The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-11-17

49, INST coulu De adopted. As great as /
-. o'a,ni'y under which the country Is SUFFERING
- ''o'nHg 70 what would follow the creation ]
sheh an institution, under existing circn,,s,a,a.
IN order 10 compel the State institn.ieos !, ~
: specie ihe Bank must have a capital as Urea, s
ueary as great, in proportion to the existig
'u''"hs, a. the late Bank had when estntIi shed :,
nose OF that day. This would give il an io,o,,,
eali'al not much less than oae hundrsd r,iIi,n,,
Of dollars, Of which large proportion. saw tcc,,
sllions, must be specie. From, what soi,yrr, IL
10 be sFuved7 From The Safe Banks n v,ni,
empty theT wants, aud leave them In tbe mos
helpless eonditios. From abroad, and Eaqisn,
IN particular; II would eroduce that resul.lye cur
rem, winch has lstcly covered the country with
oesoalion' The toe is still running 10 Eursea
ana 'i'fc,d back by acy artificial cause. beior. The
foreign d,bt !. pad, cannot bot be f,lloyod ~ ,a
most disastrous consequences.
But suppose this difficulty overcome and I'D
bahk fs-es,ablished, ask what would be the n
iect under such circumstances Whcro wonid
II hhd room Tor business, Commensurate Niib 10
extended capital, without CRUSHING ia. State mai
buttons, eniecbcd b, the withdrawal al ,be,,
means an order 10 create the instrument Of ib,i,
oppression lev Of the more vigorous n,isbi
,1tF'Fe; but The far greater portion, It'll their
"suiors' creditors AID stockholders voaid be Ia.
vowed ~ common rum. The Bank would. indeed
give specie currency, not by enabling the exist
z institutions 10 resume, bal by DESTROYING them
and taking their place.
Those y no lake different view. and 50 -ardly
anticipate reiiei from National Bank. arc decay.
- BY supposed analogy bctRoen The present
-"oaiion ~ the country, bud that Of lsl6, whc,.
~ tate Dams vas chartered, affcr the var with
''ta' bfl'Alh "as an actor 10 thst scene, and
icy be permitted 20 speak ia relation 10 ii viil,
some lliile authority. Between The two period. (
ihffe is hi'e Or po analogy. The, stand Amos,
90 eontrasi. In lsi6. The Gofefnmert ~.
debtor to the Banks, nov q, Is oredi,or;a dlffir.
,hct OF The greatest inporlarcr ~ iar Is the prr
sttt question Is concerned Tie Banks had oytt
issued u ~ true, bot their over issue- Were Ia
he 1oFefumtnti solvent and abic debtor. - hose
circuit teld ~ tlc BanSs 10 the shage Of stocks
3 a. q par i sas their exccssiv, lssnes 10 III,
''evstBmem ce - stock, which maisly e.gvrd
#e suspension .u proof Of " bich, II isarraarFa.
e lae', thai ibe Expectation IL bak paper abaer H
t9'S and N'fet " a. ABBOTT gquai q he proportion
"H'eh lhc @o'crnmru' sloca held ID dc Banks
,sfs to thsif issues Il sas lhii eAegss that hung
= tue mafAtt aud depressed the salue II their ,
.e'es. Tue solution Is eass. TIE B.nks took
lee 'o'ef"meui stock payable ia twelve years,
'ssusd thcir aotcs Tor The saulc pa,at. on Dc.
aHd, - violation @! the planet principles OF
aekiag IL followed 81 course, that wbe ib,,r i
ftfs were presented ior payment ibei had 10Th. ]
= bat Government stock 10 mrel tEem BUTTS E
r vas al Taf, sod 81 the Banks lad 10 90 ass
g 20 into market with TIC .foes the, held we
sse ap their nol,s, snd thus the
; a---' pS--.-r ---.,I t4e,r x,,ue, !
apid ha,t be,n si'hdtsnu from circulation, anu b
IL fe-idae would have risen % par, neatly par L
Hb eo.a and silver, hen specie payment. might s.
+ eaAty fe.Dncd. This they s,te unwilling to
s. Iasy weie proGuGg every way b drawing Il
atsfesi "a tho stock bl discuuntiHE on as capi !
! aud bg lts cutiInpcd rise iu TIE market. II IL
eeatns necessary d. cOmpe, them to surrender i
tose advantages. Tao me ,hOds pres, u.sd them. D
elves one a b1aktupt Law, the ether National e
'zHk wss opposed Va the former, then, as "a
q. now regarded il a. harsh uuconstltution. Il
measure opposed 10 thf ughts o. the States u
flev hayt uul surrendered the rights 10 moor d
- i Bar IS a, Is conceded, Us exercise cannot y
3 controlled by %. action Of tins Government, Il
b.,I4 IT,. ~ rrr,r bot ubat Is expressly grant j
3, I'D 40 aut i., 70 control We States - tho Z
xetessa I'll oscar reserved pOv II remained 10 o
,ssrt4a National Bans, a. tie means Of COM 2
+ IS. / proved I'll, ciJaL Specie payments d
r. restored, bui even WITH this striking adsan. {
-. TIA. followed b, great pressure IN Isis, I
+ and 20 as ~ no afr old enough to remeIa- !
: ihst period muSj ftccilect Such IN fact, mast
sef be ,hs consequence Of resumption, when c
creed under the most favorable circumstances; I
rd such is accordingly proved even 10 Eng /
With al her resources, and with all the caution
he ustd IN restoring specie circulation, after The
aer suspension az 1874. W AZ then euJ hs ITS
tfscf- 10 THE prcstut condition Of the country
, hen The Government is a creditor instead OF
i,btsr where There are 50 mary ntWiY created (
Racks - ihout established credit; then the over
..lt Hoo far {,
i lie i, b,ais are not IN condition 10 be coerc. /
AZ A. great as is The lido OF disaster which i. t
,assirr over The land it would b. nothing to
/. hot would lolue wSrr National hanb 10 be es-
shlshed as the means Of coerciEg specie payments
| am bound 10 speak without reserve on tais
a.poflani point. Ny opinion then, IL, that Il II
hould be determined TO compel The restoration oi
.beci. payments by the agency OF Banks, there Is
ri, one Way but 10 that have lnsuperabic oblec-
IONS; | utab thu adoption If the Punnsy wanna
Hank al the United States the fiscal agent OF tho
Government II j. already in operation, and sustain
IA by great resources and powerful eonne1lons hoh
Il home and abroad. Through ais asency specie
might undoubtedly be restored, and 'ha'
i III car less disaster than through newly cfet.
ltd Bank bu, no, without severe pressure
cannot. however vote for such measure: can.
not agreo 10 give preference, and such advanta-
qes 10 Rank et one OF the members q. the con
iederacy. ever that Of others-a Bank Dependant
uaan the will OF a State. aud subject 10 rs iuiia'
enoe and control. IcGnnot consent 10 confer sneh
tavors on the stockholders, many OF whom, II Tu-
nor ~ 10 be trusted, foreign capitalists, ana
- ithout claim on the bounty 81 the Government
But ii all these and macy other objections were
overcome there is still ene which camel sur
mount.
There has been, as we all know, conflict be-
tw cen one of the departments OF the Government
and that institution, in which, in my opinion the
department was tbs assaani but cannot con-