The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-01-04

banking system Of the United States, sub
ject the former in their turn, to the money
power in Great Britain. 1t is not denied
that the suspension of the N. York banks,
in 1897, which was followed IN quick sue
cession throughout the Union was produ-
ced by an application of that power, and
it is now alledged, in extcnuation of the
present condition of SO large a portion Of
our banks, that their embarrassments have
arisen from the same cause.
at is moreover principle, than which
none is better settled by experience. that
the supply of the precious metals will al
ways be found adequate to the uses tor
which they were required. They abound
in countries where no other circulation is
allowed. In our own states where small
notes are excluded, gold and silver supply
their place. When driven to their hiding
places by bank suspensions, little firm
ness in the community soon restores them
in a sufficient quantity for ordinary purpo-
ses. Postage and other public dues have
been collected in coin without serious in
convenience, even in states where de-
preciated paper currency has existed for
years, and this with the aid of Treasury
notes for part of the time, was done
without interruption, during the suspension
in 1887. AT the present moment, the re-
ceipts and disbursements of the Govern
ment are made in legal currency in the
largest portion of the Union-no one sug-
gests departure from this rule; and if it
can now be successfully carried out, it will
surely be attended with even less difficulty
when bank notes are again redeemed i'll
specie.
II am aware it has been urged that this
control may best attained and exerted by
means of Natioual Bank. The consti-
tutional objections, which, it is well known
entertain on this subject prevents me in
any event from proposing or asserting to
that remedy, but in addition to this, can
not. after past experience, bring myself
to think that it can longer be extensively
regarded as effective for such purpose.
The history of the late National Bank
through allits mutations, shows that it was
not 50.
Two.,hirds of the message are occupied
with the Bank ques,ion-andi in extracting
we have endeavored 10 select such para
graphs as appear most prominent in the
expression of the Presidents sentiments,
on this great political question.
"The weight which presses upon large
portion of the people and the states, is an
enormous debt, foreign and domestic. The
foreign debt Of our states, corporations and
men of business. can scarcely be less than
two hundred millions of dollars, requiring
more than ten millions of dollars to pay
the interest. This sum has to be paid oul
of the exports of the country, and must of
necessity cut off imports to that extent or
plunge the. country more deeply in debt
from year to year.
Fortunately for us, at this moment,
when the balance of trade is greatly a.
gainst us, and the difficulty of meeting it
enhanced by the disturbed state Of our
money affairs, the bounties Providence
have come to relieve us from the conse-
quences Of past errors. A faithful appli-
cation Of the immense results Of the labors
of the past season, will afford parla? re-
lief for the present, and perseverance IN
the same course will, in due season, ac-
complish the rest.
"But let it be indelibly engraved on our
minds that relief is not to be found in ex-
pedients. Indebtedness cannot be RENE
died by borrowing more money, or by
changing the form of the debt The bal
ance of trade is not to be turned in our
favor by creating new demands upon us
abroad. Our currency cannot be impro-
we'd by the creation of fnew banks, or more
issues from those which now exist.