Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-07-05

gics. The tide of their prosperity has
rushed upon them in Il tempest, till II over
flowed their banks, and broke down their
mounds. All history tcstifes, as the father
of our race pronounccs his lamen:ailon IN
the Paradise los'-
Now perceive
"Pcaco to corrupt, no less than War 10
waste"
The unrcstraincd pursuit Of inorGinate
wealth, and the abuse Of credit, especially
BY the agency of Banks, are the proSimate
causes OF the catastrophe under which we
arc now Iaboring. believe National
Bank, chartered by Congress. with cap
tal sufficient to control al other existing
Banks, and regulate the currency,to be the
only practicable expedient for restoring and
maintaining specie payments; but | enter.
tain doubts whether it should be Il bank Of
discount. With regard to this, my mind
is not detinitively made up. incline more
strongly 10 the opinion, that the suspension
of specie payments by such Bank, should
not only operate as an immediate forfeiture
of lis charter, but be penal offence in the
President and Directors of tine Institution.
The violation of moral principle, committed
by bank, in the suspcndins specie pay
ments, is, in my estimation, not Inferior to
that Of fraudulent bankruptcy in an lndl-
vidua. The right of any Legislature TO
authorise such a suspension is question.
able, and the repeal Of laws expressly en-.
acted to inforce the fui6lment Of contracts,
at the very moment when they have been
broken, is mockery Of all moral principle
and a scandal to human legislation.
But. fellow citizens, indulge the hope
that the sufferings Of our country, at the
present crisis, are like the paroxysms of a
fever, efforts Of nature to throw offthc dis
case. We have tried the nostrums of en-
pirics, and, as usual, they have aggravated
the worst symptoms of the distemper. J
fear VIC have not yet reached the last stage
of the pcstilcnce, and that we are still to be
more severely handled by the Doctor than
by the Disease.
But the patient has firm and vigorous
constitution, and he cannot die. After SUIT.
ering as we must, under the operation Of
some other mounte5ank experiment, upon
the failure of which those who palm it upon
US it is what they always predicted, and then
offer another, perhaps the people themselves
will discover that they have been led as'ray
upon wrong track, and will return TO the
right one. This has happened to us more
more than once heretofore. This calm
and considerate return ofthe people, through
their own sutferngs, to justice, temperance
and prosperity, is one of the greatest and
best characteristics of the nation. Ii gave
us an excellent Constitution Of the United
States, instead ola National Palsy under
the name Of Confederation it gave US
gallant and glorious Navy, Insead OF dry
docks and gun boats. 1t restored specie
after they had been suspended
almost universally, and under circumstances
of far greater difficulty and danger than
the present. trust it will restore them
again. With regard TO the present admin.
istration, cannot have much confidence
that, as you sugges', it will profit by the
errors of the last. The errors of the last
administration, are, in the eyes Of the pres
ent, its virtues. The eminent success OF
the substitution ofStates Banks for a Bank
Of the L. States, has crowned the late ad-
minstration with SO much glory, that no'hlng
less than hint from the people. can ever
convince the present administration 1t was
an error. This reform must come from the
people themselves.