The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-08-04
CHARLOTTE. N. c. AUGUST A. 1872.
MFs. CLAWS SPEECha.

CONCLUDED.
3. There was a measure, the passage Of
which would have greatly mitgated this
unnatural state of things. |. was not diff
cult to forsee, after the Veto Of the Bank,
some Of the consequences that would follow.
The multiplication Of Baaks, superabun
dant currency, rash and inordnaie specula
tons, and probable ultimate suspension
OF specie payments. Aud the public do
mau was two tempting and brilliant u
prize, not TO be tho frs, objects that would
attract speculation. La March, 1888, bill
passed both Houses Of Congress, to distrlb.
ute among the States the proceeds OF the
sales oilhe public lands. ltwas measure
Of strict justice 10 the States, and one Of
sound policy as 1t respects the revenue Of
Il United States; but the view which
nov propose TO take Of it, applies altogether
to the Influence which 1t would have exert.
ed upon circulation aud speculation. 1t
was The constitutional duty OF the President
10 have returned The bill TO Congress with
his objections, ic he was opposed to il, or
with his sanction, Il ne approved it, but the
bill fell By his arbitrary Withholding il from
Congress.
Let US here pause and consider what
would have been The operation Of that mos!
timely aud salulaty measure, II il had not
been arrested. Tue bill passed in 1893,
aud 10 shor. time after, the sales OF the
public lends were made to an unprecedent
ed exteut: IN SO much, that in cue year
they amounted TO about S25 .00O 900, and
IN few years 10 an aggregate OF about
S50,00O,000. Ii was NANTES. that, If this
fund, SO rapidly accommodating, ,remaned 10
the custody Of the local banks, in conformity
with the Treasury circular, and with their
Interests, il would be made the basis Of new
loans, new accommodations, fresh bank "a.
cillles. II was manifest that the same iden.
tlcal SUN OF money might, as il in fact did
purchase many tracts Of land, by making
The circuit from the land offices 10 the
banks, and from the backs 10 The land off
ces, besides stimulating speculation IN other
forms.
Under the operation Of the measure Of
distribution, that great fund would have
been semi annually returned TO the States,
and would have been applied, under the .dl.
rection Of their respective Legislatures, to
various domestic and useful purposes. 1t
would have fallen upon the land, Ike the
rams of heaven, in gentle, genial and gen.
eral showers, passing through a thousand
rilis, and iertiIizing and Identifying the
country. Instead Of being employed ID
purposes Of speculation, would have been
applied 10 the benefit Of the whole people.
Flualy, when the fund had accumulated and
was accommodating 10 an alarming degree, il
was distributed among the States by the
deposite act, but SO suddenly distributed,
in such large masses, and in q manner so
totally in violation of all the laws and rules
Of finance, tha; the crisis of suspension 10
1857 was greatly accelerated. This would
have been postponed, ii rot altogether a
voded, ii tho land bill OF 1883 had been
approved aud executed.
10 these three causes, fellow citizens,
the Veto Of the Bank Of the United States,
with the consequent creation Of Innumera
bic loca banks, the removal o; the deposI,es
of the United States from the Bank Of the
United States and their subsequent free use,
and the failure OF the land ball Of 1888, |
verify believe, all OF nearly all Of the pccu
mary embarrassments Of the country are
plainly attributable. 1.-THE Bank had been
re chartered, the public depostes suffered
a. ~. i,
ed them 10 be made, and the land bill had
gone into operation, it is nv firm conviction
that we should have had no more lndivldu
al distress and ruin than is common, in or.
binary and regular times, TO trading and
commercial community.
And do just now take a rapid review Of
the experiments OF our rulers. They began
with nconiesiibly the best currency IN the
world, aud promised better. That better
currency was to be supplied by the local
banks and III the first stages Of the eSper
iment, a1or the removal Of the deposlies,
they were highly commented, from high
authority, for the beneficial and extensive
operations in exchange, the financial taclll
ties which they afforded TO The Government,
&c. &c. But the day Of trouble aud diff
Guilty which had been predicted, for the
want Of the United States Bank, came
They could not stand the shock, but gave
way, andihe suspension of 1887 took place.
Thea what vas the course OF those same
rulers! They had denounced and put
down the Bank Of the United States. Ii
was monster. They had eyioled aud
lavished praises on the local banks. Now,
they turned round against the objects Of
their own creation and commentator. -
Now they we're brood Of little monsters, /
corrupt and corrupting, with separate priv |
ieges, preying upon the vi'als Of the Stale.
They vehemen,ly call out for divorce OF
State and Bank, And meanly reireating
under the Sub Treasury, from the storm
which themselves had raised, leaving the
people to suffer under all It's peI,ing and
piiiless rage, they add insult to injury by
telling them that they unroasonably expec,
too much from Government, thai thew must
take care of themselves and that II il the