The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1848-12-29

Whilst it has proved TO be safe and useful
to The Government, its effects have been
most benz fetal upon the business OF the
country. Ii has tended powerfully 10 SO.
cure an exemption from that iDnillon and
tliclua,Ion OF the paper currency, so inju
nous TO domestic industry. and rendering
an uncertain the rewards of labor, and IL Is
brl'esed has largely contributed TO preserve
the whole country from serious CONNER.
eiai reyulsion, such rs oiieu occurred under
The bank dcposite system. 10 the year lsi7
there was resusion IN the business OF
Gica, Britain Of great es'en, and inensI !
~, which was followed by failures 10 that
kingdom unprecedented ia number and a..
noun, Of losses. Thsls believed to be the
frs, instance when suchdsasttous bankrup,
cies, occurring in a country with which
We have such extensive commerce, pfodu
cedl.ule or no injurious feet nlcn our trade
or currency. We remained bu, little otiec.
ted IN our money market, and our business
and industry were s,!l prosperous and pre-.
gres-lve.
ccn'lncn, Of E1rope has been convuIsed by
cls'l war and revolutions, attended BY M
mefous bankruptcies, by an unprecedented
io'i IN their pubic securities, and almost
universal paralysis OF commerce aud ndus
rv; and YET, although our trade and the
prices Of our products must blve been
somewh hat uniavorably effected By these eau
sea. We have escaped 4 teyulsio1. or money
market Is comparatively easy, ond pubic
aud private ciedn have adssnced aud IN
proved.
lis confidently believed tina, We have
been saved rom 'tcir effect by the silutaty
operation Of the constitutional tessury.-
II i ccriaiD that II he tscuiy four m,,ioGs
Of specie imported MO the country during
Ihc f'cnl year ending on the 30 h Of June,
l~i1, had gone INTO the back, a. toa great
es'ea, It must have done, !, sou d, IN the
s5stnce Of this system. have been made Tie
blsi. OF augmented bank paper issues, pro
5ih'y To an amount na, less lhpn sixty OF
seventy ri lions NJ dollars. producing a.
an inevitable consequences Of On al ied
currency, eNtt.yaeani pticcs 90 time, nnt
sid speculation. ahlch must have been col.
Owed. on The r,lluy to EIfop,, lhc succeed
%. year, of so much of thi specie, by the
prus;faiIol OF the business OF the country
he suspension Of The banks, aud most ex
iensive bankruptcies. OscaFIug, as thi,
would have done a, period wien the
country vas engaged IN foreign war, wher
considerable lo1as o. specie sere required
fof ttsant Disbursements. and ahen tho
banks, The f-cat agents Of thi Gosetnps ut
and The dspo.i'otes ofi's money, were sus.
pended, the public cfcdl, must have sunk
aud many millions OF dollars as was the
case during the war OF lsi1, mast have
been s1cui d 10 discount, upon loans, aud
upon the deprecated paper currency Which
the Govornmcnt would have been Compelled
to use.
Under The operations O. he constitution.
al treasury, not dollar his been los, os
the depreciation Of tho currency. The
lonus required 10 prosecute tho var With
Mexico was negotiated by the Secretary
OF Inc Treasury above par, realizing a large
pieaniuu 10 the Government. The re.
s'rsiullg effect of tho system upon the ten.
denotes TO excessive paper issues by banks
has saved the Government from heavy los.
scs, and thousands Of our business mcu
from bankruptcy and nun. The wisdom
Of the System has been tested by tho CT
prrience Of the last two years; and Il is
The dictate Of sound policy that II should
remain uudl,in,bcd. The modification Ia
some OF the details OF this measure, lnvoly.
ing none Of ITS essential principles, hereto
fore recommended, are again prescaied Tor
your favorable consideration.
In my message Of the Oh Of July last,
transmitting TO Congress the ratified treaty
OF peace wuh Mcyico, | recommended ,he
adoption ct measures Tor the speedy pay.
mcnt OF the public deb. In reltetaiIng
tina, recomre ndauon, | refer YOU TO the
conscientious presented IN tha, message Ia
It's support The public deb, inclajIng
thu, author zeI to be negotiated IN rursu.
ance Of existing laws and including treasu
rs notes, amounted q, ,hattluo to S65.71s,.
400 II.
htbtu eiN'N " VIC I ~ tu - tNtfi a.
mounting to about hall million OF dollars,
has been purchased, rs auihorized b. Law,
SINCE that period, aud the public deb, has
thus been reduced the details Of which
will be- presented N the annual tepor, ol
the Secretary Of tho Treasury.
The estimates OF expenditures for the next
fiscal year, Submitted by tho Secretary Of
The Treasury 1t is believed viii be ample
Tor all necessary purposes. Ii tho sppgo
pro'rons made by Congress shaIl not ex.
coed tho amount estimated, the means 10
hc treasury vii be suIlicieut to delray oil
he espens's OF the government; TO pay al
he newt ,n-iament Of So 900 600 10 Mex.
CO. which will fall due on The 30 h of May
leyt; md still considerable surplus viii
.cmain, Which should be applied to the for.
her pufcha.c OF tho publ C stock and 10
lucIon OF the debt Should enlarged ap.
,ropfa,lons be made, the necessary conse.
lucnce Will be to postpone The payment OF
no deb Though our debt, as compared
With that OF most ether nations, is small,
! - nur tina ,,Itrv and IN harmnpv Nth