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

20 tEe enc OF zen. JacEsOBS A0DinlSira
ton, no Administration of this country had
turned lis back upon this power and now
proceed TO show, by extracts from Mr. Van
Buren's letter 10 Sherrod w Williams, 10 hich,
since he has largely referred To it lately,
there can be no untiIness IN my referring,
that be, too, admitted the obligation o. sup.
plying uniform currency and convenient
medium of exchange, which he thinks can
be effected BY the State Banks:
" Sincer,!y believing for the reasons which
have just been stated, that the public funds may
be safely and conveniently transmitted from
one portion Of the Union to another that do
nestle exchange can be as successfully and as
cheaply effected, and the currency rendered at
least as sound under the existing system, as those
objects could be accomplished by means of Ma.
I tlonal Bank, | would not seek remedy for the
evils 10 which you allude, should they unfor,u.
nltely occur through such medium, even if the
constitutional objections were not il the way"
Il August 2, 1886.
He denies not The duty Of experimenting
the currency, but thinks the deposIte banks
Of the States under the control Of Congress,
can effect The purpose. This letter was
written when Mr.. Van Buren, was a cand
date for the Presidency.
Two mouths only after Gen. Jackson had
retired, and when his vigorous hand vas no
longer there TO uphold II, the league of State
Banks fell and cr1mbled into alo,ns and
when Mr.. Van Buren, had been only Two
months President, he convoked a special
session Of Congress for The ensuing Septem.
Der. The couLtry was in vide spread con.
fusion paralyzad in lis commercials
currency utterly deranged. What was to
be done What would Mr.. Vac Buren,
recommend lie could not go back to the
Bank Of lie Uaited States, for he had com
United himself against lis constlulionallty
nor could he, with any great prospect Of sue
cess, undertake. TO re construct the league
Of Deposile Banks for it had recently fail
ed, and tue country had lost confidence in it.
What, then, was to be dune He could
go neither backward nor forward. What
did be do ! | mean not to speak disrespect
fully, but | say, he--escdped Afraid to
touch the United States Bank, he folded up
his arms aud said,-ihe Government. has
nothing to do with providing currency
for the people. That | may do him no
wrong, will read his own language. HIS
predecessors had all sad, We UiH not turn
our backs upon the duty Of Government TO
provide uniform currency--hts language
is, we toiH turn our backs on this question,
lie proposes nothing for the relief Of com.
merce, or the regulation of exchanges, but
simply the means Of getting money into the
Treasury without loss
From Nr. Fan Bareas fret Message
at is not the province Of Government to aid in
dgiduals in the transfer Of their funds, oherw Use
than t:cugh The facilities of the Post Ohicc De.
psrtment. As Justly might it be called on TO pro
vide for the transportation Of their merchandise
al, therefore, refrain from suggesting to Con.
gress any specific plan for regulating the oxehan.
ges or the eurreney-reliegiug mercantile embar.
rassments---or interfering with the ordinary ope.
rations OF foreign or domestic commerce. il is from
a conviction that such are not within the constilu.
tional province Of the General Government, and
that their adoption would not promote the real
and permanent welfare Of those they nigh, be
designed to aid
put it to you, my'irends, if this is
statesman's argument. You can transport
your merchandise yourselves, you can
make your own wagons; but can you make
a currency Can you say what shall be
money and what shall not be money--and
determine its value hsre and elsewhere =
Why il would be as reasonable 10 say, the
people could make war for themselves and
peace for themselves, as 10 say they may
exercise this other, not less exclusive attri
butte of sovereignty, Of making a currency
for themselves, He insists that Congress
has no power to regulate currency or ex.
changes.-none TO mitigate the embarrass-
ments of the eountry-none to relieve its
PROSTATE industry even if the power
did exist, il would be unwise, iu his opinion
to exercise 1t.
These are the doctrines of the Presidents
first message, and have no opinion of il
now, that | did moi then entertain. de.
sire not TO appear wise after the event.
am not prophet, nor the son of prophet,
and yet declare that when heard the de.
clarations of this message, and reflected on
lis Consequences, saw, or thought saw,
all OF sufotug, loss aad evil that is now bo,
fore US.
Let US compare this declaration with that
one now numbered with the mighty dead
Of one, who has left behind reputation ex.
celled by that of no other man, as under.
standing thoroughly the Constitutional
one born and Graded with ii, taking part in
IFS inception, and closing his public career
by administering its highest oiiice--l need
no, name james Madison.
10 his message to Congress in December,
lSl5-when the war had closed, and the
country was laboring under the disordered
currency of lha, period, the President thus
spoke:
alt is essential TO every modification Of the f. /
nances, that the benefits of a uniform National /
should be restored to the community
The absence of the precious metals viii, it is be-
lieved, be temporary evil but uatl they can /
again be rendered The gcaerdl medium Of sr- |
change, il depolees on the piSdom Of Congress to /
prouids substitute, rhich shall equally engage /
Tie confidence and accommodate the traats Of the
rititeRs throughout the Union. If the opera
finn of the State RgHks cannot produce this re-