him
from The indignation TO which his measures
have 50 richly entitled him.
AN EXAMINER.