The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-12-22
NUMBER f3.

vast amount Of what was called rnonev--sjnce
for tho time being /, answered the purposes ~
moacy-%as thrown upon Tie country ar over
lssue which was attended, as a Necessary con>s-
quence, ~ an cxtravsgant increase Of tic prices
Of OIL aitieles OF property, the spread Of specu-
latiye mania al over the country and has finally
ended in general indebtedness on the part OF
States and individuals, the prostration Of public
and private credit, depreciation in the market
value OF real and personal estate, and hns left
large districts Of country almost entirely without
any circulating medium. In view Of the fact that
IN 1880, tho whole bank note circulation within
tie United States amounted 10 Lot SCI ,3l3 eSr,
according TO the Treasury statements, and that
addition had been made thereto OF tie cuor.
nous sum Of see,0O0,000 in seven years, ,thc cir.
eulIlion on the first january, lc31, being stated
at SLY, le5 500 aided by the great facilities af.
toFtled IN obtaining loans from European capitIl-
lists, who were seized with The same speculative
mania which prevailed in the United States
and tie large importation Of funds from abroad
the result OF stock sales and oans-no one can be
surprised d the apparent, but unsubsilntial state
OF prosperity which every where prevailed over
the land and while little caUse of surprise shou:
be iet u the present prostitution Of every thing.
and the ruin which has beflllen so many of our
eliow.cllizens in tho sudden Withdrawal from
circulation Of 50 large an amount Of bank issues
since le31-c exceeding as % believed, the amount
d"deu 70 Tue paper currency ior similar period
dleCeaeht 10 Ie1' !. ceases 10 ne matter OF us.
l9hiSnInent that slcE eN'ensi'e shp"Eock should
nave beeh MADE OF private fortunes, or nat dliii.
cultes should exist IN meeting their engagements
on the part Of the debtor States. Apart from
which, II there be iahen lHio account the I'M
mense losses sustained in the dishonor OF uumeE.
Gus bauhs, II IS less matter Of surprise That ~.
solVency should have visited MANY of our iellfw-
cnilenS, lhan That so many should have e.
The b!igAlng Influences Of the tunes.
IN the solemn CONVICTION u these truths,
WIN an ARGENT desire 70 meet the pressing ne
efssities OF me country tel 1t 70 DC my duty to
cause to be submitted 10 you, at the commence
ment OF your late session, the plan OF an Ia
cheqheF, tha whole power ana duty OF MAINTAIN
ing "hich' ID purify ana N!gor, was to be eXer-
clSed by the Representatives. OF the People and
the States, and, therefore, virtually by the Peo-
pie themselves. II was proposed to place 1t uE-
der the control and direction Of Treasury Board,
TO consist OF three Commissioners, whose duty it
should be TO see that the law of It's creator was
faithfully executed, and that the great end of
supplying d paper medium of exchange, at all
times convertible into gold and silver, should be
attained The Board thus constituted was Civ
en- as much pernlancncy as could be impaired to
it, without endanEcring the proper share OF re-
: Sp0aslJAt} NlllCA should aUdcN 10 all pubic
} agents. In order to insure all the advantages Of
well.matured experience, tie Commissioners
were to hold their Offices for the respective pc
; RODS Of two, four, and six years thereby sccuy-
d ing at all times in the management Of the EX.
e chequer the services of two men Of experience /,
IS and 10 place them in condition TO exercise per-
70 feet independence Of mind and action, it was
If provided that their removal should only take
j place for actual incapacity or inficeliy TO the
# trust, and to be followed by the President with
an exposition Of the causes of such removal.
I should 1t occur. 1t was proposed 10 establish
subordinate boards IN each OF the States under
the same restrictions and limitations of the pow
er ct removal, which, with the central board,
shoud receive safely Keep and dlsourse the pub
lie moneys; and IN order TO furnish sound pa
per medium OF exchange the Exchequer should
retain OF the revenues Of the Government sum
not to exceed S5,OOO,OOO in specie, to be set
apart as required By lis operations, and 10 pay The
public creditor at his own option, either IN spe-
eye or treasury notes. OF denominations not less
than hve' nor exceeding one hundred dollars.
Waeh notes should be redeemed at the several
places OF ISSUE ana TO be receivable at all times
"