The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-11-03

net have governed the country very Ill, if il had
been allowed its own way. Its fata error has been
10 lend Ils sanction, and TO bestow It's subsequent
applause and support upon Executive acts which,
IN their origin, 1t previously deprecated or con-
demned. We have been shocked and grieyed 10
see whole legislative bodies and communities p
proving and lauding The rejection Of the very mea-
sures which previously they had unanimously re-
commended TO see whole States abandoning
their long cherished policy and best interests in
subseTvlsney to Executive pleasure And the
numberisss examples Of individuals who have sur.
rendered their independence, must inflict pain in
every patriot bosom. A single case forces itself
upon my recollection as an illustration, to which
90 not advert from any unklnd feelings towards
the gentleman TO whom refer, betw cen HON aud
myself civil and courteous relations have sssr ex-
listed. The memorial Of the late Bank Of the Uni
ted States praying fer rechatter placed ia
hi bands, and lie presented 1t TO the Senate. lie
carried the rccharter through the Senate The veto
came and, Ia two or three weeks afterW ards, We
behold the same Senator at the head of an assem-
bly, OF the people in State House yard 10 PIadel.
! phla, epplau6lng the Veto and condennng the
bsnk--contemnlng his own act Motives lie be-
yoad the reach Of the human eye, and il does not
belong 10 me to say hat they we're which promp.
tad this sel-castig and this praise Of The de-
struction Of bis work; but il is imposs bic TO
time, received from the author Of the veto tie eft
Vi a splendid foreign uisson
The moral deducible from The past is that
free institutions superior 10 all others, and
DO preserved N their purity and excellence only
upon the stern condition that We shall forever hold
tue obligations OF patriotism paramount TO all The
ties Of party, 10 individual dietat:on; ard thai
we shah never openly approve what VIC secretly
concenn.
In this rapid, and, | hope, not Gatiguing review
OF The causes which ! think have brought. upon Us
existing entertainments, repeat that it has
been for no purpose Il approaching u eliminating
those who have had the conduct OF our public al
airs but 10 discover the means by which the pre-
sent crisis mas BEEN produced, With view to as
certain, Il Feasible, what (which is by far much
more tnportant) should be Gone by Congress TO a.
vert its injurious effects And this brings me to
slider the remedy proposed by the Administration.
The great evil unser which the country labors
IS the suspension of ths banks TO pay specie, the
total arrangement in ell domestic exchanges and
the paralysis y hCh has come over The Whue bust
mes, Of the country. In regard TO the currency,
IL is not that given amount Of bank notes wlll
not now command as much as the same amount
Of specie would haye done prior 10 the suspension;
but 1t Is the future, the danger oi En incouyeftts
paper money being indefinitely permanently
liked upon tue People, that Ellis them with eppre.
tensions. Our great object should be 10 re.estab-
llsh sound currency, and thereby to restore the
exchanges, aud revive the business Of the country.
! be first impression which the measures brought
forward BY the Administration make is, that they
consist Of temporary expedenis, looking 10 ths
supply 81 the LeeeS.itles of the Treasury or, so
fsr any 81 them possess permanent character.
is tendency Is Estler ~ aggfsvate than alleviate
lie sutierings Of the People. None Of them pro-
the disorders II "a RrtuaE
cy Of the country but the People, the States, and
heir banks, left TO SHIFT for themselves they
may or can. Tie Administration, after having
ntertenod bete etn the States and their Banks snd
taken ft.q into the Federal service, without the
cousent Of the Safes; after having pulled and
praised them; after having brought them, OF con-
trbuted 70 bring them into their present situation,
suddenly turns its back upon them, leaving
them to thslr fate 1t is no, content with that
il taast absolutely discredit their issues And the
very People ~ho were tod BY tie Administration
that these banks would supply them with better
CURRENCY are row leit 10 struggle as they can With
the very currency, which the Government recon-
lA.-a>d TO them, but which it now refuses Itself
receive
The professed object Of the Administration is
to establish hat it terms the currency o. the Gen.
>ntutioa, which it proposes TO accom- pish BY re-
strie,iug the Federal Government, IN all receipts
and tvncnts, 10 The exclusive use oil specie, and
by refusing al bank paper, whsther Convertible
net. II disclslms ell purposes Of oripplng or put.
ting down the banks of the States; bat We shall
better determine the designs or the effect Of the
measures recommended by considering them To-
gether, as one system
!. The first 10 the sub. treasures, which are 60
be made the repositories OF all the specie collected
and paid out for the service of the General Govern
nent, dsereding and refusing all the notes of the
States, although payable and paid in specie.
,. 4 bankrupt law for the United States, level.
led at all the State banks and authorship the sell
cure Of the effects of any of them that stop pay
rent aud the administration OF their effects under
tie Federal authority exclusively,
3. A particular law for the District OF Column
bta, by which all the Corporations and People Of
the District, under severe pans and penalties, are
prohibited from circulating, sixty DAYS after the
passage Of the law, any paper whatever not con.
verttbie into specie on demand, ans made liza
bic TO prosecution by indictment
4 And lastly, tho bill to suspend the payment
of the fourth insiamsnt TO the States, by the pro
visions OF hioh the deposte banks indebted TO the
Government are placed al the discretion Of The
Secretary of the Treasury.
II is impossible to consider this system without
perceving that ii 10 aimed at, and it carried out
must terminate ln the total subsersion of the State
banks and that they will be all placed st the mer-
~ Of the Federal Government II is in vaia To
protest that there exists no design against them.
The effect Of these measures csnaot be understood.
And why this nev experiment untrisd exps.