The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-11-24

ieIt crcglailon IN the range of commerce and bu-
sness, within which the banks NAV be respective
! ly situated, exempt almost entirely from those
fluctuations and conyulslons TO which they are now
SO exposed; or IL they should occasionally be sub
Jet 10 them, the evil would bo local and Temporal
ry, leaving andistarbed the action Of the Govern
ment, and The general currency Of tic country, on
the stability 81 which The prosperity and safety Of
the community so much depend
have now stated my objections 10 the reunion
OF the Government and the banks. If they arc
wei founded; II the State banks are OF themselves
Incompetent agents; If bank Of tho United States
DC impfaeteabie. or If practicable, would al this
time. be the destruction of large portion of The
existing banks, and of renewed and severe pccn-
mary distress; if would be against tie settled
conviction Of an old and powerful party who's. op-
position time cannot absts f the union Of Govern.
fnent aud banks adds TO the unhtness of their
notes for circulation, and be unjust and unequal
bet"een ciizen and citizen, and ono portion OF The
Union and another; and finally, il 1t would ex-
cite an inplicabe and obstinate war which could
only terminate In tbs overthrow of the banking
system, or the institutions sf the country. it thea
remains that The only Alternative would be perma.
nenily To separate the two, aud 10 reorganize the
treasury 30 as 10 enable II TO perform those duties
w 7h have heretofore been performed by the
padks This proposed reorganization has been
called sub.tteasury an unfortunate word calcu-
lated 10 mslead and COMPUTE up difficulties and
danger that do not IN reality exist So far from
au experiment, some new device, il is only re.
turning 10 The old mode of Collecting and disburs-
ing pubic money, which, for thousands 81 years,
has been the practice Of all enhg heaed people 4.
within The last century.
tn what manner il is intended 10 reornanize the
treasury BY the bill reported | do not know
have haef5 fFEsFs 4 "a. 4
o0ly say that ior one, shall assent 70 no arrange
ment which provides for treasury bank, or thai
can be perverted into oac. Ii there can be any
scbeme mora fatal than a reunion with the banks
at ih's time, II Seaid be such project Nor viii
give NJ assent 70 any Arrangement hich shall
aed The least unnecessary patronage. | am the
sWo'a fee 10 patronage, and have doae as much
and suffered as mDeh IN resisting it j. any ono
Too many yearS have pissed oytr nc 10 change
si THIS laic dav, ny course y principles. Bus
vii say, that !, + impossible 20 70 organize tie
treasury ief tie performance 81 its os functions
as 70 give 70 the Executive a tenth part oil the Pit
ferage il vii lose by tho propo,ed separation
which, whcn the bill 90 tie reorganization comes
aF Aay have an opportunity 70 show. have
sef'ured this assertion afler m4 ft1eeiion and
slh entire confidence IA ITS correctness
But something mere rust be done besides the
! F.
ton Of 1916 hams notes wonId aasin lie received
III The dues 81 th, Government Il ihe banks should
resume specie payments. The IL Il as well as
he actoal eowHea 20. must &c setcrd. Bet an
oRPosed 10 AL nafsh Or pctei2ifate measures. No
great process Can he II. eted without q shock but
through the agency 1T tire. &c .oidingly pro-
pose 70 ALLOW tlfDo tor tie 6ual separation and
With this virW haye drawn o. - amendment TO
this h. which shall u.ser 81 taa fforer time to
modify the fesnaltcn of 1916, is providing that
ttel tle lti Of January neN,. .oRfbs of all
sums 44e y tie Government may he received ia
the notes Of srtcic paving HANKS. ana that aiter
lie IL Of Januaty neat following enc bati and
lcr the III 81 january next subsequent one
.o0Hh, and aiier tie +, 81 January thereafter
nothing bur the legal currency q. tie United
Si4tes, q b.'l. notes papcr issued under their
athofitf. aud which NAV BY las Il authorized 10
II 't.rlv,d % iteir dues | tie tune is not
'lourh q e ample | am perfectly disposed to
tend il. Tie period Is 81 little Importance IN my
.tes. - that The inject &c elected,
III addition "a Wis, it seems % ne laat some
measure of 4 remedial character. connected with
he currency, ON Il, 10 b adopted u case of tho
pressure while Tire process is goirg through Il
dstifGble that the Government should make as
ev and suaii demands the tPecis market as
,ssite dnflNg the limo, 50 o. 60 throw no imPe
JlUeut III the way Of the resumption of specie pay
tnCutv With this view | am ot the impression
That the sum necessary for the present wants Ct
tbe treasury should be raised BIZ d paper, which
should At the same time have tie requisite quail.
tics Il suable il 10 perform tie functions Of pa
per circulation. Under this impression, | object
the interest 10 be allowed on the treasury notes,
Nhich this t,ll authorizes 70 II issued on the very
opposite ground that the Senator from hassachu.
sea4 besioas his appreciation. lie approves 81 in.
ierrst. because 1t would throw them ont Of ercn-
aiion 4nto tbs hands of capitalists convenient
snd sato Investment. and uisapProye because Il
viii have that effect. | am disposed 10 otf
tie process he | would suppose, Is very littlo So
l;aitnus that rcint.
Bot 90 farther. | am Of the impression. 10
make this great measure successful and secure II
against reaction some stable and safe medium of
circulation, 10 take the place Of bank notes in the
fiscal operations of the Government, ought 10 be
issued intended 70 propose nothing. II would.
BE- impossible, wlih great weight Of opposition.
to pass any measure without the entire support st
the administration, and, ii 1t were, 1t ought not to
ho attempted where 50 much depend on the mode
of execution The best measure that could be de-
vised might fail, and impose heavy resPonslbiIi-
tn on lis author, unless il met with tho hearty
support Of those who are to execute II. l. then,
intend merely 10 throw out Suggestions, IN order
TO excite the reflection OF otheis on sutJeet SO
delicate and Of 50 much Importance, acting on the
principle thst il il the duty OF all IN SO great
luncture, 10 present their views without reserve
II is, then, my Impression that IN The present
condition Of the world, paper currency IN some
fsru, il not necessary, il almost indispensable, IN
financial and commercial operations OF civilized
ard extensive communities. In many respects 1t
has vast superiority over metallic currency,
especially in great and extended transactions, by
lis greater chespness, lightnrss and the facility
Of determining tho amount. The great desidera-