The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-20

certain great principles. mono Of VIII,
they could ever give up
Mr.. RiyES said that the hono,,.,
Senator from New York being disouals
by indisposiiion from taking any par
this discussion, he fell himself called mn.
asYin some sort representing that hono,,
bic genilcmai,, as we'll from personal ,G
ing Of atiachmept, as from simiIarir
political principles, to say word or n,
That gentleman had considered remo,l
on the report IL this time as oui Of 49,
because the papcr was to 60 into The haD,,
Of the committee, where It's shape NM
be materially changed, and the scLeT,
thereby freed from objections 10 which
was now Liable. He had listened MA
pleasure to the Senator's from pennsyl,,
mia and South Carolina, hu, thought III,
might have spared themselves the remah,
in which they had indalge5. Mr.. L. M,
pursuaded that his honorable friend lrD
New York (Nr, Talmadge) never COD
consent TO recommend any scheme "a,
Government Bank. lie was too fully al.
/ United against any such measure. Allis
remarks Of the gentleman from pennsya
MIA on that sGblect was therefore Who'll
graiuitous, and might b,s.ter have Ia,
spared until the gentleman ascerIainel
whit shape the measure would be ptess
ted by the committee for the action u
Senate.
i But, while up, Mr.. r. must he perm
ted a word or two in reply TO the reaaa
made by both gentlemen. The genilena
from Pennsylvania had denounced u
1 scheme as great Government bank, mas
~ because tho Board was TO have The "a,
or Of issuing a circulating paper credit,
this was banking faculty. but the s,
nior from South Carolina insisted tia,
the progress OF modern science Il had b.
discovered that 10 such faculty belo0.g
to the banking system, hu, on the conia
I ", was wholly alien from it; aud this V,
undoubtedly tic true foeirinc. The s,
ator had urged il ia So yes, but /, v,
+ then no novelty, Long before that a,
NJ. Ricardo had suggested Tie eenca
principle, and ever siace i, had Il.
preached By that great man, il had Ii
ilructifying in The pnbiic mind. His ges
raj principle was this, that The power Of 4
sue is power TO create, while tic poss
Of banking is n power 10 usc. The Ia
/ powers we're essentially distinct, ard
1 their nature incomPthie. The same u
bad been taken up by Torfens, by Sans
Jones lloyd, and by Mr.. Clay, mems
OF the British Parliament. A commtts
! Of the House of Commons had last y.a
taken Up rhe WHOLE sah;ecs--a cnsasn....-
consisting IL aIch men M tho Chanec
Of TIE Exchcqucr, Mr.. Peel. Mr. CID
Mr.. Ellis ). I'arneI, and other ucnleHt
distinguished for their knowledge Of
nance Alter fuil investigation, seis
out Of nine Of that committee had eone
tho conclusion that there must be cos
pleie separation between the power to s
a circulation aud the power Of bankln--
Their scheme is, that paper mnuey, 4
deemablc 10 specie, shall be issued b.
lie authority; not, however, by execua
J agents, bui by commissioners acting uals
Parliamentary authority. Such was
Z plan recommended ia England, aud sie
uns gaining 10 itself more and more i.ls
The plea haa bcer reduces. ia Vsac,;ee
Prussia, kingdom which nav cnioYed
best currency in tie world. Unlike d
+ gendcmaa from South Carolina, Mr..
had never been the advocate Of Goyen
mint paper currency, properly 50 eak
l. e. paper which rested SOLELY on !.
credit Of Government, aud was i.lcongen
bic into gold and silver, although made
law legal tender. Ths gentleman III
South Carolina had some peculiar no.iai
Of his own ia 1881 about convertible =
per currency being behind the aye. IN
Calhoun shook has head.1 Bat was 81,
a currency as lie had described the cura
cy proposed by the bill Far from it,
While II was indeed Guaranteed hy
faith oil Government, it was required 10
convertible az pleasure into gold and sii,s
by which Il was meant that the paper
sue should have q specie basis. dollar
dollar. The gentleman from pennpl,
mia thought otherwise but that Wis
mere matter Of detail, TO bc regulated
Z tho committee.
/ In reply to Mr.. Buchauan's remarl
the refusal Of bills Of credit in the Con,c
ton, Mr., X. referred him TO the oypar
! tor9 Sotc Of Mr.. Madison, which drcl'u
that this was not intended to prohibit TO
ernment from issaeing note, for It's own d,
commodation, but was aimed solely 4
such paper currency as rested simply
the credit Of Government, and was, al IL
same TING, made a legal tender. Bit q
this subject both Lose gentleman hA
thrown stones just as If they did not tlch'
selves dwell in glass houses. What vrrs
the Treasury notes advocated by tia
party Whence the authority 10 isgs
tbcni, il the doctrine they now aIyocss
was correc,l The Senator from Soa
carolina was for separating the powerd
issue from the power Of discount /; but boz
was he going 10 do il, If he opposed even