Newspapers / The Tarborough Southerner (Tarboro, … / Dec. 1, 1837, edition 1 / Page 1
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VOLimFs I. TiRnoRoicn, (Enorxonns: corvrv, x e Friday, of rnmn i, 137. . 3 -j i - i ! ! T : i . ' ! 1 - - . lL-L- 1 1 ax no, a: 7iy "Tarborough Sctcrola," V ' ; KHITR!) UV and the parent. A vast wro, not less tliatT? tcimjl ' era of the M. E. MANNING, Jnd printed by J. $r IV A fanning. TERTIS. V riibHihctf every week at Tut I d P"' nnum, if paid .within the )itfir,r Three ijoium a nil n.j cents, 11 not paid ' n thf rml irf t! uhcrtttioti yrar. It will b .r.'tfy ttUrA lmnrt ilUtancp, or out of t'., M it to rnv iarariihlf in mWane. No mib- v ,,j,ti.n will rn received for ales period than a, 1 tr; ai 1 1 !- p)-t will not be dirgntinae l until ;f f r aft; ructived to tliatetfect, auJ all arrearage ,,-t :-i. '' . . I . ' " V . i.riU'T to th TMitor mu'trome free of postage, ut dy will not b atunled to. AovrnTiikweT? will h inHrirl at the rate of , ..fUr jeir luare, for three -insertionaUand ', t-t w i f enrh siruf'joent numion. A A liberal iliri.unt will be ma lf to those who adrertiae by y y.it.. JThoM'iiiMidifir in tt'lvfrtisernentia wil. t,4fk tlit number of time they widi them inijprted. viree ran ions sterling, accumulated s and remained I habitually in ; deposite in the Hank of AmsU:rdini--thef tacej of the re turned certificates beimr constantly uirw a ystem, commenced With ; - S P E E C II. .. U-.--': ' dp t n t. : v ' HON. JOHN C. CALHOUN, .Of 11 H AMENDMENT TO SEPARATE TnK (lOVEKJf.MEItT ritOM TltK BANKS. . De- 1.1V FRED IS THE SENATE hF TjlE I'M- If. H STATES iUCT. 3, 1 837i ?.r. Presipent In reviowinj; this di- i-ihn, I have been struck with 'the fact. il.it the nrcumcnt on the opnositc side lias ,Urn limited," almost exclusively, to. the Hi, ions of rr iiof and tlie currency. Thesi ur-. ti'ido'ibtetllv, important questions, and r.i ll ileservinj; the drliherate consideration rfthe ohate; but thcrenre other questions involved in this issue, of a,far more elcva, t l character and commanding control, and wiiirh more lmperimHyi demand oiir attcn- c ceased to be mere plied by new depositors- i With so vast stand 1 iij; deposite, it rcq-iired but little re flection to perceive, that i very lart; por tion of it miftht be withdrawo, land a suiiicieut amount would be still Lft to meet the j returning ccrtifititcs; or, .what would bo the same in effect, thai au equal amount of dcUtious cerlifictes inii;lit bei iwued be yond the aura actually deposited., ) Hither process, if in'tercst be charced on the de- jKsue wiiimrawni or the hctitious ccrtjfi- lpatci issued, would be a near approach to a J bank of discount. This once seen, it re- quireu Duiiiuie reuccuon to perceive, that me same process would be equally appUa- ie 10 a capuai piaceu; in DanK, a, stockvand irum iiiui inu iransuion was casv to isuin' bink notes, payable on demand! on bills of 1 . ! ' i . exenange, or promissory notes, havm but p'.'wn uuic iu run. j i iuese como'nen. con- muuiu me, ciemenis 01 a uanK. oi aiscuunt, deposite and circulation.! ! H .: . . r , . 1 .. . i i- Mbdern ingenutyaiu dtshoncsty would not have been long in perceiving and turn ing such advantages to account; but the faculty of the plain Belgian was' either too blunt to perceive, or hia honesty too stern the establishment of the H3nk of Eugtind, iermiriaiet,) trom 1,200,000 to nearly 4.1 i,ju.),(XJO; nntl this mjinlv by the ad ilition to :'if r.mital hvrl mcnt above the profits of its annual divi-; to ilip-l dends. Hefore entering on the) third! er present etl and without ; any depredation, for a tinic. striking manner, Whirh wi foJWctt hv compared with gohl and ilvcr; and eontio- j tv imp-rtint tonsctiueneckj nhirh 1 haU ueil so to do for upwards of twrntv vcar.!lielt etnhin ' r ! ! 1 j i lilt UJ - .1 ..fLi.i... f i.i.1, . . . ! -" . diuon to; its capital by loans to the 6 Oyern-j per cent, per annum.! .This shock did much Bank of EnCUnd .r the Hank if tKa -w -..-- . unujiu i I'Mt ;4ii 1 , vita rri i-iini rnmrinirTi awvii u um iimc. nrt'f lilfl ! fT,l, lartfl I tilvnr 4m II. Il ...1 IJi of,t(hti system, I pause tp make a- fc w reflec tions on the second. A the period approare1j a frel in r f ho- circulutot; in consejuruce of such; reprr-l tility, crowing out of ltf eaur int! vnf.iltc):). ihitl u'lthrkiif nliMlk. nfiliip-.i .' I t.;nl .Ikt.L t.. I . i 1 . am struck, m castmc mv eves over it: ,-on tlut rointihir ohl inmrrinn. u hirh 1..1 .t. ' t t L: to Iinfl thaVnotwithstandirisJ the Kreat dis-j taken s-irh sr,.n hold on the public n.ind. iatein the profits'of lhrv ttxn fj monrt similarity of features which the sylem had The credit of. its notes during the susnrn.jpolies to throw off tKeir rtnit. bin to a,9Mmed Passing from a mere bmk of de- sion, Was generally attributed to the tender Ulitilose it e!f rint hoth inliutro. I In y w-.M,v.4V., u,,u,m, ain cir-i-ti, Him uic -rcai aim u.uicu rcourccs,oi irf 11 . lirtiatn, it lrririnrt in lireaMn dorn the exclusive mononolyvof the Hirvk culatiori, the. operation 01 the - latter ! was' Confounded ttirrkiKTtmn ik! -l,- ..!:.. I I confounded throughout this long period, as 11 regards the etiects on the currency, the bank and the government. Hut an event followed of the same kind, under . circum5tances entirely different. with the bank bf deposite. Its notes were', which did more than any nrecedimr. tohed universally rekarded as representing lgot.1 flight on the true nalrue of the s stem, and aim suver. anu as dentimlintr nn it HtMo rc-prsentation excldsjvely: fjr their; cir culation; as much so. as did the eertiilcates unioiJ us vast capacity to sustain lUeit without exterior aid. Vc finally became involved in the mighty struggle that had ao retain their credit for a moment after they ceased to be convertible into tlie metals on demand; nor were they supported to have the effect of increasing! the azcrccate amount of the currency ; nor, of course, of of England, and narrowing greatly the(ye cichai of the avstem, by mangth rtole of he Rank of England "a lfgaltendcr tn all ciscs, eeept beti-r-n it an-l Sin erMirtrsc sudden1 and vt increase of the v?eii-' with a groat diminution of tlc me'allic hii 1 in proportion to banking; transaction: foi ated Europe, and enriched our j limed, which have shocked and weakened ofdepositem the original Bank of Amster i long deso dam. No onp su p posed that they could feouiiify. War vas'declared against Great rthd ttahilitV of the avatem 'ihi-rv. With ut. 1 1 ,. i .! . 1 -i . - . 1 v i - - f 1 1 , i - - - . - ir credit tor a moment after they Hritain in 1$ and in the abort space of one year,' our feeble banking system sunk under the increased fiscal action of Govern ment. 1 was then I a member of the other House, and had taken my full share of To I his honor, notwithstanding litn. to avail himself .ol them. there is reason to believe, the temptation, the deposites were sacred I v i. ' ui.i r.. .. 1 1 l ' " Kepi;ano inuijior every pcruiicaiq in circu lation,' there was a correspondihjs amuiiut in bullion or coin in jitorc.i It was reserv ed for another people, either nlore ingen ious ur less scrupulous, to in ike the change.! representative, ; its notes; increasing prices. In a wprd,Uiey were in responstbdity in the measures which had the; public mind as completely identinedl led to that result. I shall never forget the with the metalic currency as if everyiriote in circulation had iaiil up in the vaults of the bank an equal amount, pound for pound, into vvhicli all its paper could be converted the'moment it was prcsrnled. All this was a great delusion. . The issues of the bank never Jut renHseht .Yrurh the Jirst, the precious metalsj The 1 banks hav moneyed incorporations. . They have he rohie great political iivstitdfions, with vast ir.tl icnce over the welfare of theVcommuni. ty; so much ol, that a highly distinguished Senator Mr. Clay) has declared, in his r!.ire, that the question of Ihe disunion of the Government and the banks involved in i? cmc quences the. disunion of the States I themselves. W itj this declaration sound t in in,onr ears, it is time to .look into the V r ' 1 I. 1. ' '. I i - - Origin 01 a Sj'siem , wnirir nas aireany ne- The Hank of Entrland Was irtCornoiNUed in 1694, eighty-five years after lluit of A m-j-terdam, and was the first bank of deposite, discount and circulation. ! Its capital was ifl, 200,000, consisting wholly of Goveni meut stock, bearing !an interest f eight per cenL per annum. Its notes were received I t he dues of the I Government, and the public revenue was deposited in the bank. If was authorized to circulate jexchequCr hills, and make loans to Government. Let the substitute for' coin the mere drudges, perform door service, j while' .the Coins reposed at their ease m the vaults of 1) stead of the were in reality Ins4eal of being ing all the out thej result was different, der the hostility. AU 11.1: sensation which tlie suspension, and the cer tain anticipation of the prostration of the currency ox the country, as a consequence, exciteI in my mmd, Ave could resort to no temlerjact; we had no gi eat and central regulating poixer, like the liank of Eng land; and the Credit and resources of the Government were comparatively small. Under sich; circumstaiWes, I Iouked for ward to 4 sudden and great depreciation of Wank notes, and, thai they would la'.l speed ily as low as the old continental money. Guess my surprise, v hen I satv them sustain their credit, with scarcely any dtprccia- tion, tor ,a time, trom the shock. " I dis tinctly recollect, when I firstaskcd myself .t i. -!. "v- the quesuon, what was ithe' causer anu which directed my inquiry- into the extra ordinary phenomenon. I wxm saw that the pause for a moment, and contemplat llws complex andpotentj machine, under its various character and lunciions. ; ! 1 Asa bank of deposite, it was jaulliorized mnri.fl; oeh- miul.tv ; i.'.-jnce: to ir.ntiirc ' 'o., reqeiye ;.eposites, not VMmtjl.v lor-, sate Ijiilo'lhcrattsea which iiaic protluee.1 il , i.nir letpihg, ; io ho ret urned j when j demanded ' itiiit,Vfl ihpv are xlill ot.rth- Mierea-K;: -inM'.V.M de'liosi'tor, .'but tol'be.usevl jsfld loaned .'.what thcv'w'ili terminate. :if deft to tin in-! -rlho uehcul of t selves; and, 'finally, u heilier the system is;K-i ig t.iken always to le.piovided with the favorable to . the Dermaneucv of our free i inrhns of returning ah tqiial amount, when iii.titut-ions to the iiuhmlrv nnd hn-imess of demanded. As 1 bank ( of diiCOOlU and the eountrv: and. above all. to the moral icirCulation, it issued, its notes, qo tlie -faith and intellectual development of the commu- ; fs capital stockjand; deposit es; or dis- nity. j I let 1 the vast t importance nntl mag nitude of these topics, as well as their great -delicacy. I shall touch them with extreme -reluctance, and only because Lbtlic.vc l lhem system contained within itself a self-sustain- extended system ;of banking, tr pow to belong to the occasion, and that it would he a dereliction of public duty to withhold any opinion, which t have ilcltbcratcly "formed, on thef suhjert under discussion, j The rise and. progress of tlie tanking system is one of the most remarkable and euriouH phenomenon of nioderh times. Its ofijtin is moilcrn and humble, and gavc.no indication of the extraordinary grovth and influence ,; which it was destined to attain. It tlates back to 1G09. the year that the the bankjiJ free from wear and tear, aiid the hazard of loss or L destruction, as were the certificates of! tion, for deposites in the original Ban.of Amster ilam, they substituted, degraded, and ban ished the coins. Every note circulated be- ca(ne the substitute of' so jmuch coin,1 and dispensed witji it in circulation, and' t here- ny dcpreciaiqd the! value 01 me preciousimg metals, and increased their consumption in the same proportion; idle it oiimnisneo. in' the same degree, jlhe supply, by render-all times,! something than from the latter this reciprocal re circulation; and yet,: by the laws ot its na-: lation of debt and -credit, that the demand ie inritiution, care' t-urci just--as it increased its circulation, in .of the banks on the! community i was' greater me same uegrec me lounaauon on wnicn man me amount 01 meir notes in circuniton the system stood wasAveakened. The con- ' could meet and absorb, and tht, conse sumption of the. metals increased, aid : the quently,jso. long as their debtors were sol supply, diminished : As tbe weight bf thel vent, an(d hound to pay at short periods, superstructure increased, just in thej same! their notes could not fail to -be at or near a proporlionj its foundaTionwas undermined i par with hold and silver. 1 also saw, that and weakened.? Thus, the germ of de-j as their debtors were principally the mer- slfuction was implanted in the system ati chants, they would take bank notes to meet The bank fell un mlrtlnl An ihMVk terti was removed, and hanks shot up in ' every dit eel ion almost instantlv, iimler the growing impulse which li- lave explalnctl." ani which, with the causes I atatt when i 1 first addressed the Senate On this question ! is the caue of the preaent atastrophej .With it commences thrjfourth era of tit' system, tvhich we' have! just cnterr ani rraj of struggle, and conflict, and4hahges. 1 The system ran (advance; no farther i ottr j roufntry, without great and radical ehangc-s. ; It has come to a. stand. ! jThe' conflict he - twecn metallic and hank ejirrcncy, wljich I j have shown to he inherent io the yftem, j liasj, in the course of time, . and with tLc progress bf eventt, become so deadly that they must separate, and one or the other i tan. ine uegrauation 01 11, c value 01 ir.r. metals, and their almost entire csnuUioa from their apjiropriate sphere, a the mo- tiiu?n exenange anu me aianuarti 01 value, liavits gone ao far, uuder thVneresary ope rations ofthe s steni, that they are no long er sufficient to form the basis of the widely rrora ino i ,banks and the coinmuirity mutually the re- inane direction la diijicnzt tcith the'ust , la'.ioii of ilebtor and creditor, there being, at of the 7;K7vj;and hence the descent from -jail timesj something more due to the banks a bank of deposite to one'of discoimli and irig money less productive. The system from theicoirtniunity, tha assumed gold and Silver as the basisiof its' to the former. I saw, in. deposite to one'of discoimli hence, from being the reprrscutativeJ their notes nave oecomc inc suhstitute, lorgoj I ana silver; and. hencci finally, ita present teniiency io a mere ; paper engine, totally if -5 birth; has) expanded with its growth; their bank debts, and that which the mer bank ofy Amsterdam was . ' . .cstahHshed. respdns;ible, endorse.s his uote ft ttthtr hanking institutions preceded it; hut and ivesout its creda in the forn ini; insiiiuuons prec Ihe) were insulted, anl not immedialel) connecivd with the systems which haVc bi lis of exchange and " prom tssory notes backed by responsible .endorsers, charging an interest something greater than was authorized bv law to b: chariied tn loans; and thus allowing it, fori the Use?of jMd m0Ptf terminate, one day or other, jn chant, and the Government, which are the tta''!i'-...ii .;iwJ r.i r uiian I its dissolution, unless, indeed-, it -dioul.d. by' great money dealers, take the rest of the than what individuals were authorized tols-cra-ijion,' entirely change its.iiatnre, jcommunity would also take. Seeing a!l receive tor the use and hazard ot money or j and jass into isomc other and entirely differ-; this, I clearly perceved that self suMaining capital loaned out. 1 It will, perhaps, place ; nt organic, form. The coiiflict: beiweci principle, which poised and impelled the this pohil in a clear fliglitjif we bjhoaild ton-1 bijnk circujalibn and metallic (though not.3ysteni :eil-balarrced in the midst of the siUerthfe-traiisaciido in its true A character, jixfrecived in its first -shige'of the slatem, heavens, like somb celestial body, with nut as a loan hut as a! mcre' cx'chance. ofvl-0-- tHey.'Wcre supposed to be indissolu-i scarcely a perceptible deviation from its credit. 1 In diseoutxtiueV lhe bank lakes, in s bly connected); is mortals; one or the; othcr jpath from. tlie concussion it haff received. , lit ine. 9iruggie. ouuu .3 vol : i-'iiviimiouci my ictuiuiiiivii ui mc ., .yrrccie na-inuiiu were cuerceo wun us o era, the the establishment of a national bank, and a took root j few years hir iiril liimf the shane of a nromis.sorv note, the credits! nr,ust perish .ti'.n., individual sii ,.'ood ihnt another, eciual- U'ec ee of fatcj: I it is irreversible Near the close of the second form of a bank system passed the Atlantic, and . s . ' i ' ' L... L. .... : f"-...-..l l. r note. The transaciiou ts obviously a hverc n our country whefe it ound the soil ull;an act of : of credit. I If1 tile drawer and en-tmore fertile, and tlclimalc more cdngen-;the rcsior mmco sprung up, and which may -be distinct ly dared tolhe Hank of AmMerdam. Thai wj a bank of deposite a mere store-house. ' eslablishcd under the authority ot thai i great commercial metropolis, for the pur oc of safe-keeping the prcciousinetals, snd ficilitatingjthc vast system of exclian g' s which then centered there. The whole stem vas the .most simple and beautiful that can be imagined. The depositor, on delivering his bullion or coin in store, re ceived ,credit, estimated at the standrad -hie on the books of the lank, and a cer tifatc of deposite for the amount, which "Wai transftrrablc from hand to luodand entitled the. holder to withdraw the depos - itc on payment of a moderate fee for the expense and hazard of safe keeping. 1 hesc certificates became, in fact, the circulating medium of the commdity, iH.rformiug, as it were, the hazard and drudgery, - while i!ic precious metals, which they, in truth, represented, guilder for guilder, lay quiet ly in store,' without he iug ex posed to the wear and tear, or losses, incidental to actit sl ue. Il Was thus a paper currency was . ciculed, having all the solidity, safety, and Uuilorntiiy, of a metallic, With the facility heloii!in?.to that iof tuner. The whole ar- , ranenient was admirable, and worthy of . t:.c llollg ssnsc and downriglit honesty of lie people witn whom it origtnaicu. ... j.. i Out of this, w hiclf may be called the first ra of the system, grew the bank ot deposit usrount, and circulation -a great and -night v change. dcMtned to effect a revo- 1 it luiiou in the conditioa of modem society. Ills not difficult to explain -how the one ystemy should originate iiMhe other, uot-J itiiManding the s'rikiug diasimUauty in . f .'aiu'p-s and chara:fer between the offspring t?hanrc dorsers break; the loss is the bank's; Jiut if i i?Van even in the TVarent country rheidistres.-., as - i Lfterwards, in Great Britain, by j authority by law. Parliament. In both countries, I eonnected with gc ...-'rll ...-.l i.i : i i...lr L:L..i..:..:.. ron was followed by wide-spread hen racctcd ...w T r- - ------ ...i , . jL ..... j -v. .,--. . . . . . 1 . .' t: . llie bant breaks, the loss tallol the com- hart k ol INort i t America was established in ! py ' cuerf iw tiluidty: and yet .this transaction, so dis- I tSl, with a eaprtal of &400i similar, is contounded with a loan, ar.d the - a ' it, aivvavs must w ti, for the simple reason, that 000, ami bear-' banks cannot pay unless their debtors first banks permitted to charge, on a mere ex change of credit, in which the hazard of the breaking of the drawer and endorser is in curred by the bankj anil that of the batik by the community ? a higher sura thin the legal rate of interest on a loan; in w hich, besides the use of his capital, the hazard is all on thcsitle of the lender.' j . K! Turning Irom these lo the advantages whicii itiienvcd ing all the feature of its prototype, the bank pay, anjl that to coerce the banks, compel of England. In the short space of a little '-hem to LLIC L i I L . : hfi Iri r,ft mnrn liiin nnn :i rHfiiiirv.- .iiii: m?ii-tii upuiv: m.'i " - - - - - - - ,! 11 its conneclion witn the Government, we shall find) them nol leiStriking. Among the first. pf these in tmitertahec is the fact of its notes being re- which the credit of the Goveriimcut was Idcd to that of the bank, which adued so greatly to the increase of its circulation. I'hoe again when collected by ine uovcrn- mcnt, were piaceu in tieposiie in inc ojhm, thus giving to it not only the profit resul ting from their absifaction from circulation, from the time of Colttclion till disburse ment, but also that from the use of the pub- lie deposites in the interval, io cumpicie the' picture, the bank, j ia its capacity ot hiiuing to the Government, in fact paid in na notes which resUtl 6n the faith of the Government stock on which it ;was draw ing eight per cent,; so that, iu truth, it but i inika nrvt..frnir'.rnt its own credit. lUatoevt w v - j ' Such were the extraordiuary advantages couferrcd on this institution, and of which an fvrlosive mononolv: and ti.es--' ait; the causes which gavfe such an extraor dinarv imiiulse to its growth and influence that It increased in a htlle more ihao a hun dred years, from 16" 1 1 1 svi, :t:crt iuv rcc. their dchters ! before they ans to pay. Their failure ekpandedone bank to abo eight hundred, 'must be jth conseqo.eiice; and this involves inciudinV branches, (no one knows the ex-the failure bf the banks themseUcs, cairy aU1" amount.) so ranid the increaseV and'inz. in ;thitr consequences, tiniversil dis- from a eanital of le-Vs thin a half million, to -tress. Hence I am Opjocd to all kind of about S300,000,OPO, without apparently rcioij; exhausting or diminishing its cajweity to jt-rsease to l- 1 .'i 'i i..l-''l.-.' ' ' '. 1 i nnlimlhtt inrrpiw: o acceierarcu nas oecn us -"---,-"-,m growth with us, from causes which I ex-1 banks are atone responsible. plained on a former occasion, that attain Hut to proceed with my narrative. Al td a poinl much nearer me assigneu bud ami in tavor of leaving the time, with the action of public anil the States, to I which the of the system iri its preseiil form, .vhat it has in England. j I During the year 1767, the Bank of Eng land suspended specie payment; an event ltstined by its consequences to effect a rev olution in public opinion in relation in re- . . . . ' . L I . ' . 1 . lation to tlie yiem, anu io acccieraic u.e period wh ich mu st determine i li fate.. England was then engaged iu that gigantic -trueglc which originated in the IVeuch and her fiuaucial operation.. limits th ooeh siecio DJvrncnts M ere restored, and man i me iieni annareuu v oiaceu w ncre ii wa before, the suspension, the greit capacity it proved"1! possess of sustaining itcif with out specie payments, waj not: forgot by those who; had i! direction. The imnro- iou that it was indispensable to the circu lation of it notesj that they should repre sent thej preciou metal, was almost oblit erated ; and they were regarded rather at revolution, w ere or the most extended scale, to,! lowed tep rated A om the, metals.' One la jv has) sleaSdilyi governod the system throughout r the cnl Vrgement of its profiisand ir.fli;onc5 andunder that operitionj through which metallic currency, became insufficient for circulation, it nas Become, in it prorrrtt. uisuilicicnt f6r the basis of ha n king oiw ra-' uoiib- ao mucn so, uiat, ii specie payment were restored, it would be but noridnaL and jhe a) stem would in a few years, on thsj fir?t tad verse current, sink! downataiii li.fn its fcre'tnt helpless condition. Nothinr I . r. - i . can ccin ii oui reai ana rauicaichangij which would diminish i ts profits and i-iflu-j encei so as effectually to arrest that strong and leep current which lias carried so muchj of lite wealth and capital of the community in thLt direction. Without thai, the avsJ temas now constituted trust fall, unltssj indetH, it can form an alliance with t, Govjrnmthl, and thrtHigh it estahljh itt v ' I it i n.T . t ...1. ith gold and silver, the medium1 of circulation, if the allnnce should take phrej, oue of the first movements wouh!!e the establishment of a great central institu tion j if that should prove impracticable, a combination of a' rwitect etl and powerful of i He State banks, which, sustained $y the Government, would crush or auhjeet tln weaicr. Wbc followed by an amendment ofWe. Cotis:i:utionJ. or sorac other devtsrj tolieiit ttir Lumber ar4 tl,e amoont cf cjabital hereafter. Ths dcr.r, the neit itcp w6u d be to tonfine'ahdi conaoliJate tle iuprimacy of ihe-aystcm off-r the cur rency ofjUw ecHirdrjr, which wpoW be in its' hands . exeljisively, and, through it, over the ini duslj-y, b-jsiness, and jKditjcs of Ihe j rouhi lry;ja!I of w hich would be wielded ;io' ad va'n its profits snd power j " ' The ay r.em having Hbotv arrived at t!I poinj, the great a rJ slemn -duty ilcnqlvti o.iusto determine this date nht rrlatlo-i this Government shall heroftcr fear to iti Shatl we enter into an .alluWe with it, acl beedroc the sharers of its fortune and 1 tho instrument of its aggrandizemeot arid supre macy? Tlus i the mornthtdus nueattonl U .UHWlWUUiu!,iii--, V'T I 1 ;- . . . -i . L ihe bank, as her focal agent. It sunk un-jon inc par ot UiefDanks, wnicn cre-tetl au esjrii aucqrps, tuiioweu oy a moral resia- U i ice to specie pay men is, if-1' nUy sdex prvsni Klf, which in fact suspended, 'in-a der its over-action. Specie payments uerc suspended. Panic and dismay spread through the land so deep ana uurame was the ir.. rcssion, that the t red it of Utc hanl depended exclusively U ifie punctuality J,f it navmcnts. Iu the midat of the alarm, an act of Parliameot was passed making the holes of the banka legal leader; aedto the Surprise of all, tlie iosiiiutioo proceeded on, L..,.tlr Without any dimidutum fits tretiit-l Itfittctts circidatcd freely as ever,! restrieidiisonlirrccandprvyiiabtevjC'on Which we must now decide. lUfuje return oj tAe sy stern thun a the mrrfia we decide, it hrbore u to jnqnire U:J r o'ju security. Hence a feeling of opjK-jtW system i favorable to th? perminrnir Mtton ui goia anu silver gradually grew op!0f our free retiuhliean; inslitutions.ito the r. j .i ; i i . ' inuiisirynu wnme oi iuc COUntrj', and, aboie ail, to our moral and intellectual de- a . - reiopetncnt, tne great ohrect lor which we were nlaetd here by Ue Author of our L great degree, the ; conversion of their notcrs' iifg. Can it be doubted what BHJttiLe th5 into the precious metals, long before tho . fleets of a system whose operatioos liaro present auspension. ith the growth ofoeco shown to be so unequal on Tree Instifu- mia icciing, oanking ousinesa asaurucu a tiona whose foand l a tm aH tf-as . fl m. ' - - L. M - " . se imubIuc uumlm avwuiiswu sav i uinm m niBV innnniiuifi rpais on mn avsvM-ar.t bolder character,' aoa us profit were pro- of right? Can that favor 'eauatitv: whifK faurTiooabiy eularged; 'and w ith it tl.c j tea- gi ea to one poniwi of the citizem and tho uency oi ine sy:ei to Tie effect of this SOOU loereaMs kept pair. Cou jury oc,h decided advautagta ofer tho oipu) eu laeu ia clntr, as I nave slowq it decs ta ny opcnk
The Tarborough Southerner (Tarboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 1, 1837, edition 1
1
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