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JOSEPH W. 11A3IPTOX, -“The powLTS granted under the Constitution, being derived from the People of tlie United Statca, may be resumed by them, whenever perverted to their injury or oppre«sioa.’‘'-JV/a(iisoR; -Editor and Publisilier. VOLUME I CHARLOTTE, N. C., FEBRUARY 22, 1842. NUMBER 50. T E R 31 S The “ Micklenbnrp^ Jejftraonian” id published weekly, at Tiro Dollars and Fifty OiUs, if paid in advance; or Three Pollar.t, if not paid before the expiration of tiihee months from the time of subscribing. Any person who will procure f^i.v i^ubscribera and become responsible for thfir subscriptions, shall h;iVo a copy of the paper gratis ;—or, a club of tc7i sub- scribt.'rs may have the paper one year for 1 tcenty Dollars in advance. rSo papor will be discontinued wlule the subscriber owcfs any thing, if he is able to payand a failure to notify the Editor of a wish to discontinue at least one month before the expira tion of the time paid for, will be considered a new engagement. Orit^inal Sul)scribcrs will not be allowed to diocontinue the papt r b( fore the expiration of the first year without paying for a full yt ur’s subscription. Adrcrtisetiicnts will be con>p;cuously and correctly insert ed at One Dollar per square fur the first iiisiTtion, and 'Tircn- ty-fire (' nts for eat h contuiuance—except Court and other judicial advertisfuiL-nts, which will he charg('d txrenty-Jire-peT cont. high'.r than the above rates, (owing to the delay, gene rally, ntu !i(knl upon collections). A liberal discount will be made to those who advertise by the year. Advertisements sent in for pu!)lioation, must be marked with the mnnlu r of inser tions dsirt-d, or ih', y Will be published until forbid and charg « d accordinifly. Letters to the K.Iitor, unl ss containing money in sunis of hHre Dollars^ or over, must come; free of postage, or the amount paid at the office here will be charged to the writer, in evi ry instance, and collected as other accounts. w cekly Almanac for Febuary, 1842. DA YS. 22 Tue.s«iay, 2i Wnin* »(iay, ‘24 Tlinrsday, -5 Knday, '2^' Saturday, 27 Sun.lay, 2*^ Monday. SKT. i 2d .SrN j matt I 6 *>0 6 i S '30 6 ‘i7 1 I 31 6 26 I 5 '-i-i Mooy ’ N PHA SE S- 6 25 (i ‘^4 () 2 i D. H. M. I.nst Clunrter, 2 4 51 M. New Moon 10 6 :iO M. First Quarter, 13 6 6 M. Full Moon, 24 10 41 K. WOULD inform such of liis friends as dcnire liis professional aervicpH, that lias removed Ills Office to Mr. Johnyon’u brick house, two doors above the “ Carolina Inn,’* where he may be found Qt all timetf. unless necessarily absent. ( ’harlotte, February 8, 1842. 48...f I>r. Thomas Harris TAKES this method to inform the ci tizens of this Village, and of the sur- roundinsT country, that he still continues the PRACTICE OF MEDICINE as formerly, wliere he will attend to all ap plications in his profestiion, with punctuality. He may always be found at his Shop, opposite Colonel Alexander’s Hotel. All persons indebted to him by book account, arc particularly rcquesteil to close litem betvyeen now and the February Court, by cash or note, as his books must positively be closed. Those who do not comply with this notice must cabt no reflections, should they have to settle with an oltlcer. Charlotte, Jan. 11, 1842. tc The Oemoeratic Convention. IL;q Dr. J. M. Ilappoldt HAS removed to the OlTIce directly op- j)ositc Maj. Joseph Smith’s Hotel, where he may be f(jund by his friends and the public, and consulted at all times, unless professionally engaged. A report has been industriously circulated for cffecti relative to hia charges. They have been pronounced extravagant. He tak*'ti this opportunity to state to the public, that he holds himself ready at any time to compare charges, and weigh his service with any of tlie Faculty. He wishe.'s it to be dis tinctly understood, that his CHAHCirES shall in all rams bv RKASON.iBi.i:. Jan. 4, 1842. 43...tf X E W The Subscribers having aRsociated then\s(*lves in the above business, under the firm of GRA HAM &, JAMISON, tender their services to the jtublic in the house west of Irwin’s corner, and for merly occupied as an Apothecary Store. They feel confident that they will be able to give general satisfaction. 53^’ .1 liberal discount made to cash customers. A. GRAHAM, D. JAMISON. Charlotte, Feb. 3, 1812. 48...f A few Good Things Yet, AND S^ovt fSjrprctrDf. COURESPONDENCE Betireen LOUIS D. FIEXRY, Esq., the nominee of the recent Democratic State Convention assembled at Raleigh, and the Committee appointed to inform him uf his nomi nation. Raleigh, .fanunry 11, 1842. Lons I). Henry, F.f-q-, Dear Sir: We have been appointed a Committee, by the Democratic Convention now sitting in this place, to enclose to you a copy of its proceedings, and to ask your particular attention to the Resolution nominating yi>u as the Democra tic candidate for the office of Governor of the State of North Carolina, at the ensuing election. It afl)rd9 us sincere pleas ure to be the organ through whom this communication is made, and to accompany it with the assurance, that the nom ination was unimimouB atid enthusiastic, and we hope it will suit your convenience, at ati early day, to make known to us yoi^r ac('ej)tunco of a trust which the Democrats of North Cnrolina have conunitted to you, with pcrfect confidence in your eminent abilities to discharge it. With great resjiect we are your fellow-citizcns, HKNRY FITTS, Sr. JOSEPH ALLISON, VVILLIAM G. JONES, EDWARD McCALLUM, THOMAS J. HICKS, JOSl AH O. WATSON, 'niOMAS W. (tRAVKS, GIDEON GLENN, WYATT MOVE. THF. Proprietor of the “CONCORD COFP'EE-HOUSE ” w’ould iniorm hi custoHttrs and the public generally, that his Stock of GROCERIES, and fancy articles to tickle the palate, is yet quite full, and he respectfully invites all to give hmi a call and be their own jiiilge. He would also state, that he 5xpccts in a short time to receive the most splendid and choice Stock of articles in his line ever brought to this region of country, when he will be fully prepared to please the taste of the most fastidious. F. II. ROUECHE. Concord, N. C., Dec. 23, 1841. 12...y W JOB MINTING. E ar? prepared at this OfRce with a handsorr. (?upply ot Fancy Type, to execute all kinds of in a very superior style, and at rhort notice. W’ill be thankfully received. Jefl'ersonian Office, Charlotte, March 9, 1841. Oders Union of the for the sake of the Uni on."...John Uuincy Adams presenling a petition for a dissolution of the Union. ..Marshall proposing re s.oluiions of an^l WL'^ supporting them rAVKTTKviLLE, January 21, 1842. Gsntlemrn : Your connnunication announcing to me, on behalf of the Convention assembled in the city of Raleigh on the 10th instant, that I had been unanimously nominated by that Convention as the candidate of the Democratic Party “for the office of Governor of the State of North Carolina,” has been received; and I regret that a temporary’indisposition has prevented me from giving it an earlier reply. So strong a manifestation of tha confidence of my ftllow-citizens from every part of the State, tills my f)oeom with the det'pest em otions of gratitude, and places m*- under obligations to th.m, which, I fear, 1 never shall be able to repay. Tha exalted motivos of patriotism that called together, at this incleme !■ season of the year, at so great a distance from their homes, such a large Convention of Planters, Farmers, and 3/ec/iantrs—truly r. presenting the great industrial and agricultural classes of our population, sent tortli by the spon taneous movements of the People in their primary me etings prompted by the distress and embarrassment brought upon the country by the misrule of the Whig party—that Conven tion too, in its action, inrtuenced b^ no leaders, or aspiriiig poli-ticians, but proceeding under the dictates ot their own udgement, and zealously resolved upon the good of their suffering country—all these considerations, united with my ardent devotion to the cause of Democracy, and admiration of Its principles, and the deep impression that ottr comnton country is bleeding under wounds inflicted by infatuated par ty leaders, have determined me to accept the honored l>anner of my party, and to bear it with my beat ability, incompati ble as I know it is, with my feeble health, and the retired ha bits of my life, vnder Proxidena, to the justice of our cause, and to tUo co-oY>cTaition o every Democrat, vcho loves his principles for the sake of his country. What I have to say to you, gentlemen, and through you to my leilow-citizens, shall be said freely and boldli/, but with perfect respect for oth er men’s opinions, knowing that there are honora ble men in both parties. My position dictates it— the cause of truth and fair dealing demand that no roacealvteni should be jtracticed vpoti the 'people. t was hy a contrary course that the whig leaders got into power ; had their hand been openly shewn to the people, it would have excluded them from the public confidence. “ Change! change!! change!!! Things ean’t be worse,” was the cr)' of Mr. Webster and the Whig leader.?, in the year 1840. By charges the most unscrupulous, against Mr. Van Buren’s ad ministration—by unholy appeals to the passions of the people, and by deceitful promises of reform, the Government of the country was changed, and that party pul into power, llov,' that change has re sulted, migiit have been Ibreseen from the wicked means contrived to etfect it. W'hat it is, the wrongs and distresses of the country every \vhere make manifest. Things have grown worse beyond all coTnparison ! The disasters and ruin of centuries, y the baleful influence ol this ruling power, have 3een compressed into the fatal—the ever memora- blf^ year—the Whig y«ar, 1841! when the Whig eadcrs, infatuated with power—faithless to their solemn pledges and promises, proposed no good, but contrived every mischievous measure that could aggravate the sufferings, and mock the ca lamities of a people they had most cruelly deceived. They have brought the affairs of the country to dangerous crisis—too serious for them now to dare to deride the public sufleiings by midnight debaucheries and drunken processions; lohen the people must take the affairs ot the country into their own hands, by dismissing from their service, these unprofitable servants, who have practised ex travagance where they promised economy—impos ed taxes and a public debt, where they promised relief—proscribed democrats for opinion’s sake, where they promised toleration—are planning a paper-making, corrupting U. S. Bank, when they promised a sound currency—have produced hard times and low prices, when they promised good times and high prices—in line, who having quar relled and separated into two parties, from an avowed distrust of each others’ honesty and sinceri- iy (shamelessly bruited to the world) have sunk the credit of the Gorernment in the dust. The Secretary of the Treasury announces to Congress the astounding fact, that the Treasury is bankrupt, and that he cannot borrow money upon the faith of the Federal Government—the country has lost all confidence in the honesty and ability of these men to conduct its allairs! Whoever beheld such a state of things before? The Federeal CTOvern- meni, and the States overwhelmed with a debt of between two and thee hundred millions ; in a time of peace, their credit dishonored, and not able to bor row a dollar to meet the pressing exigencies of the country. How appalling would be the crisis were the country suddenly plunged into a war with Eng land ! when the alternative would seem to be, to starve under the heavy hand of taxation, to die by the sword, or yield up ignominiously the liberties of the country- To trace these effects to their true causes, has now become a duty which must not be pretermitted. CAUSES. The priniarj^ mid remote causts. I believe, will be found in the vicious action of the Banking sys tem—the secondary and mote immediate causes, in the corrupt confederacy between the great lead ers of the Whig party and the United States Bank, with the affiliated local Banks, to effect a rechar- ter of the forrfter, and to tear down the Adminis- trations of General Jackso/i and Martin Vayi Bu,- ren. I avow myself opposed to a latitudinous construc tion of the Federal Constitution. I think the Fed eral Government ought never to assume a doubtful power; and where a power may be wanted, to re ly upon the people to give it, after the manner pro vided in the Constitution itself. Herein consisted the fatal error of t/ie Federal party, which having failed in the Convention of 1789 to model the Government to suit its own no tions, sought by the subtleties of construction to de rive powers to it, which the people had not granted. Thus, instead of strengthening the administration of the Government, by attaching to it the cojijidence. »f the people, it weakened ii by exciting their dis trust and opposition. Through this dangerous breach have entered the greatest ills that ever af flicted this country, and whose bitter fruits we are now tasting. The riper experience, reflection, and closer observation of iny manhood, under the nu merous lights, sifting discussions, and practical tests afforded by the age, have brought my mind to these conclusions—nor can I doubt, that should the prin ciples of liberty which sustain this GLORIOUS UNION, ever be dangerously assailed, their refuge will be found within the ramparts of the. States, where their aliar-lires arc ever kept burning in the hearts of the people, by the love far them which is inspired by the daily and familiar discbargoof the duties of self-government. UNITED STATES BANfv. The great and good men who framed the Feder al Constitution, had been taught by sad experience the evils of a paper currency. Its course for near ly a century before, both iu Europe and America, had been attended with the same di:>asters !o trade and industry. Instructed by the will of a people whose wisdom and virtue had been purified by the fires of the Revolution, they ordained in the Federal Constitu tion that coin, and hard money, should be the fed eral currency, and only siandrhrd of value. The exptiimce of all men, in all ages, and the regula tions of Providence in the affairs of men, have given us no other stable measure of value, by which balnnc's can be settled between nations, States, and comniunities, and confidence given to trade, with out which it will languish, or periodically break forth into ruinous expansions and contractions. That execrable paper-making machinc, the United States Bank, was the prinml sin against the Con stitution, and like the sin of Cam, the Bank has sunk under the doom of jcrpetual infamy, as the scourge and perplexity of nations. The history of this Institution will be useful at this time, as shewing that sucii an institution, or any like Government Bank, can never furnish a uniform currency of permanen: value, nor regulate the exchanges; and that it can always wield a power dangerous to the freedom, and to the mor als of the country, and that the Government can be administered without it. The late Bank of the United States went ioto operation in the year 1817, and in 18 months after wards. July, 1818, it was on the eve of bankrupt cy, with but a few thousaud dollars on hand, and manv millions of notes in circulation. So disgust ing, fraudulent, and ruinous, had been its manage ment, within that short period, that a resolution was introduced into Congress to repeal the charter, in 1810, which w'as supported by Gen. Harrison. These facts may be seen at length in the proceed ings of Congress in 1819 and 1820, and in the report of its President, Mr. Cheves, in 1822-*23. During that 18 months it had made large loans in Europe, which ultimately raised the price of ex change against this country. Instead of checking gradually, by a prudent course of discounts, the tendency of the local Banks to excessive issues of paper money, like a bold leader, it headed the phalanx of State Banks, and plunged the country into every excess of debt, speculation, extravagance and luxury. The natural consequence followed, and in the spring of 1819, the bubble burst in the South ; all the Banks suspended payment, and the people woke up as from a dream, and beheld all aroimd them distress and ruin. Property sunk 50 per cent, or more, in value, and in the cities of New York, Philadelphia and Baltimore, it was es timated that fifty thousand laboring men and w'omen were wandering about the streets in search of food and v/ork. The notes of our North Carolina Bar.k.j were quoted in Baltimore at a discount of 2-3 ;>e.^ cent., and the evchanges between the Uni ted States and Europe were ruinously high. A CHANGE of policy takes place in the man- agenu nt of the Bank, from this time to the time General Jackson is about to be made our President. L^ark it well as you go along ! Orders issued from Philadelphia toalhhe southern Branches, not to issue their notes when exchange was against them, and to replenish their vaults by draughts of specie from the State Banks, which was shipped to the North ; thus depriving the South of its own notes, w’hich had been promised as a currency, crip pling our own Banks, and raising the exchange against the citizens of the State, when they could least bear it. This pressure of the United States Bank upon our local Banks, continued for nearly ten years, until, finally, in the years 1827-28 and ’29, every Bank in the State was broken down. Had the U. S. Bank furnished the currency and ex change it promised w'hen chartered, our sufferings would have been greatly alleviated; on the contra ry, however, it deprived us of the best we had, and refused to furnish a substitute. Twelve years of its charter had now rolled out, and the paper exchang es during all that time, between North Garolma and the North, averaged 5 a 6 per cent; this as a tax many deep gloom their notes discredited out of the State—exchanges, scarcely to be had, and when so, very high—prices of produce and lobor thurst down—property could only be sold at the greatest sacrifice, and instances were known, o'fcotion bein.g puivh-jsed m Fay« t).C' ville, at 6 cents a pound, shipped to Europe for a market, and there sold at a loss to the owner. ANOTHER CHANGE takes place G^^ner- al Jackson was made President in 1829; the char ter of the Bank was to expire in a few years, unless Congress should renew it. The President felt it to be his solemn duty, in his first Message, to call the att(?ntion of Congress to the past course of this Bank, preparatory to its application for a renewal of its charter. This, Nicholas Biddle viewed as great presumption; that a republican, President should dare to question, in ike course of his sworn d7ity, the immaculate purity and wisdom of the Bank. The Bank had now become rich with the specie spoils derived from the State Banks; it had grown strong by a long course of severe contrac tion, and resolv^, in the insolence of its power, to crush the President. Its policy was to make favor with the people; accordingly it commenced a course of rapid expansion of its notes and discounts—made loans to the amount of nearly $2,000,000 in a short period, to members of Congress—bought up Editors and Presses, to advocate its recharter—got the peo ple every where in debt ^o it, and by issuing large- ^ ly its branch checks at the South, reduced the price | of exchange. Thus, as if by magic, sprung up sud- If ' denly a state of brilliant prosperity! But all was false and hollow! The people were steeped in debt to the Bank, and the country in debt to Eu rope, as will appear by the great excess of imports over exports, iu the years 1831 and’32. It was dur*ng this state of deceitful prosperity, whilst all appeared favorable, that the Bank pressed upon Congress its suit for a recharter. Congress grant ed it j for too many of is members were accommo dated by the Bank with immence loans; but Gen eral Jackson \yas the man of the people—he was true to thoir interest—he voted the bill, and in the full of that year was triumphantly re-elected by the People. ANOTHER CHANGE TAKES PLACE The Bank having failed to accomplish its purpose by golden favors, now resolved to effect it by opera ting through the fears and distresses of the People. It therefore, in the years 1833 and ’34, commenced a sudden and violent contraction of its issues and loans spreading desolation and ruin with a bold hand, every where—the country trembled under the shock as of an earthquake—Congress was in session the wailings of the people arose upon the air, like the cries of the Innocents under the perse cution of Herod—the Bank orators in Congress set up the panic cry, and the whig newspapers re-echo ed it, that General Jackson must be crucified, and the Hank rechartered. This was the memorable panic session of 1833 and ’34. Congress adjourned in the summer of 1834, with out recbartering the Bank. Its golden showers and panic distresses had failed of their effect, and the Bank, desperately crippled with debt, in fact render ed bankrupt by iis own wicked policy, fell back up on the Legislature of l^ennsylvania for a charter, for the purpose of keeping its capital together, and preparing for another onset. The charter was pro cured by sheer bribery, practised upon a stifficient number of the members of the- Senate to turn a ma jority in its favor. ANOTHER CHANGE TAKES PLACE: The Bank, with enlarged powers under its new charter, having since the summer of 1832 contrac ted immense debts in Eurupe, to repair its losses, now plays the part of a desperate gambler. It got up a spirit of wild speculation in the public lands— in the cotton, beef and flour markets—stimulated the States and corporations to visionary schemes of in ternal improvement, by granting them facilities in obtaining money, thus getting the States and corpo rations in debt,/or Ike purpose of procuring their bonds. It entered largely as a speculator in the cotton and stock markets. With the State Bonds, public stocks and cotton, it kept up its credit, and obtained new loans in Europe, to aid which, it es tablished the Jaudon Agency in England, under the insolent pretence of protecting American inter est and credit. It issued, fraudulently, the defunct notes of its original charter, called resurrection notes—the State Banks discounted upon these as upon specie, thus piling paper upon paper—specu lation raged like the wild fires of the prairie, and men lost their senses in the day dreams of getting rich hy millions. As a natural consequence of making money too plenty, the imports sv^elled to an unprecedented amount, shewing our increasing indebtedness to Eurupe. The bubble of paper cred it again burst in the spring of 1837. The U. S. Bank was the first to suspend, and the State Banks followed its example. Failures took place in one w'eek to the amount of 20 millions—down went the price of lands, labor and produce, and up went the *irice of exchange. The Banks held at this time, about 30 millions of the public money, which they refused to pay—thereby embarrassed the Federal Treasury and humbled the Government at their feet. The President in this dreadful emergency, called Congress together in September, 1837, and recommended the Sub-Treasury, or a separation of the affairs of Bank and State. This measure fail ed, however, because Bank influence had disaffected a few unsound members of the I3emocratic party, who formed a separate party under the name of Conservatives. tion as the cause of this ruin—made lavish promi ses of reform—maddened the ptiblic mind by ang ry appeals to the passions and imaginations of the people, and by means most Joul expelled the Dem- ocrat3 from power in 1840. But the sure blow of avenging Justice was at hand! The ever memorable ypar 1841, soon ar rived! Scarcely had the party grasped the cup of intoxicating po\rt?r, than it was dashed from their lips. Their Bank failed—their President died— the abhorrent measures of the e.vtra session, for the first time brought forth, rent them in twain—the President’s house wtts surrounded by a mob—the Cabinet dissolved tmder the avowed plea, that there was not honesty and good faith enough in the Go vernment to conduct its affairs—and the year clos ed by the disclosures of the cnnscience strickert Glentworth! Surely! surely!! this was none other than the hand of Providence! ! A Bank of the United States renders the paper money system a dangerous engine to the liberties of the country. With ils large capital, it can al ways make the local Banks subservient to it, be cause it can cripple or crush them at its pleasure. As a great leader or head, it cai^ organise the Banks into a regular army, garrisoned every where ough the United Stales, and ready to act as one body, wherever there is a necessity; combining with these all that numerotJS class of men in our Towns and Cities, who depend upon the Banks for their business and daily bread. This vast money power drilled and disciplined tor ypars, concocting its plans in secret conclaves—making money plen ty or scarce—prices high or low—the value of all property uncertain—united with a large political f»ariy—the whole stimulated and defended b\’’ a well paid corps of Editors and Orators, 7nust be a^-- tended with danger, and must fill with apprehen^ stofi the heart of the patriot. It will be recollect ed that the Whigs have generally had tlie direction of the Banks, during the whole period of our mo netary embarrassments—that they have used and abused them to suit their party purposes—that the U. S. Bank was used as the especial engine of that party to influence the elections, the press nnd legis lative bodies—that Mr. Clay and Mr. Webster and the leading Whig orators and pre»es throughoit the country, have for the last ten years, been re commending, encouraging and defending this Bank, and above all, stimulating its ruthless attacks upoo the Democratic administrations of General Jackson and Martin Van Buren, because of their opposi tion to its recharter. It will be also recollected, that the course of the Whig party during those ad ministrations, was opposition to every measure, right or Congress passed a law, however, granting seve ral years indulgence to the Banks and merchants, and under Mr. Woodbury’s skilful management of the Treasury, some of the local Banks resu med payment, but the United States Bank, which was the last to resume, put off resumption until August, 1838. Resumption created a temporary revfval of business, and a false hope of better tinu-s but it was now too late to wield this rotten mass of overgrown credit. The people were all in debt, the merchants indebt hundreds of millions to Europe for the excessive importations of former years the Banks, Internal Improvement corpora tions and the States, were indebted two hundred millions more. In October, 1839, the U. S. Bank led off with another suspension,—all the State Banks followed, and in a few short months, this mass of superincumbent debt, fell with a mighty crash upon the people, under the weight of which they have been groaning, and will continue to groan for years to come. The Whig leaders took advatitage of this state of public distress, raised a fals-' clamor asraiust Mr. Van Buroi’s administra- wrong. Condemning every thing and proposing nothing. Instead of employing their ta lents like patriots, to aid the Government in promo ting the welfare of the people, they concentratcd all their energies in the most powerful efforts to clog the wheels of Government, and embarrass the afikirs of the Nation. Thus hoping by confusion, and distraction, to triumph as a party, by laying the Government palsied and disgraced at their feet. On this Whig party, through its leader.^, and tht*. Banking System, then, muc-t rest the re.ponsibiliiy of the distresses and embarrassments that have fall en upon the Federal Government, fh'^ States and the People. This history of the United States Bank establisli- es the propositions I set otit to prove; 1st, That it never did furnish a uniform currency ot fixed val ue. 2d, That it never did regulate the exchanges on the contrary that it deranged both, during the twenty years of its charter, save about the years 1830, ’31 and ’32, when it was dispensing favors to purchase a recharter. I'he country then had just coine out of a ten years siege of Bank contrac tion, and like thirsty ground, absorbed freely tno first rain;—true however to the instintus of the pa per system, the Bank showered too copiously, and finally drowned the crop of apparent prosperity which had sprung up under its influence.—3d, That the Federal Treasury may be managed with out a Bank, as was proved during the administra tion of Mr. Van Buren, when the Secretary of the Treasury, Mr. Woodbury, conducted its affairs skil fully, through a period of the greatest embarrass- ment, at a time the Banks had suspended, and were withholding about 30 millions of the Government money.—4th, That such a Bank is a dangerous engine of political power. The first and greatest error was in departing from the standard of a sound metallic currency.— the people, by the B’ederal Constitution, entrust^’d that io Congress—but Congress in an evil hour gave all power to the Bank. The Constitution said it should be gold end silver—the Bank s:\id it should be paper. The Federal Government may coin money—but the Banks drive it out ot the country by issuing their paper, and v^’hen it is gone, the paper is worthless. Ours is a hard money Government; so said Mr Jefferson, so said the venerable Mr. Macon, and so said the great Federal Whig oracle, Mr. Webster, in his speeches in Congress in the year 1816. I here quote f rom them i “No Nation had a better currency than the Uni ted Statea. There was no nation which had guard ed its currency with more care ; tor the framers of the Constitution, and those who enacted the early statutes on the subject were hard money men.—- They had felt and duly appreciated the evils of a paper medium; they therefore sedulously guarded the currency of the United States of a debasemenr. The legal currency of the United Slates was gold and silver coin; this was a subject in regard to wiiich Congress had run into no folly. J'* * Gold and silver currency w*as the law ot the land at home, and the law of the world abroad ; t'uere could in the present coiiditioa of tho world, be uu other currency.” Agaii), speaking of the character oi the jiapei: currency, he says: “Of all the contrivances for cheating thff labor ing classes ot mankind, none is so et^'ectuul ai» th*it which deludes them with paper money. It is the most perfect expedient ever invented tor fertihzing the rich man’s fields by the sweat of the poor man’s brow. Ordinary tyranny, oppression, excessi^3 taxation, these bear lightly on the happine.^s of the community, compared with fraudulent -urroncie«, and the robberieB committed hy depreciated paper. Our own history has recorded, for our instruction enough, and more than enough, of the demorali;^, ing tendency, the injustice and intolerable oppr*;s sion oW the Vir^'Tous and well disposed, of a i^cgra.
Mecklenburg Jeffersonian (Charlotte, N.C.)
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Feb. 22, 1842, edition 1
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