The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-20
sENATE-DrcrMnER %.


Sir. PRESTON, agreeably with previ.
GUS notice given last week, asked the atten-
.iou of the Senate 10 the report Of the
Secretary of tho Treasury, giving in detail
the plan for the establishment, of currency
throughout the Uolied States. Mr.. p. said
I be called the attention Of the Senate 10 the
subject, not with any expectation Of moving
4 further 10 it. A distinguished member Of
/ the Senate would move It's reference 10 a
select committee, where Il would receive
that examination due 10 the importance oil
The subject.
Mr.. 2. expressed his earnest hope that
something might be done which nigh, re-
lieye the existing distress Of tue country,
and meet with general acceptance by the
People. He trusted thai the difference o.!
views which had heretofore prevailed might
be found susceptible Of compromise, and
would yield TO sense Of tue pressure of the
public necessities. la this plan the Exec
utiye bad Submitted TO Congress plan of
finance which demanded It's serious consd-
GRAFTON. Without, at this time, expressing
any opium on the merits Of that measure,
be certainly desired that this, or something
like it, OF something in the place OF II,
might be agreed upon during the present
session, which should correct the disorders
of the currency, tend 10 re- establish the
fallen credit Of the county, and give repose
to the public mind, now so greatly and so
lnlurioasly agitated. MIR. p. approached
the consideration Of the Executive propo
sltlou IN this spirit, aud ardently hoped tina.
the united wisdom ofthe CO ordinate branch
es Of the Government might be guided 10
results generally satisfactory. lie did not,
as yet, permit himself TO despair OF such 4
contamination.
THIS was not the proper time for enter
ing upon any investigation of tue financial
system proposed III the Sectetary's report
bu, he might be permitted 10 say oil It that
1t was efficient; that it vas strong; that il
was novel 10 many of its features; and thai
il proposed to re arrange tae entire Treas
] ury Department in way which must ne
cessariIy lead 10 The most important ant
+. enduring consequences and IN regard t
which Congress had nc precedenIs TO suid
D its action or deliberations. To him Il ap
peared to be composite edlfice, construct
} ed from various materlals, and to coDtalt
selections from different projects heretofore
presented, and to amalgamate them with
other features entirely original. In acting
upon It the highest exercise of prudence
aud caution was lmperiously demanded i
must receive the coolest and most dellber
ale consideration, and this he felt very sur'
] it would receive. Mr.. r., however, mus
0 confess that there were certain portions 0
the plan which staggered hun a good deal
and yet he could scarce see how any thint
! better could be substituted for them. Thu
0 subject was one of great magnitude. Hi
. own course as az individual must be OF very
j little consequence: but he nigh, be permit
S ted 10 say, that if left 10 his own choice, be
2 should act on The general principle that II
E matters of finance Government should con
0 fine itself, as far as practicable, TO the ex
Z istinc establishments and institutions of The
country he did not think that by the Con
I stitution the general subject of the currency
! had been so absolutely contided 10 the dis
cretlon Of Congress that il was empowered
0 to create establishments wholly new, bu
0 that i, should rather give direction to those
already in being, so as incidentally TO alC
the currency and promote the general vel
fare. He was enxious ou the subjec, o
i, the State institutions which had been crea
ted by powers superior 10 the General Go
b vefnment and he thought that, as {
, Subordinate aud limited Government, deri
{ wing IFS powers from tho States, Congress
+. should moi disregard the exercise OF then
d power in the erection OF these Independent
institutions, but should rather aim at 81
/. guiding and directing their operations as Z
G promote the general prosperity OF the whol'
Conlederacy. He slih adhered to th'
. opinions he had often heretofore expressed
i, IN favor OF the employment of the STATE
n Banks, and of adapting the Federal Instltu
lions 10 them. He did not, however, con
g celve thar the present state of the counir,
b and Of the public opinion authorized him Il
e insist upon his own individual notions an
G preferences; but that be, with all others
were called to act in liberal, enlarge
5 catholic spirl, Of compromise 10 60 for tn
e country and for the country alone TO relec
n oil narrow feelings and party lidisonS, an
h make sacrifice % the whole upon the alta
IS Of our common country.
is He concluded with moving that the re
i. por, of the Secretary of the Treasury o
5. The subject OF an Exchequer Board, &c. b
}, now taken up for consideration.
d Mr.. TALLMADGE rose, under mani
" fest iudisposl'on, and spoke IN voice !, $
Z hoarse as hardly to be understood II
m was believed TO express his hope that some
thing would be done on the general sunlec
le Of the currency, and that the report mign
b, be SO modified by q committee as TO rende
IN it generally acceptable. lie trusted ina
,e in making a motion for the disposition
d the report, no should not be suspected b
$. reudenen on either side of the House {
se putting himself in advance Of other gentle
10 man Ear more able. lie hoped that Ii