The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-12-15

Afsttto "a ~ s~ANh''1 1tsA AfAh 4iig lilo
ton not in detail, but IN principle. Of som.
Of The eminent men who had preceded -,
in the Executive Office. That pfonosi,,,,
contemplated the issuing Of Treasury po,o,
Of denominations not less than Eve NJ.
Il, re than one hundred dollars, 10 be o..
ployed in payment Of the obligations Of In
Government in lieu Of gold, aud silver !,
the option Of the public creditor, and 70 an
amount not exceeding $4,000, geo. |,
was proposed TO make them receivable ~
ery.wheIc, and 10 establish at warrior,
points repositories Of gold and silver. ,ob
held III trust for tho redemption Of yud
notes, SO as 10 ensure their conyerublli,y
into specie. No doubt was entertained
that such notes would have maintained
par value with gold and silver, thus fur.
nIshing paper currency Of equal value
over the Union, thereby mc citing the lbs,
expectations of the people aud fulfilling
the duties of parental Governments
Whether the repositories should be pei!
mitted 10 sell, or purchase bills under iery
limited restrictions together with all is
, other details, was submitted 10 the wisdom
Of Congress, and was regarded as Of Sc.
condary importance. thought lIen, and
think now, that such an arrangement would
have been attended with the happiesl Re.
suits. The whole matter of the currency
would have been place. where by the Con.
slitullon it was designed 10 be placed IN.
dor Tho ttt4v,,pHtuIg tytnr1anan apH
control Of Congress. The action Of tic
Government wculd have been indcpcndea
OF all corporations, and the same eye
which rests increasingly on the specie cur
reney and guards il against adulleration
would also have rested on The paper cur.
rency, TO control and regulate It's issues
and protect il against depreciation. The
same reasons which would forbid Congress
from parting with the power over The coin.
age, Yodld seem 10 operale with nearly
equal force IN regard TO any substitution
for the precious metals 10 the form Of
circulating medium. Paper, when subst
tuted for specie, constitutes standard Of
value by which the operations OF society
are regulated, and whatsoever causes Is
depreciation, affects society 10 an exteM
nearly, If not quite, equal 10 the adulera.
ton OF the CON. Nor can | Withhold the
remark, that It's advantages, coulras,td
with Bank Jf tho United States, apart
from the fact that a bank was esteemed as
obnoyious 10 The public sentiment, as well
on the score Of eNpedienoy as Of consdu.
tionality appeared to mo to be striking
and obvious. The relief which hank
would afford BY an issue Of SIS 100000
Of lis notes, judging from the experience Il
the late United Sin,es Bank would Dot
have occurred in loss than fifteen years
wher0as, under tho proposed arrangemcr,
the relief arising from The issue of SIS
100000 Of Treasury notes would hare
been consummaied ia one YEAR thus lJr
nlshlng 10 ono. fifteenth part of the time 10
which bank could have accomplished
4, paper medium Of exchange, eQua
10 amount 10 the rea! wants OF the counut
at par saluo with gold and silver. The
saving 10 the GoYernmeu, would have bcca
cqual 20 oil Tho Intcrcs, which /, has BID
10 pay on Treasury notes OF previous Is
wei as subsequent Issues lheleby rclt,
ing the Government, aud at the same tue
ahofdHg relief 10 the people. Under II
this responsibilities attached 10 the sta,jaa
which occupy, and % redemption OF
pledge gwen to the last Congress, at be
! close q il frs, sessinu, submitted ,..
suggestion 10 us consideration a; Two cy-
sccutiyc sessions The rccommendatl,s
however, met with no favor at its hands
Whllc ! am FREQ TO admit, that Ito ncccs
sites 81! the times have since become crca.
ly amc.ioraicd, and that there Is good rca
son to hope that tho country IS safely %!
rapidly emerging from the difficulties and
cmbanassmcnls which every where sur
rounded i IN ISL yc' cannot bn, thick
that rs restoration to 4 sound and healluy
condition would be greatly expedited byl
resort 10 the expcdient IN modified form
The operations OF the Treasury nos
rest on The act Of 1850, and the resolution
Of 1916, and those laws have Jccn 50 %
uinistcrcd as 10 produce as great quaa
lum OF good 10 the country as their Prov
Sons are capable el Welding. II there bed
been any distinct expression Of opinion g.
ng TO show that public sentiment IS a5cre
70 the plan either Us heretofore rccommtn.
ded TO Congress, or 10 q modified form
while my own opinion IN regard to II wor.d
remain unchanged, ] should be very ar
from again presenting Il to year corsidc.
ration. The Government has originated
with the States and Tie pcop'o for Their
own benefit and advantage, 4od il woud
be snbyersyc Of Tie foundation principles
OF the political cd.fcc which they have
reared, 10 porseyerc in measure which
IN their mature judgments, they had either
repudatcd or condemned. The will OF our
constituents, clearly expressed, should t'
regarded as the light to guide our foot
steps the truo difference between mo
narchIcal government and Republic be-
ING, that IN the first the will Of The few pre-
T wills pvCr tho ,,..H T IL ..it,in