The North-Carolina standard., 1843-05-17

e regulated enterprise, but the pampered menial c
speculation idleness and fraud Nbas corrupte
men of the highest standing almost destroyed tn
f confidence of mankind in each other; and darlen
ed our criminal calendar with names that Nigh
otherwise have conferred honor and benefit on tht
country. There is strong ground for believing
that such system must have some innate incura
BILE defect, of which no Legislation can divest it
and against which no human wisdom can guard
or human integrity sustain itself
The history of the past however, leaves little
room for doubt that paper money in some form
WILL notwithstanding, continue to constitute part
of the circulating medium of the country. But
my most sincere and ardent wish is that its issue
| by the Federal Government, may in all futue time
| be prevented The lights of experience have in
vain been diffused the, lessons of repeated and
wide spread ruin have been unavailng, ifthere be
any who yet can bring themselves to believe that
the government of the United States, which pos
sesses nothing but what it receives from the people,
can bestow on them any thing other than what it
thus received. If contracts loans the people
must pay them; and if it issues paper money, it
must be redeemed by the people. How then can
relief to the people be derived from ncurring
obligations which they themselves must redeem 2
But in addition 10 this deception, might almost
say, fraud on the people, there is decisive objec-
ton to the issue ofpaper currency by governments
upon whatever principle it may be founded The
experience of all nations, where this expedent has
been adopted, demonstrates that this is a preroga-
tive which will always be abused. 1t give al
most unlimited facilities for raising money, and
has every where led to extravagant expenditures,
public debt, and heavy burhens, always increasing
and never diminished Where extravagant ap-
preparations can be met bv a mere vote of Con
gress, and without an immediate resort to the pock
els of the people, there will be found no sufficient
cheeks to boundiess prodigality, except when the
government finally loses its credit by pushingit to
excess IT is then that it re- acts upon the people
for this great resource being exhausted, the whole
supersructure of credit falls on their hands, and
they must bear it as best they CAN.
The history ofthe old continental money, issued
under exgences that could alone Justify such a
measure is one case in point: the present cond-
tion of many of the States is another, and both to-
gethcr furnish ample illustration. In addition to
this facility in supplying immediate demands, pa
per money, being the cheapest of all nanufac-
lures, can be made at will, as occasion requires
1t is not the product of labor, like the precious
metals, but of the mere will, and may be increas, ,
ed to any extent that human credulity will tolerate
Hence the right of government to coin money out
of silver and gold is the only prerogatire referring
TO that subject which can be safely exercised, be-
cause these metals cannot be increased or dimin-
ished, like paper issues, by mere act of legisa-
ton. --.- =.-...
To ensure economy in public expenditures, it
is indispensable that those by whom they are au-
thorsed should have some difficulty, and even Sc
rious responsibility in obtaining the means of de-
fraying them. In no other way can extravagance
be prevented, since it is the nature ofman to spend
that heedlessy which he acquires without effort,
and to think little oftha which costs little trouble
10 gain. .-
have dwet more at length on that part of your
enquiry which relates to National Bank, than |
might otherwise have done, from belief that you
look upon it as Of tn" most vital consequence /
to the public welfare La this [ entirely coincide
with YOU Such being the case, it seems due TO
you as we'll as to myself TO say that in referring
to the public declarations | have heretofore made
On this subject l have been in no degree inf1uenc-
ed by any feelings dissatisfaction at the repetition
Of these enquiries on the present occasion. So far
from this, most highly applaud the enlightened
patriotism of the democracy of Indiana, in seizing
an occasion so appropriate as that of an approach
ing Presidential election, to require new securities
hat the principles they themselves cherish, should i
be carried out to their fullest extent, and more es-
pecially on this all important question.
am not one ofthose who believe that the long
cherished project Of re-establishing a National
Bank, is or ever will be, abandoned by that party
which always has been, still is and ever will be,
he advocate and support of such an institution 1t
nay lie dormant for season, from a conviction
IF its being inexpedient to revive it but he must
De blind to all indications Of the future who, see
ing that even at the very period when the old bank
was injecting the very air we breathed with its
ruptions, and when public Indignation was most I
heavily weighing on its long series of delinquen-
;ies-at that very moment a successful effort was
made in both houses of Congress to create SINH
ar institution, should nevertheless lull his caution
sleep with the delusve idea that the project will
ever be abandoned Most assilredly nothing but
he stern vigilance ofthe democracy will guard it /
against an institution, which may thus be prostitu-
ed to the ruin of individuals, the disgrace of the
country, and which, while so limited in its pow
er to do good, is potent for the preparation of
evil.
The tenacity with which our opponents adhere
% the distribution ofthe proceeds ofthe public
lands among the States, in the present condition
Of the treasury, is political anomaly, which is
not little difficult to explain, or to reconcile, with
fair understanding of, or proper regard for the
rue interests ofthe country. If any apology for
it can be made, it is to be traced to that unwilling
ness to abandon, in the face Of their opponents,
position which has been assumed with confidence !
and supported with earnestness-an indsposition1
from which but few political associates are alto
gether exempt Whatever may have been ex-
pected from this measure by its authors, or howev-
er plausibly deceptive its theory may have been,