The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-04-13

pay nent at the place where payable. The spec
oy presentation! In The case have Supposed, q
man nas bis sIO,00U IN drafts on The receiver gen.
eral al New York. The Secretary 10 emp wered
% enact regulations requiring him speedily to pre-.
sent them and If he do not the S.cretar, i, a, OF.
der them to be paid al St. Louis. Al New York
they may be worth premium of FIVE per cent.
Now, IN tree Experiment., v no would ever think
OF snhlen'lng the property or money OF citizen to
the exercise OF such power by any Secretary of
the Treasury What opportunity does it not at.
ord 10 reward a PARTISAN, punish an opponent
L will be impossible Y maintain such an odious
AID useless resificilea FOR any length OF tn e.
) Why should the desgf (as ths,Governnienl you'd
be IN the case Of shoirslstts a. have supposed
require his creditor las The lhlder OF the draft
would be- to apply w.hln prescribed time Tor
his payment? No, sur; the ~ stem would control
you you could not soc ntrol The systeo. But Il
such ridiculous restriction could be So contsued,
the drafts would, nevertheless, whilst they ere
out, be the time long OF short, perform the office
u circulation and money.
| Let a. trace little further the operation of this
Government bank, and follow il out TO It's fiaal ex
plesion have supposed the appropriation OF SONS
thlrty millions OF dollars annual, by the Govern.
nen 10 BE- disbursed in the form drafts Issued al
Washington by the Treasury Department, upon the
deposTar:es. OF that amount some len nr Il Teen
millions would remain the first year, IN circulation:
at the ehd Q another year, similar amount would
/ continue IN elrculat.Ca; and on, from year TO
Year, IN II, at The end Of series OF some FIVE or
siS teats, there "ould be ~ circulation, to supply
4 me Indispensable wants OF eommerte aud OF
general medium Of uniform value, not Less than
.ome sixty or eighty uilions OF dollars ISSUED by
tht Government. These drafts would be rener.
ally upon the receiver general at New York, be.
cause, Oh that point hey would be preferred over
alhor n. T.
BE- at par, throughout the whole extent Of ihe Uni.
led States; and ue have seen that the Secretary
Of the Treasury is invested with ample authority
10 concentrate al that point the whole revenge Of
the UnIteo State>,
All experience has demonstrated that ia bank
'ng operations much larger amount of paper
be Kept out III circulation than the specie which il
Is necessary TO retain IN The vaults TO meet ID
ahen presented tor payment. Tie proportions
ahIeh the same experience has asetttalntd TO DO
entirely safe are OF specie 10 three of paper:
l. therefore the Executive Government had sixty
millions OF dollars accumulated at the port Of
New York, II the hands II the receiver general,
represet ted BY sixty millions OF Government drafts
ia Circulation, il would b. knoNa that tuent, OF
That tix.y millions would be suffici, Mt 10 ret1in
To meet any amount Of drafts which, In ordinary
hines, would be presented tor wheat. There
would then remain forty millions IN the vaults idle
aud unpfodaclve, and of Which no practical use
cnuId he mad. Wti: great election IL at hand
III the Safe Of New Yntk. the result OF which will
seal The tate OF existing administration. the
application of ten millions OF that dormant capital
could save, at some niure day, a cor not Eaecu.
tive from overthrow. can il be doubted that ths
ten millions would be app!ied 10 preserve il in
power Again let US suppose some great ext
gency TO arise season OF war, creating severe f.
nanchl pressure and cuba rrassment Would uot
an Issue OF paper, founded upon and exceeding
the specie III the vaults, IN some such proportions
as experience had demonstrated night b. safely
emitted, be anthoiztd? Finally The whole a.
mount speclt nigh be exhausted, and then as
II Is easier % engrsye ard issue bank notes than
To perform the unpopular otfioe OF imposing taxes
and burdens, the discover would BE- n ads that
the credit of the Gnvetrn ent y rs sufficient ba.
sis ahtreupor to make emissions Of paper money,
TO be redeemed when peace and pros pertt re.
turned. Then We should have the oey> el cont.
mental money, sud OF H~slgBats, restof.d! Thea
sc should have that Govetnme Mt suer medium
which tie ), nalof from South Carolina Hr. Cal
houu considers the most perfect of all currency
Medntlme, and during the progress OF this vast
Government machine, the State banks would be
all Frustrated. Working well. as ii may, ii hon.
estly administered, in the first period OF us exls.
tenCe, II viii be utterly impossible for them ID
maintain the unequal competition. They could
not maintain it even If the Government we're &C.
ruated by unirlendy feelings towards them.
But when se know the spirit which sni,nates the
present Executive towards them, who can doubt
that they must fall IN the unequal contest Their
issues will be dlScredited and discountepauced
and that system OF bankruptcy which the Pres-
dent would even nov put into operation against
them. w'll in the sequel. be passed and enforced
without difficulty.
Assuming the dow mall Of the local banks the
inevitable consequence Of the operations of this
great Government bank assuming, as | have
shown, would be the case, that the Government
would mehopolize the possession OF great por.
ton of the specie of the country, We should then
behold a combined and concentrated nioneyed
power equal to that o. ali the existing banks OF the
United States, with that of the late Bruk of the
United States superseded This tremendous
power would be wieldes by the Secretary of thu
Treasury, acting under The lmme date commands
OF the President of the United S ates. Here wonla
be perfect union OF the sword and the purse:
here would ee no imaginary, but an scsuai, visible
tangible consolidation ofthe moneyed power. Whs
or what could withstand it? The States them
selves would became supPliants al the feet of the
Executive for portion of those paper emission.
ut the Po"er 10 issue which they had been stre.
ped, aud which he asw exclusively possessed.
'''' 'Ss.usA" my OBSERVATION and experiences
have satisfied me that the safety of libertv .nd
prosperity consists in the division of power. wbsth
sr political or Peeuniary. In cur federat,vs avs
em, our security is TO be found in that happy dis.
rlbntinn of power which exists between Il 3 Fed.
'raI Government and the State Governments. 7,
'nr momentarv system as it lately existed, ITS ex.
'elence resulted from that beautiful arrangement
~ which the States had their institutions for 10.
al purposes, and the General Government its in
Intuition for the more general purposes of tbs
whole Union. There existed the greatest csngs.