The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-12-07

Thus fos,ered, sustained, and pa,ronizrd /.
by the general government and guarded by /
tie supervisory power Of the States which I
guarantee their fidelity, these institutions.
1 have no doubt, would afford as near
uniformity Of currency and OF exchanges
es nv any possibility can be arrived at.
Under such high sanctions, too, capitalists /
would be induced 10 invest their funds 10
such stocks With alactIiy aud confidence
and the notes OF these institutions, from the
cred,, reflected on them, would circulate so
freely and extensively as 10 enable them 10
supply the amount necessary for all the 10.
s,t,mate uses Of the country.
An increase OF banking capital 10 our
own State Is certainly necessary Ia meet
the wants u industry, aud TO perfect the
works Of Improvement already commenced,
TO saw nothing Of other works equally nc.
ceSsary to he R,ade. But, unless some ar.
ransement can be effected Ia convert the
unnatural hostility al the general govern
men, into favor TO tho state blnktng lnsiiiu
tious, YOU nay charter banks, bu, capital
,s,s will not be induced 10 hazard their
:
as some of the States have done, IN order
/ 70 furnish capital Tor their banks, " IDLE.
/ II the sub Treasury - established, Bauk
notes instantly become discredtisd, ar their
/ sphere III usefulness is made 80 limited, that
/ they Will tnd I, hazardous, II nt lmPrae.
l,csble. to lCsn out more than their capitals,
and their profits will be- insufficient 10 sas
laln them. The Suggestions ! hase made
10 you are the results at an anaiuus relic
non upon an intricate and ali important sub
leci, and II aiiofds The oaiy probable outlet
Ah,ch has occurred TO me ui exirIca,ion
from our financial difficulties. ! have Of.
tempted nnihng more than general out
line Of tie plan iis "details. should you
deem !, worthy Your consideration, esn be
arranged at Your convenience.
The SUBJECT Is ~ important. that must
crave = s-r@ moments Indulgence IN max.
ing further brief illustration Of u.
have said that the intercourse between
the banks and general goyefnmcut must b.
regulated by law. There must br M ena
,roNns o, discretionary power IN the osii
ccls Of either government. No have al,
rcsdy sren our tnsl!suiions scGucrd INTO
measures f"r Inch iusy acre subsequently,
condrmnsd bs the authors Of thoT errors.
The Stat al have. tins State AZ ieasi has,
a deep pscuntary stake 10 tao Of hrf tabka,
and set higher interest N all, ~ TIC char
t Fcirr They sustain, add ~ the iarihtsss tbrN
sil,rd the farmer IN srIlug, and the n.er
! chant "a purchasing c0mmodiiirs and se
must mol aiow ,hcm to becomo thc sport
) or toe victim Of any poser. They bold
. their rights uudrr the same sacfcd guatan
+, tee ~ which our and. and ether property
| $ he'd ard any iuyaslon u lhcu should Is
promptly and Indignantly resisted. They
must not 10 made the tools ut party, 90 The
vctrus d deuagogucs aud hence Would
lNs their Intercourse ath tic government
strictly regulated by statute
have hunted the capitals II ,.ics2 bant
I at tot less ihaa tao, nor moro than ten
millions al dollars. M State or Territory
2 NiI require less than the minimum, and
. l~w should exceed the maximum amooat.
? The cne Is large enough 10 cosurc fespec
/ liability and usciuncss the ether could No.,
; EXERT such poser by contraction or eApan.
SION Of ITS discounts as scriuusiy TO affect
= the business II the country. or tho value 81
! property and, guarded and restricted, a.
have proposed, there could b. no danger Ia
. liberty or the Iufoa.
: The responsibility of the States il pro.
! posed, "a order to ati0rd tho mos; unques.
z toned security to the deposi;ofs aud neio
!, holders, aud TO remove oil dis,rusi from the
general government, that IT may embrace
i tho proposition NJ once, aud soi ihs dts.
c tracing question forever IL rest. The
4 States would incur co hazard IN their guar.
!, antics, as 40 bank Of respectable szo has
n ever failed 10 pay deposi,es and ,ssues. how.
Z ever their stockholders may have Jared
: Bu, the State IS TO retain tho supervising
power, and may 50 control i, as 10 make
+ her security as perfect as she desires.
In cases Of emergency, we have seen set.
: eral Of The States promptly coming forward
Q (as they should do when any important ~.
g iercst is nvolved,) 10 the relief Of thcsr
banks BY ihs loan d their credit aud funds.
!. Prevention, however, Is better than sure
Q aud the plan proposed vll, | think, obwale
Il the catastrophe
u The guaranty having besa gwen, the Is.
!. sung OF the stock merely points out ,Ae
u mode Of settlement, IN case az failure nnd
J, after all, II - but inancsal arrangement
d giving time 10 the banks 10 sind up their
affairs, # necessary, and protecting the PEG.
J, pie from rapid and rnInous pressure IN the
u collection OF their debts.
!, The large sze of these Institutions. and
9 tho enhanced value &c their lssuns. would
}. soon drive out Of circulation the notes al