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

P'tS"it VI dle revenue OF lbs United States aud,
secondly Ia making II. notes receivable in the pay
Ineht Of all public dues. Ifs Bank of the United
States had existed, it would have had ample notice
OIL NE accumulation Of public moneys ia the local
bahks, and, by timely measures Of precaullon, it
could have prevented tho speculative Uses to which
they were spilled. Such an institution would have
beer bound, BY its relation 10 the Government. 10
obsefso It's appropriations, and financial arrange
ments aud Wants, and to hold itself always ready,
promptly 10 meet them. Ii would have drawn to.
getief gradually, but certainly the pubic moneys,
however dispersed. Responsibility would have
peen concentrated upon ii alone, instead OF being
weakened o. lost b diffusion among some eighty
" ninety banks, dispersed throughout the country,
aud acting Withent any effective concert.
A subordinate bat not unimportsut cause OF the
evils which al present encompass US has been the
course OF the late administration towards tho com.
promise act. Inc great principle of that act, il
respect TO our domestic industry, WAS its stability.
Il vas intended and hoped that by Withdrawing
the ta.iH from those annual discussions in Con-
gress. oil which II had been the fruitful tspic our
manufactures would have certainty, for d iong
period, as TO tie measure OF protection, extended
10 them By lis provisions, which would csnlpeu.
sate for amy reduction in the amount contained 10
prior acts. For year or tao after il was adopted,
the late administration manifested h Isposl.0n to
respect 1t, as an arrangement! which was 10 lie in
vlolabe. But, tor some time past, il has beeR con-
stantly threatened from that quarter, and settled
purpose Ia. been displayed to disregard lis coldi.
lions. Those who had an agency ia bringing it
forward, ard carrying 1t through Congress, have
been held up 10 snlnsdversion; il has been dc.
clared by members, high il The confidence Of
the administration in both Houses, to possess no
obligatory force beyond any ordinary act of legis-
latlon and new al 1slments Of the tariff have been
proposed 10 both Houses, in direct contrsyeusiou
Of the principles Of tho PROMISE and. al the
last session, Of them actually passed the Ssn.
ate, against the most earnest enireaty and remon-
STRANGE. portion Of the South has not united Ia
these attacks upon the compromise and | take
pleasure IN saying that the two Senators from S.
Carolina, especially, have uniformly exhibited
resolution 10 tdaera 10 It with perfect honor and
fidelity.
The effect Of these constant threats aud attacks,
coming from those nigh in power, ina. been most
injurious. They have shown 10 the manufacture
az interest that no certain reliance TO be pla
ced upon the steadlness Of the policy oil the Gov
e nineni, no matter under what solemn circutn-
stances II adopted. That interest has taksn
aiarmi Lew enterprises have been arrested, old
ones curtatltd, and al this moment il Is the most
PROSTATE OF all the interests in the country. Ons
BALI IN amount, as / have been informed, of the
manufacturers throughout the country have sctu.
iy suspended aperalens. and these Y ho have not
chiefly c0uhus themselves To working up lheii
stocks on hand.
The consequence has been, that We have made
too ltliu al home, snd purchased too much abroad.
lhs has augmented that foreign debt, ths exist.
encs 81 wh,ch So powerfully contributed to The
PENSION and yet forms an obstacle to tic Eesump.
ton OF specie pay msnis
The Senator from South Carolina Mr. Calhoun
attributed the creation OF the surplus revenue 10
tie tariff policy, suc especially TO the acts OF 1924
and l12> / 90 not perceive any advantage, on
tie present occasion, in revsiug or abiding TO the
former discussions which prevailed On the subject
Of tia, policy. They were all settled and quoted
BY the great healing measure <the compronlise) to
which have referred. By that act | have been
wiling aud ready TO abide And have desired
,Hly that il should be observed aod executed 10
'ptrn Of good faith and fidelity similar TO that BY
which have been ever actusted towards II.
The seI Vi 1898 - =. 40 p.s.s4is Of The friends
IF the manufacturers, It's passage vas forced bs
coalition betS cen their secret md open opponents
But the system Of production OF American indus
irg did not cause the surplgs. II proceeded from
The extraordinary sales Of the public lands. The
receipts, from all sources other than that of the
public lands, and expenditures OF the years ls33-
i-j-6, during which the surplus was accumulat-
ug) both amount 10 about eighty seven millions
of dollars thus clearly showing that the customs
only supplied the necessary means Of public dis.
burssmeRts and that II VAS the public domain
that produced the surplus,
If the land bill had been allowed to 90 into op.
Grafton, ii would have distributed gradually and
regularly among the several States the proceeds OF
the public lands. as they would have been recsls.
cd from time To time. They aoulc have returned
back in small streams similar 10 those by which
they had BEEN collected. auimstIns, and lmprov.
ing, and fruet}yiug thu whole country. There
woud have been no vdst sur plus to embsrrass the
Governments; no removal Of deposites from The
BaHk of the United States to the Geposllc banks,
ta disturb the business of The country 40 sccu-
in tho deposite banks Of immense sums
of public money, augmented by the circuit 1t was
betw cen the land offices and the banks,
and the banks aud the land offices; no occasion
for the Secretary o. the Treasury 10 lash tho de.
pasite banks into the grant OF inordlnats Gccemmo-
iatons; and possibly there would have been no
of specie payments. But that bill was
by mos, extraordinary and danger
Gus exercise OF executive power.
The cause OF our present difficulties may be sta
ted in another way. During the late administrs.
ilou we have been deprived OF the practical bsneht
Of free government; the forms, it is true, re-
manned ard were observed, bat the essence did
not exist. la free, or selt-govetnmeut, the col
lected wisdom, the aggregate ill Of the whole, or
At least ola ajorty, n.ouIds aud directs the course
Of public affairs. In despotism, the will of
Single individual governs. Ia practically free
government the nation controls the Chief Magis.