The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-04-21

are not responsible, because they did not
produce them, but found them on their ac'
cesslon TO power, and they would have re.
moved them with the co operation Of the
President, which they could not obtain, anu
without which they could do nothing.
Among the topics which have been, and
are most fruitful OF defamation "ith our
opponents, is the number Of Banks, aud The
amount OF banking capital IN the United
States. They seek TO hold the Wings re-
sponsible for the undue increase and mis-
management, OF the Banking capital, repre-
senting them as the advocates OF unsound
and dishonest Banking institutions. Never
was a charge less supported by proof or
more capable Of complete relutaIion. The
doctrine Of The Wings has ever been that
some paper circulation was both adyanIa-
geous and necessary 10 the country, because
our share CT the specie Of the world is en-
tlrely inadequate 10 amour; 10 our wants,
and because an entire specie circulation IS,
from rs bulk and weight, announcement and
troublesome, and from lis constant waste by
friction, is yearly diminishing IN amouai.-
But they have ever maintained that Bank.
lng institutions TO supply this paper circu'a.
lion, should not be increased beyond the
actual necessities of the country-shoud
be created upon a firm basis OF specie and
property, aud by wise laws, carefully re.
strained from excess and mlsmanagemeni,
and with this doctrine the practice OF the
Wings will he found, TO have corTesponded.
How is it with our opponents Their
theory has taught the proprieIy OF an eSclu-
slye hard money currency. Banking IN.
s,iiulons have been the theme of their un.
ceasing denunciauon. Yet how have they
acted When in possession of pcperr
wha! have they done 10 reduce their theory
TO practice lie, US enquire. Before
they came into power, It is undoubted that
we had good currency. Every one who
can remember the state Of things twelve
years, knows this 10 have been the fact
The change in the condition of the country
the increase of Banking capital, beyond
all the reasonable demands Of business, anC
the consequent depreciation, arose from
their administration Of the Government, anC
they stand Justly responsible for the conse
quences. 10 the year 1880, there we're ii
the United States $50 banks with an aggre
gate capital OF Sl45, l90,2 PCS. 10 ls3.
the bill 10 re charter the Bank Of the L al
ted States was vetoed, and in 1888 the GOV
eminent deposI.es were removed from lha
: Bank and placed With the State Banks
, thencelorward the State Banks enjoyed th
favor of the Adminstralion--were applaud
ed 8s safe repositories Of the revenue, ant
capable Of furnishing o sufficient and soun'
currency for the country-were urged b
the then Secretary Of the Treasury to 10
: crease their loans, enlarge their circulation
and furnish every facility which their &C
Communications could furnish TO the mer
D camille community. AT the same tim
banks began 10 be multiplied without neces
o sity and beyond all example. Within les
D than Two years from the removal of the de
2 posies, the banks were found TO numbe
5JS, with an aggregate capital of 1891
$50, 1887 And IN December 1897, III,
. number had increased to 7Og with an az
gregaie authorized capital Of S4l0,l95,.
I7I0 So that the Banks had doubled and
the capital more than trebed in seven years
Now where vas the creates, increase in The
number and capitals Of these Banks Wa
il in the States, under Wing direction =
Or was I'm those States which enjoyed III
! special benefit Of being governed by Loco
! foco Legislatures! Undoubtedly in lh
q latter. lie, US take as examples and proof
!. Of this, few States distinguished durn
Il tina! period for their attachment 10 the LIE
: cofoco party. Take Maine. 10 1880 sh
> had Is banks, with a capital of 81 $50
Il 900; in December 1897 she had 50 bank
With capital Of IS 535 600. Take Penn
. sylvania. la 1880 her Banks were 80
: number With a capital Of Sl4,6l0, 1888;
J. December 637 the number had increase
: to 50 and the authorized capital TO $50
Il 9i4,435. Take Alabama, which in SO
!, had banks with capital of S6i3 90
g aud in December, 1887 bad 3 Banks vii
u 40 authorized capital of SI4, 45S, $3.50, beiu
i an increase Of % fold in seven years in Il
II Bank capital Of the State. Take Misslss
~ ! plt WHICH w l-OO udI one OilIh WIN "A CAP
s. tai Of $3.50, 900 and 10 1897, il banks ar
OF % branches with a capital Of S39, 400 90
D. being an increase Of capital in seven yea
= of forty fold Take Missouri. VII
q, was the action of this State represented al
y governed by Mr.. Benton, the very person
$. tica;on Of hard money, who processes to no
ID Bank note in adherence and who late
y protested draft for his pay as a menb
ID of Congress, because he could not recei'
o. for il any thug bu, paper money? lilo
did she shew her hatred Of Banks her q
Is horfeuce Of paper ragsl Why thus 81
D. had in 80 not more than one Bank al
D. no, more than S250,000 of capital, and
y 1897 she had Banks with an authorize
s. capital Of Sj,000,000 being al the la,t
IL period, in possession of Just twenty tim
J; the amount Of Banking capital she had sc
~ en- years before. So i, will be seen tn
d, these five States, under Loco Foco drectir
20 in period Of seven years increased the
O. number Of Banks from Sc TO 129 and the
aggregate capital from SIs,403, S3G