The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-04-06


practical return 10 the extent required Tor the
rity ofthe currency, 10 the constitutional medium.
As in the instance fthe attack upon the Bank OF
the United States, the approach 10 the State banks
is slow, cautious, and insldious. He reminds
Congress. and the county that ali calculations OF
temporary conyenienea must be set aside and we
must recur 10 first principles; aud that We must
see what IT is that has prevented the legislation OF
Cong ress and the States the subject OF the cur.
rency from satisfying public expectation. lie de-
clares his conviction tina, the want OF success has
proceeded from undue counienance which has
been afforded to the spirit Of monopoly. All tho
serious dangers which our system has yet eneoun.
tered may be traced to the resort to Implied pow
ers, and 10 the use Of corporations We have felt,
ne says, but class OF these dangers in the con-
test with the Bank of the United States, and he
clearly inimaies that the ether class is the State
banks. We are now To sec, he proceeds, whether
in the present favorable condition OF Tho country,
we cannot take an eectua stand sgainst this spir.
i, of monopoly. Reserting 10 his tavorite scheme
OF q Government bank, ne says II Is ascertained
that instead OF being made necessary To promote
the evils of an unchecked Poper system, the man
agemenf Of the rerengs be made auxiliary to
the reform hich he .s DESTROYS 10 introduce. The
designs of President Jackscn against the State
banks are more fully developed aud enlarged upon
J
calls the attention. OF Congress 10 the currency of
the country, alleges that 1t apparent from the
whole context OF the constitution. as well as the
history of the times that ave birth TO A., that II
was the purpose OF the convention 10 establish u
currency consisting of he precious metals; i'm
putes yaria beDess aud ~ habiily To nordIhHte
contraction and expansion 10 the existing paper
systeln, and denounces bank issues, as being an
unctrt standard. lie iclicItates himself upon
The dangers which hayr ben obYiated by The over
throw otihe Bank OF the United States, but declares
thai htrie has been yet done, except 10 produce
saIutary charge of public oplnIon towards testnr.
imp = country this sound currency pForldeG for
in the constitution. / will here say, IN passing,
that ali ,hi, Query about the precious medals god
and the constitutional currency, has been put iorth
10 delude the people. and tic use the precious met
ais as an instrument To bfeaa down tbs banking n-
situations OF the Sta es, and thus TO pave The say
tor the ultimate establishment OF great Govern.
nent bank, / the present advanced state oil civ
iilzaion, in the preseni coadniou oil the commerce
o. The world, aud 10 the actual relations Of trade and
intercourse betNeen the different nations ct The
world 1t is perfectly ehlmef,cal 10 suppose that
the cusfenss OF the Ual,ed Safes should consist
exclusively, principally, oi the precious metals.
la the last annual message OF Genera Jackson,
he speaks Of the extension Of bank credits and the
over issues Of oank paper, ia he operations upan
the sales OF public lands. Ia his message OF oul,
the preceding year. the y-st OF those ssles
had been dss!t upon sith pecaiiaF compiai>ancc,
as illustrating the general prosperity OF the com
Try, and as proof OF the wisdom Of his admlnl.lfs.
ton. But that . hlCh had been announced
as bsssins 10 de rec1led as Calamity. Nov,
his obec' beug To sssall the banking ln~tt uiIons
Of the Safes and to justify that iala Treasury
der, which shall hereafter have occasion to no.
tce, he expresses ms apprehension 0i the danger
TO which we are exposed 0; losing the public do
nam, aud getting nsthing Tor 1t but bisk CREDITS
He describes, muulely the circular process BY
which the notes OF the banks passed out al those
institutions 10 be employed IN the pu.chnss of the
public alds aud returned again 10 them Ia the
form of credits 10 the Government. He t0rgels
that Mr.. Secretary fancy, to reconcile the people
OF The United States TO tire daring measure Of
rHoTl0g the pubiIc deposites. bad stimulated the
bank to The exercise of great hbsrsity Ia t.o
grant Of loans. Tie iniofr 3 US. in that message,
that the safety OF the public fund. ADD The inter.
ests OF the people generally, required that these
coplOus issues of the banks should be checked,
and that the conversion OF the public lands Into
mere bank credits should be arrested. And his
measure to accomplish these objects was that ia
nous Treasury order, already adycrled te. Let
us pause here tor a moment, aud Contemplate tie
circumstances ppdcr which 1t vas issued The
principle oi the order had been proposed and ais.
Cussed in Congress But one Senator, az f5r as
know, IN thls branch OF the Legislature, and not q
solitary member, within my knowledge in the
House Of Representatives, vas 10 favor Of IL. And
yet, 10 about week, after the adluurumeui o
Congress, the principle, which met with no eogo,
ienance from the legislative authority. ~as cmbo
died the form Of Treasury oFter, ard promu
gated under the ExecnIve authority, TO the as
constituent Of the people Of the United States.
IL "e possessed other evidence whatever o.
the hostility o. President Jackson TO the Stat,
Banks Of the United - tes, that order would sup
ply conclusive proof. Bank notes, bank issues
bank credits. were Entrusted and denounced by
him Ii was proclaimed 10 the people that ,hey
we're unworthy Of confidence The Government
could no longer trust In their security And al
} moment when the banking operations we're ex
tended, and stretched 10 Their utmost tension
when they were almost all lettering and ready tc
! fall Tor The want Of that metallic basis on winch
J they all rested, tbc Executive announces hi. dis
trust, issues the Treasury order, and enters tn,
market for specie, b. demand Of an exiraordina
~ amount to supply the means of purchasing the
public lands the sales had continued IN the
same ratio they had been made during The pfegi.
Gus year. that u, al about the rate ol twenty -four
millions per GHngHl, this unprecedented demand
created BY Government for specie must have e I.
hausted the vaults OF most NJ the banks and pro-
daced much sooner the catastrophe which occur.
red IN Nay last. And, what 10 most extraordina.
~, this EAnton demand for specie upon all the
banks OF the commercial capitals, and To the busy
and thickly peoped portions of the country, was
that II might be transported into the wilderness
and, after having been used The purchase Of pub
lie lands, deposited 10 the credit Of Government
Fn The beoks Of western banks. IN some of which
according TO the message there we're already
credits to the Government "greaily beyond the
Immediate means Of paHment.n GnYernmnnl