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

We
,in,.nee I proposed that the charter, with these
and sthsr provision. that nigh, be devised by
eommi,,ce appointed for the puI pose should be re-
newed for twelve ys4rs. two years longer than the
R.nk ~ Earlsnd had been, in order TO avail car
.vlv.s Of the experience aud wisdom Of that grsat
and enlightened nation, All this proposed, ex-
pres.ly on the ground Of undong the system, grad
ually and slowly, till q total dlscoanexion should
be effected if experience should show that II could
be carried TO that extent Nv object vas double;
to get clear of the system, aud 10 avoid the catas
trophe which has befallsn US, and which then
saw was approaching
To prove ell this sgsin refer to the record
II j, shall appear from il that my object was TO dis
connect the Government gradually and cautious
iy from the banking system, and with that view,
and that only, proposed TO use the Uaitec States
Bank for short time, aud that | explicitly ex-
pressed the same opinions then as now have on
almost every point connected With the system, |
shall net enly have vindicated NV character from
the charge Of the Senator ftom Kentucky. but
shall do more, much more, show thai did all an
individual standing alone as did. could do TO avert
the present ealamlt:es, aud, OF course, l avn tree
from all rssponsl bill'y for what has slnee happen.
ed. have shortened the extracts a. tar as was
possible to do myself justice, aud have len out
much that ought, ofright, be read IN my defence
rathsr thaa weary the Senate. | know how diff
cult IA is 10 command attention TO readlag OF doeu
ments; bu, | Trust that this, where justice to
member OF the body, whose character has been as
sailed without The least proyocaton, vii form an
exception. The extracts are Numbered, and vii
thsnk the Secretary 10 pause at tbs end OF each,
unless otherwise desired.
The Secretary here read tbs following extract:
"After foil survey OF the whole subject, see
none | conjecture 20 means OF extticatlng
the country from It's present danger and :, arrest
lis further increase but a bank, the agency OF
which, IN soras form under some authority, Is
indispensable. The country has been brought in.
TO the present diseased state OF the currency by
banks, and must be exiFIcated by their agency.
We must, in word use a bank to unbank
she banks, 10 the extent that NAV be necessary to
res;sre safe and stable eurrency-lust as se APP
ply snow TO frozen limb 10 ordsT TO restore vital
ity aud circulation, or bold up barn to the IN.
fanmaiion. All mus, that II is impossible TO
suppress the banking system at once. 1t must
continue for a time Its greatest enemies, and
the advocates OF exclusive specie circulation,
must make il part Of their system to tolerate the
banks for longer or 4 shorter period 10 sup
press them Al oaes would If it possible. work
a greater reyoluton-a greater change ~ the rel
alive condlisn Of the various classes OF tins con-
musiiy, than would the conquest If the country
bya savage enemy. What, then, must be dons
answer,a new and safe system must gradually
grow up under and replace the old lmitatlng, 10
this respect the beautiful process which We some
times See Of q wpanded OF diseased part ia 4 llv-
ing organic body, gradually superseded b. The
healing process OF Nature
After having so expressed myself, WHICH clearly
shows that my object 10 the bank for a
time in such a manner as to break the eonnexion
with the system, wtha1t shock 10 the coanuy
or currency, then proceed and examine the ques.
ton, whittier this could be best accomplished by
the renewal of the charter Of the United States
bank, or through a league of State banks Alter
.,..,..--11..- . =. bad to the subject, 10
nv deep soiici,ude | addressed the three parties
in The Senate separately, urging such motives as
I thought best calculated TO act them, aud pres
stag them TO JON me 10 The measure suggested,
in order to avert approaching danger. | began
with my friepds of The State Rights party aud
with The Administration. | have taken copious
extracts from the address to the first, whleh will
clearly prove how exactly nv opinion then and
nov coincide on all Questions connected Nth the
banks now ask the S crstary to read the ex.
tract funbsred tao.
Hiring aots sat.d he measure necessary 10 dp-
plg the rsmsdy lam TINS brought 70 ~ question
can the measur. suceesd Dhich hriags up ne IN
QuirV Of Aor far i may be srp~etsd 70 recstre The
nate uad On tctich / shaa asrt Pfoesed to make a
(eic remarks.
Flrst. then. can the State Rights party giue II
their ssppo.t2 that party 0f uhich an proud Of
b.iaga mtmber, and for rhtca Ieatsriaia 50 siroag
an gttac4msut-tte stronger beecqse feio among
maay H. PtoP9siag ttis qaestioa, an nol igao-
fqat u thsH tsag standing constitutional objection
10 the baHk on tt ground t4qt this rgS Intended 10
Be- qs il IN usually expressed a hatd.moHeg Coz
trHneat--a G0cerRHter II tct0se circulating mfduEa
.rqs tstaded coaslst Of ne precious metals, and
for uAe4 object The POUR u coming aoaeg and r.
quilting The batue nereof tras expTessy conferred
bg he Constitution. IkAQU hour long and hS9 SIN
eersig this opat0H has been entertained and under
hotc many difficulties Il has been maintained. II
IS not mn tafeaIon to atfsmgt 10 change opiat0H
so firmly frsd, but may Be PERMITTED 70 make q
ftu sbsrrUaitoHs in otasr 10 present. Dhdt dPpsars
10 me- TO IL true g1ssfi0a 81 REFERENCE 10 ts coa
stnefisnal potnt In order TINT tse may fully c0a-
gTtAend The clfcamsfqHcss HHdsf RhIcA re pla-
eed in rtfsrsHce 10 IT. Htth thIs Uter 4 10 mol
de,ta Hscessqty 10 iHq4l'e toatther ~ coafsrftHg
the peteer 10 g0s,y aHd 70 regulate the nqtat
thereof The Csastifgfioa IHteRded 10 ta ths psto.
er strictly 10 eoihiag moasg and regulating its
he or Uh,thsr 1t tnteHdsd n eonfsr m0ts gsHsral
poWfr the currency; nor 10 iIatsad 10 impure
ielefaer the r7rd rom IS tlatted SIMPLY 10 The mr.
tals or mag be sxisndsd 70 otbsf substances, #,
through gradual change, hsy nay tecoms me
medium Of tae general circulation Of de p0rid."
The psry r. csipt Of bank notes On The part Of the
G0ucrameat IN lfs dues poald Il Is eoaeedtd, make
Mea monsy as far ~ the Gorerahasaf may b. c04-
cernsd, and, By necesstryesastqaeHce woatS make
them 70 z ,eaf txisat The cafresrgvf The eoaatrg
sag nothing " he posture proelsioas tn NE Con
sfifuiIpH rtich fectaYe that glt aHtss tIpasts and
tycisss shall b. HaitofM throughout The L Statss
uhtcA eqaaSi be, 8aiess that nhiea theg PM
sh00td also hare. Hfdr'y ~ pSacftra5ts. nm
form r9iae Throughout ne cgHnfrq 10 fret his.
rhtrt bank ngLes atf teeelrga. ne A4akIhg pnteet