The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-03-30

feet contrast with lis predecessor IN the unity and
energy of its operations.
Nor would its fate be less dissimar. Anarchy
was inscribed on the first from The beginning Its
deficiency in the great and essential elements, 10
ensure concert, was radical, aud could not " rem
edied. It's union with the Government could not
supply il, nor aver It's destiny. But yer, differ
ent weuld be the case OF the present. Add lis in.
innate union With the Government for which the
substitute provides, TO lis sources of power, and
it wsuld become irresistible. The two, Govern.
meat and bank, would unite and constitute sin.
j gle power; but which would gain the ssceudency
whether the Government would become the
bank, or the bank the Government, is neither Ger.
tain or material Tor which ever ii might be- il
would form despotic noneycrscy, Gt | may be
permitted to unite an English aud Greek wofd1
altogether Irresistible.
Is il not little surprising that the Senate.
from Virginia, (Mr. Rives) Whose Wschiul ZEAL
ousy could detect, as he SUP osed, the embryo ofa
Government Bank IN the bill, should overlook this
regular incorporation of one BY his n substitute?
Out Of The slender materials OF Treasury warrant,
and drafts ts pay public creditors, transfer funds
from place 10 place, as the public service might
! require and four principal receivers TO keep the
public money, he has con ured up, with the aid of
vivid Imagination, future Government Bank,
rise like cloud, al first as big as 4 hand but
which would soon earken all the hor ION. Nav,
II is not little unfortunate for bis confident pre-.
dIctl0ns, that these seminal principles from which
the back is 10 spring, have all existed from The
commencement, OF cur Government in full force,
except the four receivers, without show ing the
least tendency to produce the result he anticipates
Not only ours, but every civilized government has
he power TO draw Treasury warrants and trans.
Ter drafts nor has the power In a SINGLE instance
terminated 10 bank. Nsr can The tact, tina, the
money is to be kept by receivers contribute in the
least 10 produce one The public funds ia their
hands will be as much beyond the control Of The
Executive, as 1t was In the vaults of the banks.
But, 10 shorten discussion, | would ask, how can
here be bank without the power TO discount or
Q the deposites aud out OF which Of the pro-
visions OF the bill could the Treasury, by any pos.
sibilIty, obtain either, under the severe pc allies
of the bill, which prohibits the Touching OF the
public money. except on warrants or dfaiis, drawn
b, those having authority, in due form, ana for
the public service?
Bu the danger which an excited imagination
Anticipates hereafter from the bill would exist in
sober reality under the substitute. There ii would
require neither fancy lecture TO create one.
Ii would exist, with all its faculties and endov.
Inenls complete discount, dePosltes and oil with
which, immense means, guided ny central and
directing head, aud blended aud united With the
Government, so a. to form one great mass Of pow.
er. What a contrast With the bull! How sim.
pie and baraless The one, with lis tour principal
receivers, ~ ice many clerks, and FIVE inspec.
tors. compared With this complex and mighty en-.
glue of poaer Aud yet there are many, both
Intelligent and patriotic, wb0 oppose the bill and
support the subs'lluie, 90 HE ground that the
former would give more patronage and pev err than
the latter How strange and wonderful the di-
versity Of the human mlnd
So far from being true the very fact Of the Sc
paration of the Government FROM the banks pro-
vided for in The bill, would, of itself, be the NEST
decisive blew that could be given against Govern
meat patronage aud the unien of the two the most
decisive in It's favor. When their notes are re.
ceiyed in the pubic dues as cash, and the public
monty Deposited IN their vaults, the banks becams
the allies OF the Government on all questions con.
seciedSSIlh lts fiscal action. The higher its tax.
es and duties, the greater its revenue and expen-
diture and the larger surplus, the more Their cir
tuatioh aud business, and of course. the greater
their profit and hence, all questions OF taxa
tions and Disbursements, and the Accommodations
funds in lhe Treasury, their interest would throw
them on he side of the Government, and against
the people.
All this is reversed, when separated The
hi CHER the taxation and disbursements, and he
larger the surplus the less would he their profit;
and their interest in that case would threw hem
with the people, and against the Government.
The reason is obvious. Specie is the basis of
banking operations and the greater amount they
can command, the greater will be their business
and profits but when the Government is Separa-
ted from them, ard collects and pays awav its
dues in specie instead of their notes, it is clear
that the higher the taxes and Disbursements and
be greater the surplus in the Treasury, the more
specie will be drawn from the use Of the banks.
md the less will be left the basis of their oper-
tions, and consequently, the less their profit.
Every dollar Withdrawal from them would diun.
81 their business four.told at least; and hence q
ogard to their interest would inevitably place
hem on the side TO which have assigned them
The effects on the politics of the country would
,e grea, and salutary. The weight of the banks
would be taken from the side of the tar consumers,
where il has been from the commencement of the
Tevernment, and placed on the side OF the tar
'ayerS. This great division Of the community
necessarily grows out of the fiscal action Of
he Government Take taxation and disburse-
nent together. and 1t will always be found that one
oFton st the community pays into the Treasury.
n the shape of taxes, more than it receives back
that OF disbursements, and that another receives
ack more than il pays The former are the tax
ayers, and the latter the consumers making the
rest, essential, an5 controlling division in all
ivzed communities Ii, with US, the Government
as been thrown ar the side of The consumers as
has, 1t must be attributed to its alliance With ths
anks whose Influence has heea, in consequence.
all times, steadily and powerfully on that side,
Is to tins mlschleyons and anholy alliance that
'sy be traced almost all the disasters that bave
stalien ns, aud the gFea, political de eneracy of
ls country. Hence the protective system, hence