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

/ Nelteih, whoever lheY may be, that they VIII be
powerful aud influential, and not unlayofable TO
his interest or aggrandizcmoni. Bot the mischie.
Pous effect will not be limited TO this deaih.like
struggle, ~ which many must fall and he crush.
ed that might otherH lse weather the Storm The
forced resumption, for such il III be in effect,
would be followed by wide spread desosliou. 1t
Is easy TO sink 10 SUSPENSION, but hard 10 return
10 resumption. Under the most favorable crcum-
stances, and when conducted most leisurely and
cautiously, the pressure must be severe; but, Ii
coerced or preepilated by bankrupt laws or temp
iallons such this It viii be runous To make
/, safe and easy must be the work of tue. Go.
verDment do bnt little. The dist sse origI.
mates IN excessive Indebtedness, and the only rene.
/ dy Il payment or reduction of debts. II is csti-
mated that when the LanKs suspended payments
the community indebted to them the enor-
nous sum OF S475 100000. To reduce this with.
IN the proper limits, is not the work OF few Gays,
and can L. bat little aided by US. The industry,
and the vast resources o. the country, with time,
are the only remedies to be relied Tor the reduc-
ton and 20 these, with the State Leg slatures and
the public opinion, the resumption must be left
To understand the subject fully, We must look
hltle more into the real cause Of the difficulty.
This enormous debt was incurred in pros porous
times. The abundant means Of the banks from
the surplus revenue, and a combination OF other
causes, induced them to discount freely. This in.
creased the circulation and, with lis Increase its
value deprecated, and prices rose proportlonably
W ih this rise, enterprise and speculation seIzld
the whole community, and every one expected 10
make a fortune al once and this IN turn gave a
new impulse 10 discounts and circulation, till the
swelling tide burst its barriers ana deluged The
land. Then began the opposite process OF absorb
ing the excess. Ii il had been possible to return
II back TO the banks, The sources from which II
flowed. through It's debtors, the sptculatlng, enter
ptising, business portion Of the communlly, the
mischief would have been, in great measure, a.
wooded But circulation had flowed off l0;o other
reservoirs; use otthe moneyec men aud bankers,
no hoard when prices are hugh, and buy when
they are low. The portion thus drawn Oft a1d
held in deposito, either IN banks or the chests o
individuals, was as efectuaily lost, as Ear as the
debtors Of the banks were concerned, as II II had
been burnt. The means OF payment were thus
diminished prices fell ia proportion, ana the pres
sure increased IS they TELL Though the amount /
N circulation be greatly reduced, ye, The banks
are afraid 10 discount, lest, resumption, The |
hosrded mass Of dsposites held by individuals OF
Other banks, should be lei loose, and, in addition
70 what might be put into circulation should dis
counts he made, v oud cause another inuueailon
To Be folluved bf another Suspension. How Is
ihis difficulty to be safely surmoun,ed, but BY az
locking ID, boarded means And how IS this 10 be
done, without deciding the currency question ?
TINS is the first aud necessary step That done,
oil will b. bic TO calculate, aud determine what 10
10. The period OF iHactlon and uncertainty would
cease and that OF business revive. Funds tina
are now locked up, would be brought agaip into /
operation, and tho chances OF circulation be re- /
pIenished IN the only mode that can be done with |
safety. Thus thinking, am now and have been I
from the frs, IN favor OF an early eecisIoH, and +
averse to all coercion, or holding cut temptation
10 resume leaving the disease 10 The gradual and
safe operation OF time v it'll as little tamperng as
possible La the mean time, | hold It TO be an,
sisc 10 cease discouuting, and TO adopt an indis
crlminaie system of euFaImeni. lis effects are
runous 10 the business OF the count y, aud calcu-
latcd 10 relard rather than TO accelerate sfesumP-
ion. The true system, would say, would be 10
discount with business paper as freely as usual aud
curtall gradually on permanent debts. The tor.
mer would revive business, and would increase
the debts 10 the banks less than il would increase
-he ability OF the community 10 pa! them.
Having now shown hoS this league, or combina-
ieb OF banks i Ia be formed, and revived, with the
difficulties in the way, il remains to determine
hat viii be the true character and nature OF the
when formed. Ii will consist OF State
banks, retaining their original powers, that Of
iiscoun'ing aud al, without being in the slight
st degree impaired. To these the substitute pro-
poses 10 add important additions: 10 receive their
notes as gold aud silver ia the public dues; and
10 give them the use of the public deposites, and
to organize and blend the whole into enc as
the fiscal agent of the Government to be placed
nd trtl al
HE Secretary Of the Treasury. Now what does
all this amount 10 Shall name the word-be
mol startled: A BANK Government bank the
most extensive, powerful and dangerous, that ever
Sisted This substitute would be he act of in-
and the privileges /, coniers, much
additional banking capital, increasing Immensely q
Is powers and giving it an unlimited control over
he business and exchanges OF the country. II
The Senator from Virginia (hr. Rnesl was I
light in supposing that thus new trial OF The ex-
,erimeni would be made under very different cir
from the FIRST, and weud have a diff b
ereRt termination. ! hat, too, like this, was a v
,ank--a Government bank as distinguished from Y
he late bank 10 which 1t was sci up as a rival, [
md was at tho time constantly SO designated IN ?
ebaie. But the circumstances now are HdeeG q
Hfferent-yery different, and would be the re- {
ull of the experiment. This bank would not be Il
he same rickety concerR the former. That ?
nded in snarchy, and this would in despotism il
viii explain. II
The farmer failed moi so much in consequence b
the adverse circumstances of the timeo OF any p
ssental defeat In the system, as from the want e
a hesd--a common sensoriunl--to think, TO C.
,ill, aud decide, for the whole. which WAS indis.
snssby necessary 10 ensure concert aud give IL 1t
iIy Of design and execution. A head viii not b
g wanting now. M. Bidde's bank will supply a
ne defect His would be mol only one of the II
esuming banks, as have shown, but would also u
one Of the twenty five to be selected II there b.
hould be the temerty to omit IT. the present pro q
Z - IL. Il