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

doWn-lmprOVeuleNtS SuSpe1ueu u-dIlu pdilh-
Tnntcies numerous. Indeed, so gloomy were
the affairs of the country, that the President
n,onvened an extra session of Congress, to de-
wise means of relief; to whom he gravely re-
oommended the withdrawal OF the public
r,onies from their former places of deposite,
and to lock them up in safes and vaults, as
the remedy.
As a part of his argument for a Sub 'Trea-
ourv. he decried institutions which had been
nsed. from the establishment of the govern
ment, as depositaries; and which, in times of
emergency, responded patriotically to the
calls of the government and which had aid
cd the great interests of this country to enter
honorabiv the list of competition, in all neces-
sarv and valuable works Of improvement,
with those Of the old world. At the first mo-
ment of difficulty, they are condemned as
unworthy of public confidence, and even
dangerous to liberty. Again, in December,
1878, this SubTreasury is pressed on the
consideration of Congress, as the grand pana-
cea for all our woes.
Congress was composed ofa majority of
his friends, andit is quite inmateriai wheth-
er they considered his project incompetent for
the crisis, defective in principle, or nerveIess
in expediency-it was rejected.
The President now seemed to take the mat
had concocted, by the aid of the Secretary of
the Treasury. must not be treated so lightly.
His forces are narshaIed anew-the unfaith-
full discharged, and more supple tools put in
their places. They open their battery on the
dead Bank. The dying and living Banks
they represent them as the hydra-headed
monster, against which the former President
had to exert his Herculean strength to keep in
check. Corporations ofall kinds were declared
dangerous to liberty, to the poor, and to demo-
cracy. Congress convenes, and the Presi-
dent draws strong and vivid picture Of the
distresseS of the country, and again recon-
mends the locking up of the public money
in safes and vaults, as the means of relief.
This doubtless was pro f0Tn1a, rs he had no
money in the Treasury to be locked up. The
fact that he has had to issue, from time to
time, Treasury, notes, shews how preposter-
OILS it is to expect relief at present, at least
from a scheme on which the government is
destitute of the materials to operate.
To make this Sub Treasury scheme law,
the State of New Jersey has been disfranctis-
ed-her legal and official attestations tram
pied under toot-her sovereignty violated
her rights disregarded and insulted, by the
friends of the present administration in the
House of Representatives, by refusing seats
i'll their body to persons regularly commits
stoned under her authority. and clothed with
all the attributes of her sovereignty. By this
act, every State in the Union has received
blow which should not be disregarded. By
the request of the Governor of New Jersey, /
herewith submit the resolutions of her Assem-
bly, on this subject, marked A. :--.-,:
While the rights of New Jersey were being
desecrated in the House of Representatives,
the Sena:e was engaged in passing resolu-
ton gratuitously refusing to assume the debts
of the States, alike insulting to their feelings
and injurious to their character. If, under
circumstances of peculiar hardship and dis
tress, a State were to petition Congress to as
sumo her debts, and Congress was to do SO, itI
would not differ in principle from assistance
granted to all ally in distress by war, or to the
relief afforded Carraccus suffering from the
effect of an earthquake, or to New York,
when almost devastated by fire. At all events
State would be entitled to n respectful at
tention and friendly consideration; but to
refuse without being asked, is marked with !
the groSsest improperly and injustice. The
Senate knew that many of the States were en-
Gagged in improvements of great importances,
and depended on negotiating loans in Europe
to complete them, and requiring unlmpalred
credit for advantageous success; which was
necessarily injured by that action of the Sen
ate, and the works most probably defeated.
It's true that North Carolina has no pub
lie debt bat it is not the less injurious and
insulting to her character, to be told by her
servants, (who are presumed to know,) in the
Senate chamber, that she is unworthy of cred
it; and such a declaration by the Senate,
when seen in distant parts of the world,
where negotiations for money are sought,
must be Injurious to her credit-and probably
would have defeated her object, if she had
attempted tn procure the loan contemplated
By the act Of your last session.
Now, gentlemen, have shewn you the de-
Struction of the National Bank, in total dlsre-
gard of the wish of Congress and the mer-
camille and commercial parts Of the nation ;
the violation of law and contract, In the re-
novAI Of the public treasure from the place
where the representatives of the country di-
rected, under fals4 allegation the issuing
Specie Circular, at the Executive will, and
the continuing its operation after Congress
had condemned it; placing the public money
III favorite local Banks, and urging them to
use it in expanding discounts-a ID, because