The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-08-24

n vou remember, sir, ksops story oil
the aog whose foolish vanity ti'steok Tor
badoe of distinction the clog which was las
tened about his neck to keep him out OF
mischi-ii lam aware of no other instance
Of presuDptsous folly comparable to that
of men who. having forced the community
10 tax itself to the amount of m'iliens oil spe'
Gle for the use OF commerce, glory IN thelr
scheme, and boast of the Importation as nn
honar 10 the rulers of the land.
II, then, it be practicable that the laws
and institutions of any community should be
made to lend their aid to the teachings oil
experience. and to Preveo, this offence ana
avert this penalty, should not the praise OF
wisdom and Justice be awarded them And
what then shall we say 10 laws and ins,iiu !
tioos and rulers, which begulle the people
TO crime, and then urge the ssenger to de
mand hls vlcum; nor, so content, rest not
till they have involved the innocent IN one
common ruin with the guilty
| think, sir, that commercial men will
moi dIsclaim this account of the Credit Sys.
TEN. | think that the moneyed interest
will accept this plea offered on It's behalf,
when called upon TO show cause why II
should not be placed under the guardianship
OF the hard money system. They are not
insensble of the wear and tear of capital
10 the service of the commercial system,
hut they are Conscious, that IN the advance
ment OF their common prosperity, they re.
celve more than an equivalent. The tH.
ference between them and other interests IS
this: They purchase this advantage at
price. The rest enjoy il equally OF free
ceS.
Il ,hess ideas are we'll founded, they i'm.
PLY compliment 10 the sagacl,y OF our ~,
lers, which it would be unjust to withhold.
In their war on the Credit System, they
have begun at the right end. The founda
lions Of that system are prudence and good
faith and they frs, tempt the people TO I'm
prudence, and then debauch them by cor
rusiion. We have heard, for the first time
in the history of modern Commerce, that
our merchants are uufalthiul TO their coun.
try. in fulfilling their engagements abroad.
For doing this, they have been rebuked IN
tone Of authority, by one whom do not
name, because he belongs TO certain sci
whom | will never honour 90 far. MI
Calhoun may take IL as tribute oil respect
to one who is not vet IS less than arch ange
ruined, !" that have singled him out from The
gang OF ssindlers and sharpers, With Which
he has chosen to ideotily himself. The con
sumnate insolence of that other official ha'
alone provoked this notice. They TO WHOM
he addressed his admonitton, paid him les
a;teaiion. But nov, II seems that the au
tborry Of the General Government is TO b.
brought to bear on the transactions OF IBdI
viduas, IN the way OF pains aod penalties
The precedent 10 set IN the matter OF tn
notes Of the old Bank Of the United Stale
The right to 6aeddIe wIlh the a1lrs Of !
legitimate State Corporation, is based,
presume, on Mr.. Calboan's new maxim
" that whatever We use as money - mo
new" aud u therefore subject 10 federal leg
isIaiian. II SO, the next step may be TO IA
vor Us with some penalties against the deal
ers 10 shin piasters, imposed by federal al
thnfuy. The same principle would legal
izs the condemnation Ut Bank notes, othe
promtss0ry notes and bonds, aud the deni'
of all re medy on them. The State Court
might still fEtfAaatl 3JAstl " ttRE 14Ed
tors But the Force Bill to which it seen
Mr. Calhoun is now reconcised, as he doe
not attempt It's repeal, now that his friend
the true State Rights party, are ii power
affords precedent for the removal Of sue
cases, by certiorarl, 10 the federal court
where these mischieyous symbols Of cred
might meet their Just doom.
II r II L. /.
esly might and would trus. each other, az
mere verbal promises to pay might still,
they do nov, perform halt the business
a. Tor misdemeanor, all who might buy
sell 81 credit, or make or take promises
zeal On aoy but the plantation plan e( - he r.
one, and there's l'other.' This il the nc,;
"here Inc var on the credit system sheu
DE pressed. All ASSAULTS on the Banks =,
VaiH, . long as credit : unimpaired. u,
introduce the degrading and demorsltz,n
hasins 81 despotlsm. and there Il a
end u Bank paper. Men gf aeslth IA,
then begin to hoard, and chat they ,,a
h9afd securely, they must agree 10 a,tar
nigh conventional valve to diamond. an
The Ike. They must thus e!ude alike ~
faPachy OF the tyrans and the mob, by con
oeaiing pfncely wealth in the patches or
tattefed garment. Untll this j. done cred,
'eia prevail and the evidences II debt I'll
be transferred, and the symbols Of cred,
IiH perform The offices Of money. This
pc true character of Bank name, 49,
shaagh hr. Calhoun and Mr.. W.b.,e
ma, m unite to call them money. thev =,
contract. They belong 10 lie head .
depend 90 the hslf Sal'1tis and enforcement