The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-05-06

CFai interragatOueS contained m YOUR let
Ter Of the 7ih, though | fear that nv con-
iinaed weak state OF health viii make 1t
les satisfactory than il otherwise might
he. especially as have none Of the off-
cal documents with me which are calcula.
ted 10 illustrate the subject.
\ gu ASA me what Is my opinion Of the
eject which the United States Bank has
on the national currency. and as to the poll
IS Of renewing It's charter what the SIT
uaiion of the Government without its aid
during the last war what It's general ad-
rantases N regulating exchange, IN iacili-
tatlng remiuanocs to individuals, and its
general importance :
When the Old United States Bank was
first instituted, was one Of those who
voted against It in the Senate. | doubt
ed the power Of the Government, under
the Constitution, to make such an estab-
l:sdmeni, AMI was fearful that the infiu-
cnce which il would give to the Govern
uent over the moneyed concerns Of the
alon would lave 4 very improper effect
On our free system. The bank was IN
St4AtAtEN SUN A-AI- AAt A0NNALAlSLk was
adopted, at period when the question ot
the relative powers Of the TWO Govern
nents excited great feeling, and divided
the Congress Of The | MON into very zeal.
Gus and violeu, parties. | was Of that
party which construed the powers Of the
National Government strictly, and sought
10 impose on 1t correspondent restraints.
50 far as any chang8 has s.aue taken place
IN ny opinion, il has been the result OF
experience. and prompted by belief that
such change would give strength 70 the
system, and not weaken or ealanger ii.
Between such bank and any arrange
neni which the Government can make.
the alternative must be, between a bank
Of the Government itself and under its
exclusive control; a reliance on It's own
resources and surplus funds, deposited in a
manner TO produce the hes, effect; and
dependence on the banks Of the several
States. have ~ hesiiaiion IN declaring
It as my decided opinion Tat neither Of
these could accomplish the great objects
contemplated, ard thai each Of them is
liable, IN other respects, 10 the most Seri.
Gus objections. 10 bank Of the Govern
meni, this remark Is applicable in both
views, and W.ta peculiar force In the latter.
Ii confined 70 the metropolis, il could not
extend It's discounts beyond very limited
circle, NOT as agency as deposi,e for the
revenue received ID The several States, nor
for remittances 70 individuals and for
other objects It would Be equally limited.
Such an institution requires an active su.
peTyls!on By those FOR whose benefit II is
intended. Ihe regular official duties Of
al thu Departments u lie Executive rem
der II Inlposs. BE Tor THAI branch TO per-
form thai service Wiihou. an interference
with those duties 70 the injury OF tie pub
tic. Ii branches should lie established,
lheiT position 1ht enable them 10 RENE
Il some Of ihe defects stated, bit thev
would accumulate Others 81 much greater
force. The Interference with the cons,i-
iGiioaai 1ui r-.,.l4r du,ies Of the E-sc-a-
tive would 10 tie same degree, be IN.
creased. BIT iaai is comparatively q
slighi evil 4 bank thus Instituted being
under the control of the Executive. by thc
appointment Of i,s directors, and II all ii.
operations, might, in the hands OF a tad
Administration, be welded as an lnslru.
zen, to sap tue foundation 81 tie Govern.
fneui Itself Apgeals ao0d be made to
The Government from every part Of the
Anon for its inference IN obtaining dis.
counts, and thus a seduction might BE- prac-
Used 10 grra: cxieai for the worst pa..
foses. ms influence would BE- racipro.
al. These connected bv such tie with
he GCvemm ., would Be looked 20 for
support .. elections, who would net fall
% render j. lags The revenue of The ma
ts9a. raIssily taxes on the proper objects
- sgpfo-. their free Government. might
II ra2de aa Instrument 70 ats overthrow.
The second alternative suggested, re.
a4a-e u the surplus lunls, Tor the accom-.
fIaAmeal 9f The objects CONTEMPLATED. ii
ig4zt BE- uby4ygs. must fan 10 ever. m.
stance. Iae Te.ea1e Of Government is
generally .m,;c4 70 certain specified OBJ
Jec.s, according 70 en- estimate for each.
ADD u WITCH i is app cached. Tic fund
ra-s.c soaeta.es Fail. short of the object.
i seldom exceeds il ia aHv c9aadcra.
DE amD0ut. Par The want Cf a surplus.
i must he I3le ID the Treasury uatl an.
pFoprated, and i appropriated a. d pro-
VISION for an e:l1fgency--fgr war, for ex.
ampie-!l must T;..l he Idle IN the Treasu-
- until that cvea. occurs, or be loaned
out. IL could moi be Idle: the whole na.
tton would revolt against l.; aad If loaacd
OUT It might be Hnpos BE TO obtain it
when called FOR, and might even be lost
10 tbs node, tie regulation Of tie value
81 the currency, d exchange. and Of rend- .
cnag service By facilitating rematances.
would be abortne. The third alternative
which has been suggested, reliance on
the State Banks, would be equally uupro.
ductive. Tic government would require
10 aid except Ia tine Of war. waen I'M
menss sums would be necessary. which
could be produced Gully By .oaus aud when
application should be made 10 them, there
Is pJgl cause Ia upUrcberf flat 9.rE