The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-06-10

truth requires me 10 say tia, the President was
fully sustained in the cosss- he had taken by the
popular voice. His successor in tho chair o;
State unqualifiedly prosouuced his opposition 10
any new charter OF similar institution; and not
only the popular election which brought hin, in
TO power. but the elections through much Of his
term, seemed clearly 10 indicate a concurrence
with him in sentiment on the part Of the people.
After the public moneys were withdrawn from
The United States Bank, they were placed in de-
posite with the State banks; and the result of
that policy has been before the country. To say
nothing as 10 the question whether that expert.
ment was made under propltious or adverse cir
cums,ances, il may safely be asserted THAT it did
receive the unqualified condemnation Of most Of
its early advocates, aud it is believed was also
consemned by the popular sentiment. The ex.
s,ing sub.tro2sury system does not seem TO stand
in higher favor with the people, but has so re-
Gently been condemned IN manner too plainly
indicated to admit Of doubt. Tins, in tile short
period of eight years, the popular voice may be
regarded as having successfully condemned each
Of the three schemes Of finance to which have
adyeried. As 10 the first, IL was introduced al
time (lSi6) when the State banks, then compari-
lively few in number had been forced TO suspend
specie payments by reason OF the war which had
er, il the United States Bank charter which ex-
pncd in 1911, had been renewed r. due season, il
would have been enabled 10 continue specie pay
menis during the war, ana the disastrous period
TO the commerce Of the country which immediate
y succeeded, is TO say the least, prohlemaiical;
and whether the United States Bank Of 1916 pro
duCcd restoration of specie payments, or the
same was accomplished through the instrument
tailiy Of other means, was matter o. some citti-
entity at that time TO determine. Certain 1t is,
that, for the first years of the operation Of that
Bank, its course as disastrous as for the grca
er part of its subsequent career, il became em-
nsntly successful As to the second the exp peri
ment was tried with redundant Treasury, hich
continued to increase until It seemed 10 be the
part OF wisdom TO distribute the surplus revenue
among the States, which, operating at the same
time with the specie circular, and the causes be-
fore adyerlcd to, caused them to suspend specie
payments, aud involved the country in the great.
est embarrassment And, = to the third, if car.
ried through all the stages Of its transmutation,
from paper and specie 10 nothing but the precious
metals, to say nothing of the insecurity of the
public moneys, its Injurious effects have been ar
tioipated by the country in its unqualified con-
demnation. What is now TO be regarded as the
Judgment of the American people on this whole
subject, have no accurate means of determining,
but BY appealing to their more immediate repre-.
sentatiyes. The late contest which terminated
in the election Of Gen Harrison TO the Press.
deney, was decided on principles well known and
openly declared; and, while the sub.ircasury re.
eeired in the result the most decided condcmna.
tion, vet no other scheme OF finance seemed to
have been concune1 in. To you, then, who have
come mere directly from the body Of our common
constituents submit the entire question as best
qualified TO give full exposition Of thcu wishes
and opinions | shall be ready to concur with
you in the adoption of such system as you may
propose, reserving TO myself the ultimate power
Of rejecting any measure which may in my view
OF il conflict with the Constitution or otherwise
leopard the prosperity Of the country-a power
which could not pert with, even if wsUld but
which 1 will not believe any act Of yours will
cal! into requsliion.
| oann>t avoid recurring, in cnunexion With
this subject, 10 the necessity which exists fer
adopting some suitable measure whereby the
unl!nitcd creation oi banks by the States may
be corrected IN future. Such result can DC most
readily achieved by the consent Of the States, 10
be expressed in the form Of a compact among
themselves, which they can only enter into With
the consent end appreciation OF this Government
a consent vhich might 10 the present emergency
OF the public demands, j1stihab.y be given in al
vance Of any action by the States as an induce.
men, to such action upon terms well defined by
the aci OF tender Such measure, addressing L.
self TO the calm reflection Of the States. would find
in the experience Of the past and the condition OF
the present much TO sustain it. And il Is greatly
10 be doubted whether any scheme o. finance can
prove for any length OF time successful while the
States shall continue IN the unresrained exercise
Of tue power Of ctealng banking cofpotaiiors.--
This power can oaly be- limited BY their consent.
With the adoption ol a financial sgsucy Of a
satisfactory character, the hope may be indule ed
that the country may once more return 10 a state
of pIusperi;y Measures auxiliary thereto, and,
ia some measure. Iuseparably connected with ts
success, will doubtless cMim the attention Of Con.
cress. Among such, distribution Of tie pro.
cceds Of the sales Of tie pablo lands, provided
such distribution docs not force upon Congress
the necessity Of importing upon commerce hcavie-
burdcns than those contemplated By the act Of
1883 would act as au efficient remedial measure
by being brought directly IN aid Of the States
s. one sincerely devoted 70 tue task Of pfesery.
ing lost balance in our system Of governWcnL
b. the maintenance Of the States 10 a condition
tie most free and respectable and in The foil pos.
session Of all their power, ! can otherwise than
feel dlsirgus lUr their cmancipatioa from the i.
'last'- - h44lA tl4C iIt05Al[ vi Nt4GH HbaIasl|s
now subjects them. And while must rcpudiaic
ss a measu!c founded IN error, and wanting con.
fituiOnal sanction, the sbshtcst approach 10 an
assumption By this Government Of the debts oi
The States, yet can see, IN the distribution ad.
ver,ed %, much 70 recommend IT. The compacls
between the proprietor States and ths Govern.
ment expressly guaranty to the States a the ben.
ehs which may arise iro'a Tic sales, The mode
by which this IS 10 be effected addresses itself To
the discretion Of Congress as the trustee for the
States ard It's exercise, after the most beneficial
manner, is restrained BY nothing n the grants or
10 The Constitution 20 long as Congress shall con.
suit that equality in tie distribution which the
compacts require. In The present condition Of
some Of the States, the question Of distribution may
be regarded asgubstanlially question between d..
rect and indirect taxation. little distribution be
not made ~ soUe form or othcr, the necessity viii
GIly become urgent i;t the rcbt9r sss-,s~ Sc
resort to an oppressive system of direct taxation
or their credit and necessarily their powcr d
influence, viii be greatly diminished. TIE pay.
ment Of taxes after the most Hcauycncnt aud
% ressiye mode will be exaeted 10 pace Of con.
tribuilons for the most part voluntarily made,
and therefore comparatively unoppreyslye. lhe
STATES are emphatically the constituents Of this