The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1839-11-07
From tie Richmond Wig.

The Charleston Mercury has at last
ioundits level. Apparently long ambitious
to rival the Globe, il has at length succeed
ed, and now stands side by side on the
same pedestal with Blair.
This decent and consistent print, to reach
this long sought elevation, has made no
scruple of recauting most Of its former
opinions. The last number received con-
tains a compliment 10 the "forecaSt Of
General jackson in removing the depos-
ties and adopting the Specie Circular
measures which, at the time, were de-
nouneed with excessive bitterness by this
same journal. The learned Theban, after
making this exhibition of himself, pro-
ceeds -
Oyer-banking, not the removal of the
deposites, caused the last suspension as it
has caused this"
But what caused the " orer-banking 2"
That's the question. We never heard the
suspension aseribed to the mere act of re-
moving the deposites. That act, with the
course Of policy pursued by the Adminis-
tration, in stimulating the Banks to cx.
eessiye issues, and inducing a wild spirit
OF speculation, was the primary cause of,
all the disasters which have afflicted the
country. The history Of the times bears
out the assertion. The following Circu-
lar from the Treasury Department, Is
sued soon after the removal of the de-
posites, by Mr.. fancy, aud re-issued from
time TO time by his successor, Mr.. Wood
bury, throws flood of light upon the sub
iect. Tht check Of National Bank upon
the State institutions was removed by the
Iefo. These institutions were then en-
trusted with the public monies, to the
amount Of millions, upon condition that
they would afford INCREASED FACIL-
tiles to all classes Of the community
: rer-baAkiag necessarily enSued. It,
with all the evils in its train, was predicted
By all the leading Wings in Congress.
Who, under this state Of facts, are answer
able for the /" over banking
Let the following Circular, which was
addressed to all the Pet Banks, respond =
TREAsuRY DEPARTMENT, Jan. 20, 1897.
- ESQ, President, &c.
In selecting your institution as one Of the ifs
cal agents Of the Government not only rely on
its solidty as affordng sufficient guaranty for
the safety of the public money lntrusted to its
keeping. but l coniide also in its disposition to
adopt the most liberal course which Circumstances
will admit towards other institutions. TIE de-
posiie Of the public money mil cnoJle p5u 10 az
ford INCREASED facilities to The commercial
and 0fher classes Of tie community and the de.
parment anticipate from you the adoption of
such course respecting your accommodations
as will prove acceptable TO the people and safe TO
the government. | remain, very respectfully,
your obedIent servant.
LEVI WOODBURY.,
Secretary Of Tie Treasury
We subioin few Wing predictions, that
they may be compared with results. We
fupy from tho AaA y ork Courier:
Tie pressure from the removal Of the depos.
ties, said Nh Adams in his suppressed speech of
what Tories called in dersion the panic session.
is passing away. The prosperity Of great ma
ton cannot long suffer from so trfing an Incl.
dent that. Bur THE WRONG IS DoSE, AND IT'S
c0NsgQuENcEs WILL REMAIN FEsTERISG AND IN.
FLAMING THE BODY or THE COMMUNITY Until THAT
WRONG SHALL ne REPAIRED Your President has
usurped legislative powers he nas laid ms hands
upon your treasure and he is now converting il
10 his own purposes, H. has seized it, and nov
Wiclds il as a weapon Of power to himself, and
an lns'rumeut Of plumber to bis partizlns. Yet
his EHPEKINFNT has but Just commenced; its OBJ
iect is not merely to destroy, but to break the
bank His chosen State banks are to be his de.
positorics and engines to restore metallic cur
rpncy. With what Htuitive sagaclty are the
H.. y d. u.
WOULD LEAD TIE NATION, THEY tRE ALREADY
HuRLlyG 1T ISro UNIVERSAL BAyERuPTcY. HIS
HAND IUsT BE 5-AyEn, on THE NATION IS uNBoNE ~
Tbs was the view entertained ny Mr.. Adams
Of General Jacksents pertinent" What said
Mr. Webster. Under pretence c' design to
return 10 a currency which shall be ALL srEclE,
we are likely to have currency in which there
shall be No SPECIE AT ALL. We are in danger Of
being overwhelmed with tRhEDEEMABLE pAPER--
mere paper representing not gold and silver
no. sir,--representing nothing but broken promi-
ses, bad faith bankrupt corporations, CHEATED
CREDITORS and RUINED PEOPLE"
At that stage Of the experiment when the Fed
erli administration claimed, N express terms, the
right which theg now repudiate, the right Of
regulating the currency" Mr. fancy promised
to expel The exstIng general currency, and TO in
trodace better currency in the bills Of the To-
cal banks.7 his was then put forth as the Oh
leet IN view Of the administration the one great
end Of the experiment, The inevitable result of
this policy WIS foretoIl to the Federal Govern.
rnent. 1.-THE local banks" said Mr.. Binney, in
his minority report ofthe Committee Of Ways and
Means, submitted 90 the House OF Representatives
in March, l-3i,-" wil be constantly ondeavor-
ing, at least IN a great many cases, 10 SEND OUT
THEIR PAPER TO EXCESS, and there cannot be the
regular application of the corrective, that will rs
constantly prevent II. II may be rcpressed in
some instances in an Irregular way, by sound
State Banks; it may also be partially reprcssed
by demands from other States bot the effort 10
do it regularly viii be without laducoment, and
will not be sustained by the requisite ability FIX.
cess will creep upon the country until il is uni.
versaliy diff1sed; and when IN accidental turn Of
tho currency shall turn the excess suddenly back
upon the banks which have issued it, dlshonor
viii come and with It universal alarm and bank.
ruptcy TINS Is 4 HISTORY OF THE PAST, AMI A
LESSON FOR THE FUTURE"
Gigantic Gmbrella.-.An umbrella of
the extraordinary Dimensions of Ga feet in
circumference, gaily frineed, and standing