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


are denounced as the sources Of all our iron.
bles. Now, what does he mean by credit
currency Nothing. He can mean moth,
ing but Bank notes over and above the spe.
Gle IN hand, dollar for dollar, and guide,
for guilder." Here, sir, is distinct ayow.
oil of purpose to bring the country to an
exclusively metallic currency. No one will
say that there is any practical difference
between metallic currency and paper
currency representing gold and silver, dol.
lar for dollar. Ii there is, in other words
fifty millions Of specie 10 the country, va
are to have only fifty millions Of paper is.
sued, and that not to be added to the specie
but the specie TO be Withdrawn and locked
up, and the paper only TO circulate. So
| that, as 10 The amount Of currency, no one
will pretend that We shall have any more
than II that currency were IN gold and sill.
yer only Is the country prepared for that
But, sir, is Bank paper beyond the specie
/ IN the vaults any more a credit currency
than that where there IS specie, dollar for
( dollar? Not whit aud none but very
shallow thinkers, or those who know better,
have said so. Is there no basis Of credit
bu, gold and silver Is nothing else Of uny
real value Is there no other property in the
land Is not the note Of John Jacob As,or
for $1,000 good, and So regarded, although Il
NAV be known that he has not $50 IN spe.
Gle? |. tine that this absurd slang abou,
specie should be exposed. Specie is 90,
only not the sole foundation OF the credit Of
Back papef--it Is not even the principal
foundation, bu, The property Of the debtors
of The Banks, aud the stock itself is lie
chef foundation Of that credit. Is 1t 10,
80, as 10 Tie credit Of indIyidualsl Is credit
given, because Of known amount Of specie
held by the debtor Clearly not, for in that
case he would need no credit, but would use
his specie. No, sir ! repeet, II is property
TO which credit ~ glyen--lhat property 81
Which gold aud silver is the mere yard stuck.
l. TINS not tuucl After The Banks had
suspended, uud 1t VAS kGown that they had
no specie, have We not only seen their notes
passing, but passing at lur for every thiug
else but specie And as TO that, il is 10,
NaN 4a'' "a +AtN fht%N ~ AtlN HOkS, bNt TIC firt
n the market value Of the specie. Yes.
SIR, when 10 that condition, every one Is
wiling to exchange the very best individul.
notes, dmwing interest, for those Bank
notes drawing none. Why IS this, If spcce
IS the sole basis Of their credit 10 not
intend 10 be misunderstood. um no hpol
oclsi Of the Banking system, still less d 10
excuses and vices. | 20 further; knoa
that reforms, vital and radical, are required
and believe that, II these reforms are ID,
ainde, the system will be run down. | on
nc opolossl for Bank suspensions; | th,ns
The las, one without e1ruse. Specie Is re-
cessay Il IS the only measure by Rhl,h
we are to know when Bank issues are el.
eesslve bat 10 bting the country, 10 is
present coalition, and with the paper sys
tenn now prevailing almost throughout the
world, TO metallic cuuency, is project ab-
surd aud impossible.
! lafnlie as haze been the losses, the SUI.
\ lennga, and die misery, which have alrcsdy
resulted from ihis fatal experiment, We have
not yet seen the worst. There - no State
10 the Cniou tha, would not Instant, crusa
the experiment aud The expcnmencrs, ii
they were called 90 to pay direct laNes 10
specie. j. this denied /. Hlsto act BIO.
officially on the Banks By creating prle.
tcal dram Tor specie, that Is reason equal.
y cogent iot demanding State taxes IN spe.
Gle. Why has no one ever had tho bod.
ness TO propose this N any State I.eg,sa.
lgfct Why, sir, because those taxes are
COLLECTED directly, and the people Woua
not bear It; and, yet, We sec onll tariff msu
by the secret aud unseen operation Of that
law, doing What they would not dare openiy
TO propose.
The Slate which IN part represent, s
regarded as almost unanimous 10 favor q.
tins specie policy. It's Legislature may be
SAID 70 be- 80. have for the intelligence
and purity aud patriotism Of that People,
respect and Difference which cannot here
express, and allude to these things for 10
unworthy or dlsfespec,iul purpose, but II .
a TAR illustration OF VIA, wall be the rcsui,
OF this hnusbug every where.
4 portion ut our banks hnve suspended
Z 'F~N'N 70 Huflt W tUEin Win k0ltt
as much specie On hand as they have bulls
out. proposition was made TO the las.
Legislature to coeree a resumption by Ibs
banks Of specie payments And what do goa
think was the result Ii was rejected by
large majority. This was not all. We
have State Bank, owned by the State er.
ciusvty. IL was proposed at a preceding
session to receive nothing for taxes but spe.
cic or the bills OF this State Bank--a yefy
reasonable proposition surely. Dad il pas
the Legislature this sub Treasury hard
money Legislature. Oh no, SIR, but the
tax collectors were ordered 10 receive the
bills Of all The banks--non specie pay ios
bank rags and all. They did more whilst
inVelghing against banks and the credit sys,
ten, they doubled the chartered bank capi.
tai oil The State, and have created larger
debt for the State than was done BY oil for
mer Legislatures from the beginning Of the
Government.