The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-10-08


aud 10 the cotempora 1eous expressions Of
public opinion on The leading measures Of
that day, for proof, that while one object
Of incorporating National Bank, was that
It might occasionally make loans 10 Govern
! ment, and take charge Of the disbursement
Of It's revenues, another object, quite as
prominent and important, was to furnish a
circuailou--a pnpnr circulation, founded
on our national resources, that should be
current all over the country. Gen. Wash
lngton had tho sagacIty TO see, what indeed
minds less sagacious than his could not fail
to perceive, that the confidence reposed in
The United Slates under the Constitution,
and IN George Washington as the head of
u, would impau 10 whatever came from
Congress more authority and value than to
any thing emanaiing from any single State.
The assumption by Congress of the State
debts illustrates this remark, Tor the mo
ment the United States became bound for
ihnse debts and proceeded 10 fund them,
they rose enormously and rapidly III value.
General Washington and bis advisers
saw that mixed currency, If The pepper had
the mark Of the Union, and bore 90 it the
spread eaglc-would command universal
confidence throughout the cuUutry and The
result proved the wisdom Of their foresight.
From the Incorporation Of the first Bank to
the expiration Of rs charter, embracing a
period Of great commercial and political
vlcIsslujes, the currency Of that Bank was
never objected tot, indeed, surpassed the
hopes and equalled the desires Of every
body. The charter expired in lSll-how
or why, or from what state Of parties, il is
moi my purpose TO discuss but the char
ter expired in 1871. War with England
was declared III June, 1912. immediately
upon the declaration Of war, all the Banks
south Of New England, stopped payment,
and those Of New England ceased to issue
notes, and thus, 10 fact, The specie paying
there amounted 10 lt,e or nothing. Attic
close Of the sar, tie condition Of the cur.
rency, which had become very much de-
ranged, not improving, Mr.. Madison pre-.
senied the subject To Congress. 10 his
messages, both IN 1914 aud 1916, he dwell
earnestly on The subject, and in the latter
year the second Bank Of the United States
was incorporated, ADD went at once into
operation. Al lis outset, owing possibly to
mIsmanagement-.p perhaps uuavoidably-
the Bauk met with heavy losses-bui il
fulfilled lis functions in providing curren.
cy for the whole country, and neither du
rlng the eight years Of President Monroe's
Administration, nor the four years Of
President Adams, were any complaints ON
that score hcard. And nov deslie 10
call attention 10 particular fact. There
sere several candidates for the Presidency
10 succeed MIR. Monroe, Gen. jackson. Mr..
Adams, Mr.. Crowlord and Mr.. Clay. None
of,hem received sufficient number OF votes
from the electors TO be chosen President.
General Jackson received the largest nun
bef Of any--aut the House Of Representa-.
lives chose J. q, Adams President. From
that moment fierce opposition was CON.
menced against MIR. Adams administration.
| DO not propose TO discuss The character
or conduc, Of this opposition. The fact of
It's existence Is all that have TO do with
now, aud that from the Inauguration, in
March, 1875, 10 March, 1929, an oppos
ion, distinguished for its remarkable ablli
", perseverance,, aud Ultimate success, was
carried on uader the name and 1ae Of Gen
oral Jackson.
All other candidates had disappeared
General Jackson vas the sole opponent
and four years Of active, angry political
controversy ensued--during which every
topic Of complaint TINT could be dragged IN
10 the vortex was dragged in; and yet
l beg Yeciai attention TO this fact-not
once during this four years controversy did
General Jackson hi1sseIt-nor any press
10 his inIcrest-uor any Of his friends in
Congress or eIsew here, raise a single voice
agalns, the condition of the currency, or
propose any change therein. OF the hun
dreds here, possibly, who supported jack
son, no, one dreamed that he was elected
TO put down established institutions and
overthrow the currency OF the county
Who, among all those that in The honest
convictions Of their hearts, cried Hurrah
Tor Jackson believed, or expected, or de
sired that he would Interfere with the Bank
Of the United States, OF destroy the circu
laling medium of the country. | stand
hero upon the fact. and defy contradiction
from any quarter--,hat there was no com /
PLAIN, then any where, Of the Bank
There never was, before, country Of equal
extent, whcro exchanges and circulation
we're carried on so choaply, so conveniently
and so securely. General jackson was in
augurated in March, S29, and pronounced
M address upon that occasion, which |
heard, as did lhe oath he took to support T
tho Constitution. In that address were
enumerated various objects, requiring as he
said, Reiorm-hut among them was mol
the Bank of the UGiled S,a,es--nor the
currency. This was in March, 1929. In
December, 1929, General Jackson came
out with the declaration (thau which none
have ever heard, surprised me more) that
the consliIunonahty of the Bank Of the Uni
ted States might well be questioned" and
tina, il had failed TO furnish convenient
aud uniform currency TO the country.
Iba, nrodured tins chanue nf y,evs l.