The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-13

tain Treasury notes, harrass the Treasury
BY demands for specie, and send the specie
thus obtained abroad 10 exchange Of their
own obligations. A few words may dispel
such imaginations.
In the FIRST place, the argument, il It
prove any thing, proves too much; for /,
proves that for the same reason all specie
paying banks ought 10 cease specie pay
menis. But the truth probably is, thai
these States aud companies find less duff
Guilty in lighting on some convenient mod
of remittance than on commanding at the
present moment the meaus OF making re.
mitiances in any form. The general de.
preston, with the CO operation doubtless OF
other causes, has suspended the power Of
obtaining such meaus. We must continue
to hope that, under better state of things
and IN better times, this power viii revive,
and when !, shall, We must look to our
crops, TO our freight, and to the general
earnings OF our industry, TO enable us to
meet the claims OF creditors abroad. In
the mean time, sluce neither State nor CON.
paHss can obtain loans Of Treasury notes,
nor otherwise possess themselves of them
than BY buying and paying for them, we
need not distress ourselves with apprehen.
slons OF runs on the Exchequer from thai
quarter.
1t remains TO say something upon that
[ part oil the bull which authorizes The Ex.
chequer and lis agencies 10 buy and sell
domestic exchange, under certain limiia
tons ADD restrictions.
That an institution founded on a more
extensive plan, with larger moneyed cap
iial, which should deal IN exchanges on
broad scale, buying bills at long dales, or
accepting bills on security, IN order to en-
able drawers 10 anticipate their means, anu
thus afford capital and credit, as well as
exchange, strictly speaking, might, but for
the dangers attending IT, produce more
bench, than that now proposed, may be
safely admitted. Blu. such a scheme in.
wolves the idea of making loans and advan.
ces, OF venlurIng largely on the strength Of
4 personal security, and entering in no s;na
degree into the hazards OF commerce. Nc
such purpose IS intended by presenting the
present bill 10 the consideration Of Con.
gress. Ga the contrary, the utmost con
Germ has been felt to guard the proposed
measure against all tendencies TO such q
system OF exchange operatIocs.
In all lis purposes, II looks 10 currency
and To exchange, not 10 lending or 10 dis
count. And 1t may we'll be matter Of
serious consideration, whether such large
powers OF discount eau be safely lodged IL
private institutions, with the power o.
making such discounts by The use Of Ihelr
own notes.
The supervision and regulation of cur.
reacy belong 10 Government the business
OF commerce aud the borrowing and lending
OF money to individuals. And perhaps 90
conVIo!ion IS more rapidly taking passes.
sion OF the mind OF enlightened men, than
that Government should not commit the
high aud important function of superlntend.
ing and regulating the currency of coun.
Try TO Inc hands OF those whose occupation
consists 10 making loans and discounts,
whether on promlssory notes or bills on time
u
count, by the ISSUE Of It's bulls, il adds so
much TO the circulating medium OF the
country and, 10 the absence Of all other
regulation or restrnInt, several hundred
banks, whose palpab.e interest II 10 to In.
crease the amount OF circulation, are to de.
eide, each III the exercise of its owl dlscre.
ton, 10 what extent tina; augmeniation
( shall be carried. That to such a system
there must be some check, or that, IN the
absence OF all such check, the emission Of
paper Will be continually LEADING TO excess,
must be manifest TO every rejecting mind.
Ii is not proposed TO enter folly INTO this
subject al present but as il has already in
other countries, so Il must nee essarIIy ere
long, ia TINS, command the nsosi serious
I attention OF Government.
II IS hoped that the measure now pro.
I posed to Congress viii have some effect, al
least, 10 counleracling the tendency to ex
cess IN bank issues. While II NAV not
accomplish all that is to be desired, II is
believed II will effect somelhing 10 The
extent OF It's means employed, It's operations
will be calculated to RESTRAIN ISSUES and TO
correct excuses; because IN the FIRST place,
every accession OF good currency TO the
general mass, tends either to render the
bad worthless, 50 that in time ii shall give
way to better, or 10 compel those who
issue such bad currency to raise it's value
by preparing for It's redemption. Ii good
currency could be put into circulation IN
such quantity as TO meet The uses of the
country, II must Of course expel the bad, or
bring about change Of ITS character al.
though 1t IS equally true that. while the
great mass be bad, aud while # vet circu.
iates, not having become entirely worthless,
1t Is difficult for small amount Of good
currency 10 share 10 the general circuia
Con, since Il IS liable to be selected from
the mass for purposes which that mass viii
GOT answer. And, 10 the second place, the
Efc9eqler Will act benelicialIy 10 this re
spect, by holding all State banks with
which II may have dealings TO punctual
performance ofiheir obligations. aud bring.
ing them to an immediate settlement for
such Of their bills as may find their way