The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-06-09

even to that apparent yeracliy" which all
public men should study TO preserve. The
House, therefore, by vote of 100 10 46,
declared that the Government Deposltes
were safe in the Bank of the United States. |
1888.
Ii is a remarkable fact that the message
of 1888 of President jackson, in lis pa.
racraphs on the Bank Question, like all the
previous messages from 1929, makes no
reference to Metallic Currtncy-and con.
templates no other substitute for the cur.
rency of the U. S. Bank than the PAPER
CURRENCY OF THE LOCAL BANKS. The
long report Of Mr.. Secretary fancy, apollo
gelic for the removal of the Deposites,
makes no reference 10 METALLIC Cur.
RENcY, and promises nothing but a OF BET.
TER CURRENCY TO be furnished by the
State Banks.LO
We copy from the report Of MY Secreta-
ry development OF the plans OF the TX.
ecuilve.
at is well understood that the superior
credit heretofore enjoyed by the notes Of
the u. 5. Bank, was not founded on any
particular confidence in its management
or solidity. 1t was occasioned altogether
by the agreement on behalf of the public
IN the oct OF incorporation, 10 receive them
in all payments TO the United States; and
il was this pledge on the part OF the 20
vernment which gave general currency to
the notes payable at remote branches. The
same engagements, IN favor Of any other
moned institution would give its notes e.
quail credit, and make them equally con.
yenient for the purposes of commerce.
To wit-the same engagements IN favor
Of the Pets-woud make the notes of a
Buffalo, Natchez or New Orleans branch
worth one hundred cents on the dollar IL
Boston. Why does not the Government
make such engagements
{" But this obligation on the part Of tht
United States the Secretary continues
will cease when the charter expires ; ant
as soon as this happens all the outstandIn,
notes OF the Bank viii lose the peculiar Va
lue they now possess and the notes payable
at distant places become as much deprecia
led as the notes Of he local Banks"
No, only is this not the case-but al
the bills Of the L. S. Bank have been at
premium IN every part OF the country; With
the local bills have been at discount Il
many places OF from ) to % per cent
What would bill 81 a Western Pet Ban
be worth IN this city, compared with bl
Of the same nominal amount OF the old 0
new Bank Of the l. ).
4 Again let NY Secr tary speak the view
of the PRESIDENT =" The State Banks car
have no doubt, furnish general circulC
ting MEDIUM, quite as uniform 10 value !
that which has been afforded BY the Ban
f ofthe United States. CSr PROBABLY NOR
so" ~
By agreements among themselves |
honor each Others notes and drafts, the
are providing a general currency at lea,
as sound as that OF the Bank Of the Unite
States and will afford facilities to commerce
and in the business oil Domestic Exchange
quite equal TO any which the communlt
heretofore enjoyed.
Not syllable thus Ear from the Pres
dent or NY Secretary, of metallic currer
cy. The only proposed substitute Tor tn
currency Of the United States Bank $ IT,
paper currency OF the local Banks. An
this was the fifth year of the warfare on tn
i. National Bank.
1884.
The expositi0us that were made By IL
Wing members Of Congress during til
session Of 1888 "a, demonstrated 80 clearl
the incompetency Of the State Banks
furnish sound and uniform currency, tn;
. the Executive was compelled to shift i
, ground, and the next rising Of the curla
was to the first scene Of the gold humbu.
p. First HIM Of Metallic Currency.
The progress Of our Gold Coinage
credtabe 10 the officers Of the Mint, ar
E promises 10 a shor, period to furnish Il
country with a sound and portable curre
cy, which will much diminish the incony
] nlence to travellers Of general paper Gu
rency, should the State Banks be lucapab
! ofiurnIshing It. "-JdckSoa' Message d 3
Here IS the frs, Inltna,op. OF any doul
on the par, Of the Executive the abli.
Of the State Banks to furnish suitable r.