The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-01-09


has been voluntarily made in
specie, being a larger proportion than
would have been required IN three years
under the graduation proposed.
Ii is moreover a principle than which
none is better settled by experience, that
the supply of the precious metals will al
WAYS be found adequate to the uses for
which they are required. They abound
in countries where no other currency is
allowed In our own States, where small
notes are excluded, gold and silver supply
their place. When driven TO their hiding
places BY bank suspensions, q little firm
ness in the community soon restores them
in a sufficient quantity for ordinary pur-
poses. Postage and other public dues have
been collected in coin, without serious IN
convenience, even in States where depre-
ciated paper currency has existed for years,
and this, with the aid of Treasury notes
for part of the time, was done without
interruption during the suspension Of 1887.
At the present moment, the receipts and
disbursements Of the Government are made
in legal currency in the largest portion of
the union-no one suggests departure
from this rule; and if 1t can now be sue
cesslullv carried out, it will be surely at
tended with even less difficulty when bank
notes are again redeemed in specie.
Indeed | cannot think that a serious OBJ
lection would any where be raised to the
receipt and payment of gold and silver IN
all public transactions, were il not from
an apprehension that surplus in the
Treasury might withdraw a large portion
of it from circulation, and lock It up I'M
proGtably in the public vaults. 1t would
not, in my opinion, be difficult 10 prevent
such an Inconvenience from occurring !;
bat the authentic statements which have
already submitted TO You III regard to the
actual amount in the public Treasury at
any one time during the period embraced
in them, and the hulc probability Of diff
ferent state of the Treasury for at least
some years 10 come, seem to render IT IN
necessary to dwell upon il. Congress,
moreover, as | have before observed, will
in every year have an opportunity 10 guard
against il, should the occurrence Of any
circumstances lead MS to apprehcnd injury
from this source. Viewing the subject IN
all its aspects, | cannot believe that any
period will be more suspicious than the
present for the adoption Of all measures
necessary to maintain the sanctity Of our
own engagements, and to aid IN securing
/ to the community that abundant supply OF
the precious metals which adds so much
to their prosperity, and gives such ncreas-
ed stability to all their dealings.
In a country so commercial as ours,
banks in some form viii probably always
exist but this serves only to render II the
more incumbent on Us, notwithstanding
the discouragements Of the past, 10 s.riyt
in our respective stations to mitigate tho
evils they produce; to take from them as
rapidly as the obligations of public faith
and a careful consideration of the immedi
+ ate interests of the community will permit
+ the unjust character of monopolies IL
check so far as may be practicable by
prudent legislation, those temptations o.
interest and those opportunities for theil
dangerous indulgence, which beset then
on every side, and to coAtine them strictly
to the performance Of their paramount du
ty, that Of aiding the operations Of com
m?rce, rather than consulting their Owl
exclusive advantage. These and othe
salutary reforms may, il is believed, be &C
complshcd without the violation OF any q
the great principles Of the social compact
the observance OF which is indispensable
to its existence, or interfering in any wa
with the useful and profitable employment
Of real capital.
/ Institutions so framed have existed am
still exist elsewhere, giving to commerce.
r intercourse all necessary facilities, withol
, initiating or depreclating the currency, q
stimulating speculation. Thus accomplish
. ing their legitimate ends, ihey have game
the surest guarantee for their protcctlo
and encouragement III the good viii Of tn
; community. Among a people 50 Just a
: ours the same results could not fad to a
: tend a similar course. The direct super
e vision Of the banks belongs, from the nj
. ture Of our Government, to the States VIII
! authorize them. Ii IS to their Lcgisla
0 lures that the people must mainly look 70
/ action on that subject. But as the col
/, duct Of the Federal Government in tn
, management Of its revenue mas also pow
erlui, though less immediate influence VI
on them, It becomes our duty to see tia
a proper direction Is given to it. Whtl
the keeping Of the public revenue in
: separate aud Independent Treasury, an
Of collecting il in gold and silver, will hav
I a salutary influence on the system Of pa
! per credit with which all banks are COZ
ncctcd, and thus aid those that are SCUM
/ and well managed, it viii at the same tim
, scusibly check such as are otherwise, b
!, at once Withholding the means Of cxtrayr
= aauce afforded BY the public funds, an
+. restraining them from excessive issues
5 notes which they would be constantly cal
G ed upon TO redeem.
IA | am aware il has been urged that th
i control may be- best attained aud cXcrtc
q. l.. ,,.,,.,.. e - Natt,,.I n5.rL Tho g1i