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


GOuernment use their paper. Its circulation is
purely conVentional and must and should de-
pend upon the ability of the Banks themselves
And it surely cannot be asking too much to al
low the Government to be placed upon equal
footing with individuals, in order that it may
guard against loss and emba rrassment to itself
and TO the public. .-
II the credit of the Banks be impaired and
their currency debased, the fault is with their
own officers, whose improvidence and inordi-
nate love of gain caused the mischief How
blame the Government 1t cannot control their
issues nor is it any part of its duty 10 sup
ply them with means. 1t performs its whole
duty TO them when it abstains from all interfer-
ence in their concerns What privileges they
shall enjoy, what connections form, and W hat
responsibilities assume, are questions exclusively
within the cognizance of the States. ~
The truth is, sir. the Banks and their advo-
Gates do net SO much complain of a vioLation of
rights by the exaction of specie, as on account
of its interference with the great end and object
of their association-high profts and the Gccu-
mutation Of ceoLh They know and feel. that
it checks redundant issues ubiects their solven-
cy to frequent tests, and exposes them often to
public scrutiny in fine that it serves, by repeti-
ton, as so many "reminiscences to them Of duty
to Government, and TO the people Yes, sir, the
Banks wonld be oftener reminded Cf their pro-
mises TO pay, and specie currency, commensu-
rate with the wants of the General Government,
would be supplied to the country, and cores
pondent amount Of Bank notes driven from cir
culation
And this is the operation, said Mr. E., from
which are to flow such direfu effects The
employment of some ten or twelve millions of
specie in payments to Government sum- ac-
cording to the best computations, ample for such
purposes, is to be productive of disaster and al
most ruin to the credit system Where, asked
MIR. E., was all this concern some few years
ago. when the whole amount of the precious me-
tails in the country did not exceed twenty five or
thirty millions; and all the channels OF circula-
ton were glutted with the paper of Banks p
We heard nothing then Of the fears and sympathies
of gentlemen The cry was, all were safe, eve
ry interest was soundly protected, and we were
greeted from every quarter, with telicitaions up
on the prosperous and fourishing condition of
the country. WE'LL then, if business, trade, the
currency, and credit, were so prosperous with
specie capital of only about twenty five or thirty
millions; surely, gentlemen cannot be serious
when they say that the abstraction of the small
sum of about ten millions from the use Of the
BankS-yes, sir, the use of the Banks, for that is
the true grevance-which is constantly flowing
back through the channels of public expenditure
lis to be attended with such peruicious effects,
now that there are near one hundred millions of
the precious metals amongst US. Why, sir. If
an amount OF specie equal to the whole amount
Of the revenues ofthe United States-tWenty mil
lions, or thereabcuts-was Instantly anrihIateG,
there would be left more than eighty millions
still in the country; state of things presenting
a most favorable contrast with the period which
has received, in such unmeasured strains, the
high wrought eulogleS OF IA certain party.
With these things before us-wilh the present
hostility to The specie feature of the Independent
Treasury in view, we cannot but be astonished,
when we recollect that by the 3rd section of the
Act of 1888, known as the compromise Ack, all
duties are required to be collected, after 1872 in
ready money, and that not murmur has been
raised against it; not complaint heard against
its authors. How this policy should have found
such favor at that time, and be now regarded
as the source of so much mischief, l cannot
account One conclusion, however,
seems warranted by the circumstance of its ap-
proval then, it cannot he so pregnant Of evil or
some sagacious polictican or misguided parLizan
would have discovered it. ...- ..
There is one objection, Sir, to the Lndepend-
ent Treasury. with which the whole country is
familiar. 1t has been rung in our ears with
almost deafening effect; which is. that it would
furnish " one money for the Government, anoth
er for the people. The good for the Govern
ment. the inferior for the people," If base asser
tion, if the use of catch phrases and high sound
ing epithets, constituted argument, then it would
be easy TO establish any thing, by stringing
words together; words are the counters of wise
men, and the money of fools )" and those who
urge this proposition might hope to maintain it.
But it is contradicted, by the fact, and condemn
ed by the reason of the case. According to our
theory, the Government can have no separate or
exclusive interests All it has is the Peoples;
its po1cers are the peoples; its property the peo-
Piles, it belongs itself to the people, is a mere
creature Of theirs, and managed and controlled
by them. This should be so. and ever will, so
long as the principle of election and representa-
tion exists in its essence and purity for just so
long, and no longer. will that identity between
the Government and the People, essential to the
healhful action of the one, and the aoet being
and safety of the other. continue and be known
and felt in all its saIutary influences. The Peo-
pie understand too well their own rights and
are too sensible of their powers and means of
protecting them. to. permit The Government to
set up for i:self, to- possess separate and exclu-
sive interests. and to claim supremacy which
the Constitution and laws forbid We are yet
too young as a nation, the dominion of virtue
and intelligence too undisputed, to apprehead
corruption. like this. etry ~ .aes.s .ssta
Those who urge this objection, forget that it
comedies there are degrees of value between the