The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-01-09

in principle or in form; its measures ema-
mated from the same spirit OF gain; 1t telt
the same temptation TO oyerlssues; 1t SUIT !
fered from, and was totally unable TO avert,
those inevitable laws of trade, by which It
was itself affected equally with them and
at least on one occasion, at an early day, !
it was saved only By extraordinary eHer-
tons from the same fate that attended the
weakest institution itpro!cssed to supervise.
In 1887 il failed, equally with others, IN
redeeming its notes, though the two years
allowed by lis charter for that purpose had
not expired, large amount Of which re-
mains TO the present time outstanding. II
is true, that having so vast capital, aud
strengthened by the use of all the revenues
Of the Government, II possessed more pow
err but while II was Itself, by that cfcum-
stance, freed from the control which all
banks require, its paramount object and
inducement were left the same to make the
most for its stockholders, not TO regulate
the currency of the country. Nor has II,
as far a. we are advised, been found to be
greatly otherwise elsewhere. The nation
al character given to the Bank OF England,
has not prevented excessive fluctuations ~
their currency, and il proved unable to
keep off suspension Of specie payments,
which lasted for nearly a quarter of a cen
turv. And why should we expect IT TO be
otherwise 4 national institution, though
deriving It's charter from different source
than the State banks, is yet constituted up
on the same principles Is conducted by
men equally exposed to temptation and Is
liable to the same disasters; with the adj
di;iunal disadvantage that its magnitude
occasions an extent of confusion and DIS
/ tress which the mismanagement Of smaller
institutions could not produce. 1t can
scarcely be doubted that the recent sus-
pension of the United States Bank of Penn
svkania-ot' which the effects are felt not
/ in that State alone, but, over half the
/ Union--had It's origin IN course OF bust
ness commenced while II was national
/ institution and there IS no good reason Tor
supposng that the same consequences
would not have followed, had it still denv-
ed its powers from the General Govern
ment. II is in vain, when the influences
and impulses are the same, TO look for
I difference in conduct or results. BY such
creations. we do therefore bat increase the
mass Of paper credit and paper currency
without checking their attendant evils and
fluctuations. The extent Of power and the
efficiency of organization which we give,
50 far from beng beneficial, are IN prac.
tice positively injurious. They strengthen
the chain Of dependence throughout the
Union, subject all parts more certainly te
common disaster, and bind every bank
more eiiectually in the first instance, tC
those Of our commercial cities. and, 10 thu
end, to foreign power. In word, can
not but believe that, with the full under
standing Of the operations of our banking
system which experience has produced
public sentiment is not less opposed TO th'
creation of a National Bank for purpose
connected with currency aud commerce
than for those connected with the iisca
T operations Of the Government.
Yet the commerce and currency q lht
country are suffering evils from the opera
tons Of the State banks which cannot ans
ought not to be overlooked. BY thci
means, we have been flooded with a dcprc
j ciated paper, which it was evidently th
+ design Of the trainers Of the Consiituto
to prevent, when they required Congrcs
f to coin money and regulate the value {
foreign CONS" and when they forbade TIA
6 States /" to coin money, emit bills OF credi
! make any thing bat gold and silver a ter
/ der in payment Of debts, or pass an
law laparng the obligation Of contracts.
] If they did not guard more explicit
j against the present state of things, II wu
i because thcy could not have anticipate
r that the few banSs then existing were
: swell 10 an extent which would cNpeI TO !
q great a degree the gold and silver, &
n which they mad provided, from the char
c nels Of circulation, and fill them with Gu
$ rency that defeats the objects they had
: view. The remedy for this must chief
: rest with the States from whose leIlslatlo
: it has sprung. No good that might accrl
q IN II particular Ndrt nun tbG iAi4AleE
: powers, not obviously conferred on Ii
r General Government, would authorize i
+ interference, or Justify a course that nigh
c in the slightest degree, increase at the @
: pcnsc Of the States, the power Of the Fec
+ cra authoritIes--nor do doubt that III
t States viii apply the remedy. Within Ii
G last few years, events have appealed
4 them too strongly to be Gisregardcd.-
! They have seen that the Constitution
G though theoretically adhered to, IS sui
: ycrtcd in practice; that while on the 1t.
: tutc books there is no legal tender but gol
4 and silver, no law imparng the obligation
e Of contracts, yet that, IN point Of fact, Il
Y privileges conferred on banking corpori
+. tons have made their notes the ourrenc
d Of the country that the obligations lmpo
# cd by these notes are violated under Il
l. impulses Of interest or convenience ; an
that the number aud power Of the persoI
IS connected with these corporations, OF place
d under their influence, give them a icarf
ysntsfHt al hon tH4Ir iptGrplf - a., Upatft,