The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-07-11
WHO WARNINGS.

the Philadelphia FORUM how his prophecy |
has besa verified, and then ask, Is II yet
loo late IN reirace our steps, retrieve our
errors ani carry out the whole plan of his
proposed reefl Where is there single /
point which his eagle eye pierced not
when he said:
There being no longer any sentinel al
the head of our banking establishments 10
warn them, by its information and opera
tons, of approaching danger, the local IN
siiiuiions, already multiplied 10 an alarm
ing extent, and almost daily multiplying,
IN seasons Of prosperity will make free
and mrcstrained emission. All the chan
aels Of circulation will be gorged. Pro-
perty will rise extrayagan,ly high, and,
constantly looking up, the temptation will
be irresistible. lnordInale speculation
will ensue, debts will he freely contracted,
and when the season of adversely comes,
as come il must, the banks, acting without
concert and without guide, obeying the
law of self.preser,ation, will at the same
time call in their issues; the vast number
will exaggera,e the alarm, and general
distress, wide spread ruin, and an explo-
sion Of the general banking system, or the
establishment Of a new Bank of the Uni
ted States, will be the ultimate effects"
In the year 1886, Judge Porter, of
Louisiana, made speech in opposition 10
I Mr.. Benton's Espunging Resolutions, dur.
ing which he said
:" In 1880 our circulation was si<iy one
million Of dollars. ln January, 1885, or
rather in June, 1884, it was one hundred
and kree millions. ln 1886 It cannot be
less than one hundred and freufy millions.
An increase Of sirfy millions q dollars IN
six years give the facts from the oiii-
cial returns made by the Secretary of the
Treasury. They come, sir, It Is true, no
lower down than 1894. But If We take
the average increase for two or three
years before that time, aud reflect on the
enormous rise Of property since, "a sure
indication Of 40 unhealthy circulaiion,) we
must be satisfied that there has been more
than seventeen millions added 10 the CIR
oulaiiou within the last sixteen months,
, and that one hundred and twenty millions
is below rather than above the real cstl.
, mate.
You sec, sir, therefore at glance,
! the causes Of the present state Of things {;
and who cannot, also, sir, see a, a glance
, how il is 10 end Ii the evil should be
! checked now, and the reduction he slow
, and gradual, we might escape the couse-
qucnces which time has inevitably IN store
r foa US under another policy. But, sir, far
d from expecting this, look 10 an increase
- Of the disease. /. appears 10 me ncvlia.
Bile. A universal madness has taken pos
s session Of the public mind. Within the
{ last four months | have heard Of the aug.
G mentation Of banking capital proposed or
| passed TO the amount Of fifty millions oil
q dollars, ard more am tod IS projecting,
@ so that we may expect TO sec this system
Z. continuing until II breaks and falls from
o IFS own weight and magnitude. la the
Il present state Of things The States are al
= interested 10 increase the circulation oi
: their own banks aud proven, that Of their
b neighbors. Indeed, we already SEC " mp.
c toms Of q war Of legislation, the resul, o.
n jealousy, by which they attempt 10 restrain
} the notes Of hanks IN other States from
j passing within their limits.
i This deplonblc state Of things mus,
d yet &c, worse; aud we'll might the Scna.
:. tor from Missouri depict il in the color,
:. he did Few days ago. lie could not
d oserehergc the picture: a picture, sir,
Ia rendered more painful 10 contemplate by
= the recollection Of our condition boiuro the
J.. var was waged on the Bank Of the United
n States. For sixtccn years II regulated tho
j. currency of the country with a wisdom
}. and success of which there Is 10 parallel
d We threw II away, and we sec what We
= have go, in its place. Sir, all the pro.
IS jccts Of law, refusing 10 receive nj your
n Treasury their notes &C n less sum thar
s, twenty dollars, will have. no moro effect
;. than would have n bucket fuli Of earth
q thrown into the Mississippi river to stor
e lis current. And as to pushing gold ant
d silver into circulation when YOU have five
hundred and fifty hanks interested in gath
Is cring il all up, and supplying its place with
st their notes, that Is equally impraetcablc
cheap and dear currency never can ex
D. lst together; the former always DESTROYS
n the latter. Having no power by the Con
slltuIion to interfere directly with State
legislation in this matter, see That tn,
lc country is destined 10 20 through the sam,
Of scenes Of agitation and suffering which i
a. did previous to the tlmc OF the late BanI
10 oithe United States. Alicr The evils hay,
u como 10 height, when they can no Ionge
G. be endured, VIC shall have another Natoua
6. Bank, and not until then. But submit
m It II would not have been well TO have pre-
" vented this state Of things two years ago
| inquire what good has been or can b,
attained by putting the people through thu
Is fearful triall Fire or sir years hence nil
IL be the time 10 gel an answer 10 these ques
q, tionS."
n.
10 ELfrnnrdi nnru Reua rnLonco In IL