The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-12-07

President Jackson made systematic
attack upon the credit sy stem. flc dcclar.
ed that all who trade on borrowed Capi.
tai ought 10 break : be ked aud put
down the United States Bank and cast dis.
trust and odIum upon The ISSUES Of ali baiks,
by his circular requiring the payment fer
lands IN specie. This gave warning 10
merchants, bankers aud capitalists, who,
with the instinct Of self preservation, iflm.
med their sails to the coming siofni, bus
barded their resources, Gale d IN their nieans,
and reaction and ruin commenced.
The public treasure bad been deposited
with few local hanks, aud, with the hope
OF healing The WOUNDS which he Ind inlet.
cd upon the commerce and credu OF the
country, the Presiden, determined on tic
Pet Bank - stem. 'in,s he promised should
answer all the purposes of the Bank Of the
United States unattended with lis evlls and
dangers. While the deposlles continued 10
accumulate, these promises seemed III tho
Nay ofluIiiImeut, and The Presidcnt congral.
ulated The public on his success I; yet the re.
action went on wound had been gwen TO
public confidence which the healing powers
Of the President could not reach; produce
vas pressed INTO market, aud the price de.
chned stocks vent down, property chang
ed hands at reduced prices The banks cur.
tailed, ard in turn we're pressed tor The pay
uen. Of ,ii--.s a~b,-i he deposnes were
withdrawn, further cuf,a,lmcn; we, -.
ccssarS no hope Of relief renamed conf.
deuce was destroyed, business paral,zed,
and tho suspension followed with oil us uain
OF bankruptcy aud ruin. The local Backs,
10 their turn, were discarded and deneuuc.
ed is unworthy the cuuiideuce Of lhe gov
ernnent and people.
Thus have terminated series of III d.
gcs,cd and pern,cnous expeumenis--a va.
e,llaung policy ol sretched exp,dIents;
taxing TO pay 1T the pobllc deb, and to pro.
teci home manufactures establishing Bank
OF the United States AZ one niuulcut, aud
putting Il dosn ~ unconstitutional al the
nost; creating high protective tariff TO.
DAY and destroying 10 morrow collect.
,ug q surplus revenue from the wants OF
the people +; pa,rou,zlng, carcsslng aud stan.
ulaiins INTO madness aud iolly Toe Banks Of
lhe States, aUd then dennuncing iheW lor
/ failing tn accomplish hat Lo rational be.
/ ing could have expected from them. They
could uoG regulate the exchanges, aud II VAS
/ foiIy to expect that they could withstand
| the shock, which a food Of circumstances
/ beyond ihcr control drove upon them.
The, were compelled To suspend payments,
uuIIl tine placrd another crop<In market
10 remit the bslances Of Eutopean credt.
T tors, and To repair losses at home.
! NJ. confidence 10 our ucaI Banks Is not
,mpaired. They have suffered WITH the
country gelwraIly, been Nuiort1nate, per
hupp iniurudcu bot they are the arms OF
sur credit - stem, and '.''n the Improve.
meuip SD hmlta.suus Which experience has
suggested, they are essential tous, aud ought
80 b. sustained. The hanks al .his State,
! FROM q comparative examination al iheu
condition with the institutions Of the other
/ States, stood at the period OF the suspension
al yety favorable position; abd vas
Impressed with the oplulon that they, It
any. could have sustained their pay menls
ihtaug hout the pressure, Bot their able
managers, who koew their SITUATION best,
believed otherwise, aud they followed the
gcuerul example. They have again, With
laudablc alacnts, followed IN The Iesump.
ton. and nov meet then pay meuts ~ specie.
Soon after the Suspension ol the Banks,
the legislatures of several States were
convened to arrest, II possible, the down
ward course OF things, aud TO afford such
rvlieius circumstances might demand. Ia.
der such respectable examples, and at the
suggestion OF many respectable citizens, |
deemed il due Ia the people 10 summon the
Council of State to advise with me as To The
course 1t would be best 10 pursue. After
vleNing the situation Of the Banks aud the
wants OF the community, "A convention Of
the General Assembly vas noi deemed ne
ccs.ary. II wus believed that no assistance
could be afforded these institutions censis.
tent with the rights OF the people, and that
ample protection was afforded the commu.
NIFTY, BY the penal clause OF the charters,
redeem their notes.
The sympathy of our citizens with tho
sufferers ot the times, even to the hunted
banks, IL strong evidence OF their liberality,
lorhearance aud righimludneSs. Demands
we're seldom made, aud OF very lnconslder.
able amounts. Few were found, Shvl
like, to require the pound of flesh; for the
position OF the banks was looked upon as
a calamity rather than crime.
The Bank of the United States having
been put down by one President, aud pro.
uounced unconstitutional by the present
, incumbent tho local banks having been dc.
nounccd aud discarded, no alternative, Hn.
fortunately, Is left The President but to de-
y,se snr,n neyy Svs,ern nc tho fiscal aren't OF