The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-04-27

amount TO brokers aud shayeTS kr ;i!e uli.
ference in exchanges; that is, they lose
about eighty thousand dollars every year
for the want of sound United States cur
rencv, on which there would he no shay.
ing. Ii the currency were at par, or a
paper dollar were equal TO silver dollar
IN value, then the Government and the
people would be on the same footing aud
the people in one section of the Union
would not be bound 10 pay double duties,
or two taxes, while those in another sec
; lion only pay one tax, or half the sum ex-
acted from the first class. Whenever the
General Government fails to fix the value,
and regulate the currency OF the country,
then the brokers and shavers have a rich
harvest, and make large fortunes out OF
the labor and industry of others.
/ You, gentlemen, know that | have UNI.
formly been opposed to the large batch
and great increase OF local banks, that
grew up like mushrooms some six or seven
years ago. They were the result of Sc
ries of experiments on currency, against
which steadily protested and objected !;
saying, thought {" it would be well TO let
well enough alone" We then had the
best currency in the world. The public
money was then removed and deposited in
State banks, and they Immediately flooded
the whole country with seven ar eight
hundred different sorts Of bank notes.
The State banks were then the chosen IN
struments of the administration, and great
fdrOrites of the party IN power. | was
complained of, aud censnred, because |
would not sing praises 10 that mushroom
paper system; and now, " thou canst not
say did H." However, that experiment
soon failed, and all the State banks sus-
pended specie-pay ments--the very thing
that | anticipated and predicted.
Then the Sub.Treasury system was
adopted. That experiment separated the
of the Government from
the people and in 1910 the people sePar.
dted themselves from that administration,
and resolved that they would not employ
men as public agents who would take
nothing as money from the taxpayers but
gold aud silver. The revolution, or change
Of administration in 1910, was an unequT-
oca condemnation OF the Sub-trcasury.-
1t was repealed at the extra session, and
thereby the people were permitted 10 pay
The demands of the Government in current
bank notes as well as specie. The State
bank system, and the Subtreasury, were
both on the extremes the first gave too
much currency, and the second too little.
One experiment stimulated, and the other
the patient. The new admin
stra,lon, under President Harrison, was
hailed with Joy and sangulne antlcipatlons. !
It was confidently expected, that the first
prominent measure of his administration |
would be 10 establish some sound national !
currency Of specie par value, for the use
IF the Government and the people mix
I'd currency, composed of good bank notes,
based on, aud convertible inio, specie at /
he will Of the holder. But when a great 4
nation was looking with buoyant hope TO /
the General Government for wise councils, !
for the restoration Of credit and confidence
in public aud private affairs, and, above
all for a good currency, President Har.
rison died, one month after his InauEura.
lion, and nearly two months before Con-
yress met, by his proclamation, 10 enact
such laws aud measures as were necessary
nd proper to relieve the Government from
embarrassment, and the people from Sc
'ere pressure and general distress. That
such man should have died at such
lime, in so critical period Of our political
history, was national caldmi,y. The
hopes and anticipations Of thousands and
millions OF human beings were suddenly
bllghted, and buried in one mans eydre.
After the death Of General Harrison, John
Tyler, the Vice President, by provision
ia the Constitution, became President of
the United States. He came to the Presi.
1ency by an accident, and a mos, melan.
choly event, not anticipated By the Ameri- /
can people. Such IS the frall wisdom Of
man. Sill it was hoped he would carry
Ju;, and give effect 10 the principles ard /.
of those who elected hun Vice !
President. In that fond hope The country
has been disappointed and deceived. AZ /.
Ter Mr.. Tyler became the acting Presi. !
lent, he vetoed two different bank bills /: /
be obsiructed and opposed, generally, the I
measures of those who elected him and /
MS few supporters are now mainly among
hose who opposed his election. These
ire the reasons why this eth Congress
las not given to the Government and the |
people a sound uniform currency, TO re. !
store credit and confidence, and TO intusc /
mercy and activity into the habits and bu.
aness Of the country. ! regret to add, I 4
an see no hope for a good currency, and
prosperous business, until the General Go.
eminent shall perform its duty, aud OK.
rcise the high trust committed to its
harge, Of establishing, regulating, and su.
,eryising the value Of every species Of
which cirruates and passes as
money. That is the duty Of this Govern.
nenl, Just as much as il IS the duty or the
acknowledgement 10 see that nobody in his
county uses false weights and measures
'ut that every pair Of scales, yardstick,
md haIf-bushcl, in public use, ''shall hold
i