The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-11-10

aud that The specie necessary 10 put !, in opera
ton could not be obtained ihout prejudice to lie
local banks.
What ia the relief for which all hearts are now
so an1iously throbbiug II IS 10 put the banks
again in meion to restore exchanges, and reviye
tbs dropping business Of tie country. Ard y hat
are the obstaces2 They are, first, the foreign
debt. and, secondly, want Of confidence Ii tbs
banks were TO reopen their vaults, is apprehend-
ed that the specie would Immediately be export,
to Europe 70 discharge The foreign debt. Now i
Bank Of The United States were established with
4 suitable capital. tie stock u That bank Itself
would form ore Of the best subjects Of remittance
and amount Of it equal to wha, remains Of the
i foreign debt wocld probably be RENTED, retaining
al home Or drawing from abroad the equivalent il
specie
great, if not re greatest existing o,il is tie
want Of confidence not merely ID tie Government,
but 10 distant banks, and between lie banks them.
selves. There is no lie or connexi#n binding item
together. and are often suspicious of each other.
10 this want Of confidence smoDg the banks Them
selves, is 70 be ascrihed that extraordinary deranre-
ment IN the exchanges ofIhe country. How other
wise can We account fer the fact tia. the paper Of
the banks Of Mississippi cannot now be cxchang-
ed agsinst the paper Of the banks Of Louisiana
without discount in the fsrmer OF 10 or Is per
cent; nor thst OF the banks Of Nashville " thou,
discount Of az 10 per cent against lie pa per Of
the banks Of the adjoining State ofkehtuck{q Iii
manifest that whatever may be the medium OF cir
cuaton. whether it be uconvertible paper. or con-
vertible paper and specie, supposing confidence 10
exist, TIE rates Of exchange IN both cases eCght TO
be nearly the same. But, ia times like these, no
bank will allow its funds 10 accumulate, by lie o.
ersiions Of exchange. at points where no present
use can be made Of them
+ Nov, if Bank OF the United States were
established, with proper capital, and il we're made
the sole depository of the public moneys, and its
notes were receivable 10 all Government dues it
mi ht commence operations forthwith with small
amount Of specie pe.kaf. not more than tWo mil.
4 lions. That ssp woud probably be drawn from
+ the community, where it is hsardcd and
dormant; or if it were taken even frem the local
banks they would be more than compensated in
tho security which they would enjoy BY the re-
miuance ot the stock q the new bank 10 Europe,
as a substitute for their specie.
+ Such new bank, once commencing business,
/ wsud form rallyng pelnti confidence would re.
rive, exchanges Be again regulated and he bust
mess and prosperity Of the country be speedily re
stored And It is by no means certain that there
would be any actual augmentation Of the banking
capital Of the country, tor il IS highly probable
that the aggregate amount of unsound banks,
4 which can never resume specie payments, " ouid
be quits erua to that Of the nea bank.
An aDAttaEy resolution might ne ADOPTED WitG
salntory effect, siuliiiar to that which was adopted
IN 1916 oFer,ng 10 Tho Stste banks, as motive to
resume Specie payments, that their paper should
be rec lived er the public dues Or, tbeif number
has since that period greatly increased, 70 make
the motive more operative, TIC offer might be
fined to one or two banks in each Safe known 10
be uustveFthY. Let them aud a Bank Of the t.
ntted States commence specie payments, and all
the asaer sound banks would he constrained, bg
the united force Of public opinien and the law, te
follow ne example
II. IN contrasting the two periods Of 1877 and
1887, some advantages for the resumption OF spe-
Gle payments existed at the former epoch, others
hieh distinguish the present greatly prtpoudc-
rate. Al the sFst there we're none except the ex-
stenco OF public deht asd a similar number Of
banks. But tIen an cxheuslino Wat had wasted
our means. Now we have infinitely greater wealth,
our resources aIe vastly more developed and IN
creased, population nearly doubled, orr know
ledge of the d'>easo much better, auG, what Is Of
the utmost Importance, remedy il applied now.
would BE- administered in a much earlier stage Of
the disorder
+ general currency cf sound and uniform value
is necessary ts iht we'll being ct all parts Q: Tho
Ceniedcracl but il is indispensable 10 the Interior
States. The ses board States have each of them
banks whose paper freely cireulates within their
respective limits, and serves all the purposes of
their business and commerce at their capitals, and
throughout their whole extent The variations,
IN the value OF this paper, IN passing through those
States, from ono commercial metropolis 10 annther
are not ordinarily very great. But TOW are We OF
the interior to come 10 the Atlantic cities TO pur-
chase our supplies Of foreign and domestic coa.-
mediies. without general medium The paper
of our own banks viii not be received but at ru-
nous discount. We want general currency,
+ which will serve at home and enable us to carry
ca our accustomed trade with our brethren of the
/ Atlantic States. AND such currency We nave
right to expect.
! do not arrogate to myself a right 10 speak for
and in behalf Of all the Western States; bat as "a
Senctor from one ofthem, am entitled be heard.
This Union was formed to secure certain general,
but highly important, objects, of which the con-
mon de.ouee, commerce, and uniform currency
were leadiag unes. To the interior States mona is
of more Importance than that of currency. Nc
where Is the attachment to the Union more ar
dent than in those States; hat il this Government,
should neglect to perform It's duty, this value Of
the Union Nill become impaired, and its very OK.
istence in process of time may become enGanger
ed, do believe that between sound general cor
reney and the preservation of the Union itsul in
tull vigor and perfect safety there is the nlost it,
innate connexion.
L. Nr President, the remedies which I have
I suggested were successful, at former period OF
history, there Is very TO hope tina: they
weuld again prove eticaeious ; but let me snppess
that tiey should not and that some unk new cause
which could not then, should now, thwsrt their
operation, should have in any event, the couso-
lstion OF knowing that we hsd endeavorsd to pre-
fit by the lessons of experience and if they failed
we should stand acquitted IN the Judgment of the
People. They heartily tired OF visionary
/ schemes and aid experiments They wish 10