tht utallithment of ttttr pewerS
BY ROBERT WILLIAjUSOX, Jr.
N E W T E R M S
OF
TJIE LINCOLN REPUBLICAN
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TO CORRESPOXDFNTS.
To in Mire prompt attention to Letters addressed
?o the Editor, the postage should in all cases be paid
Between L3UX3 D. JXE&XL'Sr, Zsq,
tbo xtfominea of tho recent 2emo
cratis state Convention, assembled
atlialeigii, and the Committee ap
pointed to inform him of Lis nomina
tion. IJallioIi, January lit!), 1842.
1,0 U IS D. H E lN U Y, Esq.,
Dear Siv We have been appointed a
'Committee, by the Democratic Convention
how sitting in this place, to enclose to yon
a copy of its proceedings, an 1 to ask your
particular attention to ihe resolution nom-"
naiiu you as the Democratic candidate
for the oiice of Governor of S'orth Caroli
na, at the ensuing election. It affords us
sincere pleasure to be the organ through
whom this communication is made, ai.d to
accompany it with the assurance, thai the
nomination was unanimous and enthusias
tic, an. I we hope il will suit your -conve-nience,
at an early day to make kriown U.
in, your acceptance of a trust, which the
Democrats of North Carolina have com
mitted to you, with perfect confidence in
your eminent abilities to discharge it.
With great respect, we are your fellow
"citizens,
11 EN ft Y FITTS, sen.,
J. ALLISON,
VM. C. JONES,
E. McCALLUM,
TIIOS. J. LUCKS,
3. O. WATSON.
THOS. W. GfiAVES,
GIDEON GLENN,
W Y ATT MOYLk
"T a y ett E ville , January 2ls7, 1812.
Gentlemen : Your communication an
nouncing to me, on behalf of the Conven
tion assembled in the city of Raleigh on
the -10th inst.. that I had been unanimous
ly nominated by that Convention, as the
Candidate of the Democratic party, "for
the office of Governor of the State f N.
Carolina," lias been received and I re
gret tint a temporary indisposition lias
prevented me from giving it an earlier re
ply. S' strong a inunvfeaiion nf the con
fidence of !!iv ff How citizen, from every
.pari f tin- State, tills my bosom with the
deepest emotions of gratitude, and places
me iiodejjAhligaiioaa to them, which 1
fear, I neTershall be able to repay.
Tlie exalted motives of pairioiism, that
called together at tliis inclement season of
Vie year, at o great a distance from their
(homes such a large Conven'tir.n of Plant
ers, Farmers, and Mechanics truly re
presenting the great industrial and agricul
tural classes of our population, sent forth
by the spontaneous movements of the peo
ple in their primary meeting?, pro.-npted
by the distress and embarrassment brought
prn the country by the misrule of the
whig party that Convention too, in its
action, influenced by no leader, or aspi
ring politicians but proceeding under the
dictates of their own judgment, and zeal
ously resolved upon the good of their suf
fering country all these considerations,
united with my ardent devotion to the.
cause of Democracy, ap.d admiration of its
principles, and the deep impression that
our common country is bleeding under
wounds inflicted by infatuated party lead
ers, have determined me to accept the hon
ored banner of my party, and to bear it
with my best ability, incompatible as I
know it is, with my feeble health, and the
.retired habits of my life, trusting under
Providence, to the justice of our cause,
and to the zealous co-operation of every
Democrat, who loves his principles for
the sake of his country.
What I have to say to you, gentlemen,
nnd through you to my fellow-citizens,
shall be said freely and boldly, but with
perfect respect for other men's opinious,
knowing that there are honorable men in
both parties. My position dictates it the
cause. of truth and fair dealing demand that
no concealment should be practised upon
the people. It was by a contrary course
thai the whig leaders "got into power; hd
their hand been openly shewn to the peo
ple, it would have excluded them from the
public confidence.
'Change J change ! ! change ! ! ! Things
can't be worse,"' was the cry of Mr. Web
ster and '.he Whig leaders, in the year 18
40. By charges the most unscrupulous,
aga:nst Mr. Van B.iren's administration
by unholy appeals v, the passions of the
people, and by deceitful promises of re
form, the Government of ilie country was
changed, and that party put into power.
Uoiv ihat change has resulted, might have
been forts-een from the wicked means con
trived to effect it. What it is, the wrongs
and d. stresses of the country every where
make manifest. Things have grown worse
beyuml ult comparison: Tne disasters'
and ruin of centuries, by the baleful influ
ence of this ruling power, have been com
pressed into the fatal tiie ever memora
ble year the Whig year, 1811 ! when the
whig leaders, infatuated with power faith
less to their solemn pledges and profnises,
proposed no good, but contrived every
mischievous measure that could aggravate
the sullWrrtgs and mock the calamities of
a petvpla ihey had vast cruelly deceive.
They liave brought the affairs of the
country to a dangerous crisis-; too serious
for them now to dare to deride the public
suffering by midnight debaucheries and
drunken processions; when,, the people
must take the affairs of the country into
their own hands, by dismissing from their
service, these unprofitable servants, who
have practised extravagance where they
promised ecu'iomy imposed taxes and a
public debt, where they promised relief
proscribed democrats for opinion's sake,
where they promised toleration are plan
ning a paper-making, corrupting U. States
Bank, when they promised a sound cur
rency have produced hard times and low
prices, when they promised good limes
and high prices in tine, who having quar
relled and re-paraled into two patties, from
an avow-et! dismast of carh others' honesty
and sincerity (shamelessly bruited to the
world) have sunk the credit of the Gov
ernment in the dust. The Secretary of
the Treasury announces to Congress the
astounding fact, that Uhj Treasury is bank
rupt, anil that he cannot borrow nionny
upon the faith of the Federal Government
the country has lost all confidence in
the honesty and ability of these men to
conduct its affairs ? V hocvor beheld sach
a state of things before The federal Go
vernment, ami the States overwhelmed
with a debt of between two a.id three hun
dred 'millions; in a time of peace iheir
credit i!ishoiinreIati J not able u borrow a
dollar to meet lite pressing exigencies ol
the country. How appalling would be the
crisis were the country suddenly plunged
into a war with England ! when the alter
natives would seeoi to be, to starve under
the heavy hand of taxation, to die by ihe
sword, or yield up igrtominiously the lib
erties of the country.
To trace these effects to their true caus
es, has now become a duly which must
not be pretermitted.
CAUSES.
The primary and remote causes, I be
lieve, will be found in the vicious action of
the Banking system the secondary and
more immediate cause, in the corrupt con
federacy between the great leaders of the
Whig party anil the United States Bank,
with the affiliated local Banks, to effect a
recharter of the former, and to fear down
the Administrations of General Jackson
and Martin Van JJurcn.
I zvaw myself opposed to a latitudinous
construction of the Federal Consultation.
I think the Federal Government ought
never to assume a doubtful power; and
where a power may be wanted, to rely up
on the people to -give it, after the manner
provided in the Constitution itself.
Herein consisted the fatal error of the
Federal party, winch having failed in the
Convention of 1789, to model the Govern
ment to suit its own notions, sought by the
subtleties of construction to derive powers
to it, which the people had not granted.
Thus, instead of strengthening t he adminis
tration of the Government, by attaching to
it the confidence of the people, it weakened
it by exciting their distrust and opposi
tion. Through this dangerous breach
have entered the greatest ilis that ever af
flicted this country, atid whose bitter frni'.s
we are now tasting. The riper experi
ence, reflection, and closer observation of
mv manhood, under the numerous lights,
sifting discussion, and practical tests, af
forded by the age, have brought my mind
to these conclusion nor can 1 doubt, that
should the principles of liberty which sus
tain this GLORIOUS UNION ever be
dangerously assailed, their refuge Will be
found within the ramparts of the States,
where their altar fires are ever kept burn
ing in lite hearts of the people, by the love
for them, which is inspired, by ihe daily
and familiar discharge, of the duties of
self-government.
UNITED STATES BANK.
The great and good men who framed
lite Federal Constitution, hail been taught
by sad experience, the evils of a paper
currency. Its course for nearly a century
before, both in Europe and America, had
MCOMTOX,
been attended with the same disasters , to
trade ami industry. 1
Instructed by the will of a people wfiose
wisdom and virtue had been purified by
tne tires ol the Kevoluuon, they ordaino!
in the Federal Constitution thai coin, hard
money, should be the federal currency, and
only standard of value. The experience
oi an men, in all ages, and the regulations
of Providence in the affairs of men, have
given us no other stable measure of value,
by which balances can be settled between
nations, Slates and communiths, and con
fidence given to trade, without which, it
will languish, or periodically break forth
into ruinous expansions and" contractions.
That execrable paper-making machine, ihe
United States Bank, was the primal sin
against the Constitution, and line the sin
ol Cain, the Bank, has sunk under ihe
doom of perpetual infamy, as the scourge
and perplexity of nations.
Tne History of this Institution will be
useful at this lime, as shewing that such
an institution, or any like Government
Bank, can never furnish a uniform curren
cy of permanent value, nor regulate the
exchanges; and thai it can always wield a
power dangerous to the freedom aiid lo the j
morals oi me country, anu that the liov
ernnient can be administered without it.
The hue Bank of the United States
went int operation in the year 1817, and
in 18 months after wards,-Jul v 1818, it was
on the eve of bankruptcy, with but a few
thousand dollars on hand, and many mil
lions notes in circulation. So disgust
ing, fraudulent, and ruinous had been its
management, within thai short period, that
a resolution was introduced into Congress
to repeal the charier, in 18 ID. which was
suppported by General 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 1322-'23. During that 18 months it
had made large loans in Europe, which til
lima ely raised the price of exchange a
gainst this country. Instead of checking
gradually, by a prudent coarse of discounts,
the tendency of the local Banks to exces
sive issues, of paper money, like a bold
leader, it headed the phalanx of Slala
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 sus
pended payment, and the people woke up
as from a dream, and beheld all around
them distress and ruiH. Property sunk
50 per Cent, or mote, in value, and in the
cities of New York, Pniladelphia and
Baltimore, it was estimated that 50 thou
sand laboring men and women were wan
dering abouf the streets in search of food
and work. The notes of our North Caro
lina Banks were quoted in Baltimore at a
discount of 23 per cent., and ihe exchanges
between the United Stales anJ Europe
were ruinously high.
A CHANG E of policy tt'kes place in the
management of the Bank, from tins tim'e,
to the time General Jackson is about to be
made our President. Mark il well as you
go along ! Orders issued from Plnladel
puia to all the southern Branches, not to
issue their V.ote's when exchange was against
them, and Jo rep'enish their vaults by
draughts of specie from the State Banks,
which wa shipped to the North ; thus de
priving the South of its own notes, which
had been promised as a currency, crippling
our own Banks, and raising the exchanges
against ihe citizens of the Slate, when they
could least bear it. This pressure of the
United Stales Bank' upon our local Bank",
continued for nearly 10 years, until, finally,
in the years 1827-28 a:td '2'J, every Bank
in the S ate was broken down. Had the
U. S. Bank furnished the currency and
exchange il promised when chartered, our
sufferings would have been greatly allevia
ted, on the contrary, however, it deprived
us of the best we had, and refused to fur
nish a substitute. Twelve years of its
charter had now rolled out, and the paper
exchanges during a!' that time, between
North Carolina and the North, averaged 5
a G per cent; this as a tax upon the consu
mer, amounted in that period tj many
millions. Tlie years 1827-28 and 29,
spread a deep gloom over the State The
Bank" ruined their notes discredited out
of ihe Stale exchanges, carcely to be
had. and when so, very high prices of
produce and labor thrust down property
could on!' be sold at the greatest sacrifice,
and instances were known, of cotton being
purchased i:i Fayetteville, at G eenis a
pound, shipped lo Europe for a market,
and there sold at a loss to the owner.
ANOTHER CHANGE takes place.
General Jackson was made President in
1829; the charter of the Bank was to ex
pire in a few years, unless Congress should
renew it. The President fell it to be hi5
solemn duty, in his first Message, to call
the attpniion of Congress to the past course
of this Bank, propara'ory toils application
for a renewal of its charter. . This, Nicho
las Biddle viewed as great presumption,
that a republican President should dare to
question, in the course of his sworn dutif.
the immaculatf purity and wisdom of the
Bank. The Bank, had now become rich i
C., - FEBRUARY 23,
with the specie spoils derived from tjie
Si ito is....-... :. i. ...i . i i
ouie ljanks; it had grown strong by a long
course ot severe contraction, auJ resolved,
ir, the insolence of its power, lo crush the
President. Its policy was to make favor
with the people; accordingly il commenced
a course of rapid expansion of its notes and
discounts tnade loans to the amount of
nearly 2,000,OW) in a short period, to'
-members of Congress bought up Editors
and Presses, lo ailvocate its recharler got
the people every where in debt to it, and
by issuing largely its branch checks at the
South, reduced tht: price of exchange.
Thus, as if by magic, sprung up suddenly,
a eiate of brilliant prosperity ! But alt was
false and hollow ! Tlie peopTe were steep
ed in debt to the Bank, and the country in
debi to Europe, as will appear by ihe great
excess of imports over export, in the
years 1831 and '32. It was during this
Plate of ileceiiful prosperity, whilst all ap
peared favorable, . that the Bank pressed
upon Congress its suit for a rechanet.
Congress granted it; for too many of its
members were accommodated by tlie Bank
with immense loans; but General Jackson
was the man of ihe people he was irue to
heir interest ho vetoed ihe bill, and in ihe
fall of that year was triumphantly re-elec
ted by the People.
ANOTHEli CHANGE TAKES
PLACE :- The Bank having failed to
accomplish its purpose by golden favors,
now resolved to effect it by operating
through xhefeers unci distresses of the Peo
ple. It therefore, in the years 1833 and
"34, commenced a sudden and violent con
traction of its issues and loan spreading
desolation and ruin with a bold hand, every
where the country trembled under the
shock as nf an earthquake Congress was
in session the waitings of the people arose
upon the air, like the cries of thrt Inno
cents under the persecution of Herod the
Bank orators in Congress set up the panic
cry, and the whig newspapers re-echoed it,
lhat General Jackson must be crucified,
and the Ji jink recharler ed' This was the
memorable panic session 1S33 and
'31.
Congress adjourned in the summer of
lS3t, without rechariering the Bank. Its
golden showers and panic distresses had
failed of their effect, and the Bank desper
ately crippled With debt, in fact rendered
bankrupt by its -own wicked policy, fell
hack upon the Legislature of Pennsylvania
for a charter, for trie purpose of keeping its
capital together, and preparing for another
onset. The charter wai procured by sheer
nribery, practised upon a sufficient number
of the members of the Senate lo turn a
majority in its favor.
ANOTHER CHANGE TUvES
PLACE : The Bank, with enlarged pow
ers under its new charter, having since the
summer of 1832 contracted immense deois
in Europe, to repair it losses, now plays
the part of a desperate gambler. It' got up
a spirit of wild specttia'i-'n in . the public
lands in the cotton, beef and fionr markets
stimulated the Stages and corporations
to visionary schemes of internal improvement-,
by granting them-facilities in obtain
ing money thus getting tlie States and cor
porations in debt, fr the purpose cf pro
curing their bonds. It entered largely as
a speculator in the cotton and stock markets.
With the Slate B inds public, stocks and
cotton, it kept up its credit, and obtained
new loans in Europe, to aid which, it es
tablished thejaudon Agency in England,
under the insolent pretence of protecting
American interests and credit. It issuetl,
fraudulently, the defunct notes of its ori
ginal charier, called resurrection notes
ihe State Banks discounted pon these as
upon specie, thus piling paper upon paper
speculation raged like th4; wild fires of
the prairie, and men lost iheir fense in the
day dreamt of getting rich by irMHom.
As a natural consequence if "taking money
loo plenty, the imports swelled to an un
precedented amount shewing our increas
ing indebtedness to Europe. The bubble
of paper credit again burst in tiie spring of
1837. The U. S. Bank was the first to
suspend, and the State B tnks" followed ii
example. Failures took place in one weed;
lo Ihe amount of 20 millions lo vn went
the price of lands, labor and produce, ami
up went tlie price of exchange. Tne
Banks held at this lime, about 3J millions
of the public money, which they refused to
pay thereby embarrased the Federal
Treasury and humbled the Government ai
their feet. The President in this dreadful
emergency, called Congress tojeiher in
September, 1837, and recommended the
Sab-Treasury, or a separation of tlie affiirs
of Bank and State. . This measure failed,
however, because Bank influence had dis
affected a few unsound members of iln De
mocratie pariy, who formed a separate
party under the name of Conserca
lives. , Congress passed a law, however, grant
ing sevwral years indulgence to ihe Banks
and merchants and under Mr. Woodbury's
skilful management of the Treasury, so:n
of the local Banks soon resumed payment,
hut the U. S. Bank, which was tha last to
resume, put off resumption until August,
1833. Resumption created a temporary
revival of business,
artd a false hope of
was now too late v
better uses-oat it
i wield this roilen mass of overgrown
.-. . . ,r . .
credit. I he p.'.,.!e were all m debt, tne
merchants to det.i hundreds of
millions
lo Europe for tiie excessive importations
of former years the 'Batiks, Internal Im
provement corporation, and the States,
w-re indebted two huodred millions more.
In October 1839, the U.S. Bank led off
with another suspension, all the S;ale
Banks, followed, and in a few short months.
this muss of superincumbent debt, fell
with a mis: hli crash vnon tht veoule, m-
der the weight of which they have beta
groaning, and will continue to g roan for
lpnr 'w-wnf jeUiltrti .1S...
advantage of this slate of public distress,
raised a false clamor against Mr. Van
Bureu's administration, as ihe cause of tliii
ruin-made lavish promises of reform
madden -d the public mind by angry appeals
to the passions and imagination of the peo
ple, and by means most foul, expelled ihe
Democrats from power in 1840.
But the sure blow of avenging Justice
was at hand! The ever memorable year
1841, soon arrived! Scarcely had the
party grasped the cup of intoxicating power,
when il was dashed from their lips. Their
Bank failed iheir President died the
abhorrent measures of the extra session,
for ihe first time brotigt forth, rent them in
twain the President's house was surroun
ded by a'tnob the Cabinet dissolved un
der the avowed plea, that there was not
honesly and good fai;h enough in the Gov
ernment to conduct its affairs and the
year closed,' by the disclosures of the
conscience-stricken Glentworth! ! Sure
ly ! sur. ly ! ! this was none other, than the
hand of Providence !1
A Bank of the United Stales, renders
the paper money system, a dangerous en
gine to the liberties of the country. With
its large capital, it can always make the
local Banks subservient to it, because it
can cripple or crush them at its pleasure.
As a great leader or head, it can organise
the Banks into a regular army, garrisoned
every where through the United States,
and ready to act as one body, whenever
there is a necessity; combining with these
all that numerous class of men in our
'Towns and Cities, who depend upon the
Banks fir their business and daily bread.
Tnis vast monpy power drilled and disci
plined for years, confiOftting its plans in
secret ccnclaves-making money plenty
or scarce prices high or low the value
of all property uncertain united with a
large political party the whole stimulated
and defended by a well paid corps of Edi
tors and Orators, must be attended with
danger; and must fill with apprehension,
the heart of the pariot. It will be re
collected that the Whigs have generally
had ihe direction of the Banks, daring ihe
whole period of our monetary embarrass
ments. that they have used and abused
them to suit iheir parly purposes thai the
U. S. Bank was used as the especial engine
of that p my to influence the elections, the
press and legislative bodies that Mr. Clay
and .Mr. Webster and the leading Whig ora
tors and presses throughout the . country,
have for tlie last ten years, been recom
mending, encouraging and defending this
Bank, and above all stimulating its ruthless
attacks upon the Democratic administra
tions tif General Jackson and 'Marirflr Van
Buren. because of iheir opposiiion to its
recharter. It will also be recollected, thai
the course of the Whig party during those,
administrations, was, opposition to every
measure, right or wrong. Condemning
fvery thing and proposing nothing.
Instead of employing iheir talents like pa
triot; to aid the Government, in promoting
the welfare of ihe people, they concentrated
all their energies, in the most powerful
eff iris to cloa ihe wheels of Government, j
and embarrass the alfirs of the Nation.- j
Thus hoping by confusion and distraction,
to triumph as a panv, by laying the Gov- j
eronipnt palsied and disgraced at their feet, j
On this Whiz P'trtif. through its leaders,
and Ihe Bunking System then, must rest,
the responsibility of the distresses a id
embarrassment that have fallen upon the
Federal Government, the States, and the
People.
This history of the IF. S. B'nk estab
lishes the propositions 1 set out to prove:
1st. That it never did furnish a uniform
currency of fixed value. 21, That it never
d:tl regulate ihe pxchanifs; on the contrary
that it deranged boih, during the twenty
ypirs of its charter, save about the years
1830, 3I and 32, when it was dispensing
favors to purchase a'recharter. The coun
try then, had just coin? out, of a ten years
siege of Bank contraction, and like thirsty
around, absorbed freely the first showers
of rain: true however to the instincts of
the paper system, the Bank showered too
copiously, and finally drowned the crop of
apparent prosperity which had sprung up
tinder its influence. 3d, That the Federal
Treasury may be managed without a Bank.
as was proved during the administration of
Mr. Van Buren, when the Secretary of
ihe Treasury, Mr. Woodbury, conducted
its affairs skilfully, through a period of the
greatest embarrassment, at a lime the
Banks had suspended, and were with-hold-ing
about 30 millions of the Government
money. 4 ill'. That such a Bank is a dan
gerous engine of political power,
VOLUME V,. NO, 39.
.The first and greatest error was in de
parting from ihe standard of a sound metal'
lie currency. Tlie people, by the Federal
Constitution; entrusted lhat to Congress
but Congress in an evil hour gave oil power
to the Bank. The Constitution 6aid it'
should be gold and silver the Bank said
ll should be paper. Tlie Federal Govern-,
nient may coin money but the Banks
drive it out of the country by issuing their
paper, and wiieu it is gone, the paper is
worthless. ' "
Ours is a hard money Government, so
I said Mr. Jefferson, o said ihe venerable
r. .uaeon. anil to said ihe vrt ai 1 eileral
Whig oracle, Mr. Websier, in liis Kpeeches
in Congress in the year 1816. 1 here
quote from them: '
Ho ISation had a better currency than
the United States. There was no nation
wtiicn tiad guarded its currency with more
care; for the iramers of the Constitution,
and those who had enacted the early statutes
on the subject wete hard money men.
They had felt and tluly 'appreciated the
evils of a paper medium; tly therefore
sedulously guarded the currency of the
United Stales from debasement. The legal'
currency of the United Stales was gold and
silver coin; this was a subject in regard to
which Congress had run into uo fotly.
-
Gold and silver currency was tlie law of
the land at home, and the law of the world -abroad;
there could, in the present condi
tion uf the world, be no other curren-
i
cy. ,
Again, speaking of the character of the
paper currency, lie says : i -
Of alt the contrivances for cheating the
laboring classes of mankind, none is so
effectual as lhat which deludes them. with
paper money. It is the most perfect ex
pedient ever invented for fertilizing the rich
man's fields by the sweat of the poor man's
brow. Ordinary tyranny, oppression, ex
cessive taxation, these bear lightly, oil the
happiness of the community, compared
wuu Irauduleut currencies, and the robberies
commuted by depreciated paper. Our
own history Las recorded, for our instruc
tion, enough, and more than enough, of the
demoralizing lendeccy, xx injustice aud '
inioleraole oppression oj the virtuous and
well disposed, of a degraded paper curren
cy authorized by law, or in any way coun
icuanced by Government.
Jo language of inula could give force or
impression to til's vivid picture of ihe evils
ni a paper system. In candor, 1 admit,
thai all parties have, at times been in error
on this subject. But the W big leaders
have adhered to the system in spite of
experience, against ilia lights of the age,
auu adopted it, to rule the country. -The
system must be reformed, lis fiequent
and violeut fluctuations, are not only ruin
ous to all tegular industry and enterprise,
lo ihe trade and business of ihe country
bui a engenders pride, luxury, extrava
gance, frauds and villainies of the worst
kind. It threa'ens in fine, to . tin Jermine..
the social fabric of private morals and of
public virtue.
The Banks must be made to redeem
their notes, because the law and public
faith demand it, because il will reduce the
exchanges, which, like the Tariff, operates
asfcfieavy tax upon the people of this
Slate, and because it will revive trade by
imparling confidence to business transac
tions. An argument I know is sometimes
tied by Bank partizans, like this: that if you
compel the Banks to redeem their notes,
they will distress the people by pressing
the collection of their debt.- This argu
ment is bo'.ii false and insulting lo a
free People. It is false, because, the
Banks are always the first to uke the
alarm, to begin the pressure, and they
keep il up any now, ami at a time wneu
the people can least bear it. It is insulting,
because it is a threat of the creature to the
creator, of the servant to his master.
Again, why should a majority of the people,
and lite wiiole business of ihe country, .bn
taxeil and suspended because, a minority
may bs indebted to the Banks f II is an
argument, that will justify the Banks, in
forming a confederacy, of perpetual u
pension. A fa miliar example will show
the people, how they are taxed by a de
preciated paper currency :
BANK TAX AND TAllIFF TAX.
On 1 yard f cloth which cost in
England, - - S3 00
Estimated charges of shipment
to New YorK. freight, insur- .. .
auce, exchange, 10 per ceui. 20
2 20
4i
Duty at 20 percent.,
2 01
Importer's and Jobber's profit's
say 2a per cent ,
Discount on North Carolina mo
ney, 5 per cent.
65
3 30
16 1-2
3 46 1-2
North Carolina Merchant's profit
s.iv 25 per cent.
861-2
Cost to Farmer
34 33
Li!