The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1844-07-19
CHARLOTTE. N. C. JULY 10. 1914.

sell surrounded by States that had Banks
aud that she was lect to all their ucon
venienccS, Whatever they nigh, be, resolv
ed 10 establish banks upon more extcn
sive scale, aud accordingly did establish
two principal Banks, with branching pow
ers, 10 secure to herself whatever beneii'i
NIGH, arise from such institutions.
The same neeessity that prompted, a
that period, the legislature Of Nugiuia
would hereafter influence States having No
banks, bur adjacent TO those which had. /
iuliows, therefore, tina, there are and pruha
bly, always Will be local banks. These To-
cal banks are often rivals, not only acting
without concert, but IN collision with eacl
other, and having very imperfect kuowl
edge Of the general condition Of the whole
circulation Of the United States, or the state
OF our monetary relations with foreign
Pu~cre. The inevitable Consequence mus,
he, fregularlly IN their movements, disor
der and unsoundness 10 the currency, aud
frequent explosions. The existence OF loca
banks, under the authority aud control OF
the respective States h"gft4 necessity
fora United States Bank, under the author.
rs aud control Of the General Govern
mcnt The whole power of government i.
distributed 20 the United States between
the States and the federal GJverGmcut.-
All that is general and national appefthn-
TO the federal government all dat is llmi.
Ted aud local TO the State goscuneuts.--
The States cannot perform the duties Of the
general government, nor ought thIt TO at
temp, 10 perform, nor can It 50 veil exc
cute, the trusts conlilod 10 the soto gov.
ernmcns. We want National Army, a
National Navy, National Post Office 6
adjustment, National Laws regulating our
foreign commerce and our coasting trade,
above oil, perhaps, NC want National Cur.
rcucy. The duty Of supplying these Ma.
ttGnal means Of safety, commence and
prosperity must be executed by the gcnef.
Il government, or It will remain neglected
aud uuiuiIlcd Tho several States can no
more supply q national currency than they
can provide armies, aud nayies Tor the IA
tonul defence. The necessity for a nation
al institution does not resut merely from
tho existence Of local Institutions, bat /,
rises also on, Of the fact tia. al The great
commercial nations Of tho world have their
banks. England, France, Austria, Russia,
llolBnd, and all the grcn, powers Of Eu
rope have their national bauks. II IS snld
tia, money IS Powor, and that TO emUody
aud concentrate Il 40 o bauk, IS TO create a
great ard dangerous power. But wo may
search the records OF history. and we shall
tind 30 instance. siuec the hrst introduction
Gassaan9E gGu 70 q az, one q '4em
country or 10 create coniusio3i and disorder.
Their well beng depends upon the slnbIll
Il Of laws aud legitimate aud regular I'd
ministratiou Of government. II II were
true that the creation Of bank 10 10 cmbo
Dis monIed power, 10 not such a power u
the hands Of The general government uecos
sary 10 protect tho people against the mo
med power IN the form Of backing iusiI!u
tons % the several States, aud ia The hand.
Of Foreign Governmental Wlhou, II how
eau the commerce Of the United States cope
und compete with the commerce Of iofelgi
Powers having natonI banks Ia lht
commercial struggles, which are constant
Is m operation between nations, should W
not labor under great and decided d,sadyan
tage, Il VIC had no bank and they had then
banks' We all recOlect a few years a 20
when it wns alleged 20 DO the Rolicy ni th'
banl, Of England to reduce the price Of GU
great Southern staple, ~ order TO accom-
pish that OBJECT, the policy was adopted o
T. e. ~ ..g,F.g fyf.I i.tI' n
any English houses engaged ~ the Amerl
cnn trade. liza bank OF tho nued State
had been IN existence at that time, II coult
have adopted some measure OF counicrac
ton bu, there was nouc, mud ;hc bank q
England effected us purpose.
/, has been asked, what, will you hay
banks, merely because the monarchlcs c
Europe have them7 Why not also intro
ducc Their King, Lords aud CoHmous, an
their arls,ocracy THIS is very shalIoN
mode OF reasoning. ! might nsh, ~ turn
why have armies, naytcs, laws rcgulali6
, trade. or ans other national institutions O
laws. because the monnfchics OF the wofl
have thcml why eat, or drink, cloihc O
; house ourselves, because monarchs perloft
these operations - suppose myself ID
, course Of true wisdom, and OF commo
, sense, TO be 10 draw from their nrts, sccr
ces. aud civilization, and political lnstItt
tons, whatever IS good, aud avoid "hate'
T or IL bad.
Where, exclusive Of those who oPpos
/. the establishment Of bank Of the Unite
c States upon constitutional ground, do "
C find the greatest opposition to II! 10
Q a.e, fellow citizens, perhaps not posscssc
Of information, which happen to have ~
[ quircd. The greatest opposition TO ban
. Of the United States viii be found TO nrI'
d out Of foreign Influences, aud mny be tra'
$ ed to the bankers md brokers OF Wa
!. street IN New York, who are WELDING
n foreign capital. Foreign Powers and 10
}, eign capital see, with satisfaction, whn
/, ever reards tao growth, checks tho pro
Z. pcrity, or arrests the progress o.! this cou
!. try. Those, who WELD that foreign car
II TAI, find from experience, that they can CT
ID pIoy il TO the best advantage, IN dlsordo
l. ed state of the currency, mud when
IN changes are huctuatlug and Irregular