The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-08-04

lucky, and | believe we stand as well as the
people do IN most Of the States. We have
circulation IN bank notes amounting tG q
bout two millions and half, founded upon
specie in their vaults amounting TO abou,
one million ind quarter, half the actual
circulation. Have we too much money
No 10. exclaimed many voices. If all
banks were put down, aud all bank paper
were aunIaated, We should have j1st one
half the money that We now have. | am
quite sure tha; one Of the immediate causes
Of our present difficulties, IS deiec, IN
quantity as we'll as quality Of the circulating
medium. Aud it would be impossible, i.
we were reduced TO such regimen as IS
proposed BY the hard money theollst, 70
avoid stop laws, relief laws, Repatriation,
bankruptcies, aud perhaps civil commotion
| have traced t.c principle causes OF the
present embarrassed condition Of the coun
Try, | hope, with candor aud lirmness, and
without giving offence 10 any OF my fellow
citizens, who may have differed in political
opinion from ne. |; would have been far
more agreeable to my feelings to have
dwet, as | did IN 1892, during the third
year Of the first term OF President Jackson's
administration, upon bright and cheering
prospects Of general prosperity. thought
It useful 10 contrast that period with the
present one, and TO inquire !uto The causes
which have brought upon Us such sad and
dismal reverse. A much more important
object remains 10 me 10 attempt, and that
is to point out remedies for existing evils
and disorders.
And the first | would sugges. requires
the cooperation Of the Government aud
the people,. is, economy and fgugalty,
strict and perseveting economy, both IN
public ard private affairs. Government
should incur or continue no expense that
can be justly and honorabIy avoided, and
individuals should DO the same. The pros
perity Of the country has beeu impaired by
causes operating throughout several years
and II will not be restored 10 day or O
year, perhaps not il period less than il
has taken TO destroy il. But we must not
only be economical, We must be lndus;rI
Gus, indeiatignb!y industrious An i'm
mense amount Of capital has been wasicc
aud sguandcrcL IN visionary or unpfoilia
bic enterprises, public aud private. Il car
only be reproduced by labor and saving.
The second remedy which | would sug.
gest, and that wllAou. which all others
must prove aboriIpe or Intellectual, IS a
sound currency, of uniform value through.
out the Union and redeemab!e in specie
upon the demand Of the holder. know Of
bet one mode . which that o. ject can lie
accomplished, and that has stood the test Of
time and practical experience. lfany 9th
er can DO devised than Bank Of the Uni
ted States, which should be safe and Ger.
tain. aud free from he influence Of Govern.
ment, and especially not under the control
Of the Executive department, should, for
one, gladly see II embraced. | am not ex
cusvely welded to Bank OF the United
States, nor do desire to see one establish.
ed against the will and without the con.
sent Of the people. Bot ell my observa.
tions and reflections have served TO strength.
en- and confirm my conviction, that such an
institution, emenstIna from the authority
Of the General Government, properly 10
stricIed and guarded, with such improve.
meuts as experience has pointed out, can
alone supply reliable currency.
Accordingly, at the Extra Session, bill
passed both houses Of Congress, which, in
my opinrun, contained an excellent charter,
with one or two slight defects which it was
intended to cure bya supplemental bill, if
the Veto had not bcen exercised. That
charter contained two new and, think,
admirable features: one was TO separate the
operation OF issuing a circulation from that
Of banking, confding these faculties to dil,
leren, boards and the other was to limit
the dividends of the Bank, bringing the
excess, Beyond the prescribed amour, into
tie public treasury. 10 the preparation of
the charter, every sacrifice vas made that
could be made, to accommodate it, especially
in regard TO the branching power, 10 the
repuled opinions of the President. But in.
stead OF meeting Us IN mutual spirit Of
Cancellation, be fired, as was aptly said by
a Nlrginion editor, upon the Gag of truce
sen, from the Capitol.
Congress, ANXIOUS to fulfil tho expecta.
tons Of the people, another bank bill was
prepared, in conformity with the plan of
bank sketched By The acting President in
his Veto message, after previous consul
ta,on between him and some distinguished
Member of Congress, and two leading mem.
bers Of his Cabinet. The bill was shaped
in precise conformity 10 his views, as com
by those members Of his Cab
net, and as communicated 10 others, aud
was submitted TO his inspection after it was
SO prepared; and he gave assurance tina, he
would approve such bill. was no party
TO the transaction, but do not entertain
doubt of what state. The bill passed
both Houses of Congress without any alter
alton or amendment whatever, and the Veto
was nevertheless again employed
Ii is painful for me 10 advert 10 grave
marked by such dishonor and
bad faith Although the President, through
his recognized organ, derldes and denoun
ces the Wings, and disowns being one al.
though he administers the Executive branch