The North-Carolina standard., 1837-11-01

ing no reilef! vas the Dill granting further /
time TO the bankssto TO pay over the Government
deposites, and which would enable them to ex. !
tend more lenitv 10 their debtors. of no value 10
the community? Would the bill which propo,
sed the issuing of ten millions OF Treasury notes
rendered necessary by the indulg gence extended
to the merchants and deposte banks. produce
no beneficial efect2 The very antici patton 81
the passage of these measures, and of the latter
more especially, it was said, had already. il,
conjunction with other causes. produced a favo.
rable influence onthe money market ia the large
cities. II gentlemen in opposition who had pre-
sentedsuch ggerated pictures Of distress, knew
OF other e better remedies than those already
posed, & did not bring them forward the coun-
try would. hold them answerables for derelic-
tion of public duty. The physician who stood
by and witnessed the agonies of the patient and
who knew the remedy, and yet would not ap-
ply it. was guilty of culpabie negligence A
national bank, though not openly avowed as
such, is, no doubt, in the estimation of gentle
men, the sovereign cure for the distresses of the
times. Why, then is it not proposed2 Where
fore is there delay in bringing it forward2 Is
it apprehended that the patient is not yet suf-
fciently afflicted by distress to make him will
ing to receive the remedy2 Is it necessary that
he should be further tortured by bank chastse.
ments and alarmed by panic cries of distress,
to subdue him to an acquiescence in the plans
Of those who have his good so ofmuch at heart 2
This plan of operations had beengonce before
tried: it had failed then, and he predicted it
would fail again. -
Having, said Mr.. B. replied to some remarks.
of honorable gentlemen which he considered of
a character requiring especial notice, hewould5
now present some Of the principal considerations
which had induced him to give the bill then be.
fore them, and the amendment proposed by the
Senator from South Carolina (Mr Calhoun.)
his cordial sanction and support. The same
considerations of wisdom and OF common pru-
dence which would induce an individual to
change an agent in whom he ehnd reposed trust
and who had proved unfathful or incompetent
should admonish us. in our public capacity. to
withdraw our confidence from those fiscal a.
gents of the Government who had so signally
failed in performing the duties undertaken by
them. The State Banks had been tried as fs-
cal agents of the Government, under circum-
stances the most favorable to success. The ma
ton had seen. with astonishment. in period OF
| profound peace, with no public debt burthening
our resources. and with Treasury abounding
in means beyond all former example, the Go.
vernment ofthe United States suddenly deprived
Of the means to carry on its ordinary operations,
by the determination of the banks having pos
session of its revenue to suspend specie pay
ments. Was it the part of wisdom, under such
circumstances, to renew the connection between
the Government and the banks Was it pro-
per for those entrusted with the duty Of conduct
ing public affairs again to subject the Govern
ment to the recurrence of the same evil, with
perhaps. still more aggravated injury?
:. For one. he wishedto see the Federal Go
rernment taken out of the keeping of irrespon
sible banking corporations, and subject to be
controlled alone by the will Of the people, its
only Legitimate masters. So long as banks
were made the repositories of the public reve.
nue., the Government was dependent on them in
conducting Its most important operations, either
in peace or in war. Its action might be arrest
ed by their Withholding its means in periods o.
the greatest public emergency. 1t could not in
war command a squadron to sail or put hat
talon in motion, 1.-THE banks entrusted with its
revenue should determine to withhold lit. Its
very existence might be endangered by being
brought to pause for the want ofmeans The
reflection was humiliating, that a Government
which was noble in the republican simplicity ol
its structure, and destined to solve the problem
ofthe capacity of man to govern himself should
be made to depend on the will of banking cor
porations for so important an element of its sue
cess as the certain command OF its revenue. In
placing it, in this way. at their mercy, it was
exposed in its financial affairs to all the evil in
fuences which they might exert. whether aris
ing from caprice, political hostility. or the vi
cissitudes of trade. Nor was this exhibiting
the danger arising from this system in its true
extent. 1t could be demonstrated that the hanks
of any single one of The large commercial cities
in period of overtrading, would have it entirely
in,heirpower,b by suspending specie payments. t
compela general suspension of all the banks
throughout the United States; and, by doing
SO, arrest the regular operations of the Govern
mentl The banks of a single city in one o
the eastern States. at very gloomy period o
the last war, avallng themselves of the bafan
ces which had accumulated in their favor, il
the course oftrade. against the large CONNER
cial cities of the middle States, had, by de
mand on them for payment in specie, caused
suspension by the banks throughout the Unitet
1 Statesi This movement struck blow at tn.
! Government, which had well nigh proved fata
to the success of all its operations in the grea
contest in which it was then engaged That
t was is great degree the result of hostility 4
, the cause in which the country had embarked
: was then extensively believed, nor has that i'm
, preston to this day been removed.
The State banks are, from the course Of com
mercial transactions. so intimately and closel
: connected together. that what effects any porto
:, Of them in any of the principal cities, is, t
Y a greater or less extent, felt by all. The stol
x page the banks, at either of the great con
II noercial noints with rho nf .