RALEIGH, n. G. WEDNESDAY Y! !OCTOBER H. 1897
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States. If they have not surrendered the
rights to incorporate banks, as is conceded
| its exercise cannot be controlled bv the ac-
ton OF this Government, which has no pow
er, but what is expressly granted, and no au-
thorlty to control the States in the exercise
OF their reserved powers. 1t remained to re-
sort to national bank, as the means of com
Pulslon 1t proved efectual. Specie pay
ments were restored, but even with this stri-
KING advantage, it was followed bv great
pressure in 1918, '19, and go, as all who are
Old enough to remember that period must re-
collect. Such in fact, must ever be the con-
sequence of resumption, when forced under
the most favorable circumstances; and such
accordingly it proved even in England with
all her resources, and with all the caution
she used In restoring specie circulation, af-
ter the long suspension Of 1897. What then,
would be its effects in the present condition
OF the country, when the Government is a
creditor, instead of debtor, where there are
SO many newly created banks without es-
tablished credit; when the over issues are
SO great; and when so large portion Of the
debtors are not in condition to be coerced ?
AS great as is the tide of disaster which is
passing over the land, it would be as nothing
to what would follow were national bank
to be established as the means of coercing
specie payments.


| am bound to speak without reserve on
this important point. My opinion then is
that, if it should be determined to compel the
restoration of specie payments by the agen-
cy OF banks, there is but one way, but to that
have insuperable objections mean the
adoption of the Pennsylvania Bank Of the
United States, as the fiscal agent of the Co
vernment. 1t is already in operation, and
sustained by great resources and powerful
connections, both at home and abroad
Through its agency specie payments might
undoubtedly be restored, and that with far
less disaster than through newly created
bank: but not without severe pressure.
cannot, however, vote for such measure: /
cannot agree to give preference, and such
advantages to bank of one Of the members
of this confederacy, over that of others-a
bank dependent upon the will OF state, and
subject to its influence and control. can
not consent to confer such favors on the
stockholders, many of whom, if rumor is to
be trusted, are foreign capitalists, and with
out claim on the bounty of the Government.
But if all these, and many other objections
were overcome, there is still one which
cannot surmount.
L IL, d
between one of the departments of the Gov
ernment and that institution, in which, in
my opinion, the department was the assail-
ant; but cannot consent after what has
occurred, to give to the bank triumph over
the Government, for such its adoption as the
fiscal agent of the Government would neces-
sarily be considered. 1t would degrade the
Government in the eyes of our citizens and
of the world, and 60 far to make that bank
the Government itself.


But if all these difficulties were overcome,
| there are others, to ME, wholly lnsurmount-


able. belong to the States Rights party


which at all times, from the beginning OF


the Government to this day, has been oppo


sed to such an institution, as unconstitution,


al, inexpedient, and dangerous. They have


ever dreaded the union of the political and


moneyed power and the central action o1


the Government, to which it so strongly


tends; and at all times have strenuously re.


sisted their junction. Time and experience


have confirmed the truth of their principles


and this above all other periods is the one a


which it would be most dangerous to depar


from them. Acting on them, | have never


given my countenance or support to nation


al bank, but under a compulsion which fel


to be imperious, and never without an oper


declaration of my opinion as unfavorable tt


a bank


In supporting the bank Of 1916, openly


declared that as question de novo, woult


be decidedly against the bank, and would b
: the last to give it my support. also statet


that in supporting the bank then, yielded


to the necessity Of the case, growing out


the then existing and long established con
nection between the Government and tn
banking system. took the ground even a


that early period, that so long as the con


nection existed; so long as the Governmen
received and paid away bank notes, as mo
ney, they were bound to regulate their value
and had no alternative but the establlshmen en
of National Bank. found the connection
in existence and established before my time
and over which could have no control.
: Welded to the necessity in order to correc
!, the disordered state of the currency, whic
+ had fallen exclusively under the control o
: the States. yielded to what l could no
: reverse, Just as any member Of the Senat
now would, who might believe that Lou
= isiana was unconstitutionaly admitted int
: the Union, but W no would, nevertheless, Tee
: compelled to vote to extend the laws to tha
r State, as one of its members, on the groun
, that its admission was an act, whether con
stitutional or unconstitutional, which b
) could not reverse.


In 1884 acted in conformity to the sam
principle, in proposing the renewal of tn
bank charter for short period. My objec
: as expressly avowed, was to use the bank
! break the connection between the Govern
ment and the banking system gradually i
t order to avert the catastrophe which ha
now befallen us, and which then clearl
t perceived. But the connection, which be
t lieved to be irreversible in 1916, has no'
0 been broken by operation of law. 1t is no1
4 an open question. feel myself free for tn
S first time to choose my course on this In