The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1844-12-13


monishcs US To place beyond the reach o.
contingency the public credit.
II must also be matter of unnlinrled rratifi
cation, that, nnder the existing financial system
resting upon the act Of l7s9 aud the resolution
OF lolO-the currency otthe country has attain
ed state OF perfect soundness; aud the rates Of
exchange between different, parts of tho Union,
which, IN 1911. denoted, by tlicir enormous a.
mount, the great depreciation. and in fact worth.
lessness Of the currency in most oftho States-arc
now reduced 10 little more than the mere ex pense
OF transporting specie from place TO place, and
tho risk incident to the operation In new
country like that of the o. States-where so ma.
ny inducements are held out for sp ,culaton-
the repositories OF the surplus revenue, consist,
ing oil Banks of any description, when il reaches
any considerable amount, require the closest viz
lance on tho part Of the Government All
banking institutions under whatever denominl
ton they may pass. arc governed by an almost
exclusive regard to the interest of tie s,ockhold.
ers. That interest consists in the augmentation
Of profits, an the form Of dividends, and large
surplus revenue entrusted to their custody is but
TO lsad 10 excessive loans and TO extfayagantly
large issues of paper.
As necessary consequence, prices are noni.
nnlly increased. and the speculative mania every
where seizcs upon the public mind. A fictitious
state Of prosperity for i season exists; and 10
the language Of the day money becomes plenty
Contacts are entered into by individuals, rest
ing on this nnsubstlntal state Of things but tho
deusion speedily passes away, and tic country is
ovctrun with Indebtedness so weighiy as 10 over
vhelm many. and 10 visit every department Of
industry with great and ruinous embarrassment
The greatest vigilance becomes necessary ca the
part OF Government to guard against tins state Of
things. The dcposItorcs must DC given diAiinct.
ly 10 understand that the favors Of Government
VII be altogether Withdrawn or substantially di
minished, II lis revenues shall be regarded as adj.
Gion' TO their banking eapitll or as the fuundl
ton of an enlarged circulation The Govern.
ment, through its revenue, Las al all times. an
important part 10 perform IN eonnrGion with the
currency and i greatly depends upon its vigi
lance aud care, whether the country be Involved
10 embsrrassments similar TO those which il has
bad recently 10 encounters or aided bJ the action
Of NE Treasury shall DO pres rived IN sound
and healthy condition.
The dangers to be guarded agains, arc greatly
augmented By too largo a surplus Of revenue
H Nhtn mat enrpius greatly exceeds To amount
What shsll be required by a wise and prudent fore
4 cast 10 meet unforeseen conlln gcncss the Legs
d .1lufc Itself may come 10 be cczed with dispo
.ton 70 indn'ge ~ ertrayagant appropriations 10
o'je-.', many Of ~hich nay--and most probably
NNn'd-H- found 10 conflict with the Constitution
tiased erpcAtcney Is elevated above cous,itu
q lioaal authority and reckless and wastefu *
rav'g nrr but too certainly follows TIE i'm.
a p.I ant power ortutaiian, wtieh. when rIrreis
N " D rs most restricted form i harden or "a
u bor and product on. is fesor'rd to- under various
& Fe'srts, FOR pprpnaes having no affinity TO the
q motives which dictated i. grant. ard tic cr'tav.
't'u0e Of Government stimulates individual er
s. r'5aganec. nni the .p.rt Of a I'D md IN reg
N Aled fPeeulation. involves one and al in It's
N u '.ttqnato result. Jgy,ew ar .p-b nm eo,.s
q l,Hces . may 10 laid down as an AXIOM. fpln.
~ ~ moral ard political trutH, that 80 creator
Al AVIS shoaid be imposed than ara necessary FORA an
v a'o"Iedl adfninnstrltion Of the Government;
Il 'aai "hlirv'r EXITS ysnl. should be 70
~ - = modified. Thus dor,nnr docs 10 no way
III 'a'i.et With tie exercise or sound ts,rimina
II DO ~ The selection OF The article, TO be taxed,
81 - due regard 20 the pp5llc Voal would ut
n tine iaggest 10 tho Legislative mind II
81 'a'c' The range o. selection und fined and such
81 ''rt'ion should always be made " ia an eye to
b p ~f.ai interests Of the county Composed
a'b' lnon. Of separate and independent States.
81 'H5ie Legislature veil not fil IN consulting
8 a'ef'sl 81 lhe parts. to adopt such course