The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-07-14
TnE loco rocco AppREss.

PeI'adcs every department oil government,
both State and Federal, and this has arisen
says the Address. wholly from a course
Of measures, in the General and State Gov
ernments always advocated by the Federal
or Wing party" As the General Gov
eminent had been, from 1923 until March
ls4l, under the control of the Loco Foco
party, and as distress was pervading all
classes, in 1910 before the Wings got into
power, the inference is very easily drawn
that the Loco Focos caused the present
distress. And as we believe the prosperi.
ty of the States are intimately connected
with that Of the General Government, the
attempt Of General jackson to tinker the
Currency may be looked 10 as the great
source ofall our distress. Yet in $40 none
Of the leaders would admit there was any
distress, but as soon as the Wings get the
power, nothing bu, distress prevails thro'
the length and breadth Of the country
What terrible fellows the Wings must be-
The Address says much about Banks
and tells us that those who put their money
in these institutions make nearly 81 per
cent. and that il comes out Of the pockets
Of The people. How this is taken from
the pockets Of the people the Address
does no, explain. But we deny the as.
serion in toto. No one pays this interest
but those who borrow from the Banks
and Il they were not benefited by getting
the money they would not apply for ac.
commodo,ion TO them. /, is true they are
authorised 10 issue 3 paper dollars for
dollar in spceie-ihis is done to enable
them to pay the different officers and to
furnish houses for doing business in and
paying other necessary expenses, and az.
ter all the Stockholders does not get much
more Than farmer gets for his money
they get @ per cent. and sometimes Z
and s--but very seldom as high as :
per cent and in commercial communi.
tics they afford facilities which il would
be impossible TO get along without. The
Address states that cur fathers fought
through the Revolutionary war, without
such institutions, and asks How did our
forelaihers do without them Now the
writer thought this was poser, but he
is mistaken. Our forcEthefs had paper
money, aud that in its worst shape
cur readers have heard Of the old con.
iinenial money, a currency which was
almost worthless, for we have ollen heard
the old Revolutionary soldiers tell what
a high price they had to pay FOR such
things as they needed in this money, as
for instance $1,000 for pint of rum,
and the Government never redeemed this
money. 1t would have been much bet.
ter for America il good banks had been
established, then those who perlled their
lives IN the Revelation would mol have lost
so much as they did by the continental
money. The writers Of ibis Address have
no doubt been all Bank men, but finding
these institutions at this time unpopular
they want to make political capital out of
II SO as TO raise their party into power
again, bu, the people may rest assured that
should they succeed times would not be
bettered under their management. One
OF them, Mr.. Fisher was in favor IN the
year 1888 of going IN debt TO British
Bankers for the loan of Three Millions Of
Dollars, and that on the credit Of the State.
If he had succeeded in this measure the
people would at this time be paying taxes
10 pay the interest on This sum. A table
! C paraded before the public showing the
amount lost by Banks and other means
from 1850 to 1910, which is stated 10 be
$500, 100000, admitting The calculation
10 be true, the country has reaped more
! than five times the amount in wealth.
And if this argument was good, no one
should engage in business because they
would meet with losses. What has made
the United States oulstrip all other nations
Nothing in our opinion but the credit sys'
/ tenn, and if our monetary system had beer
left untouched by Gen. jackson We have
no doubt the nation would have been IN
prosperous state at this time, but we have
been under the influence Of domogoguism
and nothing will rid US Of our troubles bu
for the people To examine for themselves
no, be led to support any and every moa
sure as their leaders may dictate.