The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-12-16


Of furnishing sound paper medium Of ex-
changes, may be entirely abandoned.
If fear be INDUCED that the Govern
ment may be tempted to run into excess 10
its issues at any future day, it seems to me
that no such apprehension can reasonably
be entertained until all confidence 10 the
representatives Of the States and Of the
people, as well as Of the people themselves,
shall be lost. The weighliest considera-
tions of policy require that the restraints
nowproposed to be thrown around the nca-
sure should not, for light causes, be rcmov-
ed. To argue against any proposed plan
IFS liability to possible abuse is to reject
every expedIent, since every thing depen-
dent on human action is liable to ABUSE
Fifteen millions OF Treasury notes NAV be
issued as the mdrlmUm, but discre,iona-
ry power IS TO be given 10 the board of con
trol, under that sum, aud every consdera-
ton will unite in leading them 10 feel their
way with caution. For the eight first years
Of the existence Of the late Bank of the
United States, its circulation barely ex-
7 SNNNNh A8Nbb3bNPf anu iOi iNt vi It's
most prosperous years, it was about equal
TO 1000, 600; furthermore, tue author
lty given TO receive private deposites to Il
limited amount, and to issue certificates in
such sums as may be called for by the de-
positors, may so far fill up the channels OF
circulation as greatly to diminish the ne
cessIiy of any considerable issue of Urea.
sury notes. A restraint upon the amount
Of private deposltes has seemed 10 be IN:
dlspensably necessary, from an apprehen-
sion thought 10 be well founded, that, in
any emergency Of trade, confidence might
be so far shaken IN the banks as 10 induce
a withdrawal from them Of private depos-
ties, with view 10 ensure their unqucs-
tcnGble safety when deposited with the Co.
vernmcnt, which might prove eminemly dis
astrous 10 The State banks. l. 1t objected
that 1t Is proposed TO authorize the agen.
cles 10 deal in bills OF exchange II Is an-
swered, that such dealings are 70 be car.
ried on at the lowest possible premium
are made TO rest on an unquestonably sound
bnsis--arc designed 10 reimburse merely
the expenses which would otherwise de-
volyc upon tho Treasury, and are 10 strict
subordiuation to tie decision of the Su-
preme Court, IN the case OF the Bank Of
Augusta against Earle, and other report
ed cases; and thereby avoids all conflict
with State jurisdiction which | hold TO be
iadisp cnsably requisite. II eagosthe bank
ing privileges Of the States without inter.
icrence-looks To the Treasury and The
Cn.on-aud, while furnishing every tac.li.
" to the first, is careful of the interests Of
the last. But, above all, It is created b.
law, IS anendahlc BY law, and il repcaiablc
by uw and .dIed as | am to no theory,
but looking solely to the advancement Of
the public good shall be amongst the
very first to argc as repeal, If it be found
not TO suhscrye the purposes and objects
or which it may lie created. Nor will
the plan be submitted IN any overweeming
confidence 10 the suificIcncy of my own
Judgment, but with much greater reliance
on the wisdom and patriotism Of Congress.
| cannot abandon this subject without urg-
lgg upon YOU, IN the most emphatic 1nan.
ncr, hatcYcr NAV be your action on the
Suggestions which have felt il to be NV
duly 10 submit, TO relieve the Chief Exc.
cuiiye Magistrate, by any and all constl-
iutloual means, from a controlling power
over the public Treasury. IT, IN the plan
proposed, should YOU decmit worthy Of
your consideration, that separation is not
as complete as you may desire, you will
doubtless amend It IN that Por cular.-
For myself ! dsclaln all desire 10 have
any control over the public monies, other
than what is iadlspensably necessary 10 ez-
ccuie the laws which YOU may pass.
Nor can fail TO advert, in this coanex.
ion, to the debts which many Of the States
II the Juian have contracted abroad, and
under which they continue to labor. That
indebtedness amounts 10 a sum not less
than $500, 100000, and which has been
retribuled to them, for the most part, in
works Of internal improvement, which are
destined 10 prove Of vast Importance iuul-
tmately ad,snclng their prosperity and
wealth. For the debts thus contracted
the States are alone responsible. can do
no more than express the belief that each
State will feel itself bound, by every con.
slderation oil honor as well as of interest,
to meet It's engagements with punctualtty.
Tho failure, however, Of any one State to
do so, should in no degree affect the credit
Of the rest and the foreign capitalist viii
have no lHst cause to experience alarm as
to all other State stocks, because any one
or more Of the States may neglect TO pro.
vide with punctualiiy the means Of re-
deeming their engagements. Even such
States, should there be any, considering
the great rapidity with which their re.
sources are developing themselves, will
not fail TO have the means, at no very dis
taut day, to redeem their obligations to
the uttermost iarthing; nor will | doubt
bu, that, in view of that honorable conduct
which has eYcrmorc governed the States
and the people of this Union, they viii
each and all resort to every legitimate eX-
pedent, before they viii forcgo a faithful
compliance with their obligations.
From the renou Of the Secretary of