The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-05-16
WING PROPnECY.
LOOK ON THIS PICTURE /!
FROM TnE JoNEsBoRoron WING.

AdS ttotls WI. btuucNs VI tuC AiouSu ht
Representatives. in ibe Congressional de-
bates which occurred in 1894, only nue
years ago, and in reply to James X. Polk
Of Tennessee, uttered the following memo.
rable prediction, which, though disregard
ed then, has since been fulfilled TO The let.
ter.
See Congressional Debdies1
"lf the Secfelary's plan was carried in
TO effect there would be a hundred B. -
starting up to take the place of u p'o,
cribed United States Bank. Tfy "ou''
have them shooting on, ib-r paper "'S'
siles in all directions. they "cHid come
from the four quaris.s Of the tnion'
Again: Mr.. McDuflie, of the House OF
REPRESENTATIVES, at page % of the able
Report, made on the 18th OF Arr'l' anu
thirteen years ago, says:
"If The Bank of the United States were
destroy ed, and the local institutions c n
withou, lis restraining influence, u; INTO /,
rency would almost certainly n,ss.n,a
state of unsoundness. o II
,,L;.L a.. .,.. sdilk, ~ winding UP %
""'e" '"e :s66utld make upon the local
"s .....t, would compel them either TO
their discounts rhen needed, or 10
-, end specie payments. It's not difficult
= predict which of these alternatives they
would a1op, uuder the circumstances IN
which :hey would be placed. The 'mpe
rious wants OF suffering community would
call for discounts 10 language which could
no, be disrega.ded. The pubic necessities
you'd demand and public opinion uonfd
sanction the suspension, or at least an era
sion, Of specie payments
/ Now, we ask the candid reader, il this
prediction has not also been fulfilled, and
with an exactness only surpassed by The
fulflment of prophecy 10 Holy Writ Has
moi the currency relapsed into q state oil IN
soundness, since the Jackson dynasty pros.
crlbed the United States Bsnkl Did not
the State Banks curiail their discounts
when they were most needed Did they
not suspend specie payments again and a
galnl Have not the Locofocos proved 70
be false prophets in predicting that gold
and silver would supply the place OF Bank
issues And have they not proved TO be
false prophets in saying tina, we could ge
along without L. S. Bunk, and that The
State Banks would supply its place
We mex, selec, Mr.. Ewing Of Ohio. aus
: Mr.. CLAYTON of Delaware, not as NOR
! clearly predicting than those already nam
ed, what was to follow the destruction O
) The United States Bank, bu, as more con
deused. Mr. Ewing was then q Senate
, in Congress. (ls3i) and has since bee
D President Harrison's Secretary Of the Frea
! sury. tie said, on the aoor Of The Senate
But this is no, all. You sap the mol
: ials al the came time you thus rudeiy shst
: the prosperity Of the people. Their ft
resort will be to legislative aid, and Xxi
= LIEF LAWS follow, or, in other wore
y. - laws to proven, the collection Of debts. II
! ha, Legislature can withstand the appea
! Of whole people suffering under geo
: raj visitation p or, If not that, the creaiie
: Of a host Of banks with fictitious capita
: which NAV seem for a time 10 suspend I'll
. blow, bu, will make il fall the heavier
: last. And then, instead Of the safe al
:. sound currency which We now enjoy, v
: shall again have deprecated and wort
:, less mass Of trash, which will pass into Il
:, hands of the people, and there sink in
Il nothing, leaving them 10 bear the loss.
e. Mr.. CLAYTON, then an able Senator
T: Congress, held this language, prophet
n and Impressive. He said
ds "The farmer mus! again sell his gra
u 10 the country merchant for State Bdl
20 paper at discount Of from ten 10 torn
'e or thirty per cent. 10 the nearest CONNIE
10 cial city," DC. The Toss Of confidence
20 mong men, the total arrangement Of III
e admirable system Of exchanges which
o. now acknos lodged to be better than ext:
Is in any other country on The Globe, oer
az trading and speculation on false capital
10 every part. that rapid fuctuation n I
81 standard of ralue for money, irhich, Il
d. the unseen Pestilence, ,rifhers all fhe efJi
'ir of industry, rhile the sufferer is in utferi
ne Horance of the cause Of his destractto
et bankruptcies and ruin, al the anticipate
90 of which the heart sickens, must follow
oe the long tram Of evils which are assure
w ly before Vi"
h., 10 1885, Mr.. Clay, in the Senate Of /
- United States, uttered the following meme
h. able warning. Tell US ye Locoiocos, y
~ this not prophecy, and has not the pred
~ ~ ton been fulfilled to the very letter!
hn There being no longer any sentinel
nd the head Of our Banking establishments
ie. warn them by its Information and operate
%. Of pproacbing danger, the local insiitutio
, already multiplied to an alarming exte
.In and almost daily multiplying, in seasons
Tor prosperity will make free and unrestraiH
be emissions All the channels of circulate
for will he gorged. Property wIl rise ex,ri
Of agan,ly high, and constantly looking up
AS the temptation will be irresistible : Ia
sed dlnate speculation will ensue, debts will
oco freely contracted, and when the season
= adversely comes, as come IT must, the Ban
bat acting without concert, and without gui
be obeylng the law of self preservation, '
the all, at the same time, call in their issur
/ the vast number will exaggera,e the alal