The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-05-16

q doubt, that every measure wAlch mas
checked the advance Of Abolition owes It's
chief support and success to the friends OF
the Administrations those PROPOSE
tiuns which cvince hostility to our lnstitu-
tions, always originate and are sustained
amongst the opposite party. The very
fact (Which the Opposition are compelled
to admt) that their Candidate for the Pre-
sidency has declared his opinion that the
Revenues of the Federal Government can
be constltutionally and ought TO be applied
to the emancipation Of Slaves, is altoge-
ther conclusive. 1t proves that if he be
elected President the Constitution is no
longer the guaranty of our property-but
we hold it under that most degrading anu
uncertain of all tcnurcs-the will Ut ma
.iority, and that majority with interests
variant from, and even hostile to, our own.
2. The next great leading measure upon
which we feel bound to make common
cause with the Administration, is its op-
position to Bank Of the United States we
take i, as established beycnd a doubt, that
the people of South-Carulina have made
up their final judgment against such an in
siilulion. Tney regard i. as both danger
Gus and unconstitutional; as abandoning all
tie ground which has been gained against
implied powers; and as yielding up our
rights, poiitics! anil commercial, to the un-
limited control Of the section in-which such
a Bank would be located. The dangers
10 Republic with which such an inslitu
ton is fraught, all its disastrous influence
over the commerce and agriculture of the
country, have now become matter of histo.
rv, and it can be only those who prefer
the quictude of dcspotism, who would now
unite their efforts with the Opposition par
ty, and propose to the South to surrender
itself at discretion to the tender mercies Of
fifty or seventy million Bank.
3. The establishment of a steady and
constitutional currency, is justly consider
ed one of the most important measures
which the Administration has sought 10
promote. Ii so laudable and patriotic
purpose, we feel bound to yield them our
entire confidence and support; and when
we consider the peculiarly untoward con-
dhtion of the times, and the array of infu-
ence. interest and prejudice against which
they have had 10 contend, in advancing this
great measure, we cannot too strongly cx-
press our appreciation and eacoura cement.
Every effort has been used by vast ma
jority of the partizans and debtors Of nine
hundred Banks scattered throughout the
Union, with the Uuiled States Bank at their
head, TO attribute 10 the Administration
evils which are solely chargeabIe to the
speculatiay mania, which had ovcr-run the
country; and to the over issues and errors
OK the Banks themselves; but the sober, Sc.
cond thought Of tho people is rapidly ap-
plying the corrective; and the second sus-
pension ofthe Pennsylvania and Southern
Banks, contrasled as it is with the condi-
ton Of those in N.w-York and elsewhere
which have not supended, has furnished
proof of he sound views Of the Admins
1ralion, and eyinccs 10 every rejecting
mind where the true mischief lies.
There can scarcely occur any evil of
greater magnitude, than to fasten upon
country an irrcdcemable paper currency.
1t blglts the very bull of enterprise, and
by subjecting to uncertainty the measure
Of value, operates with as much harshness
ard injustice as though standards OF value,
such as the pound weights and bushel mea-
sures Of the country, were suddenly and
capriciously to be changed. If were
proposed to our people that the Bank Di-
rectors or any other set of men should be
allowed to change the weights and mea-
surcs Of the community, whenever it sui
ted their pleasure, and that contracts made
under the Old standard shoald be cxcc".ci
ACCORDING to the new, the pr"ru5.;ioI
would deservedly meet with universal
scorn. 1t would be perceived at once, that
the Bank Directors or other Regulators,
could combine among themselves and
agree upon day when the standard should
be changed, and that after that day two
pounds for instance should be melted 10.
gethcr and represent but one. Of course
each man in the secret would 60 forth and
secure contracts for thousands Of pounds
Of cotton or any other article Of value, to
be delivered al some period beyond Tie pc
riod fixed upon for the change.
Can any thing be more obvious, than
that when the seller is called upon for his
contract and is thus compelled to deligec
double the quantity he had antici pated,
right is invaded and the most fragrant in
justice has been perpetrated! Aud yet pre-
cisely similar is the result which follows
the power TO expand and contract the cur
rency Of tho country; power which the
Banks now enjoy throughout the Union,
and that too without responsibility to any
Il O. ~