The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-05-06
NUMBER 81.
From he National E.ieIIigeacer 10Th Ill
state OF the Currency.

hhtSf - - va 0At@4 81 ~ 49, "
dollar gold piece sold for 500 IN Missis-
sippi Railrasd Notes; and on Monday a
common Marseilles vest brought 500 in
notes on the Mississippi Shipping Compa-
my This gives Us some idea Of the con.
diiion Of the currency in the State Of Mis-
sissirp, where, we presume, it is at is
lowest state Of degradation.
Things are bad enough, however, near.
er hone. Take the following facts and
reflections, for example, from the Georgia
Jouraal G.! the 9Th Of this month: 9 What
ia glorious currency our Safe is now bless.
eawi.h Oaly think reader: we have mo-
I aay At par yalue-at2 per cent, 4 per cent,
4 8 Per cent, 3 per cerl, 10 per cent, 20 per
cent 30 per ccnt--ony per cent, Discount,
! that you please What more can reG-
so4aEle iaan desire p The Journal then
describes .hc operations which, the Editors
say, they nave sat down by their window
and witae-zsd every day for tic last two
months. \ poor fellow, foI instance, who
has money to pay, sets out with Moaroe
Railroad notes; by paying heavy dis
count ho converts them into Ccatral Bauh
notes these undergo the same process Of
discount, aad become Hawkiasv.ile; ano.
tier shave converts them into Columbus
finds, and yet another turns them into a.
va.lable moaey. . Sometimes" says the
Editors, we have pitied, sometimes we
have laughed at these distresses of our
friends. Laticrly, however, We have be.
gun to view them 10 more serious light;
ana we frequently, Involuntary, ask our
selves # this state of things is to be sub
mi.;el to any longer Is there no rene
dy fer it, Are We TO tel from day 10 day,
aai tle prgEfs Of our labor T. be sualiov
al ug n t'ss manner Seriously, something
must 5e d5as, 10 remedy the evils conse.
qucat upon having a bad currency" These
I are reflections which force themselves upon
the minds even of those who are least will.
( ing to entertain them. With the Editors
Of the Journal, We too say that SOMETHING
uvsT nz DONE. In saying this, we state
a proposition which, we believe, no sane
man will, ii view Of such facts as the above,
undertake to dispute.
Having established the position that
59mdtiag must be done, the question arises,
How sEaH It De done Is it within the pow
err Of the State Of Mississippi, or the State
Of Georgia, by any legislation of theirs, to
restore & sound currency Is il within the
power Of tho State Governments, each act
ing only within its own sphere to establish
q currency Of equal value throughout the
United States Undoubtedly not. 1t is an
Office which can only be executed by the
General Government. 1t is one of the
purposes for which a General Government
vas es.abIished aid the power over the
currency was one Of the first powers which
tho General Government exercised after
getting fairly under way.
The next question is, WHAT shall be
done Oar opinion is, that there Is no pre-
scription which affords 50 fair prospect
/ for cure Of the disease as the establish.
mem Of a NATIONAL BANK. Ii those OF
our Wing friends who have conscientious
scruples in regard to this particular mea-
sure, would propose any other, offering the
least hope OF relief, we should be glad to
see a trial made of it; believing, neverthe-
less, that any further experiments upon the
currency will only protract the disease un-
der which it labors, aud end at last in the
same measure, a National Bank. 1t is
time, at least, that our thoughts should be
turned 10 the consideration OF the proper
remedy, when it can no longer be denied
that a remedy Of some sort is necessary,
and can only be applied through the instru-
mentality Of the General Government.
The season is proPitious for the publ
cation ct the following Letter, on the utili-
nv and necessity Of National Bank, from
one Of the purost patriots whose names
alorn the history of our country; and Of
those Fathers Of the great Republican
School SO respectfully alluded to in the late
address of President Tyler to the People
of the United States. This Letter was
originally published ten years ago: but
many of our present readers have probab-
/ " never seen il, and those who do remem-
Der it will acknowledges, on re-perlslns Il,
that It's reasoning has gained additional
STRENGTH from the occurrences which have