The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-13


And il is the last Of these modes which is
most confidently looked to as furnishing an
active and continual circulation Of this pa.
per. When issued in Government pay.
men,s, at distant points tho general tenden.
cy oil the notes will be from those points TO
the great Atlantic cities, according to the
course of trade; thus leaving the place Of
their first issue without the benefits OF their
ejaculation. But it is evident that if the
sgencies at those distant points shall be au
'horlzed 10 purchase bills Of exchange, a
new source for the issue OF sound circulat.
log paper will be opened, and the exchange
thus bought would be RENTED, wherever
the demands of trade should call for it.
In country Of such varied productions
as the United States, some parts being
highly commercial, others manufacturing,
and others yielding vast amounts in raw
material, the current and course of ex.
change has periodical changes. 1t flows
one way or the other, or in the same way
with more or less force, according to the
seasons. Nor is this course always direct,
but on the contrary often circuitons, wind.
Ing itself through several distant markets.
! Commodities in many parts Of the Yves,
seek sale IN the South, not expecting pay.
ment in Southern products, bu, in means
available in the North and the East--
This happy diversity Of products, and these
useful ramIhcaiions Of internal trade, de-.
mand imperatively not only currency sat.
isiac.ory to all, but the means also of easy,
cheap, and safe dealing in exchange. And
these two objects assist each other. A
good currency enables him who needs ey.
change 10 boy il, and he who has exchange
TO sell, 10 sell il. Good currency and sale
exchange being thus mutually convertible
and acting together, all under proper iiu.
It's and securities, form the most perfect,
system OF paper circulation. The power
to deal 10 exchange seems essential, IL
deed, TO auy considerable circulation q
Treasury notes IN the South and West
And It may be added, that nothing would
tend more 10 counteract the concentrates
OF moneyed affairs, at one or few points
than the ability of buying domestic ex
change with good paper, redeemable a, The
place OF purchase. Commercial transac
lions, and the consummation OF pecunlary
engagements, naturally concentrate them
selves in places where the currency Il
good There is no remedy agains, thu
concentration so sovereign as the supplying
OF good currency everywhere.
A safe system Of exchange, though nc
more extensive than is conte Rplated by this
bill, VIII be Of great use to the commerce
OF the country IN other respects, besides
furnishing the means of keeping a good
currency IN circulation. The more direct
advantages flowing from 1t are not neon.
siderable. Although its object be not TO
supply Capital or credit for purposes Of
trade, or to make advances, aud although
the whole system Is limited to exchanges,
strictly, YET It cannot fail to afford VERY I'm
portant facilities, and TO be productive Of
much general benefits.
The power or faculty of reaching TO
funds already accumulated 10 distant part
the country, and Of bringing them home
immediately, and without loss, is 4 power
or faculty of no mean importance. IN the
hands Of those whose business leads them
10 form commercial connexions in such dis.
taut parts. This power or faculty the
measure under consideration proposes 10
confer lDpartially on all, to the extent Of
It's means. And its capacity for good, IN
this respect, is confidently left to The Iudg
ment of these whose practical experience
has rendered them most competent TO de-
eide.
As to any dangerous consequence from
uutoward influences IN buying or selling
exchanges, 1t is to be again observed that
the Exchequer can lend money 10 nobo
dy; II can furnish capital to no une to
begin, carry on, or uphold his business ii
only seeks to enable any one 10 place his
funds where he needs them and this, as II
will be seen, is to be done under such res
trlctions as that all idea Of accommodation,
aud therefore all idea Of par,lalily or favor
to individuals, is efieciually repeled. All
real borrowing and leading is excluded,
and bills are to be taken on such time only
as is necessary for ordinary notice, and The
usual transmission Of Intelligence.
Over operations, begun and completed
10 SO short a time, and which are 10 be car.
rled on in the face of the commercial com.
muniiy which allow so little
oflavcr or accommodation 10 any-it ia not
likely that unjust or partial local influeu.
ces, far less likely that any pernicIous
central influences, will exercise control.
Ii may be objected to all dealing in ex.
changes, that parties on bills will become
debtors TO Government; that in case Of ans
general pressure they Will petition for re.
lief, and thus embarrass Government, as
well by neglect Of puuclunlliy Of payment
as by importantly for indulgence. 1t Is
readily admitted that the delicate relation
Of debtor and creditor should be avoided,
as far as may be, between Government and
the People. But in many cases it must
exist. The imposition feyery tax creates
that relation every custom house bond
creates il, ard il is found ia many other
forms. But better answer TO this objec
lion IS, that the credit, so far as any may
arise under the operations Of this bill, will