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


remitiances. A TREND TO longer ago than yesier-
day, informed ne Of a single bans whose pay
ments and receipts IN day amounted to I've
million. of dollars. What time would not have
been necessary 10 count such vast sum The
payments, In the circle Of wear, "a the citY OF
Now York, we're estimated several years ago Al
fifteen hundred millions. How many men and
how many DAYS would be necessary TO count such
sun Yeung, growing, aud rnierptisine Peo-
pie like those Of thu United States. NEE than any
other need the use Of those credits which iaei-
dent 10 sound paper system. Credit Is the friend
Of INDECENT merit ID all nations. Great Britain
has most freely used the crtdi, system aud Of all
she is the most prosperous. We must cease Ia b.
commercial people; must separate, divorce
ourselves from the commercial world, and throw
ourselves back for centuries II We restrict our bu-
siness 10 the exclusive use OF specie.
II i. objected against convertible paper sys-
TEN. lhai It IS liable 10 expansions aud eontrac-
iions and that the consequence Is the rise and
fall Of prices, and sudden fortune sudden ruin.
b., 1t is the importation or expectation a specie
which forms the basis ct paper. that occasions
these fuetualions. Ii specie alone we're the me-
dun of circulation, the same importation OF ex-
pnrtatiou OF II would make Il plenty OF scarce, and
affect prices IN the same manner. The nominal
or appatant prices might vary IN figures, but tue
sensation upon the community would be - great
In tbs in the other. These alterations
do not result therefore, from the nature Of tie me-
diam, whether that be specie exclusively, OF paper
convertible into specie, bu, rom the operations Of
commerce II Is commerce, at last, that : cha re
able with expansions aud eontractions and gains
commerce, aud not It's iny 'nment should oppos-
fIOn be directed.
have hesr,i it urgeu BY the Seuaiar from
Sio,h Carolina (ur. Calhoanl with no little sus-
PRISE, in the course Of this debate, thai eoaYerti
bic paper would not answer for currency, bn;
that the true standard OF value was 10 be found 40
spagcr medium nc, convertible into the 9recieas
metals. Ii there be, IN regard 10 currency, one
truth which the united experience Of thu whole
commercial world had established, had supposed
II 10 be that emissions Of pure P4psT money euH-
stiJuiod the very worst Of all conceivable sptcIss
OF currency. The objections % . arr: First, inat
il i impTsctcahe 10 asctrtsia, Prio1, - hat a.
mount can he issued without de,rcciation; aud
secondly, that there np adequate security, aud,
tie nature Of things, none can exist, against y
cessive issues. The paper money Of N-taie'laa,
10 which the Senator referred according to the Ia
formation which | have recti yeG. dtd depfees'e.
Il was called Proc, aabreydtion II the sutao-
Ri, under which 1t as put torlh. and Il tooA aar
and a halt and sometimes tao dpiiars OF proc, 70
purchase one in specie. Bot ANY desires to
understand perfectly the operation of purely p.-
per currency, let BIN stads the history # the
B AK OF thr Common ealth ii keufocks. II was
established aba.t IS OF is years aEa ats the con-
sent Ct aaJoriiF 81 The p+op'e q thai - sc Il
Il winding up aRc closing rs Cure, Win The al.
most uuanlmes- Appreciation d lse bslc people
II had an eu,horiiy issue. and did issue, n9ies
10 the amount Of sbaut tao ntiiiops Of el!ars---
These notes. upon the.r face, rafported 90 ob.isa.
tioa Of the benk 10 pay tho holder, 90 deuiafd, the
anouHi Specie; bul i VAS weii kno@n taev ~ould
not b. SO paid As sccurltv for tholr ul.Imate
yneni, there were III, the r9'as e. iHai,i luli>
supposed to be vel stclred, tss.t ntfe al' ual bs
tn bank ing represented l., sn ind.sIdu4. note
discounted p. Z he unjs % ne t'e - a pri
or safe B4hk, ainoUaiias :, sb54t 81 million
Of dollars. 3, The prose d. Of large bsfY -
waste lands 6aioueipE 10 tie state AID tn.
The annual revenue O, The Safe aud 9lhltc doe,
az o. Which sere payable in TIE notes q The Gem
N eaiui Blak.
notwithstanding this Apparently sold provision
for ne redemption of the aotcs 6 ~ t.as. fssI
begIa 10 deprs,iste shortly si,r i ca4ateaeed
operation ara g. the course 81 = s.y t#I5 3. l1eF
sunk a. 0s a. fly per ce1'.--t 81 3eszs ssr ose
specie du.Iar. They cnof.aa > ae.fsesst.5 II.
long time, natt after isrgs q 1sga.- o. taen vtfe
called ~ aud burnt. Tho thea ross r. v8Hfe. q
now v hen there oDly ,ul,e fry Or abe hundred
thousand dollars ont, they have rstn T. 53ai par.
THIS - owing 10 tie dssn4ud tor iaeln, created b.
the wants Of tbs remaining debtors 70 the bank,
and their receivahlaiy ia paY nebt d taxes. Tie
Tesni 30 the experiment y. that although i Is Is7.
sios % sl-'ain At a5oIg par prrelf pap1r Ear-
cinm u some auouut, ii tie Legislative Qaartty
which create 1t III asa efeste a detaand 9r If
IL IS iupracuraha % adjust Tie Yropofugu. Il sup
ply znd demand - j. d kesp / Al par and thlf
i.c tendency IS always % snaEces. D issue. The
rasuh. = III ae people ~ keamc4g, heen
general cpavtr'!n q the tni etels d all issuss 81
AZ i-rcdeensb ,pp.f media
IL grActi shls ~ the Federal Government d
pvt down IL. SaIe bluss ADD q Introduce an &
ca.iys ot-ta.ae currency L the Operations n
TIES government. we ,ullJ Is. bear IA fnIud tast
Co'iecal lostr Is distrl5I'sd betwsea Il and Ire
Sistes. aud thli. whilst our daiies ase fea aHG
clearly defined, the CREST mess 81 gitla'ise an
thori,Y abide. with the : a'es. fHelt bsnss exist
witleu' ~, lndependeni Of u and IL spite ri -.
We hsrs 10 constitutional power figHt 10 put
{ en- doan. WHY then sex their dr.ifuetpu,
opeais or secretly, directly OF indirectly. ~ d.
ereoung lhsir is.1f and bv bankrupt ae.. aad
bills o. paas and peu8ili.s7 Ma; are thsss
ltnt- n1F 81 decrsea sHa dsnoBHes6R IglfBdee.,
si.efs enemies that h8vc r.Iad fheIr 1aY inta tle
bD.' o. our eg1 iry agatu,i ar sili3 Reduced
70 fiair clement. end he ana q. shows that fteY
consist III. ~ a9ckhatsr-; "a. debtors, aad 3D.
bil-hylders and other crrtIoys. H. some one 81
fsse three relations, arg ns i3sitY II The p
yie u the L8t.d Sialss s.11e. Il is mot q mare
abstraction fh4t yoo anu8 kick, and cuff and
bankrapi 8nd da-tfo., BAT a sensitive. generuas
cvah6ng peogAa ehs are ausiausI4 tatrtae saeir
a.