The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-02-13

tarN tells us, all tue uaiauces III NlIs DC
failhlessness and fraud, commend me TO
| talthlessness aud fraud for the balance OF
nv life. have shown that indulgence 10
| the banks and the merchants was not the
cause of the issue Of these Treasury notes
AM issue Of a Government currency which,
have heretofore shown IN an argument
which no one has attempted 10 answer, was
a gross and dangerous violation Of the Con
sltuiion. The second statement is equally
untrue, that the whole of the Treasury
notes would have been extlnguished It the
! Treasury could have realized the sums due
4 from bonds. The amount due from banks
4 is less than two millions; the amount Of
/ Treasury notes outstanding is two millions
and three. fourhs, besides interest. he
! last ns.ameni from the nited States Bank
| Is not due until mex, September. The third
and last, and much the most important, IS,
j that the resources Of the Government for
the next year will be adequate to its wants,
without any increased burdens of loans or
taxes. We were told the same thing III
+ the last annual message, almost III the same
words. saId then that II vas not true
" bat was The RESULT Why, sir, new
issue Of Treasury notes. So twill be now.
The President may not have known that
i this statement was incorrect, bot am very
sure that no man on this floor who Tegarta
F., his character Will venture 10 endorse thus
opnlun. Why, sir, every body knows that
/ II IS not true. The Secretary oil the tfea
sury very well knows II. Although he
does not directly ask for law 10 authorize
the issue OF ten millions more Of Treasury
notes, a whole column, aud separate sub
division Of his report, IS devoted 10 proving
the necessity Of providing some fund TO
meet contingent deficiency. What fund
does he mean Why Treasury notes and
nothing else the expcdlent of the spend.
thrift Who has wasted his patrlmony TO give
his note. The President tells Us that the
resources OF the Government will be ade.
quaie 10 lis wants. | tell YOU they will
not. The Presiden, has much better OPP
portunlles OF judging than have, and Is
under tue same obligations 10 disclose the
truth TO the country. Now, SIR, mark The
/ result, aud see who is right. Before SIN
months we shall be asked 10 issue ten mil
lions al least OF Treasury notes, or to make
loan in some other form. Why is the
truth not now tolds US : For % other rea.
son than the shame OF the aYowal, on the
part Oi the President, that, coming into
power 10 lime OF profound peace and gen.
eral prosperity, with Treasury overflow.
lng, be has 10 three years expended thirty
millions over and above the accfuIng reNe.
nue., aud caused an almost universal RUN
and Insolvency 10 the land. There was,
when tie President entered on the duties oi
bis Office, anne millions Which vas TO b.
deposited with the States, five millions OF
surplus besides, aud upwards Of five millions
due and winch has been paid BY the Bank
Of the United States, aud there IS now near
three millions Of Treasury notes oulsiand.
ing, making twenty three millions, 10 which
add at least ten millions for the present
year, and We have 10 three years 81 this
economical Jeliersonian Administrator az
excess Of expenditure over income OF thirty
three millions. As TO the future, look to
1t with absolute dismay no eye can pene
trlte the gloom Of that future. We must
pay to England alone next year, for excess
OF imports oyer exports and interest on
State debts, not less than sixty millions, -
! he same produce cannot pay lhls debt aud
also pay for goods from winch revenue IS
TO be derived and when our produce fails,
The debt eau only be paiI 10 specie aud the
specie viii be exported By Laws Of CON.
mcrce, as fixed and certain asdesliny Itself.
So certain, sir, an | Of these results, that
all other feelings are forgotten 10 sympa
thy wah the satierlugs oi the country aud
il had an enemy among tie authors oil
this measure, would desire for hlm no
other punlshMcn! than which awaits him
10 the wrath and Indignation Of au abused
and deceived people. Thai day is cotaug,
aad IS not far distant, and shall have no
other, If desire no other, consolation than
to be able to say 10 those who have coutI
ed lhcir interests to me, that | have done
ali that could to avert these cdlamIligs.
see no human power nov to avert The
impending distress. This debt must Dc
paid either with our productions then
We cannot make our lnporlatoas, and, OF
consequence, the demand for our cotton Is
cut off, aud the article not only falls siIiI
lover 10 prlce, but cannot be sold at all
Or else this debt must be paid IN specie, aud
that, in the present condition Of the couu.
try, Will be rum at once not 10 the banks,
but 10 the People. 1.-THE banks are forced
to pay, The People, their debtors, must pay
them. The banks owe the People one
hundred aud fifty millions, the People owe
them five hundred millions, Ga hon vail
the bolt fall most heavily 1t viii be a
golden harvest for shayers aud usurers-
they will talten and grow rich upon the
suffering aud distress Of the community
They, aud they only, will be benefited -
And, if | am not mistaken, It IS this class,
together with those who either owe no mo
ney, or if they DO, are beyond the reach Of
the law, and have no sympathy with those
who do owe, who are tile loudest advocates