The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-04-14


US on thus good work of retrenchment or
reform. shall be the last TO express in
advance any dislrust Of their upright inien
tions IN this respect. The only lh,ng that
alarms me is, that two OF these departments
have come to US asking for appropriations
far beyond any that have heretofore been
demanded 10 time OF peace, and that with
full knowledge OF the fact of an empty
Treasury. Blu, still hope. when they see
Congress heartily, 10 earnest, engaged IN
retrenchng useless expenditure, aud reduc
ing estimates that cannot be complied with,
that they will boldly brlug out to view OIL
abuses which exist 10 their several spheres
Of octon, aud let Us apply the pruning knlle
SO as TO reduce The national expenditure
within some proper aud reasonable amount.
At all events, they are, of course, most ia
millar with the details of the subject as II
relates TO their several branches of the Ad-
ministratlon. Among other items there
are several useless minis which only oper
ate TO waste the public money. A friend,
occupied IN investigating this subject, has
tDld me that the mint 10 New Orleans has
already cost the country half million Of
dollars for getting ready 10 coin bullion not
you dug out Of the mine
Mr.. Berrlen here spoke across some
thing no, heard by the Reporter in relation
to the mint at Dahlonega, which excited
much mirth IN the neighboriDg part OF The
Chamber.
While every piece Of coin made by
these useless establishments could just as
well be coined by The central mint al Phi
adelphia.
Aud now, having gone through with all
the details of the series OF resolutions,
which thought il my duty to notice, allow
me, in drawing TO conclusion Of these re
marks, to present some Of the advantages
which i. appears to me should urge US to
adopt the system Of financial arrangement
contemplated in The resolution.
And, first. The Government will, III
this way, secure TO itself an adequate
amount of revenue, wiihou, being obliged 10
depend on temporary aud dlsrepulable eS.
pedienis, and thus preserve the public cred.
i, unsullied- which | deen great adsan.
tage of the plan. Credit is of ncalculable
value, whether to a nation or an individual.
England, proud England, country with
which we may one day again come in con.
fiC, though it gives me pleasure TO say that
cannot perceive al present The least
"speck Of war in the political horzon-
owes her greatness, her vastness of power
pervadlng the hnbi:ab!e globe, mainly to
/ her strict and ulaiorm attention TO the pre-.
seryation Of the national credit.
2. The mex! thing recommended is re
,renchuent in the national expenditure, and
greater economy in the administration Of
the Government. And DO we not owe It
10 this bleeding country, TO ourselves, and
the unparalleled condition Of the times, to
exhibit to the world fixed, resolu,e, and
patriotic purpose TO reduce the public expen
diture 10 an economical standard
8. BIZ! much more important advantage
than either of those have yet adveried &c
is TO be found 10 the check which the
adoption of this plan will impose on the eff
fux of the precious metals from this coun.
try to foreign countries. shall not now
90 INTO the causes by which the country
has been brought down from the elevated
condition of prosperity It once enjoyed, to
It's presen, state Of general embarrassment,
and distress. think that those causes are
as distinctly in my understanding and me
mory as any subjects were ever impressed
there but | have 10 desire to 90 into Il
discussion which can only revive the re.
membrsnce of unpleasant, topics. My pur-
pose, my ixed purpose, on this occasion,
has been to appeal to all gentlemen on all
political sides Of this chamber TO come out
aud make sacrifice of all lesser differences
in patriotic, generous and general effort
for the relief Of their country. shall no,
open these bleeding wounds which have, IN
TOO many instances, been inflicted by broth
ers hands-especially will not do so al this
time, and on this occasion. | shall look
merely at facts as they are. shall no,
ask what have been the remote causes oI
+ the depression aud wretchedness of our once
glorious and happy country. | Twill turn my
view only on causes which Gro proyna,e,
indisputable, aud Immediately before US.
One great, if no, sole, cause is 10 be
found in the withdrawal Of coin from tie
country to pay debts accrued or accrulng
abroad for foreign imports, or debts contrac.
ted during former periods Of prosperity, and
still hanging over the country. How this
withdrawal operates IN practice is no, diff.
cult TO be understood. The banks Of the
country, when they are in a sound state,
act upon this com as the basis of their cir.
culatIon and discounts the withdrawal Of
It not only obliges the banks to withhold
discounts and Accommodations, bit 10 draw
IN what is due from Their debtors. at the
precise tine when they, sharing 10 the gen
eral structure, are least able to meet the
calls. Property 10 then thrown into the
market 10 raise means 10 comply with those
demands, depression ensues, and, as is IN
rariably tho case when here is a downward
tendency IN ITS value, il falls below lis real
worth. But the foreign demand for specie
TO pay commercial and other public debt
operates directly upor toe precious metals
the mSevps winch a "a "a n o rod 80, h,, r.,