The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-02-03

BILE in practice. The interest OF the banker I
is 10 obtain the largest profit he can by
extending his circulation to the utmost lin
lis consistent with the probable security OF
his loans, While lie duty Of the issuer is
often to combat and resist the solicitations
of private gain, and 10 govern the amour, /
OF his issues sternly by the consideration OF
the public safety, and The preservation Of
sound and stable currency. Functions, ,
thus dis,inc; in their character and opposite
in their tendencies, il is insisted, should no,
be united in the same hands, bu, should be
kept separate and apart, and the arrange ,
meui proposed by almost all the witnesses
who we're examined before the committee,
for .Ges,iug this separation, is TO provide
/ ior the issue Of convertible paper currency,
by public authority, not, however, through
/ Executive agents dependent on the Crown,
but BY commissioners acting under the con
troll Of Parliament.
refer to these proceedings (said Mr..
! Riycs) TO illustrate and eniorco the poeiIion
Of the Senator from South Caroliua, that
issue aud banking are no, only separable,
. Dut illtIlIsllNhJ OlsttbIk3 uub ~ obO" NV
Senator from Pennsylvania that the limited
power Of issuing convertible paper cur.
reucy which is proposed 10 be exercised
. through the Board Of Exchequer, in the plaD
Of the Secretary of the Treasury, does not,
Of necessity, make hank. will DOT uu
/ dertake to say that the idea which is so
rapidly gaining ground in England, irom
tho impe!lections and abuses Of the banking
:. system as a, present organized, that Il is
expedieni 10 effect complete separation
between the power Of issue and the business
Of banking, is, in all respects, suited TO The
condition aud circumstances Of this country.
II has been carried out with signal success,
bot under the essential guard OF constant
couvenibili,y OF the paper issued into spe-
Gle, in Prussia, tho country which, OF all
others IN Europe, enjoys, at this time, the
best constituted currency. How Tar lin
tied application OF the samc principle,
modified according to the character OF our
institutions, might be ventured upon here, IS
q question which, II must be admitted, alter
the disastrous experience we have recently
had Of the dangers and evils of the present
system, is al leas; fair subject Tor enlight'
ened inquiry and consideration.
No person (said Mr.. Rives) can have
greater horror than have Of q Government
, papor money, properly so called, resting OF
, no basis but the general credit oil The GOV
eminent, representing no real value, aus
I, issued ad libltum TO supply the place oil
bona fido tangible revenue. Such papel
+ money. from The tempting facilities wh'ct
attend it, requiring no outlay bui the wage:
Of the manufacturer and engraver TO create
, il IN ilIuitahle quantities, has been justly
! pronounced to be "a seducing and danger
= Gus expedient." But when tho paper issued
/ is made Immediately and Internationally
4 convertible into specie at the will OF the
holder, and the Government is compelled te
provide real funds in advance TO redeem
! every dollar Of its paper liabilities, II IS
= very different affair. The danger of abuse
' ceases, and the national paper, thus bottom
e ed upon solid specie basis, becomes al
:, object of general confidence and trust. Ih'
y honorable Senator from South Carolina was
i a, the period to which he has rsIerred, #
: misleke not, the decided advocate Of Go
- vernment paper Currency, and of Govern
: ment paper currency, too, which should b
:, nconveriible. He then thought that
:, convertible currency was bunglins con
= ,riyance, behind the progress OF 1he age
" and that on inconsertlbe paper issued b
II, the Government, and endued with certa'
= conventional qualities, was the best inlaa
:" Unable form of a useful and convenior
= currency. Mr., Calhoun here shaking b
W head, Mr.. Rives said he had not the Sigh
~ est desire TO misrepresent the views OF tn
:" honorable Senator, aud would cheerful
- give way 10 enable the Senator to oxplalI
" Mr.. Calhoun declining, Mr.. Rves proceet
. ed.1 certainly so understood tho Son;
:, tors views, and run no risk in saying th'
~ they we're so understood by the Senate OF
" the country. For myself, (said MIR. RI
"a, "a. have ever been opposed to any and ever
a., a" form Of inconvcrtibe paper issues as Gu
~ reucy. Instant and rigorous converthltI'
's into specie, at the will of the holder, b
td' hevo 10 be the Indispensable condition OF
"' safe and sound paper currency, as We
~ when issued by Governments as by corpo
~ atoms aud individuals. There is no 9th
-, adequate aud reliable check against exec
~ siye issues. was glad, therefore, to pc
%" ceive that this essential principle is dislnc
Ia " recognized by the President, in roga
'se 10 the issue Of Treasury notes under u
:" proposed plan, when he tells US that il is :
~ rest 90 an actual specie basis, to be held
readiness to redeem the notes at the plac
81 ofissuc." Ifthis principle shall be ta'thl'
Or " carried out in the construction a.
~. administration Of the proposed system
;, " would at least furnish, to the extent OF
' W, issues, currency possessing every eleme
ou' Of safety, souodness, and uniformity
nc, Gentlemen have ,ndn'ged themselves
ned talking very learnedly about the assigns
lin. of France and the continental money OF c
rs.A own Revolutionary era. Bat wha: we
, Of these ut mere paper emissions, resting