The North-Carolina standard., 1840-11-25

! Penoence from one end OF our country to the
! other, and that it breaches across the ocean
and ends in London, the centre of the credit
system" ard with this chain of dependence
OF mighty magnitude, he will have nothing
to do, but leave us to the tender n1ercies ofthe
EngllSh to regulate our currency and credit,
PERFECTLY Indifferent to our fate, so that the
government and its officers get their dues in
gold and silver
: The President certainly looks to total des-
tructlon of all Banks when he says, tIt is
! moreover principle, than which none is bet
ter settled by experience, that the supply of
/ the precious metals will always be found
adequate to the uses for which they are requir-
ed They abound in countries where no
other currency is allowed. Like the tabled
appearance of men in Rhoderick Dhu, it is
only necessary to will, and we shall have
plenty of specie, which seems to be so dear to
! his feelings. He oVerlooks, or forgets entire
| ly the sacrifices to which we must submit to
obtain 1t in competition with those countries,
where it is now held. 1t will be first neces-
sary to make the balance of trade prepon-
derate in our favor in order to effect this, fthe
and enlightened policy having been dispens-
ed with.) We must submit to the European,
and Asiatic prices of labor, their rigid econo-
my, their grinding slavish habits Of toll, be-
fore me can successfully compete with them
In trade, agriculture and manufactures, or
I produce balance in our favor to be discharg-
ed IN coin. 10 expect permanence of the
precious metals from forced and unnatural
! importation, would be about as rational rs to
attempt a suspension of the laws of gravita-
ton
The President says, Gin country so COM
mercial as ours, banks in some form will pro-
badly always exist" and thinks the sub-trea-
sury will deprive them of the character of
monopolies, and be salutary regulator and
keep them in check. In this expectation ofthe
continuance of Banks, he may be sincere;
but the recent destruction of these institutions
in the District of Columbia, shews very con-
clusively the wish and intention of his party.
! The collection Of gold and silver in the dues
of the United States may have some influence
on the banks in the large cities, where large
disbursements are made; and where the bal
ance of trade concentrates, they will no doubt
be least in jured and enabled to exist; and on
| New York he must have had his attention
fixed, when he made this assertion as to the
probable existence of Banks: but to remote
places, agricultural and interior States, what
other than adeleterious influence can it have
whence the specie must be drained constantly
in payment ofthe dues to the United States,
without any probability of an lnVlgoratlng
refux
It's due to the State, and necessary to a re-
storation of our happy, prosperous, and hon.
Orable condition, rs far as IN our power, to
mark with unqualified reprobation, this in
| tfringement on the rights and credit tofahe
States-this war on the institutions and capt.
tai of the country. For when the accumula
ton of wealth is the result ofindustry, econo-
my and skill, it is certainly honorable to the
owner: and whether it consists in land chat |
tells or stock, is unquestiohably entitled to the
stern protection ofthe law and the person,
it matters not what his standing or position In
society, who indulges in the practice ofmls-
representing and detracting from the value of
either, deserves its severest lash. Let us put
the seal ofreprobation on the unfaithful Off
Ger who violates the Constitution in letter or
spirit-I1et us inform the President that we
consider the purposes of Government to mean
something more important, as the regulator
of trade and commerce with the States, !" /
than merely picking out the gold and silver
from the currency, in the discharge OF the
public dues, to pay out to the officers That
the currency Of the country, no matter of
what it consists, must be the medium ofcx-
change, and is us essential to Htrade and COM
merce with the States" rs the circulation of
the blood is to the animal existence, and as
necessary to healthy State, to be regulated
by a central power, as the other IS to flow
from the heart. Gold g. silver are tests of the
value of the curreucy be it what it may, and if
so applied, are valuable; but their intrinsic
value is of small consideration compared to the
advantages of bank notes, checks, and bills of
exchange, as a medium of exchange
power should apply this regulator? Certain
Iy the United States, for none other can.
The object to be attained, is uniform
currency throughout the Union, based on
specie and on the credit Of the States, orof
the United States. How can this be accom-
plished is the rightfuI enquiry. I have no
fear in the answer, that it can only be effected
by an arrangement entered into by law, be-
tween the State and Federal Governments,
for improving and using the local Banks, or
bv the establishment of a Bank of the United
States, with sufficient capital assigned to each
State to supply the amount of notes for all
useful and necessary purposes. One Kind Of
blink notes, 1Oith specie basis and ample
can alone meet the object and