The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-03-30

ed 20 be the worst possible measure. IL has been
operation bu, twice each for bal few years. since
The commencement Of the Government, aud il has
so happened tina, the only Two explosions Of The
currency occurred during these periods. But,
without relying on these disastrous occurrences,
we have seen enough 10 satisfy the most ineredu.
lous that there are great and radical detects in our
bank circo alton. which no remedy heretofore ap-
piled has been able to remoye. ltorignaies IN the
excess of paper, compared to specie, and the only
effective cure is TO increase the latter and reduce
the former and this the substitute Ilsof implicitly
acknow lodges, by proposing remedy lha, would
prove wholly imperative. |, proposes, that after
a certain period mentioned none of the banks to
be selected should Issue notes under ten dollars
I The effects would clearly be, not a dininution Of
the circulation OF small notes, but new divisioh
OF the banking business, in which the issue of large
notes would TALL TO the lot Of the selected banks
and the small TO the others, without restricting IN
The least, the aggregate amount per circulation
But what the substitute would tail to do the bill
would etfectuslly remedy. None doub, but the
separation from the banks would greatly increase
the proportion OF specie to paper but the Senator
from Virginia tMr Rives) apprehends, that lis ope
ration weold be too powerful; so much so, ia fact
as TO destroy the banks. His argument is, that
specie would be always al premium, and that it
would be Impossible Tor the banks TO do business,
50 long as hat was the ose. His fears are ground
less. What he breads would be but temporary
evil. The very fact that specie would bear pre-.
MUM would have the double effect to diminish
paper circulation, and increase the importation OF
specie, ill an equilibrium between the two would
be restored. when they would be at par. At what
poin. this would be effected is htilc uncertain ),
but he fear is that win our decreasing revenue,
3rtt al. IL 100
would not be increased sufficiently 10 give the dc.
sired stability 10 The currency.
Ia this Connection, the Senator urged an obiec.
ton against the bill which regard as wholly
groundless. He said, that the paymen, Of the
dues OF The Government in specie, would create a
double demand; domestic, as wei! foreign ;
thetffecs ofwhich would be TO increase greatly is
fluctuations; and so deeply vas he Impressed with
the ldta, that ne drew vivid picture OF IT'S alter
nate flow from the coast 10 the interior, aGd from
North 10 South, and back again. All this Is the
work OF nua iuaiI1n. The effect would be direct.
ly the The more numerous The deH4ancs
the less the iuetustun much so, that the great.
est stability would be where II exclusively per.
formed the function OF circulation, aud here each
individual mus, keep pottlOn TO meet his d4iiy
demands. This is obvious, that shall mol IN.
dert4ks 10 illustrate il.
But the superiority Of the bill over the suhsli.
tute would not be limited onl, 10 a more favorable
pro lortion between specie aud peper |, would
have another important advantage that cannot be
well over estimated II would make PRACTICAL
Distraction between currency and circulation. be.
tween the t-eacy o the country and private and
local circulation, under winch head hack prptt
would be comprehended. The effects you'd BE-, 10
render general explosion Of TIC circulation al.
,
occur, would be local, and coahned 10 sone one
particular commercial sphere and even within
is limits there would Dc sound currcuc, to tall
; back on, not pariaking OF the shoca AID ahieh
would greatly diminish the intensity aud duration
OF the distress In the mean time. tie general
= business aud finances Of the country would pro.
: coed, almost without ceiling the arrangement
Vita lew remarks on the comparative fees
: Of the two the Industry and bushes,
Of the country shall conclude their comparison.
What has been SAID Oh their rtlave ELECTS on ITO
currency, goes far 10 decide the question Of their
relative Effects eu business aud inausiry
bold a sound and stable currency TO be among
the greatest encc0rsgements TO lndlslry and b1.
sIness generally abd an unsound and fuc,uattng
enc now expanding add nav contracting, 80 that
10 honest can tell what 10 do as among the
greatest disesufagcmenls. The dollar aud the
eagle are the measure Of value a. the yard aud
the bIshsl are OF quantity and wha, vouid we
think OF the incor paratlon Of companies to regu.
late the lattsr-t0 expand contract, OF shorten
or leRgthen them al pleasure, With the priy,leg,
70 sell By the contracted OF shortened, and buy b.
the expanded or heightened l. il Esl seen that
II would place the whole Industry and business 81
the eouatry under the esntrol OF such companies
: But Il geald not more certainly effect it, than .
similar control possessed oy the money institution.
Of the country, over the measure Of value But
20 further, aud assert confidently, that the trcsss
Of paper currenc, as ueA as its uastsadintss. i.
: uni4Torabie to the industry and business Of The
: country. Ii raises the price OF every thing, and
consequently increases the price OF production and
consumption; aud IS, IN the end, hostile 10 every
2 branch Of industry.
hold tia, specie and paper haYc each ,hejr
. proper sphere The latter for large and distant
Transactions, and the farmer for all others: AM
that the nearsr our circulation approaches goll
: and silver, consistently ah convenience, the bet
ter for ibe industry and The business Of the ccnn
! try. The more specie the better till that p0ill
! reached. When atiaiaed it would combine in Tie
greatest possible degree, soundness aad achy
e and would b. favorable to the productive classes
: universally | mean men o. business, planters
! merchants, and manufacturers, as well as opera
tiyes. l. would BE- rtcularly favorable 10 The
: South. Our great s,lples cash articles every
6 where; vas veil remarked bv the ~ ga To-
b from Mississippi, Nr. WaIker,l at the extra ses
sion that we said al cash prices and bong ht a, pa
per prices thai is. splu how and bough, high The
Q manufacturing. commercial. and navigating inter
y es,s would sss feel lis beneficial cf cts Il woulc
: cheaper productions and be 10 manufacturers IL
u lieu Of protective tariff lis effects you'd be /,
= enable them 70 meet foreign competition, not b,
e raising prices b. high duies but BY enabling hen
a 10 sell IS cheap or cheaper Than the foreigner
l. whlca would hsrmoBIse every interest and plae,
/ our manufactures on the most solid basis II II