The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-06-17
TO TILE RErLECTTNG..

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hundred Indians in Florida an uncxam-
pied state Of embarrassment, distress, and
ruin, weighs down its energies and OBJ
structs lis trade and commerce. What has
induced such an unhappy state Of affairs
throughout the broad cxpanse Of this Re.
public Our people are industrious, and
our soil is fertile and Providence has ia
gored Us in a signal manner with propitious
seasons; our manufactures are numerous,
while our mechanics and tradesmon are
active and laborious. In short, we pos
sess the true and essential elements of a
dourishing and prosperous people yet all
must admit we are not 10 that state, which
every thing around us would seem to de-
mand Our Commerce has stagnated, and
trade received shock, which paralyses
the commercial energies Of the people.
All who for moment reflect upon the
changed condition of the country, must ac-
knowledge that all is not right in our affairs
something is out Of place somewhere or
other; BY a close and careful examination
into causes, we may see the foundation Of
the evils which now Cypress Us.
Ia the political world, the chain Of eau
saiion is az obvious and necessary as in the
natural. When we arc favored with state
of national prosperity, there arc undoubt-
ed causes which concur to produce such a
happy condition so when adyersties be-
fall nation, there must exist causes suf-
icient 10 produce such an unhappy situa-
ton. lnappying these principles the OPP
position party attribute every reverse Of
prosperity TO the operation of Banks
there they place tllc root of all our evils,
and cry out Justify against such institutions;
we agree with them upon this point and
condemn them under their present system
of organization ard management. But let
us look a little further into caases-there
was a time when Banks were managed dif.
fereatly--twelve years ago who heard the
terrible denunclations Of Bank and Bank
influences, that now are echoed about by
the stump orators and puititogging politi
clans Of the day
The cause which has produced such
total change IN the Baking system, as to
call for such bitter inyectives from the
would. guardians of the public inter
ests, We must trace TO arrive at TRUTH
That cause has been general, be il
what it may il has not been confined to
this OF that State, but has welded an iuilu-
ence as extensive as the limits Of our en-
pirc. True it is, that in some places more
distress was produced than in others but
still, it has been universally felt in its con-
sequences. Since 1884, in almost every
State in the Union, Banks and Bank Cap
itaI have increased two fold and IN the ma.
lorty more than three fold. Must not
all admit aud see the existence OF cause,
which could so suddenly thus produce such
az Increase of active capital IN the coun.
Try! Thc cause for such an increase OF
Banking Capital did not exist prior to that
time-the case is plan--had II previously
existed, why did not the consequences
wiz. Banks ard Bank CapitaD necessarily
spring up To come to the point at once,
the cause of all the evils o: a deprecated
currency and an unrcgulated exchange, I'M
der which the country labors, is rcierrablc
entirely to the non.existencc of a United
States Bank.
As soon as il was discovered that the
United States Bank would not receive 4
recharter from government, every State in
the Union took upon herself to provide a
currency for her citizens. To accomplish
this purpose, Bank after Bank was moor
poratcd with immense capitals, which went
into operation apparently, under the most
favorable auspices Why Because they
J
had no United States Bank to restrict their
issues. All the Banks went upon their
own responsibilities, dscounting millions
upon millions. For while, increased
prosperity seemed to smile upon the land,
but alas while she smiled ruin lurked be-
meath. The Banks left wholly uncontrol-
led by National Institution, issued just
as much of their paper as possible, until at