The North-Carolina standard., 1839-02-20

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peratlonsf Is it not true, that the Banks, with
from eight to ten millions ofslhe public money,
deposited in their vaults met, with prompt de-
nial, every application for payment Is it not
true, that, by boarding and sending ont Of the
country, the precious metals, and refusing TO re-
deem their own notes, they inflicted heavy los
ses and great distress upon the community p
Where then, was respect for the laws, duty to
the Government and to the people, and the so
much vaunted ability to meet ngagements p
Sir, it must be conceded it will not be denied.
that the Banks have proved faithless; and we
should not, and ought not to commit new stew
ardships 10 them ea. aee.ssaf .-es5 g 80
But, Icare not how the failure occurs, it does
not affect the argument :; whether occasioned by
their own improvidence, or by the too great kind
ness of Government, in money aids, 1t is SUI
icient to know, that such failures are always at
tended with almost insuppor;able calamites, and
come they mast, so long we continue the ai-
ance with Banks !; and every fresh one, will bring
new and Increased evils. Nor is it material. to in
quire whether they are safer depositaries than
the officers of Government. The principle, for
which contend, is that the peoples money like
political poacer, should be con6ded to RESPONSE
bic agents, chosen by the people. accountable to
the people, and subjectto punishment for faith
lessness and dishonesty.
There is one consideration connected with
weight. 1t is the seeming participation OF some
of the States in these scenes. We have seer
some of them. legalizing the acts and conduct
of the Banks, by the remission of lorfeitures, by
relief laws, and by placing almost beyond the
reach of note holders, the means of enforcing
payment Many Of them are large stockhold-
ers and share largely in the profits OF Banks.
The Indebtedness of Banks, is their indebted
ness; and at a season of general revulsion and
- isl
10 save themselves; they will not always remem-
Der, that, should they promise to their loss"
they should make their promise good" Sir,
Governments should never lend their sanction
to breaches Of faith, or riOLGti2ns of engage
ments.
Mr. Speaker, have never believed it com
ported with wise policy, for the States to become
money changers and money Dealers to tar the
people, to lend to the people. They should
form no such connections with Banks as Stock
holders and Directors. Their connection should
be aciM the people, not against them. They
should never by any entang ement with Banks,
put it Out of their power to coerce obedience to
the laws, and prompt fulfilment of all their en-
gagemen!s. 1t is of the very essence of Bank
note, that it be paid IN specie whenever present
ed at the counter Of the Bank. Ii is that which
gives 10 it value; it is that, and that nly, which
constitutes it currency; and not the ability Of
the holder to coerce payment, through the tedl-
Gus forms Of the law; and no refinement or So
phisry can 1eason the community out of this O.
pinion. The public mind is awakened to this
subject, the spirit of the people is up, and pub
lie odium can no longer be directed against the
holder of Bank note, by denouncing him. as
Shylock like, claiming his pound of fesh," be-
cause he demands its payment in specie Our
sympathies should be for the people, whose in
terests are committed to guardianship and
4 Nl(o T..
connections with moneyed Institutions, calculat-
ed to seduce them from the path of duty.
What Sir shall we be told of 1.-THE cruelty of
Shylock," and of " a war upon Banks" for de-
manding payment of their notes, according to
the plain letter and meaning of their promises
and the obvious design of their institution o
Not to do so, may be an act OF mercy and Gle
mency, and, under some circumstances, mi ght
be highly commendable. But, they are attr-
butes OF IAN exclusively personal cha racter, whose
can neither be smothered or melted
by Government, and which, thank God are
beyond the control ard above the jurisdiction OF
Government. '..s .t-
will now proceed, said Mr.. E.. to the third
and last specification in the argument of the re-
solution. Which is. the alIedged tendency of
the Independent Treasury, to destroy the cred
IL system. By the ezaetiOn Of specie in the Gov
dues. .. ..
1t is no! meant, presume, that reference is
here made to credit in all its forms and applica-
tions. but in its restricted sense, as applied to
deb.s or promises to pay, whether by banks or
indiUiduals. If this be the signiication intend
ed then the injury complained of, if 1t be one is
inflicted by the Constitution itself; for all debts
or promises to pay, are made or contracted upon
the faith that they will be discharged in gold or
siLuer coin. II is the only money known to our
Constitution and laws, and constitute the only
legitimate basis of such credit The Constitu
ton provides, that "Comgrsss shall hare pOacsr
to coin Nancy, regulate The DGt~e thereof, and of
foreign eoin"-and that "no State shall coin
money, emit bills Of credit male any thing but
gold and sitver coin tender IN payment of
debts" Whence it appears that Congress has
the exclusive control over the coin of the coun-
try, and. that the only Legitimate basis of money
contracts is gold and silver II then this be the
only credit known to our laws in this particular,
it seems paradoxical to contend, that 1t is destroy
ell by the exaction of the very article upon which
ii subsists. much more efectual mode of de-
stroying 1t, humbly conceive, would be afford
ed by the receipt of spurious and worthless pa
per- 1t may be supposed. however. to refer more
particularly to bank credits. Now, sir, have
no hesitation in saying. that if the credit ofthe
hanks cannot be sustained without the aid ofthe