The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-08-18

foTcers OF tuts ulost ihdispehsiuic Souutil0N'
4. The combination of banks ~ the most
dangerous class of institutions hitherto
known. Nine hundred banks, with Ten
thousand directors, all bent on making mo-
ney BY taxing the whole community, with
the whole body Of merchants and retailers
Indebted 10 them, may, as they have done,
set the government at defiance. VIVA, in.
diyidual, unless with additional support 10
his honest claims, can set thus most power.
ful combination at defiance The country
will be PROSTATE at their feet. No won
der General Jackson wished TO sublugate
the banks as we'll as the treasury.
If the executive should ever get the man.
agemen, of the public wealth under lis con.
troll, by means OF ar all.coatrolling national
bank, farewell to the liberties of the coun.
try. The struggle is coming on, and may
lead much farther than those suppose who
look only ON the surface.
The preceding remarks furnish reply
which cannot extend, 10 the questions.
Can ire &c, on without banks and a con
rertible paper currency
No. Suppose the country were foil oil
coin; how can $50 millions oil inland ex
changes be carried on in coin from Maine
to New Orleans. The utter lmposslbIIty OF
this is glaring. You must employ paper
money OF some kind. You may transfer by
bills OF exchange; but suppose want here
the value OF bull OF exchange on New-Or.
leans, to pay my debts or make my puFcha.
SEES here, at home,-how am 10 DO IT with.
out paper money Say 10000 dollars,
how many wheel barrows wall half dozen
such bills OF exchange require Can tue
prcposeFs Of mere coin currency N the
present state oil the commerce oil the world,
really mean what they say
Again. The supply Of bullion decreases
every year, and is likely 10 do 50. Mex.
CO, is not IN an improving state IA this re-
spect. Our gold mines are likely 10 turn
out worthless speculalious.
The consumption Of gold aud silver, in
gliding, in ornaments, in utensils, IN CON,
increases yearly. The United States
use up at the very least, 10 the value Of !
millions OF liars. Lool, at the luxury, Of
England, France, Germany, Italy, &c. &c
The tea trade Ia bullion lrade) is aunu
ally on the increase. The commerce o.
the whole world requiring circulating
supply Of the precious metals, IS on the in
crease.
With diminishing supply and increas
ing consumption, where Is tia coin 10 bs
found tina, is 10 supercede paper Las
year the loans and discounts of the various
banks, OF the United States, amounted ID
457 millions OF dollars Is i, possible
these coin projectors can be serious.
Can tre get on irithout National Bank
10 serre as the regulator If The motions 2
I the great commercial! machine
Judging from past facts should say 10
We have had no good wholesome currency
except during the zen years steady opera
iiou OF MIR. Biddle's blGk competing pune
tuaIity 10 The specie payment OF balances
is that bnnk constitutional For many
years | was opposed 10 1t on this ground
Ny argument was, an implied power mus
be shown not merely TO b. well adapted
, and proper TO the nam power, but Heeessa
~ also. The bank Of the United States u
not necessary, though 1t may BE- well adap
! ted and useful Try the State banks, try
the treasury, try the treasury notes.
confess myself confuted. They have oil
been tried ard found wanting. Meme
, meme tsket upharsia. 1t seems 10 me wei
: proved al THIS moment that Az wheel t
The machine is absolutely necessary. Wba
are the wholesome notifications 10 be ap
/ piled as amendments, have 20, inlorma
: ton enough to suggest; except that govern
e ment, when the bank is once established
!. ought to nave nothing 10 do in the manage
:. ment Of Il. 1t should be merely stock
o holders hauk; dong the government bus
). ness well and on favorable terms. Govern
s rnent might be stakeholder TO the amour
If Of one tenth, no, more.
;. WhGt precautions seem necessary IN h
!. ceasiag STATE Banks
il | wish | bad more time and space 70
Il this division of my subject. can onl
. state nakedIy my present impressions.
a |. Summary process before a Judge or
: Magistrate 10 procure coin Tor notes, wit
J. execution awarded lnstanter.
Z 2. No bank to 60 l3to operation ill il
c whole capital be paid in, and one third {
a that capital in coin. No man has a reason
g able claim for credit but in proportion |
Of his actual wealth.
u 3. Capital may be any real, absolute u
&c denlable property to which the public
., case OF failure may resort.
>, 4. Paper issues never TO exceed at ii