The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-12-22


lion Of II 10 public consideration. Properly guar
aed nv the provisions OF law, 1t can run into no
dangerous evil, nor eau any abuse arise under II
hut such as the Legislature itself will be answer-
able for II Il be tolerated since Il Is but the erea
turc Of the law aud Is susceptible at all times OF
modification, Amendment o. repeal at the pleas
ure Of Congress. know that II has been objected
that the system would be liable 10 be abused, by
the Legislature, BY whom alone IT could be abused
in the party conflicts OF the day. That such
abuse would manifest itself in a change of the law
which would authorize an excessive Issue OF pa
per for the purpose Of initiating prices aud win.
ming popular favor. To that 1t may be answered,
tina, the ascrip,ion Of such motive 10 Congress
is altogether gra,uitous and inadmisslb.c. The
theory Of oar institutions would lead 10 differ
ent conclusion. But perfect security a aiasi
proceeding 90 reckless would be iOuud 10 exist 10
the very nature O.. !hings. The political party
which Shoaid be 50 bind 10 the true interests VI
the country, as II res0r, 10 sgcA an expedieni
would inevitably meet with final overthrow m The
fact that, the moment the paper ceased TO DC co.,
Vertbe into Specie Otherwise promptly re
deemed, 1t would become worthless, and would,
in the end d.shon0r the Government, involve The
people ia ruiG. and such political party IN hope
less dsgtace. AZ the same tl,nc, such view IN.
wolves the utter lmpoSsib.llly OF furnishing any
currency ots1r than that OF the precious metals,
for, if the Government itself cannot ioTego The
temptation OF excessive paper issues, what reli.
ance can be placed Ia corporations upon whom tie
temptations o. individual asgrandizameui would
most strongly operate The People would have
TO blame none bu, themselves for any injury tat
might arise from course so reckless, since their
agents would be the wrong doefs, and they the
passive spectators.
There can be but three kinds Of public curren.
ey. lst Gold and silver ID. The paper Of State
Institutions; or, 3d. a representative Of the pre-
cious metals, provided by the General Govern
ment, or under lis authority. The Sub Treasury
system rcioeiod tie last IN any form; anu, as Il
was bslloved THAI 10 reliance could be placed on
the issues Of local institutions. for The purposes ui
general circulation, /, necessarily aud anavo!da-
bly, adopted Specie the exclusive currency for
its own use. And this must ever be the Case IN
less one Of the other kinds be Used. The choice,
IN the presept state OF public sentiment, hes be.
tween an exclusive specie currency on the one
band, and Government issues Of some kind on the
ether. That these issues cannot be made By
chartered institution, Is supposed 10 be conclusive
ly settled. They must be made, then. directly by
Government agents. For several years past they
have been thus made in the form of Treasury
notes. and have answered valuable purpose.-
-
transient and temporary their ceasng 10 bear iu-
terest al given periods, necessarily causes !helr
speedy return, and thus restricts their range of
circulation, and, being used only III the disbgrse-
ments of Government, they cannot reach those
points where they arc most required. By rem.
deTng their use permanent, to the moderate ex.
tent already mentioned, by Offering no induce
ment for their return and by exchanging them tor
coin aud other values, they viii constitute, to
certain extent, the general currency SO much
needed 10 maintain the internal trade OF the coGn.
try. And this is the EAchoquer plan, 50 far as II
may operate in furnishing currency.
cannot fJrcgo Ire occasion 10 urge its impo-.
tance - the cy,ti, Of the Government ii tiaan.
cial point d view Tie great necessity Of re.
sorting to every proper am becoming e pedient
in order to place tho Trcasary OF footing Of the
highest responsibility, IS entirely obvious The
credit OF the Government may DO regarded as the
very soul of the Government itself-a principle
of vitality without which all its movement are
languid and al It's operations embarrassed. In
this spirit the EKecutre felt itself bound BY the
most imperative sense of duty to submit to Con.
gress, al its last session, the propriaty of making
a specific pledge OF the land fund as the basis for
the negotiation OF the loans authorised to be con.
trac;ed. then Thought tina. such an application
OF the pl5lc tonlia would, without doubt, have
placed al the comm4n1 Of the Government ample
funds to relieve the Treasury from tie temporary
eInbarrassments under which L ii5ored Amer.
lean credit has suffered a considerable shock in
Europe, from the large Indebtedness Of the States
and the temporary inability Of some or them to
meet the interest on their debts. Tne utter and
disastrous pr0stra.on Of The United States Bank
OF Pennsylvania, had contributed largely to 10.
crease the sentiment Of distrust b. reason OF the
loss and ruin sustained b. the hOlders OF its stock,
large portion Of whom were foreigners, and
many OF whom were alike iraoran. of cur po.it
zeal organization, and Of our actual responsible.
Ties. IL was the anxious desire Of the Exccltlyt
that, IN the effort to negotiate the loan abroad,
the American negotaior might be able 70 point
the money lender 10 The fund mo-tgaged for the
redemption Of the principle and interest Of am
loan be might contract, and thereby vindicate the
Government from all suspicion Of bad faith OF
inability 10 meet its engagements. Congress
differed from the Executive in this view Of the
subject IL became, nevertheless. The duv Of the
Executive 70 resort 70 every expedient 10 It's pow
e. 70 negotiate the authorized loan. After fail I
ure 70 DO 50 10 the American market 4 citizen Of
high character and talent was sent to Eurooe
with no better success and thus tho Notifying
spectacle has Deen presented Of the inability OF
this Government 10 obtain q loan 50 small as no,
N the whole 10 amount to more than one fourth
VI ~ at4tlAl 4llAbS4le. sliEHg NGeE tue
Governments Of Europe. although involved il
debt, and wi,h their subjects heavily hardened
With taxation, readily obtain loans of anv amount
al a greatly reduced rate of interest. It world
be Improbable to look further into this anoiqa.
logs state Of things, but I cannot conclude with
out adding that, for ! Government which has 4
pad of lie debts Of two wars WITH tie ARREST
mara,iGe power Of Europe. and low owing
debt which Is almost next 10 nothing when com.
paired witH its boundiess resources. Govern.
Insnt the s,Touges, in the world, because emlna I
ting from the popular VIII, and firmly rooted in
the affections Of great and free people, and
whose fidelity 10 is engagements has never Beoa
questioned for such a Government to have ten
dered 70 the capitalist Of other countriss an %.
porgnity for a sulll Investment Q! is stock, aaI
YET 10 have failed, implies either the most no
founded dlstrust 10 its good faith, Of purpose.
70 obtain which, the course pursued is the most
fatal which could have been adopted Ii mas
now become o5giogs 20 al! men that the Govern.
ment must look TO SIS own means f3E supplying t
its wants, and IL Is consoiing 10 know that these
means are altogether adequate for tie Object
The EKcbequer, Il adopted, Will gscltiy AID r (
H.. . ..- "A 4