The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-03-30
INDEPENDENT TREASURY BILL.
speech of VIZ. CnIhoun.

raj Of public money, and 10 regulate the safe
4 kapiag, transfer. and disbursement, ofthc public
moneys Of the 4. States"
(Conciuded)
J ! have now shown how il is proposed 10 form
the league OF banks, and have presented the con-
sliiutional inpedIments that stand ia the way
These are Dn;serous and strong much so, that
they onght 10 be irresistible with all, except the
aiItudnous in construction: but eanno, expec,
they will produce Their lull effect. know too I'll
the force o. long entertained Impressions howev.
er erroneous, 10 Ne songuiae-how strongly the
mind rebels against the expulsion Of the old and
the admission OF new opinions Yet, ia this case,
where clearly see how gradually and silently
error cfept in under the disguise OF words applied
TO new and totally different ideas, without exciting
notice OF alarm and when we have experienced
such deep disasters 10 consequence OF parting rom
The PLAIN intent and meaning OF the Constitution
! cannot bot hope that all who believe that the
success OF the Government depends on rigid ad.
brfcnce 10 the Constitution, viii lay aside all pre-.
yioas Impressions, taken up without reflection, and
give Ia the objections their due weight
! come nov to the next punt, to show how this
league l. 10 be revived or stimulated into life
I'M this can be done, the substitute should il be.
come law, would be dead letter. The seiec.
ton Is To be made irsm specie paving banks
None bet such receive the public depositcs, or
have their notes received IN the dues OF the TO
vcrument. There are none such nov. The whole
banking system hes inaulmaie, and must he vlvi-
hcd before II can b. reunited with the Govern
meat No one Is bold enough to propose union
9ilb this lllelcss mass. How then is The vital
spsk u be revived hoa the breath Of lie, the
Promethean FIRE, to he brcaiaed into the systcn
anew, Is the question This is the task.
The mover tells Us that It must be the work Of
the Government. Tie says, thai /, is bound to aid
the banks to resume payments; aud for That puf
loSs nueht 10 hold out 10 them some adj, quite in
ducsme.i. lie tells US that they have been loDg
preparing, and had made great efforts, but can go
% srlhtr tsyr rolled 10, ronnd huge rock aimosy
20 the summit but unless th Government put tjrln
~, gent arm, aud give the last push, vill recoll
and rush dowR the steep 10 the bottom, and all
past labor be os,. Now, what Is thir adequate IN
dncement1 What this powerful stmulus, hich
Is proposed the Government should spPly, in or
der to enabIo the banks to accomplish this hescu-
iesn Task The substitute shall answer
/, proposes Ia fax tnr IT. OF July next ior tn.
pcriod nf rssumptlan; aud. as tue indueement to
resume, il proposes 10 select tNenty-hye 0! the
most rfspsctsbia aud s"ld, out OF the resumlng
hanks 10 be he dep sitofles Of the publc money $
and the hscul agents at the Government, as has
been already stated II al-o proposes, and this Il
the stimulu. tbs essence OF the Nholt,--'c make
tha notes Of surh banks may resnme On Of nc
f,ft tat dar, EXCESSIVELY receivable IN the public
dues. Hare j. a qgif pro quo something proposed
TO BE- DON, for y hch something IS 10 he given
W tel Tie bauss PLAINLY, II YOU resume, We, 90 |
cur patt elpsaie 10 make twenty iiyc OF you eul |
fiscal aecn', and repositories Of the revenue; aud I
ve further supnatc, that tbu~e whe resume by tht |
time fixed shal have the exclusive privilege for |
trsg " faung their notes receivable ~ The uts
Oh the Government, IA common y III gold and ST. /
YER. | the banks perform their part, wc shall bc /
honud 10 honor and good faith to perform ours
II wog d be a complete contract, as obligatory a.
Il aguyd, sealed, aad delivered. Such istbe induce
mcn,
Tie mex, question is, will il be adequate Yes
abrrdautiy adequate The battery Is strong c.
uouEh 70 awaken The dead to te; the considers
TOO sufficient 10 remuuCrats HE banks foo what
ever sacrifice the, may be compelled 10 make, ~
order 70 resume payment. Il Is aifiicuh 10 est.
mate the value Of these high privileges or pre-.
might Justly call them. Thcy are
worth millions. Ii you were TO enter into STINT
lar contract with an individual, | doubt not that
he could sell out IN open market Tor at least hir.
Y, v
tho mover the Justice 10 say. That hts means are
ample 10 effect what be proposes. As difficult as
- the work a.: resumption-and difficult It will /
turn ont 10 be when ,red--the luduccmcu viii
prove ali sufficient Bot tae resumption, however
desirable, may be purchased too dearly; and such 1
would prove 10 be the case should the project sue.
cerd Not only is the cticr too great, but III,
mode ol ciIcctng il is highly Objectionable. IL
operation Would prove not less disastrous than li6
bargain has been shown TO be unconstitutional,
v hich shall now proceed t. establish.
The oilrr will have double effect II will
lci as 4 powerful stimulus 10 resumption but VIII
,ci at The same time with equal force 10 excite a
struggle among to banks net only 10 resume
themselves, but to prevent others from rcsumlng
The reason is clear. The advantage TO each will
increase as the number of che resumlpg banks
decreases and Of course the gsoat point OF contest
Imong the strong will be- to restrict the protiered
,rize TO the smallest number, The closer the mo
lopoly the greater the profits. 10 this struggle.
OF o tea powerful and wealthy banks, {
he most respectable and solid, as designated IN {
he substitute, will overthrow and trampic down :
he residue. Their fall will spread desoauen over !
he land, Whatever may be the tate OF others IN {
his desperate contest, there is one IN relation to
\ hich no doubt can b. entertained refer TO the
United States Bank of PENNSYLVANIA, long name Q
md misnomer ; and which, for the sake OF breyl- 9
Y, but with no personal disrespect to the d'stln.
rushed individual al lis head, | shall call Mr..
3iddles bans. That, a, least will be one OF the :
,nners-one OF the nty-6ve TO whom the prize =
will be assigned Its vast resources ITS wealth .
md influential connections, both at heme ana u l
road the skill aud ability Of the officer at ITS head,
md, what is less honorable, the great resource u
folds in the notes of the late United States Bank
{ which moro than six millions have been put IN ]
o circulation, in violation, 10 say the least, OF
rust, constituting more than fiyo-szths OF all It's
REGULATION, and which it is net bound to nay a
,;th tho stiu orester amnnnt m hand making IN v