The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-10-01

uch haryesl for iejela Jticers, creditors
and capitalists while it will embarrass tax
payers, impoverish laborers, and rum deb. !
tors. Il will fill the pockets Of the frs,
class, and empty the pockets OF the last, by
meking il double as hard TO pay money, or
taking trice as much labor or properly 10
pay the debt.
II is alleged, in Justification of this bill
of divorce, that large number OF the banks
are parahzed, and have suspended specie
That is a violation OF their
charter, and serious injury TO the credit
and character of their paper therefore, l
censure and condemn any act Of theirs
which depreciGfeS their notes btlop specie
par ralue. Before We grant this divorce,
let US hear the evidence, aud inquire into
the true cause Of the banks stopping specie
payments; and apprehend the Adminisira
ton will be found equally censurable and
responsible TO the country for all consequen.
ces. | vii! prove this from public docu.
ments, tout Of thine own mouth will con.
denim thee"
In 1888, soon after lbe State banks were
selected and appointed fiscal agents, Nc.
Taney, then Secretary of the Treasury,
gave the following instructions to banks:
\" The deposites Of The public money triil en-.
able you to afford increased facilities TO
commerce and TO ertend your Gccommodd.
tons TO individuals !" he adds, he dntict.
pdtes the adoption OF such a course respect.
ing accommodation as will prove acceptable
to the people and safe 10 the Government.
The financial officer instructed The banks TO
lean out The pubic money, "to increase the
facilities to commerce, and to extend your
accommodation 10 individuals" The banks
did just exactly what they we're commanded
by authority to do they loaned the public
money Literally and broad cast among the
people. The Secretary of the Treasury,
under the eye and advice of the President
issued an order that the public money should
be loaned out. Lenders are sometimes
scarce, but borrowers are always plenty
Well, there was about forty millions OF
public money advertised aud offered to be
hired. Yes, SIR, this hard money loirng
Administration was then out IN open mat.
ket, Offering to loan the people forty millions
If soft bank paper notes ~ Now, ask,
sbat were the necessary aud natural con.
sequences Of that liberal loanng policy =
The answer is PLAIN and easy; orer bank.
ing, orer. issuing, oper. lending, orer borrow
ing, Ouer.tIadlng, Misrepresentation. Money
was SO plenty thai many got orer and ADORE
their business they quit work, and tried to
live BY borrowing. We had food Of pa.
per curTency-the streams and channels Of
trade and commerce {having so much pub.
nc money! broke Deer the 6daks. u ex.
cesses are huriful-e,en tho rain which
decends from Heaven, if it comes 10 great
foods will often postrate our crops and in.
Jure cur land. Now, you perceive, the Ad.
myu.stIatlou IN 1888 directed the deposite
banks 10 loan literally the pubic money,
and thereby used AMI contributed their
power and influence TO swell and food the
whole couutTy with spurious bank paper
money. la 1896, the Executive 10 pub,
lie message congratulated Congress aud
the country, "that the State banks were
e.rceiient fiscal agents 10 the Government,
they having dls5ursed the enormous sum Of
fifty nine millions Of dollars Of public mo,
ney." Beside this, the President adds, " a
humber Of the deposlte banks have, with
commsnddbls zeal to aid 10 the improve.
menl o. the currency, imported from abroad
al their own expenses large sums of the
/ precious metals for coinage and circulation.
! Wei, these State banks, when fdvories
not only issued their notes on the large sum
Of public money 10 their custody, as they
were instructed, but they sent 10 foreign
countries 10 boTroi0 large sums Of specie ia
bank on, and issued their notes TO debtors on
that borrowed capital also and for this
they we're told b. the Executive, well done,
good and faithful servants, you have acted
with commendsb.e zeal 10 improve the cur
rency. | have now sdduced proof positive,
rom the highest authority, lha, the Admin
IstrsiIon advised and approved Of The banks
!oaulng The public money literally among
the people. adult distinctly the banks
did wrong. They should have resisted and
refused 10 loan more than their debtors
could safely relurn, so as TO be able Of nil
times 10 redeem their notes with specie
but they yielded to the advice aud influence
Of the Administration, the largest depositer
and creditor interested 10 those institutions.
Now IN the day Of their trial and irbula,ion,
they are upbralded and abused, loud and
long, BY these very persons who advised
and approved the oct before il was dome
Such conduct resembles that Of an artiul
man who acquires Influence over female
and seduces her, and then to hide his own
shame, denouaces and ifaduces her whom
he betrayed. The seducer should never BE-
the traducer. The banks and the Adimqis
trdtioH haze been t,riu SINNERS. The banks
wanted to make large profits out Of their
agency, and the Administration wanted 10
make general Popu'arity out Of their eH
cesslye liberaliy When both porllrs are
guilty, there is no just cause Of divorce,
and this bill ought 10 be dismissed and fe.
Iected.
Mr.. Speaker, il sff1rds me no pleasure to
advert TO The unfortunate experiments OF the
.