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

was Chartered After struggling with the
unlowhfd circumstances which puve il be.
ing y succeeded at length IN realizing the
ouJre's OF It's creallon-atiorded a currency
and rate of exchange equal If no, super,or
70 any ever ENJOY ed by this or any other
country, aud performed It's functions as ifs.
cal agent Of the General Government, 10
The entire satisfaction of every predecessor
ot President Jackson.
But The operations of this oppressive and
unnecessary taril continued To draw money
from the many to the few, aud for purposes
oth,r than the current expenses OF the 20.
vefnaent, until 1889. The credit OF the
country was stretched 10 It's utmost tension
aud every means resurlcd 10 for relief. The
dlstfesscs If 1910 20 aud 20 gave fearful
Warning OF the coming danger, nnd but for
The hbrralty and ~lsa iorbearancc OF the
Bank OF The L. States, the CRISIS ould have
been much more calaauous. The relief
,ti1rded by the Bank, however, was but
temporary and iallaclous. The cause OF
rum vas too deeply land, and the dram con.
iluued TO do ITS work silently, lnsidiuusy,
hot surely. Tho merchants we're stimuli
ed Ia increase their impohaiions specula
ton Mas iustercd, aud credit extended, With
The delusNe hope Of removing embarrass
nenis, originating 10 a trade bufdenod and
overturned. The Banks lieut. Themselves l.
he madness Of the bour, their circulation
Na- enlarged, Their ability 10 sustain them.
. elves diminished, and the d.yiructloa OF
lie Bank Of The uded States completed
lie So'k u run.
E,dooI ouy aas the period for imposip.
lac lard most uupropltirus. bot the induce
,orut ior ~ duing ltac pas meut 81 the pub.
be debit mos, unsatisfactory and uusi,e.
We were calico upcn by 10 pflucipI, al
Jaslice. Of wisdom OF 81 patriotism to dis
Earse that debt OF that moment. Il aasa
deb, ercated Is cur two aafs and under
peculiar circumstances. We catered tue
moDcs inaike. a. borrower, 5 ouug and wilh
impaired credit, cur distinctions new and
uutrird aud lhtif stability often questioned.
Capitalists awaited themselves oi al host
disadvantages. aud imposed uyon us the
ntgLcsi pr,miuu tor tie ~ o! their funds.
Il . as . murc money arrangement, uoces.
~, 90 lie one hapd aud pfttll on tho 9th
n. iusalSlug uo uur prtncIplc Il patriotism
~ hlataluy, The reports d tho Secreia.
~ ~ tac Treasury show that the Govern
nsnt was often most uusHflousls dealt hS =.
We were, Then, uadrr no obligation 10 The
puhhc creditor 10 anticipate hts dcnGnds
aud It surely VAS neither s,sc, patriotic,
uoI just Tor aus lJect, short % absolute ue
crss,sS thus to npprcss an ALREADY exhaust
I'd aud PROSTATE o,ilntfy.
CONSIDERED IA luauciaI POINT of view,
sc are Sitil u,afc al loss To understand
she urnr ccssaty husic ot the government a.
latlrz the public ocbt largo urauuf
,ioa Ut Il bore 80 laleIe-t o. $. 4, 4 aud 0
per cent. aa4 money Ut the tue Il ~us
discharged, vas worth the tall legal inter
est 81 tic country, troBA u 10 per cent.
Dmwtng money from the people under
such circumstances, 10 pay to capitalists,
macy OF them Foreigners, was financial
apc,altou the slsdom OF which may veil b.
questioned.
THIS tax, thus imposed aud thus coleel
ed aud discussed FROM the many to tie lev
su8n again sought Investments, 10 stocks,
"a factories, 10 bonds Of merchants aud spec.
u4tufs, ~ au interest OF tom to : peI
ceGt. A very email PARTON, however,
auud ITS Nay TO the South. j he hugh
rate Of interest IN New ! otk, aud her great
natural and Fictitious advantages for trade
uad commerce, presented uttroctlons which
We OF thls seclloa could no, boast, aud mosI
OF the investments concentrated al thai
r point.
II may no, be Improbable, and It is Ger
iaiuly interesting, to examine for noment
the enormous amount collected from the peo
pie 10 twenty years by the demands OF The
Federal Government
ssy Public Dtbt IN Isl6. sl2n0C0a0t
Interest Oh bali IS rcdqced at ) pr CT. 6G,0iD0ut
Surplus, il.bUj,UOt
20 years support o. Governments
b ) millions per year, 5uuVuoVul
, Showing the extraordinary sun OF 2l,oOO0e'
: sub,ractcd from the earnings Of industry il
, 20 years TO pay the Public Debt aud inter
! rs, support the General Government anc
/ create a surplus. have dealt IN round
numbers without regard 10 frac;lons. ltl'
sufficiently accurate f5r my purpose, whcl
. is merely to exhibit the astounding amount
J of Taxes which rs levied on the consumer,
: Tor foreign merchandise, besides the extra
! amount paid on goods expelled from ouI
{ market BY the Tariff, which We had TO oh
! tain from manufactures Of this country
D This disposition OF thus money in seeking
] the new investments, to which have allu
i ded, nddcd 10 large line of discounts by
4 the various Banks, urged and stimulated I,
= mprovldent expansions, gave hop o
3. business aud prosperity unparalleled IN ou'
country but Il was hollow aud iallaclous