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


States, were urged and stimulated freely t. dis.
count upon them, we have record evidence ffoln
the Treasury Department
The Message, 10 reconcile us 10 our misforlunes
anu 10 eAonefaie the measures o! our own Govern.
nent from all blame III producing the present
state OF thlngs, refers TO the condition Of Europe
aud especially to lhat OF Great Britain. II alleges
that " IN both countries we have witnessed The
same redundancy of paper noney, and other ia
clles OF credit, the same spirit OF speculation !:
the same partial success the same difficulties and
reVerses and, at length, nearly the same over
whoiming catastrophe"
The very clear and able argument of the Sena.
Tor from Georgia (Mr. KING relieves me IRON the
necessity Of saying much upon tins part Of tbs
subject. Il appears that during the period refer.
red to by the Message, Of 1885, th,re was, IL
fact, no augmentation, or u very irlflng augmen-
tsion, OF the circulation Of Tie country aud tlat
the Message has totally n,isconccivsd the actual
state OF things IN Great Britain. According to the
publications 10 which have had access The I}ank
OF England IN fact diminished its circulation, con.
pairing the FIRST with the last Of that period about
u millions sterl.ng and although the juint.steck
aud private banks increased thuirs the amount Of
increase was neutralized by the amount OF dun.
mutton.
II The state Of things were really identical, or
similar, m tho two countries, il would be fair 10
trace II 10 similarity Of causes. But is l.at the
case In Great Britain a sound currency was
preserved by rechafier Of the Bank Of England
about The same time that rechaTcr OF the Bank
Of the Uated States vas agiiated here III the
United states wo have not preserved a sound cur
reney, IN Consequence OF the veto. If Grea, Br-
tain we're near the saWe catastrophe Che suspsn
son Of specie Psymehls,) which occurred here,
she nevertheless ESCAPED il and this differ.
ehce IA this condition OF the two countries make
al The difference Ia the world. Great Britain has
recovered troa whatever mercantile di,trcsses she
experienced We iisye not: aud when she L we p
Al is bright and cheerful and cncoufatin IN the
prospects which lies before her. and tic reverse
q sur unfortunate situation.
Great Britain ha,, IN truth, experienced only
these temporary emharrsssmlnts winch are met
deht to commercial transactions, conducted npon
tic scale Of vast magnitude on which hers are car
Rcd on Prosperous and adverse times. action
md rsacugn. are the Ut OF ali commercial cuun.
tries. But cur als,ressss sink deeper hes reach
the hest which las ceased 10 perform its Office
y circulation IN tie great concerns oi our GOoy
polite.
Whatever of embarrassment Europe has recent
" experienced may be satisfactory explained by
IFS trade and coanetlous stth tho United States
The degree Of embarrassment has been marked,
~ the commercial countries there, bv the degree
Of their conneuon With the ChIted States. All.
Or aimos, all the great iaufes 10 Europe have
been u houses engaged ~ the AtnsrIcsn trade.
Great Britain, which. Is the Message Justly o.
serves. WaintliHs the closest relations With Us,
ia. suffered most France next and 60 on, IN the
ufier IL tHe,r greater or less commercial intef-
e9bfse Wsth Us. Most truly was ii said BY the
Senator ftam Gsorgis that tae recent e,nbarfa.s.
@enh 81 Europe were the embsrtAssments Of i
cftaatcf, ito@ whom payment withheld by
lhg debtor, and from whom The precious nletais
t4ft betn unnecessarily withdrawn b, the policy
# thg sans debtor
Saee The Intensity Of sutTeriagi and the dsas.
ttuue state 81 lngs 10 thls country nave far trans
cepdgd shy ding tia: las occurred in Europe,
mus. looh here or some peculiar and more 70.
tent causes than sny which have been in opera
ton thee Ihet are to be found tn tina, series
ol measures 10 which have aiready aayefted.
It, The veto Of tne bank
2j. The removal 81 the dercyilts, With the ur-
geut injunction ofSecfttaty fancy upon lAs banks
L. enlarge their accommodations.
81 Tie gold I'LL and the demand Of gold for
The foreign udemututs.
4jh. The clumsy execution Of the deposits law
AID
j,5. The Treasury order OF July, 1856.
Here Nt, Clsg Sent jHto an examination Of
thssc measures 10 show that the iutlted condition
NJ the county, Tie wild speculssI5ns, which had
rlscu to their height Sh,g they began TO be check
cd Ii the prepare ions OF the local banks nCces-
s4ty 10 meet tie Opposite law at June, 1886, the
haai SUSPENSION 81 specie payments, aud the con
sequent disorder. in the currency, commerce and
general business OF the country, were all 10 be
traced 10 the measures enumerated. All these
causes operated Immediately directly, aud power
.uits upon Us, aud ta,ir Effects were Indirectly
leit "a Europe
Tie s9essar. imputes to the tepes}'e law L.
gencF ~ producing the existing embellishments,
Til. is charge frequently made by the friends
vt tic Administrator against HAT law. III Is true
that the banks having increased their aceommo-
daliaus. III conformity Nith he orders al = ere
tary fancy, II nigh, mol have tvGn convenient TO
recall aud pay then over for public use. It's
true, also. that the manner ~ which the law was
executed by the Treasury Department, transfer
ring large sums from cftduf 10 debtor portions o.
the country, without regard TO tho commerce or
business OF the country, might hass aggravated
tho Inconvenience. But What do tIose who Oh
ieet 10 the law think ought 10 hsva been done with
lie SURPRISES uhich bad accumulated, and were
daily augmeutiug TO such an enormaas amount in
the hands ct the deposte hanks2 Was il not pro-
per and lust that they should he applied TO the
uses Of the people from ~hea they sere collected
ARd Whenever and however taken from the depos.
tie banks, would not Inconvenience necessarily
hsPpen
The message asserts that too Bpnk Of the Uui
ted States, chartered by Pennsy lvsuia has mol been
able In save or cheek other Institutions not vtth.