The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-05-11


There preysils notion that the credit OF the
,onptry abroad will BE- injured BY no, rssuning.
Net In the least Every bod connected with a
msriea kssa the reason Of suspendng, and en-
tirely approved of il, as the ony measure that
csuls have saved the country. What Europeans
wan, now Is that We should paw our debt That
j. our first duty, and If they see, as they camel
fail to see, that these premature Efforts 10 resume
specie payments prevent the eolleeuan OF What Is
due TO them. they perceive that endeaverins 10 sc
cure an object wholly domestic, they haze beea
sacrificed. In respect 10 the eiyldsnds and the
stocks PAYABLE abroad. many of them are payable
ia pounds sieriings, su,lders, and francs SO that
We plscs the money theirs al our oxn cost; and,
as to dividends pay able here, the, have almost u
niverssll, eesn reunited in the equivalents is sPe
Gle Whs, the general merchant. of France and
EnglSnd desire Is, that We should take their mer.
ehandse that We should trade With them. The
state OF currency Is 4 very subordinate con
Germ. You deal with them, and paw them IN their
currency. They know little, aud cafe httle, about
the currency n which you deal Nth the south
AM West Besides. who are TO reprosch Us with
the depreciation OF our notes The English
Bu, the Back Of England suspended specie pay
menis for tssnts-hye years, during nearly all
which Ii ne every American bsHk paid specie and
men IN England we're forced BY Law 10 take the
notes of the Bank Of England, when they were al
thirty per ceut discount whereas no aJn Is oshs-
ed here IN take any note Of aay bank; aud at this
Eaos..nt a paper dollar in Philadelphia or New
York will buy silver dollar delivered in Londsn.
The question. then, of the resumption Is ons e1
clusiv,ly domesiic-ens which, however iHpor-
tani at home does affect the credit OF The eean
try abroad.
VI We CORE now 10 the qnestlon, whether, y an
carry resumption be practice bic. the month OF Nav
is a III time Nv impression Is that The month o.
May Is very unti time. Ihs resumption, &c be
useful. must b. general; and no arrangement can
be satisfac'or, which docs not include the South
ern and Southwestern States. These | dp not
thluk a'e yet ready Ia resume. Taey are strain
ing every nerve TO pay THAR debts. Their CROP
are going Onward 10 provide funds IN EaroPe and
OF the Nsrth the banks are sbafhg to meet tier
retes at the North the Legislatures are pleds ns
their credit 10 uRds Greer that their people
may paw their debts. WAY should We fepuse
thea All ihey want is time. They have not
bad the benz fit of single crop. AID they may re-
qulre another; and instead o. diScredliing thsm,
or diminishing the value Of thslr produce, cur
failing thsir fG,,illiies sending thsir crops TO
market, II is better 20 KEEL them and wait tIl they
are more sdvanced in their preparations. Tho
emplsy msnt OF crsdlt, either OF banks OF Of ndi-
viduas most useful TO the country this nomsni,
is 10 forward lis produce TO EaroPe. Instead Of
tkis the banks are reducing thtsr facII4u,s, and
calling up their debtors for payment Ini.
seems very unreasonable. | is stopping the .
cosn1tves they are carrying the croP to market.
The ncath Of NAY too not Toe light time Of the
year. For example, il requires on al average a.
bout ffty days 10 take cotton from New Oflcans 10
Liverpool Surprising 1t Immediately solo, The
usage Is al the end Of ten days to give bankers
.ahl 70 IN trH his Gy
month NV there would net b. actually realsz. d
more than the cotton which left New Orleans be.
forc January, ~hes not more Than one forth or one
ff,h Of the " hole crop had been shipped. Much
of course, is drawn for hen shipped. bat sl'eak
OF the actual obtaining possession OF the pro-
ceeds Of he crop aud at all events not une-hsf ei
the crop ni have r.-ched Europe BY the moth
Of Ma. he spring is, moreover, the SEASON.
whes The Its given for the shipments OF SOUTH
ern snd Western produce maturing al the
North sSd the crop from " hIch rsiHbursements
arc to come remains unsold in Enrape The
spring too, is ihs tine hen the Western business
has brought from the interior the notes o. the Al
lau,ic hank, hen the circulation presses more
pPon them than at ans other period, and ~hen
sDecie is wanted ior the trade 20 CHINA and Gia
making thai time particularly unproplttous ioF the
resumption.
VII Il remains now 70 inquire no. far these
genprz ,lp@s Of the expeaiency OF resumption
10 Nav should b. changed BY the determination
Of DE bank. Of the city OF Neg Y ORR 10 resume
at thst period.
For be gentlemen o Nrs York who announced
that decision | have great personal reeard AID
under ordinary circumstance, ouid willingly
yield ny convictions 10 their better oyporl b
mites snd understanding. But the natural Isflu-
euee Of their J1dE nent Is weakened ,, the kaos-
leogc Of the TACT, that the banks Of New York
would not have had the least IDEA o. r-sgup tau
in M, ont becau.e tie immunity allowed % the
Lag stature sil then expire, and they tear thai q
viii M b. renewed. This sss DISTINCTLY ayawed
al Ii, Bank Conventlpt, and tn. population Who
visited PWlsdsipuI repeated It gain and sgain.
No. thu -ay b. a very eo1d reason tor the bauks
Of ,k tn resume. bat certainly no rea san hat.
eytr int the banks Of Pennsylvania 10 d. the "a ue.
The States 81 Pennsylvania, Of Virginia If kvu-
tuekT have L. t-l4iure. "a ~etI a. NrR Y ,rk TIA =
aud they have refused tn direct their baaks t. re-
sumo 10 VI : neat Why shonld they OBEY the Le-
gislsture New Y X, s0d MT their os 70 L4gi-la.
tue r position Ut Sss York h, or . hand..
regretted. BI, nos is II 10 be rctnedirt2 stn
gle legislature. oui Of twenty tx Lrgi-t4tufr-
had passed law f1rietting the charter. Of B4Hks
II me, we're unable 10 redeem their notes To- spe-
oie 4 public calamity oyertake- he cDuutr4, sud
the dtclring 10 pay specie, - FAR irsfa being
cfi uiaal, became an act ri public saiety --eo J..
dop'ed by al the bank-, and - conf med by h..
very Legislature. The provision originally d..
sgnrd to guard against fraud, may thus become
the punishment 81 honesty ard a5tisty. Tic L..
gi-sivy b9dv which protected the bank Tor q
yea, j. n99 10 session, aud 10 t~ent -four hours
cas- extend the Indemnity tIll mare 4a9rsp- i4tr
for resu,ulug. | presume ~ difficulty will
ecclr ~ this Hby should there b l. II pn-.
sbc hat such body caH see sith ind ference
tn aistfess - hich perseverance, 10 thfs eetrfse
must inevitably create OF Verui the pride o. oplD-
ion of mrre political party consideration To
prevent then ffoa utter ssiug 10 protect tsir no