The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-06-30

hao oN|o''Su VI ine iTedsuI(, Nds ~
not better that II should have been loaned
out, than that IT should have been locked
up? The answer 10 these questions is n
very simple one, and II is this. Had the
depositeS not been remored, there could hare
been no surplus rerenue. 1t was the act of
sending part of these deposites 10 the ;gest-
ern States, which furnished the means for
the first speculatons in public lands. The
public money was lent to persons TO buy
land with, and the same Identical money,
being returned to the depesite banks by the
receivers Of the land offices, was loaned out
over and over again, until the amount arls.
ing from the sales was upwards Of forty.
four millions Of dollars IN three years, be.
ing serea millions Of dollars more than the
amount distributed among The States, az
may be seen particularly detailed in anar-
ticle furnished by the present writer on the
22d of March last
But it may be further asked, could not
the 800 old banks, which had been the
growth of fortyeieh years, and which
General jackson found in operation whca
he came into office, IN conjunction with the
357 new ones which were brought INTO ex-
lstence BY his sepen Gears humble efforts
10 restore the constitutional currency" have
afforded similar facilities for oyer.tradlnG
and speculation The answer to this cues
ton is, first, that of these 357 new banks,
lS6 were the offspring OF his first humble
effort" namely his declaration of war against
the Bank of the United States and secoad.
/ ly, that the remaining III were directly en-.
geDdered by his second " humble eff1rl," to
wit. the removal of the deposites, a part OF
them being designed 70 scramble for share
Of the public money, ard a part of them BE-
ing built upon the loans OF the surplus reye-
nue.. As far therefore, as the new banks
are concerned, no facilities could have been
afforded BY them, and for the simple reason
that they trorld not hare been in eriSteHce
and as for the old banks, we have the eyi,
dence of near half century, with the single
exception Of period Of war, 10 show that
with all the temptation TO expand their IS
sues 10 an undue extent, to which banks are
at all times liable, they did not do il 1p ~
the removal Of the deposites. For this
however, thew deserve no credit. They
were not able to do it, and for the tollowny
very plain reason:
Where the currency of country IS left
undisturbed by the action Of Government,
It is not possible, in times Of peace, for
banks TO augment the, issues for any great
length of time, so as to effect depreciation
of any great extent. A depreciation can.
not fail TO be detected BY the rate Of ex.
change, which as soon as it rises above par
TO an amount equal to the expense Of trans
porting coin totoreign countries, occasions
the return upon the banks of their notes Tor
payment, and this obiges them to contract
their issues. The foreign exchange Is the
index Of currency, and viii as certainly
point out It's excess or deficiency, when not
interrupted by disturbing causes, as a thnr.
mometer does the preponderence OF be-, or
cold. Ii is owing TO the well known truth
of this axiom in political economy, that N
ordinary times the operations Of the banks
in the United States have been carried on
without any disastrous fluctuations, and thev
would have, continued in the same career
had not THE AMERICAN NECKER deranged
the whole machinery of commerce, by fore
ing the wheels 10 work the wrong way.
If | have not in the foregoing articles
fully proved the measures of General Jack
son to have been the true causes of the dis
asiers under which the country is row
wrlthing, would be glad TO see some Of
those very prudent citizens who denounce
all who have overtraded, as if they wero
without excuse, undertake TO disprove my
positions. If they cannot do this, it would
be well for them If they would turn their
eyes inward and inquire whether they have
not themselves been guilty of the rtcf q
speculation, if not by buying property,
stocks or merchandise, at least BY boldias on
for higher prices, thereby showing that they
had themselves been deluded, as well us
their neighbors, BY the false appearance OF
what Gen. Jackson, IN his farewell homiy,
called prosperity and happiness. And il
they be men Of feeling, | would like TO ask
them if they should see friend, no, blessed
with as keen sight as themselves, walking
along Front street at night, aud fall through
CRATE into cellar and break his neck,
The following is the amount of money recciv-
ed tor sales OF the public lands at the dltf.rer
lana othees IN the States and Territories within
the year 1886, so far as the returns had bsep re.
eeWea when tue report was made TO Congress:
ONO, Sl,65S,455 g.
Indiana, 40O7 q66 50
Illinois . go 81 :