Il^e puvn-s granUJ nH.lcr a,e ConstlMion,^ng der^from the People of the Untied State., maif be res
VOLU^fE ?
resun^ea by them, v:\cnever perverted to their injury or oppressinn."-Madl,on.
ctjoiu 1 nrM»niTiii«nr fi
CH^ARLOTTE, N. C., DECEMBER 27, 1842.
\ NUMBER 92.
1 ..
17
\M> PLHi r,v
ii: ‘\a7.
T K K ->I S :
' J
( ;
A ,h
■ 1' ’hi
\
.1 ’ ^ r -;
;it .>/■ y>. ■
i'- - . ■ .'ft- i
. • J ;i 'v.
h.d; T t!i:;
. . . . :i '
; wrongs an i forbearance—to our blighted w-eal and
■ 0|)|)rc.ss(.>d industry—to our argtjiiieiits, our remon-
isliaiicf, and tlu; lon^r [rain ol injuries, sufTerino-s
; and endurance, uiiiil the goaded spirit of South-Ca^
v . l lv , !' “P strength and ardor of its
,/--•v r. if ri:;. > ,*“*'> ‘® w«** from the«.
i. :- !• Tt. .he - Xi.r.r^a oi Oppressors 10 the uliimale
1 .i.Mn- Any vvho Nviil ],ro^ure ; p f: , Cou^tilulion itself. It was then,
....1 :m , ui. i;r tiu-iryubs,:ription:= ! . . Complaint was
ir. y-Mh. r-raiis; ri lul uHtu sul)-i !’ O'" i then; that ihat justice
, ’ iVc ih; i .q.ci y.;a; lor Tiraify Dollar^ m j re/useJ to our r3moii3trance, was
coiicedL'd to our demands; it was in this painful
>\ ,,i11. oniiuUi^; 1 whilt th ‘ ^ul:^scri!> T owrs any I conti oveisy, that the faith of the nation
- : ■; ; -aipl a fillurc to uuiify the IvUtor j plt‘d:red to a compromise, which should
i ' itiiiiii; ill 1 it ONK Mo.Nin li lun. theL.vji.ni- li'anscund liie legiiijiiate oljects of revenue: and
- i ■’) Uil lor, w.ll h;-r- l ji n.'w ,j, ; wijjch, while it prolcssed to abandon the principle
r.;; r- \,\ in ii t In ;ij; :\vi i fo liisctiiiiijju’. iJjv piolt'ciion, retained that all was necessary to sup-
} ''I'witi; .ut ]iayiit^rf,,j-■ {'iy the fiscal exigencies of government.
j Ha>v the conditions of this solemn treaty—ratifi-
> i.il corr -' iiy insert- , the lace of the nation, approved and commend-
-in.sirfion, ami { od by our sister Siates—have bccn preserved and
Mvj.t Court aii-1 other: respected on oi/r part, I appeal to facts, and the
••h.irg. !/;rY(.'y-ya-e/,cr | hicilory of federal legislation for the last nine years,
I L' I lo icslily and ill'j^jtrate. Patiently have we waited
influences of bank doniitiion, and abolition ianatici»:T,;.-.e of certificates of deposite, when no dc
we innv liKithr • i .... . ^vuru iiu UL
.11 Ui th-j Ji
a .1
i' A
1 ^
■!: ]': 'MU f
i^ir. !' -r !i-; il
'i.'iii.ijii--II. ■
%\ a., h Will I-:
■ ;V' r-il;
rii,
u.; ■ !,_
. -a, lii.Ksl !>.. .11:4,
-r il. y \s,li L»i- •:
!y.
,1
v Vr, ful:iunent of llic term of years prescribed by
v..u;riu.nianrc'rofi-,r,'r. IUnder a system of duties
ilihough modiiied in llie i
till oj>j)ressive and unjust.
(1 v,.Ui riu-number uf i:tsiT- I i.i i i r i • ^
M..,:,.-auni:iiurKiaiidchur-^ ] uM ough modihed in I he extent of its burdens, yet
1 at f:>.
, :i
} th. r.ilt .r, n:i! s.- f'l^nn
.*'1 U-. 11. i;.t e jiiif lri.-:‘i;l postayi , (jj- i]],
' 1.1
i a
I'l m >n . y in puu^s I mutiplied opportunities afforded by
pally raticor and political intrigue—when the weak-
h-r, v..i: to the wntLr ! administration sought suppoit on the most
1 e-:!Lct( :1 oilur ue.' 'uiuh. ■ ^outhcni teims j vvhen ambitious aspirants courted
aiJianoes and piofered concessions; when the de-
iiiociatic piinciples ol the late administration were
^ ready to accord us all its aid and sanction, in estab-
; iitliing a system of moderate duties and economical
exjienditure—amid all these opportunities of perpet-
I / ' 1. I uatmg a successful infideliiy, the faith and intec^ritv
....I »,v. vR iiAUD.->o.\ _ oi the Suutli have been inviolably preserved in a
. la ;;nak;j - )\'^ Mii!s;SA(jK.
I ’ i.i iiutl. ‘ ul' -ar T'.a i-;rs; to tlie fa'i )w-
f:■ a --
ri i (ii ' \
. • r !■ I —'
-a; -ca .!
.. 1 u:H;!y
aali ia
i i
r - j r ^ I ■ ? ’ ■ ' * V-* \,»-4 ill Cl
J. :,Miiat'!. .* of ;-,>ata Oaioluia. on the sub-i consiiiet^'and unwaiving adherence to the terms
{ 'a'iil utii th:j pi L-tLciive taritt! CJ jv. ' spirit jf tiie coinpromise. And when, on more
1 : ) \va: a ] -ainj^' iiii inbL'r uf wiiat was ' opportunity seemed to invite
ill 1 "lIi ■ ^-.'a; *a Parlv ” in Sair'iC • concurence, in anlici()ating the limitation of the
' " , ‘ JiOiiL'a, I voice ol our rt-presenlatives has been heard
‘a»x''-»^-1 i-i- retiiuJy ol Xalii- | rebuking the tempter, and repelling the temptation.
■ : 1. it laejc be aiiy Xai.i..^ i' jm the soutii -Vriu now', the an.xiouslv exp.-cted period having ar-
i!'* aimi. il in in e spirit 'i, ia li 'Tiant i >’i''^d, lor the comrnt ncement of the promised era of
::a. ' lii' u j,v •• IMI of lb )ai- ’ I'ffortn, our concessions are met, and
! 1 I • ( cunfidcnce beiraytd, by the re-establishment of
L * (v i 1,i ^ 1 • >. ] ! I • : i ^ r>' oc c J i"m i , I /-X r* . • .
=t IvH )'v whkV-
’ 1
fiaJ him.
It is a document
aL !iout. f. it ^
'{! ii .'y 0.1
t.j:' tai'iij, lliut dots
. ii.ujji'
air i
)or, J.-
any :\ai iii (.larolin-
jja 't dv:vvti a
I .J.a
liiiiy coiiiiiaie 'hi.s do^'uan'iil
. i:ii -ii;' -ta!'
' W-!
■M 'i'.hca..!, an 1 not
; - I u - li I ol
^ A il ^ ioveiiior. In the op.e.
. t;lf eit v.jf.
r ,.
'.Vs a. -i
n - a 1 i a J n.! > o i; t h c r n
: .. an : — ia :^
• -■ -■
.".r. wc
tiie narrow feil-
; / ■-f a‘’ Jooii-
U :a
]■ ;ai./
If our space per-
,x! 1. WJ WvJUl
1
a* in
■ ■! lh;:i excel lent
: > ..1 Jt' t.- 'Mir 1
^t fiiii.-e f.-
., 1.,
!e :
i
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t ,, ,'
1 c., a’.
\ '• ii \ ; i .
. ex';act;i
f.,r .
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t' ’ » !t
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11:i.-ipatr iii thf dis-
‘ - 'aU il ! '
! ■ ' "
' ! 3 I ' 1
" jiahlic 1 in Is, has
ii ■ ! • ii \ -K
Lit
a;! r !.;• •
a ^ I'oiniCils ol liie
f . ■
-1  ^ i a ; , ■: ‘ ■
•
n:;a;
'li' ' i.'f h»a- confed-
\ It 'a >
ul.
i a a exa:
(:f disinterested
,i' 1 ■ -a ia 1 II
■ij-a:
•a.is.ahlc
1 1 !ia-‘ nco lo consti-
' ■ 1-
C:
M iiev-'r
iali la extavise.—
a-; oi
m;:iy ul
liiti ni-)si iin;)oitant
' i .: . i  1. t .. - 1
\]\- n
h' lo ol tl
le l.hiion—;1jo un-
I 1^1 uiiu tiiuii Ulij liiat ijao cvwi yCL UtcOlalCU
^ the prospects, or blighted the destinies of the South.
^ 1 he tariti of while it extended protection, and
, coutcrred bouuUes, at the expense of one section of
Oie ja.'i. niu 'i\ isc uisci iniinatioiis,— opeiuted iwore
}uuliy on ihe consumers, and accomplished at least
j ^-le ol tao ligiiiiiiute objects of the Oonsiitulion, in
fell- j supplying an adtquLite taid liberal revenue. It de
rived a platisible pretext Irum tiie refjtjiremenls of a
national debt, and founded some claim to favor in
. the circumslances and inJucements which had led
, to the early, and perhaps premature development of
i tiie manufacturing enterprise of our country. Jt
^ operated when our currency was comparatively
sound, and our credit firm and expanded, our pro-
?ulis were perhaps ikc/t regarded as the inspiration
iiix^u
its ordinary resources might not in a few years ex-
lii liii' vvi.'^iain. twi* I''.'tiiuJe, and viitue of
1 U
a;.
I'ljn lu iiiu ruaeiui LL.\e- : 'J* uL,ii:aiiu3 luu OUlUenS—
.S'. (iiitrj: a^’.iaJonaRiit of tlie measure j while labour starves, industry grows poor, our cred-
un^inie la i:aniiini our confi-i it has no confidence, ani prosperity no abiding
' place among us—7ww, in the violatfon of a solemn
and Weil considered compromise—in defiance of all
ti.e admonitions of a dearly-bought experience—it is
a mockery of the spirit of ec^uity in legislation, of
resjiect for constiiulional j)rmcipies, of all that is sa
cred in obligations, to miiilute such a system of po
litical fraud, perlidy, and oppression.
Un !er a just and econoinical administration of the
\vh;;'h tins .nat;' Las so pi'iidi ntiv pur-
Hiv- d ail 1 !i‘p aled a liaie as this mea-
I I;y ilie la iignant r jeciijti of so many
1.-v.a Ji, !, lobe rei.^arded as one ul
:!;S lit.' c.f r.i! j''dicy. seeding eve
1 * ; [I-.!'li ii‘y ;■( 1 rt nee, agaioit iht;
1 le el u a vi_;iLint pe0[ile
r be ”
. > s
11 !h
t hi
Hal,
u-n 1
I- 1
Ia'4 J
Wiii
!i'a:ui- 1 ■=!' lii ;r jcalaii.-^y. or un- ' Ooveinment, were the exigcnci( S of the 'I'reasury
miai.'s. ’i'l.e upt a niil darin:j i lo re(|uire it; in shoil, whenever revenue is the ob-
la.si'S !or di^tn!>a'!!)!i, and lo ' ^ am aure 1 do not magnify or exaggerate the
• u! ia.il on the  ui.-tiiation, o! j ^^piiit of patriotism in this Slate, when 1 assert that
ii i’a.a^ .-M t!) ■ ir-',;oai V. niay liavo j JSouth Carolina wouli c/iiizrt; all, and sacrifice ixW,
' t' [> i! 1’: vii'ae in ih(’ pLople noic, 1 to meet constitutional demands upon her resources
:: !i(.'t ;ii)J un^i)j)hi^ticated ' or liberality.
. ;■ =ti..l u i ravitv of such a ■ Put are bounty and protection, legitimately a part
Ki i'. ' ! ' ;ii. iiijijious forms ! of these constitutional rt(iuiremenls Is il needful
A A - ; a taii! ; i, .J_;» d iur i!ie pay ;ihe Trea.'Ury, lhat the agrieulture interests of
. i 'a;- liic ssiTy of assuming , South Carolina, should pay, as a tribute to
. t > in.iiii' )ia the fiiih. the intri^ritv. ■ t van'y iacioiies in Jventucky, a tax m the shape of
a.:v o! iljc Stall or as the b.i'sis ot". daiKS oa rope, twin*', and baggmg, tqual to its an-
. . . : I , .. . . - . 1. . . » . ,-1
i;i'
,rp — it is d.aiblh^rS y-t to i nual cunliibulions to ihc coller:5 ol our own Slate ^
i lhiti ;!. 'I'l;!* lab')!.-, the aigumcnts, : Is it necessary to revenue, lhat coaise wollens and
' )aiafal r^ .as-j cultoii yoods of loieign manufacture, should be ex-
c
a K'i)J' -n 1 paiata 1 r^
p irealv'fso luanv levu ral evils.
•a rapi ili
pi'ji.iiv- cu I'.vjiiaiLviis, i-jU.ied liom oul matucls, by a duty \\hiciiprohibits
I i.jjiS K-='for'' iis. (.? ) D'Sul.j'Ct can th-; CO.apeiiiion ." is piuhibiiion a reasonable mode of
t ,s )I i!ie r.ii ) 1 b ■ lujre distii.cilv and ■ iiiL*»ensing revenue, by means of imports? And
■ ■ ' ' * yet 1-U.s is tiie leading cnaracteristic—'.he great, the
■ primary, the diiecting oiject, of the late enactment
1 ol lai 111' duties.
I 'i'iuis, g ntlemen, have our people and our State
oace inoie been suDjecied to a system of rapacious
an 1 opjaessive legislation : and thus do 1 now dis
charge myself ol liie obligations of this department,
.•iiU;t. \\i I ^ruct, oaly ope- i by involving the interposiiion of your conservative
LSs and mil lencf, to iiirest liu calamiiious eliects of a mea-
■ vi! i—nai-'j whi‘li pf.si ii's so many
■ ■ ca;a..'ity, >'j many Uani;taiions to ava-
• ia lay la iac*"mei;ts to ambition—none,
.1 la iny -:'Vils, or s ;- well calculated t >
ii-;:al.'uf ihe )>e«»jde, to seducc the fi.b li-
•y ' t ' niaiive. ur to ptjichase t;io in.le-
I'‘ ^‘'.lUs. (,)ar pi icc|/tioa ..a the toils
aiiJ dilii jii!’ 1' s o{ rhi
rr.o as aii ir.j: iiavi', t • n-.rvo • iir l:inin
; 'r'-ngili- n our n '
A H.an aaJ ;;^t’..x
I .
Hu:
II,
:a of yoa;' ^
illi;.t >:!d di
a c.)a(pii vi ,ua r tai*
a:it:ci!iai> 1 fi aia lha '
.a ' • in  t an 1 maintain it. surs‘. as unconstitutional as it is unjust: and wliich
:'-i-.aiii:e lo ‘he d. termina- cannot fail m its uncnecked conseipjencLS, to over-
r.', lo r.lasij all pai’.!ci[’it!on , wiielm the alreawly ov^eiburdened eneigies, and lan-
ign ;l;!u aJvaaiagts ul such ' guishmg prospeiuy of our jieopie. 11 the resviic-
jasl 'Ji.i .ai. '.he I.-ast lo be ! iions ot tne Constitution on federal legislation, are
is laa) and j'l;laaasin ol tl>; ir fhu.^ to be violated witii recklessness and impunity,
—\ye may justly calculate on their un vaveimg
zeal, m achieving this work of reformation. And
when the next recurreiice to the ballot box shall
have purified our counsels—when the popular voice
shall have spoken the doom of our misguided rulers
vvhen republican principles, regenerated in the
deliberate and dispassionate results of the ensuing
elections, shall have dispelled the delusions of the
late Presidential canvas^—//ic?i may we hope that
the South will again r-.'cover her rights, and the
Consiitutioa regain its vigor and ascendency. It is
indeed deeply to be retjretted, that the assent of a
single member of the IJtmocralic Party should have
occorded (even reluctantly though it may have been)
to a measure which they have denounced with so
much ardor and ability ; which they had discussed
on principles admitting of no compromise, and which
no consideration of expediency ought, or could, over
rule. What ifthe demands of the Government tt't rc
uigonl. What if the 1 reasurv teas bankrupt, and
our rulers clamorous and dissatisfied: Would any
of Uiese causes excuse or justify a premeditated vio
lation of the Constitution, or a wanton imposition of
unjust, oppressive, and exorbitant taxes ? It would
have been better lhat the sources of our revenue had
been dried up, our public improvements neglected,
our fortresses dismantled, our army disbanded, our
navy rotting in the docks, our officers clamorous for
salaries, and even members of Congress unnaid
than that such a breach should have been made in
the Constitution. Time, and returning prosperity,
will ciTect a cure of all this disorder and derano-e-
ment in our statistical economy; but a vioIation°of
equitable principles, neither ages nor prosperity can
repair; and wrong and violence done to the Consti-,
tution, shake with the force of revolution, every pil-*
lar in the political fabric, and desecrate the v
sanctuaries of the Temple of Liberty.
Cherishing hope, however, in the justice a
wisdorp of the American People—conliding in the
patiiotism and purity of the democratic party of the
Union, and awaiting, for a reasonable lime, the slow
and lardy progress of legislative reform—let us still
remember, lhat the means of safety and redress re
side in the sovereign resources of the Sla/c itselj—
in the spirit and patriotism of our own people—in
the firmness and wisdom of our own counsels. Nei
ther our appeals to the justice and patriotism of the
nation, our invocation to our allies, nor an anticpa-
led sympathy and co-operation of our Southern sis
ter States, should be permitted for a moment to
weaken our efforts or our resolution, to n'*cct ail the i
consequences and all the emergencies of the contest.
It is due to ihe consistency of principle which this
States has so emphatic"^f_^' r^^eerted on similar and
perhaps less aggravated occasions ; it is due to (he
allegiance vvnich she has professed to the Constitu
tion ; It is befitting ihe high station of trust and
confidence which you occupy, that the voice of our
Peoplealmost unanimouslyir; the Resolutions
of the last session—with all its warnings and invo
cations to our infatuated oppressors—should be
strongly reiterated and responded to, in the meas
ures and deliberations of the present Legislatuie.
. , ,, , , , , v^cposites
aaa actually been made. Governments always w:Il
resort to the means of such establishments when the
means of the Government run low. Th^re will be
no check upon the power of Congress in this res
pect. It would not, like a national bank, be a con
tract with a second party, who must be consulted
about changes ; but the whole thing would be a crea
ture of Congress, to be made and altered and used
Nortli-Caroliiia Lcg^islaturc.
BANK INVESTIGATIONS.
1 he following preamble and resolutions were in
troduced into the Senate of our Legislature, on the
12ih instant, by Mr. Cooper of Alarlin county:
\V HEREA3, it is important, as ihig State is
- , . I Stockholder in the Bank of the State of iVorl
at It.- p easuie. In good times, it might work tolera-1 Ima, and the Bank of Cape Fear, that an
bly vv’ell, but, in bad times, it would be almost cer- tio*^ should be instituted into the nia^K
said Banks ; especially, as the recent
trauds, faiIure^i^agjp|ijsions, jthef
in sio^j instife^^s’in
c’*ea^^ just distrust,
scrutiny J Theref
tain to do mischief
From the Richmond Enquirer.
THE MESSAGE.
This document is written in a cj^^r and dignified
style—and is distinguished by^^filL^impiicity of
language, considerable talent, aBd^atee ingenuity
of Statements. We have scarcely space today for
itself—much less, for the commentary it deserves.
Its views of our foreign reicuions are bright and fa
vorable. Its description ofthe p-c^ects of Florida,
almost freed from a harrassi^ war, are cheering.
The finances are bei^r tiian We had
the receipts from the customs esii^^ed at 15 mil
lions. It vvill probabJy amouat to £8 millions—
though it is not staled, what proportion sum
consists of the outstaii^ boods ofthe former year.
The whole recpi^^to th« Treasury from all
sources are estimi^^^jB^ore than thirty-four mil
lions—-but of thes^ijll^ jgfteen millions consist of
^ebt incurred.)—
The-^^^P^pf;^fso exceed thirty-four millions;
''^l^ftight mnlions went t^ay the public debt.
calls ih^at^eation of Congress to the
ihe Tariff Law^ “ somewhat hastily and
^riecyy passed near the close of the late session ”
repeatSj that in revising the existing TaiifT,
^y attention to the necessity of
^ion in sentiment and feeling
which is so important in the pre-
UhioD. .And, it, therefore, wisely
said
the
l ent of said
nvi||tigation.
House of Commons
^«^duct
tyuriher,
t it shall be the duly of eaid Com ,
,e into the safely and vahie of the bU
that course of policy
benefits to some,
upon others, shall
The great defect of
to expa-
to preSs *
OfAl
f ih-ir thus lo be violated vvitu recklessness and impunity,
j ^ajcc;s'ors. SoiHc fuilh' r provision ua ihe Aineiicdii citi-cii has no belter guaranties for
yaar p.iiL ;s pei ha;)3 iif’ci.ss iiy. to prtjveiii lat' dis- fieedoiii, tiian llie sel f ui a political autocracy. The
iiiaativ.- share of this Slate from being appioprialeu. ? form and the iiauLC of our liislituiioiis must be cosily
!ii any evi at, to tiiu beiiefii of the assciitiag St:iles. ^'indeed lo us, if libeity ilself, and the pursuit of hap-
It is wiin lii'i niusi de' j'lv iaiprissed sense of itj: piness, arc ihe only price, and the only saciifice, at
iajjiortance, and ol ihe solemnity of the t'oiist 'juen- ; w.hicti ihey are lo be maintainetd.
cr-3 involvtil. to the honor as well as the interest of ■ In tlie iuin patiioiisin and correct principles of
the oiaie. tii-it I now invoke vour attention to the | the Deinociaiic i^atty, we may doubtless anticipate
ol piuteciive policy, renewed by the lale Acl ' ihe co-operalion of a faithful and efficient ally,
'’i Congress, imposing du'.ns on iinpoiis; and Iran | Snuggling against the corruption and abuses of Go-
fc'-f-ndiii'^ in its burdms, in bouniies, and its restric- ■. vernment, in ils long couise of error and injustice—
‘"’•1'^, all form'r expeiicnce ■ t upvuit^ oppressive, the advocates and exponents of a sound currency,
''‘"iJ uiicoiis'i'.aaorial taxatiuu ^ and economical expenditures—sustaining the hiter-
•our i5's arr.l :h*J in-utu’.i-ju': jfthc South; ag*iinst all -le
J nc: I
Froa; the New York Journal of Commerce.
EXCHEaUEii PLANS.
We perceive, by the note of preparation which
is sounding fiom various quarters, that “ the regu-
lalion of the currency ” is lo come up fresh again
lor discussion and action. The Whigs are talking
about supporting Mr. Tyler’s plan of last session”
and some men seem to think that, if only that plan
had been adopted, we should have been in a much
better stale than wc are at present. Our readers
are aware that, according to our poor opinion, the
best regulator of all such matters as trade and ex
changes, is the great system of laws vvhich the Crea
tor made when he made all things. These laws
are entitled to some consideration on accouni of iheir
origin : and, before Legislatures attempt to repeal
them, or obstruct their operation, th^y would do
well lo consider whether the potsherds of the earth
are likely lo succeed in a contest with their Maker.
VV^'e have done our best in this way ; but our work
has been broken lo pieces, and we are now sufit-r-
ing ihe just punishment of our folly. Immediately
after the great regulator became thoroughly disa
bled, and the system of regulation as such eniirelv
annihilated, the law? of trade (^us they are terined)
began their restoring process. For two or three
years, the process of restoration has been going on,
and the work is now ahiiost completed. Soundness
has been restored lo the currency througn all the
Atlantic Stales; and on the Gulf of Mexico, Alaba
ma only remains unsound, and her day ol lecovery is
at hand. When the regulatois of New Orleans
broke down at once upon a great emergency, the
laws of trade applied an instant remedy. Three
millions of spccie were hurried to that point wiih as
much despatch as ever a general marched fresh
troops to jsupport a broicen wing of his army ; and
now all is quiet again. If only the laws of trade
can be left to perfect the work of restoration, it wiil
be incomparably sounder and safer than if brought
about by a regulator. Not only is there a physical
restoration in the actual existence of a sound curren
cy, but the moral and intellectual diseases of the
public have been cured. Sentiment has become
sound. If now we can be wise enough to believe
that the laws vvhich have brought order «..ut ol con
fusion are competent to preserve the order they have
established, we shall bf ^viser than any past age
has been. Another such revulsion as we are now
enduring, could never agaui, by any possibility,
occur.
The various plans whi^h are now brought for
ward. show that the public mind has come nearly
right. What we want is—nothing; a.id the pians
proposed are not, therefore, particularly dangerous;
but, so far as they have any effect, it will be injuri
ous. The Government should have nothing lo do
with exchaDges, All it has properly to care lor, is
the collecting, safekeeping, and disbursing of its re
venue.
Any exchequer vvhich should go into practical
operation would be a dangerous thing whenever the
Government should be pressed for money. If large
amounts cf specie should be accumulated in depos-
lie, the Admup.slration would, upon an emergency,
Its in-
lan lhat
among'
servatio
insists u
vvhich, ]
nor imposing unnecessa
consult the interests of
this portion of the Mes
tiale upon the dnfects of th
upon Congress Jic necessity
possible to the principles of
Its suggestions about the Wi
strongly, and they appear to usri
It draws a flatteiing picture of th
•\rmy and Navy, and states
ditures of the last are ver
the antecedent year, they
operations of the marine.
Post Office have been bro
come—its revenue being 0165^j
of 18-11.
It goes Into an explanation of the causes of our
present embarrasments, and proposes, by way of re
lieving the Treasury, and furnishing a circulathig
medium to the people, to carry out the President’s
Exchequer scheme. A large portion of the Mes
sage is devoted to this subject, but the objections
which were formerly made to it, remain in all their
force. Whence does Congress derive the Constitu-
al power to furnish a Government circulating medi
um, to deal in exchanges, or to receive private de-
posites of specie, for the purpose of being exchang
ed for certificates, and thus swelling the amount of
Government paper circulation % How can the
want of prohibition from the States invest this Ex-
che([uer with the Constitutional authority to deal in
bills of exchange 1 It is not logical to say, that Con
gress must possess the power, because it is conven
ient to furnish a Government paper money—or, be
cause, “tlie choice, iu the present state of public
sentiment, lies between an exclusive specie currency
on the one hand, and Government issues of sorie
kind on the other”—thatthe Government
of the United States must possess the power of is
suing paper. 'Fhe true doctrine in the States’
llighis’ school, (not Mr. Webster’s school,) is. lhat
no such power can be exercised, until it be asked
for and granted by the Slates, according to the forms
of the Constitution. It is idle to say, that these Ex
chequer notes ‘-Jiave hem for several years past
made in the form of Treasury,” and, therefore^
what is done omce, (as the lawyers say.) may be
done again.*’ The cases are essentially different.
The fact is, the Treasury notes have been fiitherto
issued under the power and for the purpose of facil
itating ihe loans, but not for the avowed purpose of
fuinishing a (.Tovernrncnt paper—the expediency of
which is iaestionable, as well as the constitution
alit V.
rm
a^
tl
Bj
four the
Aesera!
Rest,
rin«4i
to exi
owned fey the State of NoVih Carolina/*]^
Banks J mto all abuses affecting the value or
of saiji 3 and especially, into the several amoui.
by the Presidents and Directora
said Bai^ir, and the sev^eral sums borrowed by tl
eaid Presidents and Direcfora of the Banks^
branches of the Banks, in which they ofHciate.
liesolved further^ (the House of Commons conL
curing,) That said Committee sliall, personally,
sped the Books and Accounts, and count the specie]
ot each of said Banks, and their several Branchei
and Offices; and the said Committee, in conductii
their investigations, shall fiave full power to sui— -
mon and examine witnesses, and administer oaths*
Resolved further^ (the House ol Commons coi^j
curring ) That said Committee shall, within eix^
months after the adjournment ot' this General As->^.
sembly, make a Report to the Governor of this Stat^
of their proceedings and investigations, who shaS
publish the same to the Council of Stale, whom h^
shall convene for that purpose: and if, with their ad-T
vice, he shall deem the same to contain matter de
manding the action of the General Assembly, h
shall convene the said General Assembly for iba'
purpose.
Mr. ^HEPARD, the Senator from Wake, has also^
; introduced into the Senate a bill on the same sul
^the substance of which is thus summed op
ifcg Register! The bill
that every person who shall cut, mu .
|iny Bank Bill, with intent to rendei
be re-issued, or to evade the
notes of a less denomination thatfi^
Declares that no Bank sball^
the same be payable on de-
, under a penalty of ^100 fori
note Provided that it sliall not be
arge the premium of Ex •
bv such Bank, which
lawful
shall be used in'
7
>fa
any Bill due by such
Qtereeted in the pre
sold by any other
from receiving
Uiout the limits
/or erery of-
itp9-
Jt
Bank; nor siiaii any
miums on Drafts, whicl
Corporation. Prohibit
or paying out the note
of the State, under a ;
fence. Provider that vv
cie payments and cont
shall pa}' inio the Publio-
the whole amount of its cir
ail notices by Banks, that
liabilities “ iu current Notes,
shall not atfect the right of the cr?nitjMjjBppMBank
to demand Specie. Banks remainin^l^^state of
suspension vi/iet//dayt-, to lurleit their Charters, and
go into liquidatio’.i.
And in the House of ('ojnmons, on the 13th, Mr.
Biggs ofMaitin county, oliered the following, which
were read the first time and passed :
Resolved, That the Joint Select Committee ou
Bankij, be insiiucted to enquire into the expediency
of past^ing one or mure laws with Ihe Ibllowmg pi^-
vieiuiis:
1. That if, at any time hereafter, any Bank in thi»
State shall suspend Specie payments and remain in
a state of suspension lor thirty days, in any one
year, it shall be the duty of the Attorney General
to issue a scire facias against such Bank, returnable
bet'ore the Supreme Court, to sfiow cause why the
charter ol suca B tuk shall not be forfeited.
2. That if, at any lime hereafter, any Bank in the
State shall refuse lo pay the notes thereof promptly
upon demand, it shall not be lawlul lor such Bank,
so suspen 'ing, or refusing, to collect any debt duo
said Bank through the Judicial Department of this
State, at any time during such suspension: Prod
ded, hoiL'evet', that the debtors shall regularly renew
their notes, pay the interest, and give such security
as may be good and suUicient.
3. That if any person or persons, holding any note
or notes, of any Bank in this State, shall present tlie
same tor paymeni at any Principal Bank, or at any
Branch or Agency where said note or notes are pay-
II J J i able, and the payaient shall be refused, the eaid note
I nere is m’lch good sense and sound coun- or notes, efiall draw interest at the rate ot 25 per
sel in the following extract from ttie message of the cent, per annun), from the time of said demandj aujL
acting Governor of Virginia, to the Legislature of !
T 1 r 1 • 1 ' I hai no rresideiit, Cashier, Director, or other
that State. \Ve hope the members of our iegisla-J Ofiicer, m asiy Bank in this State, shall receive a.^
ture will consider it well, when called upon to grant | fr^^’n said Bank more than twice the amount of
, , • • i Stock owned and held by iiJia or them in said Bank:
charters of incorporalion : ^ ^ , ,..lauon of tl.i^ prov,siun, suth
‘'I am much inclined to think, that tlie Legisla- President. Cafl.hier. Direclor, or other Ofiicer, shall
lures of the States have, by the creation of private ^ be gulliy ofa inisdemean'jr and subject to indictment,
joint stock companies and oiher acts ot private incor- O- I iiat no Bank :n lias otate ehall, either direct-
poraiion, contributed more to the present stat.e ot‘ ' ly - r iud;rectly, sell or ilispose of any bill of K.k-
thinijs than all other causes cornbineti. By lac ;;i- cfiunge. or other iunliume.'it of like character, paya-
corporation of many of these companies, an oppor- hie in ihis State or in any other State or Territory
tunity has been alforded to many base and dishonest ! hi tlie United Slalc.^. at a greater rate than one an i
men to rob and cheat our people. It is very true, a half per cent, prenaum on the principal sum, and
that the lirst projectors of some of these acts of pri- ' any f»ti;cer of said Bank, or other person for the bc-
vate incorporation have been together witli all v.’iio I nelit of said UaiiK. violating this provision, shall be
liad any thing to do vrith them, ruined. But it is guiliy of a misdemeanor and subject to indictment,
equally true, that many acts of private incorporalion ' tj. That ihe damage on protested Bills of Exchange,
have been obtained by individuals, that they might ! or instruruents ot’ like cliaracter, purchased or dis-
undtr the sanction of law, with the greater facility ^ counted by any Bank in this Stale, or any person
perpetrate the grossest frauds upon tlie communitv . lor the benefit ol said Bank, shall be as follows, and
By the investment of money in these various schemes j tio more, that is lo say: Where the bill shall bo
a vast amount of capital was diverted from its legi- ! drawn or endorsed in this State, upon any person or
’imate channel, which has not yet Ibun l it; way , body corporate in any other of the United States,or
in any ot the Territories thereot, one and a half pei-
cent, upon the principal sum, and if any Oihcer of a
Bank, or other person for the benefit of said Bank,
shall directly or indirectly, recover more damages,
he shall be guilty of a misdemeanor and subject to
indicaient.
Resolved, That eaid Committee further enquire
into the ca*ibc of ’he great reduotlou oi the circula
tion of the Bank ot U. State, as appears bv the re-
turn.> made to the Tre surer, and reported to thi»
back. Contldence between man and man became
^ f K 11
shaken by these fraud-', and when suspicion w^s
aroused a*s to debts of tliC State the deman.l for mo- i
ney increased, and under the effccts of ’he panic
thus created, Stales and individuals alike failed. '
Thousands o)‘ the active business men of the coun- ;
try sunk under the times ; the disappearance ot each
only increased the gloom, and the people began t»
cry aloud lo thrir r-?S|-ective governments for relief.’’ ‘
always find excuses for using lhat specie, rather { tiuaks it wo-ild have b?en tortunate if Con^^ress *• .i -a
,han to impose ta.xes; and -he public woaU ihinkj a,.,. ..v.l.r J . -v-v. • :a the p-.,.;.
wiii cf i*. Another rcatly rts'oi^ would be, lue is-' I -► i • -