The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-09-15

Unforeseen IN the orgaul<Aioh OF the coNeIn-
nent, and forced on tins Treasury BY early nscos-
lilies, the practice Of employing baaks, Has, IN
ruth, FROM the beginning, more measure OF e.
Derreney than OF sound policy. When We start 4
d into existence as nation, in addition TO the /
BURDENS of the new Government, we assumed all
he LARGE hui honor able load vi debt which was
he price OF our liberty bat hesitaied 10 weigh
Town the infant industry 81 the conutry hy resort
nc 10 adequate taxation for the necessary reve-
nue.. The facilities Of bauks, Ia return for the
privileges they acquired were promptly offered,
and perhaps too readily received, by embarrass-
81 Treasury: During the long continuance OF
national debt, and the intervening difficulties OF
foreign war, the connection was continued tfom
motives OF convenience; but these causes have
long since passed away. We have no emergen-
cies that make banSs necessary to aid the wants
Of the Treasury we have no load OF national debt
10 provide for, and We have on actual dePosiie
large surplus. No public interest. therefore. now
requires the renewal of connection that orcum.
stances have dissolved. The complete organiEa-
tlon OF our Government, the abundance OF our re-
sources, the general harmony which prevails be-
tween The different States, and with foreign Pow
ers, all enable Us now TO select the system most
consistent with the Constitution, and most eondu-
Give Iothe public welfare Should we, then, connect
The Treasury for a fourth tine with the local
banks il can only be under conviction that past
failures have arisen from accidental, not inherent
detects.
danger, difficult If not impossible, 10 be avoid
ed in such an arrangement. is made stikiogly cyl-
dent IN the very event hy which it has now been
defeated sudden act Of the banks Entrusted
with the funds OF the people dePfives tue iteasu-
~, without isuh or agency Of The Government, Of
the ability TO pay It's creditors in the currency they
- i sfHg nm
stance no fiucmatou ofonnmcree could have pro-
duesd. if the public revenue had been collected in
the legal currency, and kept in tina, form by the
Ulcers of the Treasury. The estiz whose nv
ne, was in bank receives II back, >iuce the sus-
lension, at a sacrifice IN its amount; whilst ht
,Iu ~ VI Il III he legal currency of the country,
aud IN his own posssssi.ic, Pursucs, without loss.
the current Of his business. The GoyetnmeuL
placed In the situation ei t.lr fUrmeF - involved
in egbarrassr.e niS wh:ct, are moreover, augment
ed by those saluiary and Just laws hicl ior5id u
/ Is uss a deprecated enrrgucy, and, b. 50 dgng.
i4ke froin the Government the ability Which lnot
ylduel- awe Of accommodating their transactions
o such catastrophe.
+ 4 system which can, IN time OF ptoiui peace
/ hen there is large revenue laidby, thus sad
denly proven, the application apd the Cse Of ths
ntcpey OF the 9eopir, ia the manner anu Tor IL,
ehs can think, without psiptul rcHec'Iou. tast
under il. the same unforeseen events might h4gs
b.s.lsu rs IN the fuid,i Of 4 sSar and taken trou
n, a. ,7s moment nsn most waited, the use %
. la7se ycr} means which wee treasured up 10 pro
mote the usti,ual welfare aBJ gusfd our haiiyna
lgBts To such vnharrasSAsguts and 10 sUct
Dangers will this government be a.wass exposed
whist il takes the Moneys raised tor ans Heccssa
nv to, the p0bile service, eat of the hands l 81
f oaR u.ieers, anG converts them i0t1 faett risb
8f action against corporations Ned wHh IA,
possession Of them. Sor can such results be ~
GCtually guarded spaiust 10 such system, With
cut Investing the Executive wifh eoutFDi oye
the banks Themselves, whether State, or Nai3nal
thai might with r,asoa be OBI cited tn. Od's IS
probably ths only GtygrUmetl IN the world tia
Is liable, ~ the manag cmcai o. is fiscal coucai ~
10 occurrences ike these. lui THIS inuiueb
riss is 10, The onlT danger attendant nn tie SUI
render 81 tie public money tl,l custody and cuu
,rol Of local corporations Though the Object
aid 10 lie Treasury, its fleet ulsy b TO in,toduc
into the operations o. lhv Government, influence
lite most sablle founded 90 interests tho iHos
selfish.
The use by the banks, TO- their usn beneft, Il
the moncy deposited With thcsn has received ID
sanction % lbe Government from the cU8fucure
nsnt Of this correction. The maBeg receive
tr9R the people, ,u.tasd Of beiag Kept tiil 1t
ne5dlo fDg Their Use, i, in consequence Of ibis al
tborly. a tuad Oh which discounts are made 10
be PROFIT Of those VITO happeH TO be ssosfs
stock ID The banks selected az depo.isGriss ~
supposed aad often AZ gge5sird 8dy4His e ~ sue
a BON y u ALWAYS cause II u b. sought Tor at
sytdis. | wll. not stop 70 consider 90 ehom ID
patronage incident 10 II IS 10 be cSnierrrd u heil
er the selection and c8Hlroi he trusted ~ Cougres
or 70 tie Executive, either all b. abiected 70
Deals Giadt IN cyerY fora @hich the sagacty
, iatsres, can Sngges'. Tae banks under such
-ytleln, are siiuulattd 70 make tie most nj tht
.0-tluste aoqu-Iii rs the deposics are treated d
an increase Of eamlsi loans and circulation. az
rsshig augmented, snd Uhsn chs public cxige.
cles require a return, it Is attended Huh einbA
J r.ssmenis uut provided for. nor foreseen. ThC
banks that thought themselves a0st foriuual
A.Ien The public unds we're received, SAD tbeu
selves nosi embarrassed Nheu the season VI pal
men, suddenly arrives.
Unfortunately, ioo, The evils Of the system al
, not limited 10 the b4ak.. |, stimulates gcnsr
rashues Of enterprise, and aggrsvates tbe ilucil
atoms of commerce and lie currency. TINS y
soft was suikinglv exhibited during the operation
Of the late depozile system, aud especially in ID
+. purchases Of the public lands The order Rhic
ulli uaiely directed The payment d gold and j
!. yer ~ such purchases CreadY checked. bot con
not altogether prevent. the evil Specie vas II
deed more difficult 70 BE- procured than the moi,
which the hanks coaia themselves create ii pei
sarc bat sal, beng obtained from them =. iaai
and returned a. dep9sUc shich they we're 8gai
Al liberty 70 use, ), 8nly pas..d round she ctrcl
win diminished speed. Thus ope-sfsn could ~
have been perfermtd, had lbs fund. o. Tie Cover
snegt rome trto tho Ty.aaus, H.. .t..f,,f- ri,