The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-04-20


your dues, and treat thsm money. you violate
that provision of the Constitution which provides
thatiaxstion shall bs uniform throughoutthe United
States. There is no other alternative, repeat,
you must diuorce the Government entirely from
The banking system, or, if not, you are bound 10
incorporate bank as the ONLY sse and efficient
means of giving stability and uniformity 10 the
currency. And should the deposes not be
stored. and the present illegal and unconstitu,on-
al connection between the Executive and the
league Of banks continue, shall feel il my duty, If
no one else moves, to introduce q measure 10 pro
hibt Government from receiving or touching
bank notes in any shape whatever, as the only
means left Of giving safety and stability TO tbs
currency, and saving the country from corruption
and ruh."
Such were nv sentiments, delivered four years
since, on The question Of the removal OF the dcpos
ties, and now standing REGARD; and nov call
vour attention, Senator'S, while they are fresh IN
your minds and before other extracts are read TO
the opinions | then entertained and expressed, IN
order that you may compare them with those that
| haze pursued on the present occasion. In The
first place. then expressed myself explicitly and
decidedly against the banking system, and Inti-
mated, in language too strong 10 be mistaken, that,
If the question then bank or no bank, as 1t
now is, far Government is concerned,
would not be found on the side Of the bank. Now,
{
prejudced, is there any thing in all this contra
dictory 10 my present opinions or eourse2 On
the contrary, having entertained and expressed
these opinions, could |, at this time, vben The
issue then supposed is actually presented, have
gone against the separation without gross neon
sistency Again, then declare myself TO be Ut
tefly opposed to combination or leauge OF State
banks bsing the most Inefficient and corrupt
ing fiscal agent the Government could select, and
I Il. l. D. n4 he ItnA
States. | again appeal, is there a sentiment, or a
word in all this contradictory to what have said
done the present occasion? So far other
wise, is there not perfee; harmony ape coinci-
dencs throug bout, which, considering the distance
OF time and the difference Of the occasion, Is truly
remarkable, and this extending 10 all the great
and governing questions now at this issue?
But the renewal Of the deposites was not the on
" question discussed at that remarkable aud IN
perant session. The charter of the United aies
Bank then about 20 expire. The rator
from Massachusetts, nearest TO me, IN W.b-ter)
then at the head of the Committee Finance,
suggested 10 his place. tina, he INTENDED TO intro
duce bill 10 renew the charter. | clearly per-
ceved that tbs movement, II made would fail;
! aud that there WAS no prospect of doing any thng
TO arrest the danger | approaching, unless
the subject taken up the broad question of
the curraHeg end 81: 80 !; !; any come zion 0, tas
/ Government with the l,1ks conld be justified az
all, It must be in that relation. am not among
+, iln'c who believe that The currency was in
sound CONDITION when the seposites removed
in 1884. | then believed, and experence has
proved was correct, that il was deeply and dam
gerously diseased and that the most efficient
surcs were necessary TO prevent the ca catastrophe
which has since fallen on the circulation OF tho
country. There was then not more than de-
lar IN specie, average, IN the banks, lnclud-
ing the United States Bank and all, for six Of
bank notes in circulation, and not more than one
in eleven compared to liabilities of the banks, and
this while the United 5 ates Bank in !ull and
active operation, which proves cenclusvely lIlat
ns charter Ought not 10 be renew ed, ii renew ed az
all, without great notifications. saw also that
the expansion of the circulation, great II then
was, must sill father increase; that the dis
4 Law deep in the system; that the terms on which
The charter of the Bank of England was renewed
would give western direction 10 specie, which
instead Of correcting the disorder, BY substituting
specie for bank notes in our circulation, would
become the basis of new banking Operations that
would greatly increase the su cling tide Such
I we're my conce pons then, aud honestly and
earnestly endeavored to carry them into effect in
order to prevent the approaching catastrophe.
! The political and personal relations between
myself and the Senator from Missaeh uselts (Mt.
Webster were then not the kindest. We stood
in opposition at the preceding session on the great
questions growing out Of the conflict between the
State represented and the General Government,
which could not pass away without leaving un-
friendly feelings on both sides; but where duty is
involved am net in the habit of permitting my
personal relations TO interfere. In nv solicuuds
to avoid coming dangers, sought an interview.
thre common friend, IN order TO compare opinions
to the proper course to be pursued. We met,
and conversed freely ard fully, hut parted with
out agreeing. expressed to him my deep regret
at our disagreement and Informed him that, al
though could 20, agree with him would throw
no embarrassment in his way, but should feel il
TO BE- my, duty, v hen he made his motion TO intro
duce a bill to renew the charter Of the bank, to
express my opinion at large the state OF the
currency ard the proper course to be pursued.
which | sccordingls did. On that memorable
occasion | stood almost alone. One party sup
ported the league of State banks, and the other
the United States Bank. the charter of which
the Senator from Massachusetts, (Mr. Wehstsrl
proposed TO renew for SIX years. Nothing. was
LET, me but TO place myself distinctly before the
country on the prouud occupied which l did
fully and explicitly IN the speech delivered ON
the occasion. In justice 10 myself. | ought to
have every word Of it read on the present coca.
SION. |, would Of itself be a full vindieatieo Of
my course stated and enlarged on all the
points TO which have already referred: objected
tn the recharter as proposed by the mover. and
fors'eld that what has since happened would fol.
low, unless something effee,ual WAS done to pre-
vent it. AS remedy, proposed ts use the Bank
OF the United States as ten p.rary expedient Tor
tilted with strong guards in order resist and torn
back the swelling tide Of circulation, With this
view, proposed 10 prohibit The issue OF any note
under tsu dollars, at first and after certain inter-
val, under twenty: aud to refuse to receive the
notes Of any bank that issued notes under fve dol