The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-03-23
mo. 800.

called SESSION ana hHd u beeh decided theD, inc
country would this day have been IN much bet
ter condiiion-at least the manufacturing and COM
mercial section TO the North. where the derauge-
meni OF the currency is fell the mos, severely.
The South is comparatively in an easy condition.
Such are the difficulties that stand in the way
Of the substitute at the very threshold. Those be-
yond vastly greater, as shall now proceed TO
show. It's object, as ! have stated, is 10 revive
the league OF State Banks and the first que stion
presented for consideration is, how is this to be
done hog is this league to be formed how slim.
ulaled into lie when formed and what, after il
has been revived would be the true character Of
the league or combination To answer these
questions we must turn 10 lis provisions.
1t provides that the Secretary of the Treasury
shall select twenty-five specie paying banks, as
the fiscal agents Of the Government, all to be re-
spectacle and substantial, and that the selection
shall be confirmed by the Joint vote Of the two
Houses. Ii also provides thai these shall be made
the repositories Of the public money, and that
their notes shall be receivable in the dues OF the
Government; and that in turn, for these advsn.
tages, they shall stipGiete TO perform certain du.
ties, and ply with various conditions, the OBJ
Ject of which Is, 10 give 10 the Secretary Of the
Treasury full knowledge Of their condition and
business, with the view to supervise and control
their acts as far as the interests of the Govern
ment is concerned. In addition to these, it con-
taios other and impera ant provisions, which
shall not enumerate, bfgause they do not fall
within the scope Of thce'Jectiens that propose
to urge against the an ssfe
Now | ask what doc Il this amount to What
but proposal on the IT Of the Government 70
enter into contrac, or bargain with certain Sc
lected State Banks, on the terms and conditions
contained Have we the right to make such
har o h.. Grst n and 70 ,bot I wiy
decided negative, which hope to place Oh con.
stitutlonal grounds, that cannot be shaken. | in
tend 10 discuss it, with other questions growing
out Of the connection of the Government with the
banks, as a new question. for the first time pre-
st nted for consideration and decision Strange
as IT may seem, the questions growing out of il,
as long as 1t has existed, have never yet been
presented nor Investigated in reference to their
consttutiohaity. How this has happeued, l
shall proceed TO explain, preparatory to the
examination OF the question which | have pro-
posed.
The Union Of the Government and the hunks
was never legally solemnized. 1t originated
shortly after the Government went inte opor ration,
not in any legal enactment, bat in shert order
of the Treasury Department, or not much more
than a half dozen of lines, as if it were a mere
matter of course. We thus gded imperceptibly
by law till 1916, (lfmy nemery serves,) bat which
has PRODUCED mere important after consequences,
and has had a greater control over the destiny oil
this country, than any OF the mighty CUES
lions y hich have so often shd deeply sgltsted tho
country. To II saay be traced, as their seminal
principle, the vast and extraordinary expansion of
eur banking sysfem our excessive import duties,
constitutional and profuse disbursements, the
protective tariff. aud It's associated system tor
spending what il threw iato the Treasury, follow
ed IN tirne by vast surplus, Shich the utmost ex-
L,aysgance OF the Government could not dissipate,
aud finally, by sort OF rstrbutye justice, the e1-
pIosoh OF The entire banking system, and the pre-
sent Frustrated condili,n OF the currency, now the
subject % our debetat.on.
How measure fraught with such important
should at fret, and for so long a
lime, have escaped The attention and the Invest-
CATION of the public. deserves q passing notice.
l. is TO be explained by the false conception of the
attire subject o. banking which al that early Pc
'ud universally prevailed ia the community,
80 erroneous was 1t, that bank note was then
dsntihed IN the mind OF The public with gold aud
liver, and deposlte in bank was regarded as
lncer the most safe and sacred custody that could
re devised. The orign al impression, derived
rom the Bank OF Amsterdam, where every sete
II certificate In circulation honestly repre-
ented by an equal and specific quantity of gold
II silver in bans, and where every deposs was
ept as sacred trust, to he safely returned TO the
eposilary when demsuded, was extended 10
ranks Of discount, down TO the time OF the lortus.
ION of our Government with bu, slight nodihca.
ions. With this impression, it Is not at all exrdor-
inaTy that the deposite of the revenue in banks
or safe. keeping, aud the receipt Of their notss in
he public dues. should be considered a matter of
curse, requiring no higher authority than Trea-
ury order; and hence = connection with all the
important questions belonging to il, aud now con-
dered OF vast magnitude, received so little notice,
II public attention directed TO il By its recent
lplurs. This total separation from the system,
which find ourselves placed, for the
rst time, authorizes and demands that we shall
vestlgate freely, and fully, not only the ccnse.
Iences of the connection, but all the questions
rowing cut OF IT, mere especially those Of a Goa.
itutional character; and shall, in obedience 10
rs demand, return to the question from which
rs DEPRESSION has carried nae SO far
Have we, then, the right TO make the bargain
opposed Have We the right to bestow The high
ivileges, | might say, prerogatives, on them of
ing nlsdt the repositories of the public revenue,
ID OF having their notes received and treated as
I'D and silver in the dues of the Government and
all its fiscal transactions Have we the right
do all this in order to bsstew confidence ia the
nks with the view TO enable them TO resume
eeis-psymsnts? What is the state of tbs case?
40 banks are deeply indebted to the country, and
? unable to psy and we are asked te give them
ese advantages, 10 order To enable them ia nav
Dir debts. Can we grant the becn la answer
. this inportant question. begin with the fact,
II our Government, is of limited powers. ID
D exercise ne right but VITA, is specifically
intsd; nor pass any law, but what is necessary
proper To carry such power into effect. This
all pamphlet (helding 1t up) contains the Con.