The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-06-23
[ NUMBER 80.
From The True Wing.
NEW ORLEANS CLAY CLUB.

! meuIdllVe auufesS VI INT ANeW OiiEauS
Clay Club TO the voters Of the State of
Louisiana. /, would fill two pages of our
sheet. We extract few paragraphs:
"At this period Of unexampled distress,
when eight and mildew have fallen upon
every branch of industry; when public
credit and private enterprise are paralzed;
when a calamity SO universal in lis scope
that none escape lis influence, SO wi,henng
/ in its force that few survive its visitation,
has sirown the earth with the nourniul tro.
plies OF its ravages, the wings OF New Or.
leans would Invite the attention Of their fell
low citizens throughout the state, 10 brief
recital Of the causes whi.h, in their judy
meni, haze produced these evils, and The
suggestion of remedies which can alone
heal them"
"W hen The Iocoloco party got possession
Of the General Government IN lS29, they
found country advancing 10 greatness
with giant strides revenue which prov.
I'd equal to The discharge of SlO.000,000
rer annum, OF the public debt created IN
the prosecution Of the late war, besides dc.
fraying The curreLt expenses oil the admins
iraliou; tariff that furnished an adequate
protection 10 domestic labour and people
coutenled and happy under wlse and pa
ernal execution oil wholesome and patriotic
laws. They found also currency moi OIL
y eeqal TO specie throughout the whole
exleu, Of our vide spread territory, but OF
such undoubIed solIdly and solvency, as TO
enter into the circulating medium OF cher
countries"
Pretty strong facts, these. # then goes
on to cite eloquent proof Of the change un-
der the corrupt and destructive Admins.
lru,ion Of the Government that succeeded
Tor II years. We give few facts from
this Address on the history Of Locoioco
banking -
I" In 1892, the bill 10 recharter the bank
Of the United States was vetoed; IN 1888,
Tie deposits were removed. 10 1880, tho
aggro gate banking capital Of the Union was
SIi5,l9O, 2Gs. Within two years after
the removal Of tho deposits the banking
capital had swollen to 1881 ,25O, 1887, and
in ls37 i, reached Si40, 1870. Whilst
tie t. S. Bank was IN existence, the local
banks, not aspiring 10 the regulation oil Tho
currency, were chartered with small CAPT.
tails as occasion and business required al
Ter 1889 they were chartered without DC.
cesslty and multiplied beyond example. In
December 81, there were no less than 700
State backs. Nearly four hundred banks
sprung up upon the runs ofthe United States
Bank and S250,000, 600 of capital was in.
colporaled to supply the uses formerly dis.
charged by the $4,000, 600 capital OF tho
United States Bank. The impulse given to
exltayagance and speculation by this enor.
nous increase Of banking capital was quick.
eued by lhe circulars Of the Treasury De.
partmeut to those pc, State banks that were
made the circulation Of the national reye.
uues.
New banks were legislated into exis.
tcnce 10 meet every imaginary want. Tho
party pushed their scheme 10 the extreml.
Is Of bursting from self Initiation. Against
the wishes Of the wings aud 10 despite OF
their opposition, were these corporations
chartered, unu in May 1887, tho whole
system exploded upon the first Revision IN
trade.
with their usual tact and boldness, the
ocofocos have used the currency question
like a two edged sword. With their State
Bank experiment they cut down the ma
tlona currency, and now that they have
brought disaster aud dismay upon the peo'
pie, they change their strategy and are en-
deayo.ing TO smother the wings with the
very banks with which they over laid the
country"
After an argument IN favor oil Tariff
the Address says;--
"The question upon this presentation OF
lacts arises as to remedy. The answer is
Restore us the laws under which we we're
prosperous and happy. Give US national
currency and tariff equal to the expendl.
lures Of the government and reasonable
support to domestic labor. That the wing
party have not made more progress towards
the contamination Of this great object, may
not be charged as fault of theirs. For
reasons il would be as ImpIous to attempt
to lnthom as i, would be TO murmur
AGAINST Ills will, the decree Of tho AImish'
" struck down the grea! head OF the party
T. in tho dawn of its ascendancy, aud from
that day to this we have been powerless.-
Many of the fruits OF the glorious victory
) Of lS4O. have been buried for a season IL
, the same grave with tho mighty HARRISON
f Bn, they will take fresh root and flourish
exceedingly throughout the land. The
pr,nciples Of the party survive though III
victorious leader is gone. Under another
and long ;ried champion We will again Is
c forth TO conquest.
G "in surveying tho ravages OF locotoco
a ism, IN reviewing the Congressional hlsto
i, ~ of the past l2 years, in contrasting tn
n postra,e and ifeless condition Of the coonir.
\ with It's former prosperity and enterprise
Q i, mus, be admitted that the people hav
J. no. been brough. into their present stral
/, withou, warning. 10 the beginning tho,
were admonished Of the end Foremof
amid those who strove with giant shoug
n unenuaI strength 10 arrest the progress