The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-12-21

The contrast between the suspension OF
lsl4 and that of 1887 IS most striking
The short duration Of the latter the prompt
restoration OF business the evident benefits
resulting from an adherence by the Gov
eminent TO the constitutional standard OF
value, instead OF saucllonIng the Suspension
by the receipt of Irredeemable paper; aud
the advantages derived from the large
amount of specie introduced into the country
previous to 1887, afford valuable Ilusira.
ton Of the true policy of The GoNernmen,
IN such a crisIs; nor can the comparison
fail 10 remove the impression that nation
al bank is necessary in such emergencies.
Not only were specie payments resumed
without its AID, but exchanges have also
been more RAPIDLY restored than when IT
existed; thereby showing that private cap
itsl, enterprise, and prudence, are fully AIDE.
auate 10 these ends. On all these points
experience seems 10 have confirmed the
views heretofore submitted TO Congress-.
We have been saved the NOTIFICATION ot
seeing the distresses OF the community Tor
the third time s,IZed on to tasten upoa the
country 50 dangerous IN institution aud We
NAV also hope that the business OF lndIsId
usls will hereafter be relieved from the IN
mrious effects OF a continued agitation oil
ina, disturbing subject. The limited mfr
ence Of national bunk ~ aferiing deranse.
nent IN the exchanges OF the country, or
IN compel ng the resumption OF specie pay.
meGts, Is nov not less apparent han lts ten
. j
Sudden expansions and contracuons; us
disposition 10 create panic and embarrass.
nents Cor the promotion OF rs own designs
It's interference With politics; aud MS tar
greater power for evil than !Or good, either
in regard 10 the local inslilutnns or the
operations of Government itself. hat
was IN these respects bat apprehension or
opinion when a national bank vas FIRST es
tabl,shed, nov stands confirmed by humlh.
atng experience. The scenes through
which we have passed conclusnely prove
how little our commerce, agriculture, man.
ulactures, or finances, require such an IN
sliiu,lon, and what dangers are attendant
on iJs po~er-a power, trust never 10 b.
conferred BY the American people upon
their Government, aud still less upon indi
yidu1:s not responsible to them Tor It's una.
ypldable abuses.
Nv conviction Of he necessity Of further
legislative provisions Tor the salekeepng
aud disbursement OF he public moneys, ard
nv oyInIon 10 regard to tar measures best
adapted 10 the accomplishment OF those
objects, have been already submitted u
you. These have been strengthened By re.
cent events and, 10 the full CONVICTION thai
time and experience mus, siItl further demon
sira,e their propriety, | feel 1t ny duty
with respectful Difference TO the conflicting
views Of others, again 10 nsite yc1r aHen.
ton 10 them.
With the execution Of limited sums de.
posted IN the few banks siiil employ ed IN.
der the act Of 1886, he amounts received
for duties, and, with very lncons,lerable
exceptions, those accrung from lands also,
have, since the general suspension OF spe.
cie payments BY the depo~ie hanks, been
KEEP, and dIshursed by the Treasurer, under
hts general legal powers, subject TO The 81
peuntendeuce OF the Secretary Of the Irea.
sury. The proprIeiy Of defining more spe
cihcally, and OF reguatin. by law, the ex.
clse Of this vide scope Of Executive dis.
eretion, has been already submitted to Con.
gress.
change in the office of collector al one
Of our PRINCIPAL ports, has brought to ligh,
dedication Of the grasest character, the
particulars Of which aiIl be LAID before Won
IN special repor, from the Secretary 81
tie Treasury. b. his rerrrt aod the ac.
conpsnyIng documents, II wit be sco3 hat
the Seekly returns Of The deiauIilng Off.
Ger apparently exhibited, throu 5hou,, a
faithful administration Of the affairs inlrus;
ed TO HIS management. II however, naa
appears that he commenced abstracting the
public moneys shortly after his appointment
end continued to do 50, progressively IN,
ereasng the amount, tsr the term Of more
'nan seven years, embracing portion 81
TIE pertra during which lie pubic money
were deposited "a the Baui. Il tire United
States, the Whole of that of the State bank
deP1sIle system, and concluding only on his
retirement from office, after that system
bad substantially failed, 10 consequence oi
The suspension oil specie payments.
The way IA winch THIS delaicattnq was
80 long concealed, aud the steps taken to
Indemnify the u. States. a. fir as practtca.
Die, against loss, will also he presented to
You. The case Is Que which lmpera,tyciy
claims The attention Of Congress, aud for.
nishes the strongest motive for the estab
ilshment Of a more severe and secure sys.
tenn for the safekeeping and disbursement
OF The public D1neys THAI any that has
heretofore existed.