North Carolina Newspapers

    J-
-7
VOL. XXIX.
IULEIGII, N. C. WEDNESDAY, NOVEMBER 28, 1S3S.
..NO. 49.
THOMAS J. LBSAV,
.i-rali AMD PBOPRIETOR.
'" '
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s.irin ,.rt.n... t . . ... ,
r?rV i.iiK il" ''"e 8,(r
-"-
IIMr.i ' .1:. "
tfltatr price I'"- lveriert by tte yew.
,ieri tii B-tor mt be ioti-?tMt.
MESSAGE OP GOV.DfWEV
To the Gcu.rsl AnemMy of the Stala of North
Caroliua, 1833.
GfcSTLF.MGS
l entering upon live d.scha rge of the ,
riBgi benencenuy "H"'
common country. Though the product
"" , . .. i i
of agriculture' may -not nave reacneo
tlieir usual abundance, enough has
been re!i.d-to meet the wants ol our
people, and industry, through all its
other avenues, has been fairly re
warded. , i
The laws have been administered with
out complaint, our rights, natural, civil
mil political, have been justly regard-
those moral and physical enjoyments
which constitute the sum of human
happiness. Encouraged by these con
siderations, then let us proceed on the
pith of our duties, determined to de-t-rve
a continuance of n is favour and
protection who rules the destinies of
nations.
In laving before you the condition of
the State, with such sugjestions of im
provement as appear to me worthy of
legislation, I am consoieu lor ine
knuwledze of my own deficiency by
Far ry " t "eM?w "'V ,. J ,a 23 cent per bushel on salt, 10
fifei H - molasses, and ?
ffTTh iert''mn of t:ierk! Slientr, all other articles of prune necessity
Hill b reel 3i " from SO to 250 per cent., which cer-
T . - ..f itl er emt. will lie nrnat from !, , . , , , ' , , .
Jmciwi isJPcr e" . ' i.-tamly would never have been submit-
public miwi T'" U "J Y"?:"- straggling with the untoward circum
Uwe should not be unm-ndM ,ol i gave ,t being, iuucceed
our .b.ind.nt cause of gralUudeto the j , Wising the objects of
Hiliorofall Good, for the many blei-N, . . .. , .
f ttre recollection that you come from ev
ery section of our State, are identified
with its various interests, are acquaint
ed with its wants and capabilities, and
are as well disposed as qualified to
remrdv promptly any omission on my
part.
The novelty and the imposingTHS
nilu.lc of recent events, will afi'ord you
mattei for much and serious cohside
- ration durinz the present session. The
deranged circulating medium of trade,
the cramped ait SaTioir of 6u r monetary
institutions, and the new scueme ioi
the establishment of sub-Treasuries by
the General Government, all demand
your anxuius reflection; for they are
intWately associated with the interests
f our consti'uents. During a period
of profound peace, and in the midst of
unexampled prosperity aou nappinrss,
the country has been precipitated from
her high enjoyments, and plunged (with
iw natural causes to explain it) into
the abyss of wide spread misery and
ruin. Although the recuperative en
tries of a new and rich country, and
of a singularly enterprising people.
have not permitted us to be permanent
ly depressed, yet the lessons of past
etnerieuce should n't be lost upon us.
' We should investigate and understand
the causes of these calamities, that we
uy apply the proper remedies to pre
vent their recurrence. We must not
continue to float upon a sea of uncer
tain experiments we must settle upon
S'tme permanent and practical system
of poTcy, something defined ami well
understood, else public apprehension is
kept alive, business is retarded, and
enterprise destroyed. Bear with me,
then, whilst, with becoming deference,
"I endeavour to investigate a subject
which my sense of duty will not per
mit me to pass by.
TJie seeds of these disasters, I be
lieve were sown and deeply sown in
1816: measures were then adopted,
from what motive it is not now neces
sary to enquire, which have ereatly
cniitrihuUd to the misfortunes of 1856-
'37. The distresses of 1816 were re
markably similar io those ol more re
cent occurrence, except tlial jitey wer
taoce extensive and severe. M e had
just emerged from a harrassing and ex
pensive war, which had greatly increas
ed llie public debt j had exhausted the
lenuurces ol the country, & inflirted on
lier citizens extensive pecuniary injury.
The banks had suspended specie pair-
wits, the currency exchanges were
uiTtriy deranged, conndence was e
siroyeii rid credit narahseu. unuer
such circumstances, our soil scarcely
free from the pollution of the enemy,
Congress decides on taxing the people
to discharge the public debt of two
wars. For this purpoe the tariff of
duties of 1816 was adjusted; and was
gradually increased ujJg 1828, wken
the bill so 'properly denoinmaTcd the
fjll of abominations" was passed, es
tablishing a yet highei rate of duties',
id prospectively increasing it. In
"ny instances the tax was soliigh as
absolutely to prohibit the importation
of articles of prime necessity. The
war led to the creation of our domes
tic manufactories at the north, which
ere subsequently fostered and in
creased under the auspices of the ta
nif. and thither we were driven to pur-
chase at Idgh prlcci "those articles
which an eiorbilant tariff had expelled
itVn our commerce. Other commodi-
ties which our manufactories were un-
UI0 ia timiklv W -finfinna.t in imnitrK
because of their necessity, but burde-
fdfwith ! I believe,
befre " the annals of legislation, was
exacted from a Tree people. Take, for
4nMance. the tax of nearly two cent.
. ' .
I laini y
i .
I ted to bat for the plausible appeal to
me paiuuiiMii u( me people io pay mc
public debt.
- To regulate and Improve the curren
cy and exchanges, and to furnish a safe
depository for the Public Trees
thus rapidly accruing, the Hank ol the
v w.,)artere(l. Aftcr
lrate f ex. I.ange equal if not superior
; f I I .
vVI,'Fl;Hi UvU A V"'1 vHVJ
er country, and performed its functions
as fiscal agent of the General Govern-'
mo tit to the satisfaction of every pre
decessor of President Jackson.
Hut the operations of this oppres
sive and unnecessary tariff continued
to draw money from the many to the
few, and for purposes other than.the.
currefit expenses of the government,
until 1856. The credit of the coun
try was stretched to Its utmost tension
and every means resorted to for relief.
The distresses of 1819 '20 and '26
e;ave fearful warning ol the coming
danger, and but for the liberality and
wise forbearance of the Hank ol the
United Slates, the crisis would have
been much more calamitous. The re
lief afforded by the bank, however,
was but temporary and fallacious.
The cause of ruin was too deeply laid,
and the drain continued to do its work
silently, insidiously, buji surely. The
merchants were stimulated to increase
their importations, speculation was fo&
tered, and credit extended, with the
delusive hope of removing embarrass
ments, originating in a trade burdened
and overtaxed. The banks lent them
selves to the madness of the hour, their
circulation was enlarged, their ability
to sustain themselves diminished, and
the destruction of the Bank of the li
nked Slates completed the work, of
ruin. ... '
Bu t not only was the period Tor im-
pusiug me; nun juusi un "m"u,
but the inducement fur so doing (the
payment of the public debt) most un
satisfactory and unwise. We were
called upon by no principle of jus
tice, of wisdom or of patrionism to dis
charge that debt at that moment. It
was a debt created by our two wars
and under peculiar circumstances. We
entered the money market ss a borrow
er, young and with impaired credit,
our Institutions new and untried and
their stability often questioned. Cap
italists availed themselves of all these
disadvantages, and imposed upon us
the highest premium for the use of their
funds. It was a meie money arrange
ment, necessity on the or.e hand and
profit on ;the other, involving no one
principle of patriotism or liberality.
t he reports ol Hie secretary oi tne
Treasury show that the Government
was often most usunousiy ueau uy. we
were, then, under no obligation to the
public creditor to anticipate his de
mands; and it surely was neither wise,
patriotic, nor just for any object,
shoifof absolute necessity, thus lo op
press an already exhausted and pros
trate country.
Considered ' in a financial point of
view, we are still njore at a loss to un
derstand the unnecestry haste of the
government in paying thopublic debt.
A large proportion of it bore an interest
of 5, 4, 4J and 5 per cent.; and money
at the time it was discharged, was
worth the full legal interest of the coun
try, from C to 8 per cent. Prawing
money from the peopleunder such cir
cumstances, to pay to capitalists, many
.i e ' . r. I
tn inem loreigners, was a unancmi oji
ration the wisdom of 'which may well
be questioned.
This tax, thus "imposed and thus col
lected and disbursed, from the many to
the few. soon a:ain souzht investments,
in stocks, in factories, in bonds of
merchants and speculators, at an inter
est of from 6 to 8 per cent. A ry
small nurtion, - however, found its
way to the South. The high rate of
interest in New York, and her great
natural and factitious advantages for
trade and commerce, presented attrac
(ions which we of this section could not
boast, and most of the investments con
centrated at that point.
ITnray,not be unprofitable, and it is
cerlainlvlffteresting to examine, for a
momenttlneFnormous amount collec
ted from the people in ,2f) years by
the demands of the' Feoerlil Govern
ment:
Say public debt in 181G, 120,000,000
Interest on half as reduced, at a
percent. fi0,000,000
Surplu, " "41,000,000
20 years support of th goVBrn-
ment at 15 millions, 300,000,000
Showincr the extraorrlinanr aum
of t521,00,000
aim a
subtracted from the earnings of in
dustry in twenty year, to pay the pub
lic debt and interest, support the Gen
eral Government, and create a surplus.
I have dealt in round numbers, with
out regard to fractions. It is sufli
ciently -accurate for my purpose,
which is merely texhibit the astound
ing amount of fixes which is levied on
tW consumers of foreign merchan
dise, beside the extra "amount paid on
good expelled from our markets by the
i ami, v men we nan io oniain from the
manufactories of this country. This
disposition of this money in seeking
the new investments, to which I 'have
alluded, aol.led to a large line of dis
counts by the various Banks, urged and
stimulated to improvident expansions,
gnTe in vie oi ousiness ami prosperuy
unparalleled in our country, but it was
hollow and fallacious; the people had
been drained, weakened and impover
ished by taxation, and they were una
ble to withstand the reaction which a-
waited them.
President Jackson made a systemat
ic attack upon the credit system. lie
declared ''that all who traded on bor-
rowed capital ought to break;" he at-
tacked and put down the bank United , his puruzans. They had the best
States, and cast distrust and odium sources of information, and ample
up'in the issues of all banks, by his cir-, opportunities to investigate the subject
cular requiring, the payment for lands fully. It has certainly been very elab
in specie. This gave warning to tner- orately discussed at two sessions, and
chants, bankers and capitalists, who, rejected under circumstances- which
.with the instinct of self preservation, '.
trimmed their sales to the coining
storm, husbanded their resources, call-
ed iu their means, and reaction and
ruin commenced, i
The public treasure had been de-
posited with a few of the local banks,
and, with the hope of healing the
wound which he had inflicted upon
the commerce and credit of the coun-
try, the President determined on the and the public mind vexed with it
pet bank system. This he promised front the election of our constables to
should answer all the purposes'of the that of the executive It has been
Bank of the United States, unattended made the test of democracy itself.
with it , evils and dangers. While Grave Senators and honorable Itepre
the depositcs continued to accumulate, sentatives have taken the stuirfp at e
these promises seemed in the way of lections, at barbacues and dinner ta
fulfilment, & the President congratulat bles, in defence of it. The cupiditv
ed the public on his complete success;
yet the reaction went on; a wound had
been given to public confidence which
the hcalii powers of the President
could not reach; produce was pressed
into market, and the price declined;
.' . t
Sloe K s went down, prop.-rty cnangeu
hinds at reduced prices t the banks
curtailed, and in turn were pressed for ernmenthasJbjen dishonored by her
the paymentof tbhnleblt-tne tttfpnt-wivmwrwbT-rpetty reward of pro
its were withdrawn: a further curtail- fit on the salaries they are receiving
ment was necessary; no hope of re -
lr remained; conhdencc was destroy- uKmbers ut Congress were prollereu
ed, business paralized, and thd sua- specie by a circular of the secretary
pension followed, with ali its train of to pay their compensation. With
bankruptcy and ruin. The local banks, such inducements, incentives and
in their turn, were discarded and de- and appeals, we would not be astnn
nounced as unworthy the confidence- of-Uhed to see this .new- device be
the government or people. come the law of the land against the
Ihus have terminated a series ol ill
digested and pernicious experiments
a vacillating policy ol wretched exp. i i-
ment; taxing to pay off the public
debt and to protect home manufac-
tones; csiaousning a uann i me
ted States at one moment, and putting
it down as unconstitutional at the
next; creating a high protective tariff
to day and destroying it to-morrow; fcUj n co, QUjt rejecting the
collecting a surplus revenue from the useof banks as depositories and their
wants of the people; patronizing, ca- oiel ai a mcjiura 0f payment, wheth-ressinE-
and jUmulat'rmr into madness .
rnnvortililo intii anpeift nr nnf.
and folly the banks of the State and
men uenouncing mem mr lanm- iu
.1 . .. .1 r.. r..:i: . -
iinnrliii!i uhnt mi rBlioiml heinrr
could have exm'cted They coul
uiu nave expecieu ar7 , .
t regulate the exchanges, an l it
is equa folly to expect that J1 7
uld withstand thd shock, which
not
wa
cou
B " 'nd "thX
a flood of circum
controul drove upon them. They were
compelled to suspend payments, until
time placed another crop in- market
to remit-4lH4alajiaW European
credt'tors, and to repair losses at home.
" vr
My confidence in our Jocal banks
- . .... 1 m i
Isnotimnaired. Ther have suffered
M I ill I SIC VUUHIIJ -
fortunate, perhaps imprudent: but Chey
11, a wanaesll ST I lit 111 II tl . .
fortunate, perhips imprudent: but Ihey
mm' ff I, a HH.Mn T rtiva ra 11 11 v h 1 ira it is ,
I r Ol HIB VI UUI VIVUII SfT
wi
ith the improvements and limitations
hich experience has suggested, they
whi
are essential to us, and, ought to be
sustained. The banks of the State,
from a comparative examination of their
condition with the institutions of the
other States, stood at the period of the
suspension in a very favorable position;
and I was impressed with the opinion
that thy, if any, could have sustained
their payments throughout the pressure.
But their able managers, who knew their
situation best, believed otherwise, and
they followed the general example.
They have again, with laudable a-
lacnty, followed in the resumption, and
I now meet their payments in specie.
soon alter the suspension i me
banks, the Legislatures of several States
were convened, to arrest, if possible,
the downward rourse of things, and. to
afford such relief as circumstances might
demand. Under such respectable ex
amples, and at the suggestion of njany
respectable citizens, I deemed it due
to the people to summon the Council
of State to advise with' tne as to the
course which it would be best to pursu.
After viewing the situation of the banks
and -the wants of the community, a
convention of the General Assembly
wss not deemed necessary. It was
believed that no assistance could be
affurJed these institutions consistent
with the rights of the people, and that er limits. I have an insuperable
ample protection was afforded the com-' jeetion to seeing the agents f the gov-
muoity, by the penal clause of theiernment spread over the States, with
charters allowing 12 per cent- interest! the control of money or power of any
on refusing to redeem their notes. I kirr4to operate on oar habits, man-
The sympathy of our citizens with
the sufferers of the Tunes, even to the
iimueii Dinks, is strong evidence ol
their liberality, forbearance and ii;rltt-
mindedness. Demands were seldom
made, and of very inconsiderable a
mounts. Few were found. Shylock
like, to require, the pound of llesh; for
the position of the banks, was looked j
upon as a calamity rather than a crime
IheUank of the U.. a.. having been
put down by one President, and pro
nounced unconstitutional by the pre
sent incumbent; the local banks having
been denounced and discarded; no ..al
ternative, uniortuuately, is left the
President but to devise Some -new
system as the fiscal agent of. the. Gov
ernment. This has bo en announced
to the public under the imposing title
of the "Independent Treasury," and
has twice been recommended to Con-
gress, and as often rejected by tliat bo-
dy, thougU composed of a majority of
would seem to demand the acnuies-
cence of every republican, who holds
the doctrine that a majority ought to
rule. But it is not submitted to; eye-
ry exertion has been made, snd is still
making by the immense influence of ex
ecutive patronage, to reverse this twice
decided question. An appeal has been
taken to the people, the subject has
been carried into our State elections,
of creditors has been appealed to in
support of it. They have been invited
by the Secretary of the Treasury to
protect hit own drafts on the banks
hen, specie was refused, in order to
make them equivalent to specie and a-
-1 t . ..I. . I I.! 1 I f
vauaue in me maraeiaia iHgo-premium,
to pay custom house duties. The jrov-
from her bounty. The honorable
dispassionate wishes of the people.
understand the' Independent
Treasury" to mean, reduced to it
,,,4 pruportiuns, the appointment
0few agents by the government.
w,0se duty tt will be to receive the
pU0;c jueg from the peope fi goJ '"and
f;er only; keep it in safe and vault
anj ny !, ., the salaried officers
. . mcl,ureI ,onMer wron2
-:!-
No State government would
V .
be sustained in exacting irom the peo
. . a mtnt of
fnJ gaej d W nur w (
dividuals be tolerated in a course .0
... .
oJious.and oppressive.
t . . . e 11 1 -i
cmp.oymeni 01 go, . ami suver
", ' transactions between the
governmen and people, if practable at
would be ,conve..ient aral expen-
But the impracticability of con-
" "8 me ..e msaoy
Willi m innMii rtirrnrv uriltf. ia ,111!
w Pe currency on.y,
We must then necessarily
' , "rrency 01 specie and
I 1 w 1
""eP e"u "J
Pernent. and the
doctrine,
other for
the people; and they must come in
conflict. The refusal of the govcrn
msnt to receive the people's currency
must depreciate it or produce a con
stant drain upon the banks, which
must destroy their usefulness.
On the score of safetv. the Indepen
dent Treasury is to me particularly
objectionable. rew or us are igno
rant that The officers of the Uuiied
States are appointed more frequently
from political considerations than from
intrinsic merit, and too frequently from
nuisy demagogues, who are always the
most forward and pertinacious appli
cants for office. The deposites in the
local banks must, from their nature, be
more secure than with .such officers.
They are guaranteed by 4he capital of
the bank, and the watchful eye of self
Interest is perpetually upon them. I
speak cheilly in reference to the offi
cers and the management of the banks
of this State; and from personal knowl
edge, and am very certain that no sub
treasury can be organized- with which
I would so confidently intrust my per
sonal funds as with our banks.
But this sub-treasury scheme must
increase the number of officers, and
the patronage of the general govern
ment, already swollen beyond an prop
ners and feelings, or to influence our
elective franchise We have already
a mint without coin, an arsenal without iimth. -We have but one peculiar
need, roller tors and hosts of custom southern interest to guard, and that is
house ollie.-rs. at all our ports of en-1 guflicient to bind us together with
try-ami Post Masters, like the locust chains of adamant. We look with
of K;ypt. They forma phalanx, confidence to the constitution for pro
which no patriot can contemplate lection theret and when that fails, the
without jnt apprehension, or think ol
tncreasinj without dismay.
oojj ad vocjte the scheme, because,
in its operation, it will be hostile to the
local banksf jnd that, in their natures,
they are antagonistic!, and cannot ex-
H .'"A'thex. Arc we prepared for the
destruction of nur banks, and, with
ineir, ni our trade and enterprise. Are
we willing t witness a reduction in
the value f our proper! v of ne half
or more-?-Destroy our banks, and we
will witness this, or the liuiniliatinjr a!
. .
tentative of bein sustained by foieicn
cajiit.il. . '.
c are toHl that the indepenucnt
treasury will relieve the south from
the shackles of, northern trade enable
her to establish a direct intercourse
with foreign countries build up her
nwirkets, and unite the whole south in
trade, interests an I feeling; Nothing
surely was ever more fallacious. Did
ts norlhrm projector) originate it with
(his view? or do they now sustain it
upon such motives? Hardly, gentle
men. .
fhese shackles of northern trade, of
which we have latterly heard so much,
proceed from causes not so easily over
come, the north is much indebted to
her natural advantages, but she owes
more to the liberal employment of the
credit system. this enabled her, at
an early period, to commencjtja cener
ous rivalry with European commerce
and manufactures. This furnished
her the means of ship building ca led
her manufactories into being, improved
her navigation, and constructed her
roads an I canals. These improve
ments soih reacted upon industry,
gave facilities lo the farmer, encourage
ment to the mechanic, and employment
to labour of every description. These
objects (except commerce) were great
ly fostered by the war, subsequently
by the tariff, and afierwardsTiy the mo
ney thrown into her circulation, by the
payment of the public debt.
Our course was vastly different, our
energies were directed to the quiet pur
suits of agricultural life. Always fear
ful of overbanking, we employed the
credit system lor no valuable improve
ment; our frade was originally mostly
with Europe; there we shipped our
products, and received, in retum, man
ufactured goods to supply all our wants.
Gradually, however, our trade begau
to be transferred fo the north. We
began to find that there we could meet
with foreign goods, imported in north
ern Vessels and by northern camta..
which added to (heir own manufac
tures, of greater extent and variety,
and actually cheaper in price, than we
had been importing directly; because
they better understood the wants of
oor trade, had spare capital, and could
adapt a small assortment to our conve
nience. Hence the transfer; but the
north also consumes largely ef our raw
materM,:hich renders the trait" re-
ctprorally benefit ial to US.
" Our merchants are a calculating and
pains taking rlass; depend oiv if, they
have made their calculations in figurti,
and find their profit in a northern over
a direct European trade, or the present
state of things had never existed. The
City of New York possesses natural
advantages 'So greatly superior to any
other port in 'he United Slates, that!
she has noMmjy the trade cf the south, ;
but of nearly jf I the northern and east
ern States in a greater or less degree.
To build up home markets is cer
tainly highly desirable, and of primary
importance ; but it .cannot be effect
ed by convenrtont. Their collected
wisdom may devise the means, but
they must be such means as have
heretofore produced the same results
such as have enabled the north to com
pete with Europ", We most extend
our credit system afford the means to
erect man u factories, to bu'.td ships,
to improve our navigation, open canals
and conshuct turnpikes and rail ways,
to improve and use our wafer power,
and to wmk the mines of ores and
minerals with wh ch our State so rich
ly abound. And we must do what is
of paramount importance, erect semi
naries of education, to qti'lify our
children the better to improve our nat
ural advantages, to keep the children
of the wealthy at home, and avoid the
extravagant expense and the uncon
genial nabits-whichthey acquire a
broad. We must encourage our own
mechanics, and import nothing that we
can make at homt; and finally, w must
do as our brethren of the north do,
stay at home ourselves, except when
profit or business takes us abroad, snd
cease to spend our time and substance
ia idleness and extravagance.
We should lorbear to cultivate sec
tional and geographical feelings. There
is danger in it. It is enough to keep
the line of rights and attachments be
tween the State and 'General Govern-
ob-"men ts separate and distinct. The ob
sect 0f our compact Wat trade, ftiend-,
jy intercourse, and strength of num.
bera; and I should learn with regret
the incinienrv of mv, measure that
would tend to plant a bitter rivalr or
anurv alienation between the north and
South, as 'one man, will know how to
protect herself.
A circulating medium of uniform
value and in sullicient amount, is the
oreat desideratum of our extensive and
enterprising confederacy. It is the
life blood of the various branches of
our spreading' industry of oor agri-
culture, commerce, trade, manufactures
and internal improvements of every
description! and is rendered more es-
sential lo our welfare bv the extent of
our Union, the variety of our soil and
climate, and of our peaple, differing
almost as much in wants, habits and
manners. This nllimportant circula
tion, I "apprehend, cannot be supplud
without the credit and protection of the
1f.j1rAl f itviinikiint ertil Wkie.
....
directly, in the estalishment of Ns- &
tional Bank; or, indirectly, under pro
per regulations io favour of the banks
of the State. ,
The people very wisely gave to Con
gress the power "to coin money, reett
late the value thereat and of lorrtgn
coin, and to fix the standard of weights
and measures." But it would not be
more unreasonable to restrict the coun-,
try to the identical weights and meal
urea furnished by the Government,
though they afforded not one tenth the
supply required, than, it would be to
limit it to tne use of the coin thus reg
ulated for the receipts and disburse
ments of the General Government.
If it was rkht to do so. the erovern-
ment should leel itself bound to furnish
sufficient supplies both lor its own and
the people s uses. --
The leading design of these grants to
Congress was, to render what was be
fore irregular, uncertain and deranged,
certain, defiled and uniform; other
wise there could be no precision, no u
nifoi mily, and but little justice in the
collection of taxes and duties in the va
rious sections of the Union. But the
grant " to regulate commerce with for
eign powers, with tM 60 e and Indian
tribes," indicates very atrongly the in
tention of the framers of the constitu
tion upon the subject, and their sense
of the necessity and propriety of regu.
laling the currency, be it what it may. ,
A national bank being considered
unconstitutional by the present Chief
Magistrate, cannot, of course, be estab
lished during his term of office, sinless
a constitutional majority can be obtain
ed to control the veto power, of which
I confess I entettain no kope. t he ne
cessities of l!u country have twice call
ed. such an institution into being; snj
under the ausnieei of nur most enlivht
euro utiii pan ivuv BiaimiHCM, anu 11 iiii-
ly realized the expectations of its
friends and supplied the wants of the
country. Still, it has been made th
stalking, horse of the demagogue, and
made to bear upon all our elections.
from the elevated chief magistrate
to the humble constable;and yet, so im
pressed was the country with its utility
and necessity, that, despite ol the pop
uiarity of the late President, who was
opposed to It, it was re-chartered by
Congress by decided majorities, and
fell a victim to the veto power. The
constitutionality of its establishment'
seems to be a question never to be set
tled; and if the scenes of its re-elitrkr
are always to be acted over ami lha
public mm. I excited and disturbed by
the misrepresentations and agitations of -
corrupt partisans, it may well be ques
tioned whether the advantages ol audi
an institution, highly as 1 might value
them, are.not countervailed by the im.
proper uses to which its enemies basely
prostitute it. Under such circumstan
ces, with no national currency and our
exchanges deranged, with no hope if
action by the General Government, it
becomes oor duty to search out ji sub.
stitote for the National Hank. 1
My preferences are with the Banks
of the States; and I ask your attention
to, and your candid consideration of,
my reasons. Their permanency is an
important recommendation. Tne first
chartered banks in the country are yet
in existence and in good credit, and no
one within my knowledge, of respecta
ble standing, has ever been refused a
re-charter when applied for. -Nuliona!
politics have never entered into their
management; anlTtheir contr-actinna &
expansions can never affect the business
ot the country like a national bank of
large capital ramifying luto . many
States. ,t . -;,
' A considerable reformation,; altera
tion and lmnrovement would be tieres
sary, however, in order to make the lo
cal banks ( meet my views. . lliey are
at present too, numerous; their capitals
generally too small; ami the variety of
their notes so great that it is almost im
possible fo fix ppon the memory the
character of the signature add vlg.
nettes, so as to avoid the danger of for
geriea. Some of their locations are if
( 3m Turtk PfJ ; i '
... . . . . ....
    

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