Newspapers / The North-Carolina Star (Raleigh, … / Oct. 11, 1837, edition 1 / Page 2
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r - , ; , ;, h l- i- t u r - 4. might hif been mldV.if proper! My V evuted, was raide the instrument of 'T4,ueatenitig'tne bant t the point of . ,, , panares especially in-the-great imr ' tropjlis of the Union, where so large t portion of the surplus revenue was ac . " cumulated' And, finallj, theTreasu . ry orJer, which still further weakened those banksbj withdrawing thetr.tash means to be infested in public lauds f in the west- . ftj often cas f ta arataL ahit can- nbt be remedietl? which the preuent instance strong! illustrates. If the administration had formed true con eeptioit of the danger in "time, -what lias since happened might have then been easily averted. The "near ap proach of the expiration of the charter of the United "Sutes Bank would have afforded ample means of staying the desolation, if it bad been timely and properl used. I saw it then, and pro posedlv renew the charter, for a limi ted period, with such. Dodiikatiaus as would have effectually misted the in creasing expansion of the currency? and, It the same time, gradually and final! wear out the connexion between the bank .and the government. To Vie the expression I then used, "to unbank the banks." to let (Iwr the: y stenreasHf and so to effect the srna ration between the bank and the gov ernment, as to avoid the possibility of that shock which I then saw was inev itable without some reused. The mo ment was eminently propitious. The precious metals were flowing in on us ifroifl LeTerquarteftAttAlhc vigorous measures 1 proposed to adopt in the re newal of the charter would have effec tually arrested the increase of banks. and-checked the-trcess-oHhrtr-drs counts and issues; so that the accumu lating mass of cold and silver, instead of being converted into bank capital & sweiimz me uue oi paper circulation, would have been substituted in the place of bank notes, as a permanent ana woiesoine aaditiorr to'the currens c of the countrvt v. But neither the administration nor the opposition sustained me, and the precious opportunity passed unseized. I then clearly saw the coming calami tywas iflevitable, audit has miilier arrived sooner, nor is it greater, Jhan what I expected. Such are the leading causes which have produced the present disordered state of the currency. There are oth ers of a minor character, connected with the general rendition of the com mercial world, and the operation of the Executive branch of the Govern ment, but which of themselves would have produced but little effect. To repeat the causes ia a few words, the vast increase which the tariff of 1824 and '28 gave to the fiical action of the - Government combined with the causes I have enumerated, gave tlse first im pulse to the eipansisn of the currency. These in turn gave that extraordinary Impulse ta overtrading and speculation f they are. effects, and not causes, which has "finally terminated in the -present calamity. Inaay "thus be ut timatcl traced to the connexion between-the banks and 4b government andlt is not a tittle remarknbte that "Thrsuspcnsiotirof 'specie payment in 1816 in this countr, and that of 1797 in Great Britain, were produced by like causes.' ' - ---" There is another reason egainstthe anion of the Government and the banks, intimately connected with that tinder consideration, which I shall next proceed to state. It gives a prefer ence to one portion of citizens over an other, that is neither fair, eauai,n6r consistent with the spirit of our insti tutions. That the connexion between the bank and the Government; the re ceiving and paying away their notes J as cash, and the use of the public mo ney from the time of the collection to f he; disbttfsentennii tnrsoorce -of linn mense profit to the banks cannot be said, to ascertain with any precision to what extent their Issues and circulation depend upon it, but it certainly consti tutes a large proportion. A single il lustration ma throw light upon this point. Suppose the government were to take -up -the-verieat beggar-in the street and enter into a contract with him, that nothing should be received in "its dues or'for the aale'sbf Its public lands in future, except gold and silver and his promisor Motes, and that he should have the use of the public funds, from tlieTime'6f their coilcctiomintijl: their disbursement. Can any one es timate the wealth which such a eon- tract would confer?' His notes would circulate far and wide, over the whole extent of the Union would be the me dium through which the exchanges of the country would be performed, and his ample and extended credit would . e,ive him a control over all the banking institutions and tnonied transactions ot :;.the community. rThe possession ot an hundred millions, would oof give a control more effectual. I ask would it be fair, would it be equal, would it , be consistent with the spirit of our in stitutions to confer such advantages on "any individual? And if not on one, would it be if conferred on any num ber? And if not, why should it be conferred on any corporate body of . individuals? How can they possibly be entitled to benefits so vast, which ail . must acknowledge could not be justly conferred on any number of unincor porated inuividualsr I, state not these views with any in tention of bringing down odium on banking institutions. I have no un. kind feeling towards them whatever. I do not bold them reffpoDsibte for the present state of things,' It has grown on graduatrn'rthfdwtithrttfe' banks of-the cominnnttjpercctving the-con sequences, which nave followed the connexion between them. My object is to state facts as the exist, that the truth ma be seen in time by all. This is an age of investigation. -The public mind is broad! awake upon this all important subject It affects the inte- 'ttllkijiJliSj. wb?'e corn munitr, and will be iirvestigateStoWe' bottom. Nothing wAll be left unex plored, and it isfor the interest of both the banks and of the eommunitf that the evils incident ( the connec-.l fion 'should be full understood in time, and the connection be gradaall ter minated, beloredwch convulsions shall follow as to sweep away the whole system, wnn its advantages as well as its disadvantages. Jiut it is not only between citizen and citizen that the connection is un luir ami unequal. It is as much so between one portion of the country and another. The connection of the government w. th the bunks, whether it be with a combination of State banks, or with a national institution, will necessarily centralize the action of the system at the principal point of collection and disbursement, and at which the mother bink,br the head of the league of state banks must be loca ted, rrom that point the whole svs em, inrougii me connection wun the Government will be enabled to controt .i i ,i me exenange: D-nn 'at nome and a- ijrosraV and-wfth- it Wi tnerceur. etgnand domestic. including cipnrts. amt-tfltptins. nntr wnat nas bevn ad,-thee points will require-bet-fit tic illustration. A single- one will be sufficient; and I will take, as in fie former instance, that of an individual suppose, then, tiieUovernmenf, at the cptnrnencement of its operatiou, had selected an individual merchant, at any --- paint in the Union, sav New York, and had connected itself with him, as it has with the banks, by giving hi in the use of the public funds from the time of their collection until their disbursement, and of receiving and. paying jl way,itt -all -its -transact tions, nothing but his promissory notes. except gold and silver; is it not mani fest, that a decisive control would be givon to the port - where he resided, over all the others; that his promissory notes wld circulate everv where. tlu uugh all - the ramifications of conr merce; that they would regulate ex changes; tint they would be the medi um of paying dutv bondsiand that they would attract Uie imports and exports of the country, to the ports where such extraordinary facilities were afforded. If such would clearly be the effects in the case supposed, it is equally clear, that the concentration of thewcurrency at the same point, through the connex ion of the government with the banks, would have equal, if not greater ef fects; ami that whether one general bank would be used as an agent, or a league of banksy" which should' have their centre there. To other ports of tue countryr the -trmmg advantages which a branch or deposite bank would give -in 4he-fekpig of -the public revenue, would be as nothing, compar ed to the losses caused to their com merce by centralizing the munied ac tion of the country at a remote point. Other gentlemen can speak for their own section; I can speak with confi dence of that, which I have the honor in part to represent. The euTire sta ple states, I ferf a' dccp'ctfnyictjori; banks and all, would, in the end, be great gainers by the disseverance, whatever might be the temporary in convenience. Jl there be any other section, in which the effects would be different, it would be but to confirm the views which I have presented. AiohW point welt deserving consideration. TnewitoirbFtme mentis not omynnam source ot that dangerous expansion and contraction in the banking system, which I have already illustrated, but is also one of the principal causes of that powerful and almost irresistible tendency to the in crease of banks which e ven its Trie h ds see and deplore. I dwelt on this point ?n . a Jormcr ; jutcasionon... AI c. Web ster's motion to renew the bank char ter in 1833,) and will not repeat what I then said. But in addition to the causes then enumerated, there are ma Tiyothers-Tcry-powerful; aud-among others the one under consideration. They all may be summed up in one general cause. We have made bank ing too profitable; lar, very far too profitable; and, I may add, influential. One of the most ample -sources of this profit and influence may be (raced, as 1 have shown, to the connexion with the Government; and is of course, a mong the prominent ausesjofthe strong and incessant tendency of the system to increase, which even its friends see must finally overwhelm ei ther the bants or the institutions of the country. With a view to check its growth, they have proposed to limit the number of banks and the amount of banking capital by an amendment of the -constitution t but it it obvious. that the effects of such an amendment. if it were practicable, would but in crease the profits and influence , of bank capital; and that finally it would justly produce such indignation on the part or the rest of the community a jjainst such unequal advantages, that in the end, after a long and violent struggle, the overthrow of the entire system would follow. To obviate this difficulty, it has been proposed to ad J, a liiuitationupon the amount of their basinets; the e Sects of which would" be iheaccommodation of favoritesr to tbei exclusion of the -rest of the communi ty, which would be no less fatal to the system. There can be in fact, but one safe and consistent remedy: the ren dering bankingas a business, lest prof itable and influential; and tbe first and decisive step towards this is a disseve ranee between the banks and the tv effectual limitation on the denoroina tion of the notes to be Issued, which would operate in a similar- manner. . 1 pass over other objections, to the connexion; the corrupting influence and the spirit of speculation which it spreads far and wide over the land. Who has not seen and deplored the vast and corrupting influence brought to bear upon the legislatures to obtain charters, and the means necessary to participate in the profits ot the institu tions? This gives a control to the gov ernment which grants such favors, of a most extensive and pernicious char acter, all of which must continue to spread and increase, if the connexion should continue, until the whole com I tnunity must become one contaminated and corrupted mass There i another and a final reason. which 1 shall assign against the re union witli the banks. We have reached a new era with regard to these institutions. lie who would judge of the luture by the past in reference to them, will be wholly mistaken. The .jfirJL8MjarMihj& cftnuaewiementjof. this ..era Ihat-extraordinary man who had the power of imprinting his own fetrngs wthe coramanityrTheh commenced his- hostile attacks, which have left such effects behind, that the war then commenced against the tSants," lnarty"SeleTWTioTter liTin ate, unless .there be a separation be tween them and the Government; un til one or the other triumphs; till the Uovernment becomes the bank, or the bank the liovemment In resisting their union, I act as the friend of both. I have, as I have said, no unkind feel ing towards the banks. 1 am neither a bank man., nor an anti-bank man. I have but little connexion with them. Many of my best friends for whom I have the highest esteem, have a deep interest in their prosperity, and as far as friendship or personal attachment extends, my inclination would be strongly itr -their favor But 1 stand up here as the representative of no par ticular interest. I look to the whole, and to-the future, as well as the pre sent; and I shall steadily pursue that course, which, under the most enlarg ed view I believe to be my duty. In 1834,1 saw the present crisis. I, in vain, raised a warning voice, and en deavored to avert it. I now see, with equal certainty, one far more porten tous. If this struggle is to go on; Jf the banks will insist upon a reunion with the Government, against the sense of a laige and influential portion of the community; and above all, if they should succeed in effecting it, i reflux flood - will- inevitably sweep a way the whole system. A deep popu . lar .excitement .is n ever without- some reason, and ought ever to be treated with respect; and it is the part of wis doin to look timely into the cause, and correct it before the excitement shall uecome so great, as to demolish the object, with all its good and evil a- gainst which it is directed. The only safe course for both Gov efnment'and bank,: is 16 remain as they are separated; each In the use of uieir own cretin, anti in me manage ment of their own affairs. The less tlie control and influence of the one over the other, the better. Confined to their legitimate sphere, that of af fording temporary credit to commercial & ; business men, bank- notes would fur nish a safe & convenient circulation in thOpgO-?JD wunin wnicn me oanKS may be respec- tively sltuatedrexempt almost entirely from those fluctuations and convulsions to which they are now so exposed; or ii tney should occasionally be subject to tliein, the evil would be local and temporary, leaving undisturbed tbe action of the Government, and the gen eral currency ot the country, on the stability of which the prosperity and safety of the community so much de pend .1 have now stated my objections to the-reunion of4he-Gverment and the banks. II they are well founded; if the state Hanks are of themselves in competent azentss if a Bank of the United States be impracticable, or if practicable, would, at this time, be the destruction of a large portion of the ex isting banks, and ot renewed and se vere pecuniary distress; if it would be against the settled conviction of an old time cannot aba.te; it the union of Gov ernment and banks adds to the unfit ness of their notes for circulation, and be unjust and unequal between citizen and citizen, and one portion of the Union and another; a nil, finally, if it would excite an implacable and obstin ate war which could .only terminate in the overthrow of the banking svstem. or the institutions of the countrv. it then remain that tho only alternative would be permanently to separate the two, and to reorganize the treasurv so as to enable it to perform those duties which have heretofore been performed bv the bank a as its fiscal imnti This proposed reorganization lias hn called a sub-treasury; an unfortunate word, calculated to mislead and eon jura up difficulties nd danger that do not in. reality exist, so lar from an experiment, or some new device, it it only returning to tbe old mode of col 1 lecting and disbursing public money, which, for thousands of years, has been the practice of all enlightened people till within the last century. . In what manner it is intended to re organize the treasury by the bill report ed I do not know. I have been too much engaged to read it; and I can no arrangement- which provides for a treasury bank, or that can be perverted into one. If there can be any scheme more latai man a reunion -with the banks at this time, it would be such a project Nor will I give my assent to any arrangement which shall add the least unnecessary patronage. I am the sworn foe to patronage, and have done as much and suffered as much in resisting it as any one. Too many years nave passed over ra? to change, at this late day, my course or princi ples. But I will say, that it is impos sible so to organize the treasury for the performance of its own functions as to give to the Executive a tenth part of the patronage it will lose by the pro posed separation, which, when the bill for the reorganization comes up, I may have an opportunity to show. I have ventured this assertion after much re flection, and with entire confidence in its correctness. But something more must be done Bcsiucs wie reorganization oi the trea sury. Under the resolution of 1816 bank.jites jy.9 Id. jgaj.a.J)jii xecdkedJa. the- dues-of the - Government -if tlte banks should resume specie payments The legaT, as welf as the actual con- nextion, must be severed. But lam opposed to all harsh or precipitate measures. No great process can be effected wlthonT a W6ck but through the agency of time. I accordingly propose to allow time for the final separation;, and with this view, I have drawn up an amendment to this bid, which, 1 shall offer at the proper time. to modify the resolution of 1816, by proviuing tnai alter the 1st January next, three-fourths of' all sums due to the Government may be received in the notes ot specie paying banks: and that after the 1st of January next following one-half; and after the 1st of January next subsequent one-fourth; and after the 1st of January thereafter nothing but the legal currency of the United 8tates, or Dillspliotes, or paper issued uuuer uieir aumoruy, anu wmcn may by law be authorized to be received in their dyes, If the time is not thought to be ample, I am perfectly disposed to extend it. The period is of little im portance in ray eyes, so that the ob ject be effected. In addition to this, it seems to me that some measure, ot a remedial char acter. connected . with the currency . ougni to oe auopted to ease on the pressure while the process is goin through. It is desirable that the Gov ernment should make as few and small demands on the wpecie market as pos- sioie ouring me time, so as to throw no impediment in the way of the resump tion of specie payments. With this view, I am of the-impression that the sum necessary for the present wants of the treasury should be raised by a pa- Cer, which should at the same time ave the requisite qualities to enable it to perform the functions of a paper cir culation. Under this impression, I object to the interest to be allowed on the treasury notes, which this bill au thorizes!) be issued, on the very op posite ground that the Senator from Massachusetts bestows his approba tion. He approves of interest, be cause it would throw them out ofcir culation into the hands of capitalists, as a convenient and safe investment, and I disannrove hcraugo it will lino . lie : - .. that ettecti i am disposed to eae offl the process; he, 1 would suppose,. But ,1 gojrarthjEr. Lam jLthe Aau pression.Jo make this great measure successful, and secure it against reac tion, some stable and safe medium of circulation, to take the place of bank notes in the fiscal operations of the Government, ought to be issued. I intend to propose nothing. It would be impossible, with so great a weight of opposition, to pass any measure with out the entire support of the adminis tration, and; if it were, it ought not to be attempted where so much must de pend on the mode oC execution The best measure that could be devised might fail, and impose a heavy respon sibility on its author, unless it met with the hearty approbation of those who are to execute it. I, then,t?intefld merely to throw out suggestions, in order to excite the, reflection of others on a subject so delicate and of so much importance, acting on the principle lhiLiLi8 lhejduty-oLair-4n so great a" juncture, to present their views with out reserve. . It ii, then, my impression that in the present condition of the world, a paper currency in some form, if not necessa ry, is almost indispensable, In financial and commercial operations of civilized and extensive communities. In many respects it has a vast superiority over a metallic currency, especially in great and extended transactions, by its great er cheapness, lightness, and the facili ty of determining ; the amount. ' The great desideratum is, to ascertain what description of paper has the requisite qualities of being free from fluctuation in value, and liability to abuse in the greatest perfection. I have, ahown, I trust, that the bank notes do not pos- tea these requisits in a dgre suffici ently high for this purpose. I go fr ther-lt : appears to mejafter bestow ing tfstjefleclioiiJL subject, that no convertible paper, that is, no paper whose credit rests upon m prom iic i9 pay, sauaoie lor curren - - -.ii cy. It is the lorin ol credit proper in private transactions between man and man. but not for a standard of value to perform exchanges generally, which constitute the appropriate functions of Imonevor currency, she measure oi saiety in tne two cases is-wiiottj"tb.i- I ere ot. A promissory note, or couver tible paper is considered safe, 8i-.Uin: as the drawer has ample means to meet his engagements, and in mssinu front- hand to hand, regard ia had only to his ability and willingness to pay., very different is the case in currency. I n aggregate value of the currency of a country necessarily bears a small pro nortion to the aggregate value of its property. This proportion is not w ell ascertained, and is probably subject to considerable variation uidillerent coun tries, and at different periods in the same country. It may be assumed coniecturallv, in order to illustrate what 1 say, at one to thirty. Assam ing this proportion to be correct, which pro b.ibly is not very far fro in the truth, it follows that in a sound condition "of the country where the currency is me tallic, the aggregate value of. the coin is not more than one in thirty of the aggregate value of the property. It al so follows, that an increase in the a- mount of the currency,' by the addition iiA.papjur.drcjuIaliuk valur but -.acreaei lhe. jLQjninal val u e jofjheagjjre try in the same proportion that the in crease bears to. the. whole, amount of currency, so that if the currency b doubled, the nominal value of the pro perty witl also be doubled. . Ik-nce it is, that when the paper currency of a country is in the shape ot promissory nutes, there is a constant tendency to excess. ve iook lor tneir saiety to the ability of the drawer and so long as his means are ample to meet his en gagements, there u no distrust, with out reflecting that, considered as cur- rency, it cannot safely exceed one in thirty in vuue compared to property and the delusion is further increased by the constant increase in value1 of property, with.the increase of the uolf in circulation, so as to maintain the same relative proportion. -It follows that a ! government may safely coutract debt many times the amouut ot its aggregate circulation; but.tif it were to attempt to put its promissory notes in circulation in amount equeai to us debts, an explosion in the currency would be inevitable. And hence, w ith other causes, tlte constant tendency to an excessive issue oi bank notes in prosperous times, when so large a por ot the community are anxious to obtain accommodation, ami who are disappointed when negotiable paper is refused by the banks, not rellectin that it would not be safe to discount beyond the limits 1 have assigned for a safe circulation, however good :lie paper ottered. un wnat, men, ougnt a paper cur rency torestf I would say ondemaftd and supply simply, which regulates the value of every thing else the con stant demand which the Government has on the community for its necessa ry supplies. A medium resting on this demand, which simply obligates the Government to receive it in all of ifadiijka tnlKATrluainn nf vrv tltinn. rclstf eXCtbt gold and silver; arttf whteh shall be optional with those who have demands on Government to receive or not, would, it seems to me, be as sta ble in its value as those metals them selves, and be as little liable to abue as the power of coining. It would conJainwjth.Ln itselLajeJfregulating prrwerr-" -if could -omy-b -issued w those who had.j:ljuii4jonlljJjoyerni matand.lu.lho8eonj ronspnt, api of course only at or above Ear with gold and silver, wntcn wnui.i e its habitual stale; for as far as the Government was concerned, it would be equal in every respect to gold and aa a as silver, and superior in many; piriicu Tarlyin regulating the distant ff changes of the country. Should, how-ever,- a -demand-for--gold ami -sHtct front abroad or other accidental causes depress it temporarily, as compared with the precious metals.it would then return to the treasury, and as it could jiotJjepaid-out -during .such, depress sion, its gradual duninutioa m the market would soon restore it to an e quality, when it would again flow out into the general circulation. Thus there would be a constant alternate flux and reflux into and. from the trea sury, between it and the precious met als; but if at any time a permanent depression in. its value,bepossiblc from any causer the-iinlyffect would be to operate as a' reduction of taxes on the community, and the only suffer er would be the Government ltte'f.- Agiost this, its own interest would be a sufficeiut guarantee. Kolhinr but cincrienea can determine wht mount and of what denomination might be afclv Uued( but it may e uMj uiuJ that iha eonnlrr would abturaau amount treat I v ex- aeeilinf iia aonual ineome. Much ol iu ri- hangei, vhieh amount lo a eaal turn, aa well ai its banking buiineai, outl ravolve about it, and many milhoni would Ibui be kept in cweuUtiun, beyond Iba tlemamla of tha tioi nnieot. - II may throw aoma light ou this lubjeel to state, that North Carolina, iust alter tbe revolution is sued large amount f paper; which was made receivable in dues to her. It was . also made a leral tender, but. wbMi of course, was not obli gatory alter the adoption of tbe Federal Consti tution. A large amount, say between lour and tve hundred thousand dollars, remained ia cir culation alter that period, and continued-to cir culate for more than twenty rears at car with Of I h kL.k m.. . . 1 1 IT. Hid WfM L . ... . - " J rani , ibSt Cftk circulated, I hold It nicer, that to that amoaa would be as stable la value as gold It silver u., provided the (iovernmcnt be bound to recti, eselutifclv with those metals m all its dan. that it be left pereteatly optional with those have claims on the tMiverameat, le rt,ij or not. It will alto, be a necessary coodji-J that notes of too smalt a denomination ibooIhTj be issued, so that t he Treasury shall hate ,a ' means tg meet all demands, cither hi tndl flverxorthe billaof the tioTrrnroeot.atifc, i tius Otoer"who,fteaHht6 tliece eonttitioos, no lunher varutioa eotilj ui! ".tace between it and rold and silver, UT wnicn woutu do caused by the ecltoa of merce. Aa uiuuuai demand from mhr,J the metala would, of sevtw, raise tltm, etarH in their relative value, and depress Mtitei, ? Government bills m the same proportMa, .would cause them lo flow Into tbe TreaiurL and gold and silver to flow out; while est, contrary an increased demand lor the bills ista, ildtnestie eichange would tine the mn, feet, CMUting, and reflux iut tuting, as I hate stated, an alternate which would at all times keep their relative is. ! ucs either at or near par. No one tn doubt that tbe fact of the (Wrst tnent receiving and paying away bukaot, -alt Its fiautil transocliuiis, it one of tbe priw rij sources of theii great circulation, aud it mainly on that account that tha notes of the bis batik of the United States, so freely ciituls 4,1 over the Union. I would ask Ihen, whv ibailJ the tjuveriimeut miiigte Its credit aitb that at private corporations? No one can ftvaltL lm that the Government credii is bener thntl, nui iuui me j, umweea tbe tea nt any uatiKanore siaote anu n,ore tU. W , then shoiildit mix it up with the Un netlj ciedil of those institutions Why ant astk, own ctedit lo theamoniil ol its o n trairaanioai Why should it not- be safe in its awn aaaq while it shall be considered safe in the haadxt SOU private institutions scattered all over tbV country, anu wntcn nave no other inject, tat their own private profit, lo Increase which, Ikry i -j-TOTH ttittlfHfff Tfx1feWsrA'h"uwTiy sVsuUis, i iiiiuh mi,iiuT ciirnti iihii uu,iueis ntr. Bmiituuuitj um vuuipciieu iu gve via per i 'discttuttr-far the tiummntm -t 4a -tW with t!i at of the lisnks, when the atipcrior wW oi uie t.ovemnient eoulit be lutntsliea sea.. Ijr, without iliicoust, to the muiul atrvsnttptt the Government and the eojnmumtt t Why, ht stioniu lite uovcrmnent be epottsn sucli dimcUltk-s as the present, bv tninglitig its " wun me wail, wuen h couiii beennts . " , , . ' ""s?-"y ", us oea salci creditr It is tune the community, which U. deep an interest in a sound and cheap enrrrikc and the ejutity of the lawsbtTweeii otic ' ph2 of the citizens aud . the country, ami anothct,' should r fleet seriously on thes things; act bl I me purpose oi oppressing any Interest, but is correct gradually disorders of a dangerous cbs . auter, which have inacnsiblv. in tha Inn. u u, jenra, wnnoui oeing perceived by any eae rent into the Slate.' The question ia not b. twecirerei'rt- and no credit. as"Shhie wdidil Lu us ueiieve, nut iu what lorm credit eau best . lorm, the filcctions of a sound and taf nnna. v'" . fiHnpriani h,uh i nave n-eeiy tnrovnsat my ideas, leaving h lo thisbodv ami thenaWto determine what they are worth. OeliEtinr ikat fk.. .i.u: . . i i . . . ' there might be a aunnd and s-ife paper currrarr founded on the cretlit ol Goveran.eut .'...? ! ! aesiroul i that . thosejaho jrcftsptajh. thtfmsclves of the opportunity ol the tempuis )1 uiv anu uavu iae nower. aiioulil h.r a..iU.r tn , ivmaurj ami ine pntipuaeiiieatta in lu.iaiuicui, inieimvu to be urpoMlrt with the Slates, lo use iham a tha mi..n. i L fording a circulation for the present relief f the country aud tbe banks, during tbe process nt separating them Irons the Gnvemmrati and if experience should justify hv of Nrnisliiaglper-, "t aain circulation, wutcn woutu ci ly facilitate the Onerutiona if tlm Treauirt. ins afford ineidebtally, much facility In the eomner. ci.il operations ol the eouotty, . Itul s dilfcrebt . dlrecliuo wits giveo, and when the slterastivs was presented ol a loan, or the w ittihnhline the fourth instalment from the S tales, t riidwnthrSK- late lo give a decided vole for withholding I My aversinnto public debt is deep and iltwt- I hie- It is, in my opinion, pernicious, and IsIhV tie suou ot a Iraud on the bublie. I aw lea much oi it Jmiug Uie war-not le underrates, soincthibg of the nature and chat actor ol pahi lans, Never was a country -wore cgregtouslj imposed ou. . Having no presented mr views of V I ie lucnii.ci, an en tne permy. I poncy oi uie country, looting to its n.l lasting prosperity, requires, t comtjill ly to the question f relief. I have 1i vl . 1. 1 . I ....... 1 ( m 1 tin last, iiik mat i am uevoui in aymjiathy lor, ine country in tue pecuniar tl stress, whtci now- pervades it. No one innrc-ted earlier or longer to prevent it, than myself, nor cat any one more sensibly feel the wule tpreid biigiit, whicb has suddenly blasted the how of so miny, and precipitateil thmisaiuls frcm frltien eft pOTei,; TedesX)ltlw has fat len mainly on the mercantile class a class which I haye ever held in the highest-cst'nu. tion. jno country ever Had a superior botir of merchants, qf higher honor, ot more Att-, iIT enterpnae, urot greatrr skill. and energy.. The ruin of such class ia a heavy calamity. and I am solicitous among ether th ngs rive audi stability to our enrrencv. ss to vem the rcciirrence uEaaluiilar cahuniuiert.. Per But it was first neccssarr. in the . de nf Xhingv-tkat we-hoW tr-ternitHe sotiixt po'ipyj. looking to Uie futute,' tli mm :t to be tliine. al llle prnt ...nrturr.- hrtarc we consider the question of relit T; which,. tJ urgent as it may be, ia subordinate and W yiehS to the former. The nalient lies a tier a dangerous disease, 'wilb a burning thirst an other armptoms, which tl strcste s him mors th in the vital onrans which are attsckett The skilful physician fimt mskrs himwif mister of the nature of the disease, and ikf lelemines PMhjOrra lb, restoration of health. This done, lie nert alleviates the distressing symptoms at h'f a cnnusirni wun iiie resTnratttin ot nr"i and no farther- Such shall he my courw. As far aa I possibly can. consiatently with l' viewa 1 entcrta'n, and what I believe lo xesary to restore tlte-bmly politic to hesl'1 -I will do every thing in my power to m'Xe: the present distress.. Farther I cannot gr After lite beat reflection, I am of oninH" that the Government rani do but little " ay of rrlieft and that it ia case which - be mair.Iy left lo the constitution of the ! lient, who, thank Gotl is young, vigoroti' "4 robutt, with constitution sufficient tpt" tain and overcome the severest attack V dread the doctor and his drtlffs much nV thaTilheCaiifUe- country consist in its indebtednesa and t3'1 only be relieved by payment of its debit--' To e ffVct this, industry, frugalily, tejofj1 and ume, are necessary re ly more en '" growing crop on-the cotton, ric " tu baceo of the south, than on all the prJ or det ices of politicians. I am uUcrly r posed to all coercion by thia Government - I Uut Government may do something to relit'' the distress. It it out wf debt, and U BM J the principal creditor! both of the banks of the merchants, and should set an esaiw or liberal indulgence. Thia 1 willii1' give freely. am also prepared to vote fiT ly the use of Government credit in some f form to ittpnly any deficit in te circtiW ', dtninar the uroceta process of recovery, as for fiA.tttu . a-.ni. will nrmit. I lea not W more ean be safely done. , Hut rpy "Tj be obtuse upon thia subject Tliw " differ from me, and who profeas 0",!;.c, tj mpath ft the public, aeem to lUk ' niuJ, n-lirf may e afforded. 1 hope v' wilt present their viewji. t am .n'0J Uiej adM.uce llua being rM.cd w'lL- , In
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 11, 1837, edition 1
2
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