The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-20
boarded in The Yves, to pay debts 10 the

/ boarded in the West to pay debts TO the
Government and for purposes u exchange
at New York. Then let a sudden demand
of specie come from abroad, on whom must
it first fall The local banks would take
care to protect themselves as well as they
could they would hoard the Treasury
notes in their vaults, and the FIRST run would
be on the Treasury of the United States.
And in what condition would the Treasury
be to sustain run. after the issue of fifteen
millions Of paper on five millions in specie ?
The Government itself must blow up
The Treasury scheme would succeed in
one way, certainly-Captain Tyler would
be headed by it more oiiectually than
by all the con.TlyaBces ever yet thought
of. Then the cry would Immediately be
heard, " Well, you see'the last experiment
has failed, and now there is nothing else
fer it, but we must have a good oldlashion-
ed Bank Of the United States" However,
exclaimed Mr.. b., there is one event IN
which Uncle Sam will be saie--he can't
be sued | A laugh.l ! don't know that
he can't take the benefit Of the bankrupt
law. But it may be useful in another
way spectators can get the bank bills
cashed, and then get clear Of Their debts.
The two plans will work admirably togeth-
er. A Taught
They of Mr.. BIS party had long been
making war on the principle of allowing
the money of the People 70 be used iol
any purpose but paying the public debts.
( II was this which had ruined the deposltc
banks; YET that very thing which had RI.
ined them, with all their capital as seen.
rity, this Government was asked now to
f, do, and yet to expect not TO lose great
part of the money loaned. In the very
able letter Of the Secretary of the Treas.
ury, it was stated to be one Of the greatest
recommendations of the new Exchequer
scheme, that the money Of the People
would not be locked up, but used for the
benefit Of the People.
With all personal respect for the Presi-
dent Of the United States, Mr.. Il. confessed
that he viewed this scheme with dismay.
What was it that had impaired the public
morals, and, beyond all other things, in.
jured the character and credit Of the coun-
try J Was it not hank delacationgl Was
there day passed tina, sc did not hear Of
new frauds and lorgeries, and new defaca.
tious and eiopemenisl Tho thing had got
to be so common that il no longer pro-
duced any sensation. And where were
the mea who had been guilty Of these
crimes In our prisons and pcnitep'In-
ries! Not atall I; they were walking about
through the land, and 50 thorough had the
contagion become, so had il bluntcd the
moral sense Of the community, that such
offenders were received into society, and
treated as it they had noyer been guilty Of
crime. The case had become proper
subject for the thunders Of the pulpit.
Vice had become SO general tina, vice was
growing unconscious of Us malignity. And
should we now, when this iniqui,ous sys-
ten was about to run down and perish BY
its own corruption-whea the Bank Of the
4 United States has destroyed the widow and
\ the orphan, and plundefed all who trusted
4 10 ii, again food the land with new corrup.
ton by establishing bank on principles as
false and baseless IS those Of tho worst in
stitution 10 the land iic trusted not.
\ few words more, and hc was done. -
He asked where was the warrant in the
Constitution for such an institution
Would any gentleman point i, ont 10 him
Did scheme like this come from the good
old school Of Virginia distractions Was
this in accordance with the principles 81
the eyer-memorable resolutions Of 1908
and '99l by what mode Of construction
could such measure be warranted Was
such thing as this Exchcquer Board a
3 necessary or proper means to carry into
effect ahy Of the enumerated powers Of
ghis Government 7
This bill, in It's leading principles bad
been Swallowed forth On this hoor In 1881 I:
but Mr.. i. had then resisted the giant 10.
icllect which brought it forward. 1t was
then conlcnded that tho United States Go.
yemmcnt had right 10 issue paper money
for circulation, and thereby 10 control the
issues Of the State banks. Yes, this same
scheme had been Swallowed forth by the
great expounder OF tic Constitution one
who had earned that title by adopting the
utmost possible latitude Of construction
which could be put upon that sacred instru.
ment. Mr.. b. had then felt proud in OPP.
posing it. But where was tho conslitu.
tlOual doctrine now IL was not asserted /:
the question was not argued. Mr.. b. had
then denied the power to regulate the cur.
rency, as not TO be found ID the Const;tu-
lion. 1t was claimed as Incidental 10 the
power 10 regulate commerce. What sort
Of construction was tins Our fathers
were jealous Of Federal power In The
Constitution that power was dealt out with
a niggard hand. The power to regulate
commerce had been granted simply for this
reason: different States Of the ConGedera.
ton had imposed different rates Of duty on
the importation of foreign articles, and
those States whose tariff was the lowest
z ~ .,I.,a.I 81. \ r.