The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-06-18
[ NUMBER SO.

every thing as II suited his sovereign will
and pleasure, had over the destinies Of
France Here are his own words: The
great Emperor Of Frqnce raiSedthe ouryea.
cy Of France from all paper 10 all specie
IN sir gears. The gigantic wars-the M.
tlonal deiences-the almost fabulous expen.
SEES Of the imperial court---h.d carried The
annual national expenses TO l60,000,000,
aud the whole was paid in gold and silver
10000, OGO OF people used nothing but gold
and SILVER. Aud Cannot we increase, IN
three or four years, our specie from 90 ,0G0,-
600 to an amour. sufficient 10 pay al the
expenses Of all wars aad furnish common
currency to the people 2" Aud he responds
himself, by saying, surely Ire cag." Here
IS an idea Of the powers OF the General Go.
yernment over 90 sovereign States in rea,
ton TO subject over which they have uu.
limited control. How is the General Go.
vernment to prevent the States from char
tering Banks? How is the General Go.
vernment 10 prevent the States from using
Bank paper How is il 70 prevent them
from awaiting themselves Of is conyeueuces
aud facilities Should like TO see tho
clause of the Constitution Of the United
States, which gives that Government Gny
such power And YET ae are told it can
do what Bonaparle did III France, IN Tela.
ton to the currency
This siren voice, which sings an annual
song TO US Of the coming OF the golden age,
We nave heard for the last ten years..
Those who can be gulled by it, have lived
IN this world TO little purpose, aud know lit
lie of the business habits Of the people of
this country or Of The principles Of our FREQ
institutions.
Fellow. citizens, have stated to you, and
repeat the remark, that experience is tho
best test Of truth. That these systems we
have tried and have witnessed their failure
with our own eyes, we should have no con.
hdence in. ! witnessed the practical ope.
ration Of the celebrated specie circular, as it
vas called which was an order from the
Treasury Department, under the direction
Of the President Of the United States, that
nothiDg but specie should be received ia
payment of the public lands. To my Ger.
tain knowledge it did not bring one specie
dollar INTO circulation among the people
The lands were paid for in specie, in the
Treasury Office, aud to receivers, and then
the specie rns taken bach into the BGnkS,
instead Of gong into circulation, and the
public creditors, who had the Treasurer's
draC. upon the Banks, took the notes Of the
banks IN preference TO speca, because they
we're more convenient. Any one Of them
could have had the specie If he had chosen
10 receive il, but he preferred the notes.
The drafts that were given upon receiy.
ers 10 the West, were negotiated with tho
Banks, and the Bank notes wero taken, and
the specie IN the hands Of the receivers went
INTO the Banks instead Of into the circuid.
ton. dlsbursed, when at Washington,
about 800 millions Of the public money be.
fore the Banks suspended specie payments,
and nearly the whole of thai sum was paid
IN Bank notes when the public creditor
bad his option to take specie or the notes.
T Why did the public creditors, who had my
drafts upon the banks, take the notes 10 pre-.
/ ference 10 specie, when they could have had
The specie if they had demanded il. No
other answer can be given, than that they
preferred the notes because they were more
convenient.
Here then is fact which must be con.
elusive, that the bank paper will be the cir.
cuiation Of this country, until il is substtu.
ted by the Government paper The or.
gans of the Administration have diSclaimed
a.! idea of Government paper system
( - oAn1ittnd Io,,.Is tl,,t ,b 10,
tiny of this Republic is sealed forever, when
the circulating medium consists entirely of
paper issued under the authority of the Gen.
eral Government. Under such a system
VIC need no longer talk about States sove.
relgnties, or the liberty of the people
They will be at the feet OF the General Gov.
ernment, and it must become simple con-
solidated despo,ism. Il would hoard up in
It's vaults all the specie of the nation, as is
the case now in Russia, and the people
would have the Government paper as its
representative. The stream ofspecie would
be constantly running from the people in
payment Of their taxes, under the Sub.
Treasury System, into the rdaltS, of the
Government, whilst the Government paper
Nbuiu lLO" Out us t4lS CIECuldflup
until the whole country would be drained Of
specie and flooded with Government paper.
Every man in the nation would be more or
less creditor OF the Government, who held
any of this Government paper in his pocket,
and of course interested in sustaining It IN
all its usurpations and despotism. Under
such system would it not be perfect
mockery to talk about liberty? In this
view of the subject, how can 4 Sab. Treasu.
~ system give specie circulation The
Government creditor would do precisely as
he did before the establishment Of the Sub.
Treasury system, when he had his option to
take notes Of banks or specie, and always
preferred the former.
If each man boards up specie TO pay his
lakes, that dont't put il in circulation. The
circulating medium is that money which
people generally receive when they sell any