Thank you for visiting SNEWPapers!
Sign up free
Editorial
September 7, 1843
The Hillsborough Recorder
Hillsboro, Orange County, North Carolina
What is this article about?
Editorial defends the idea of a national bank to resolve currency issues caused by existing banks, quoting John C. Calhoun's 1834 speech in support, while criticizing The Standard's claim that Whigs are deceiving the public on the matter.
Clipping
OCR Quality
98%
Excellent
Full Text
"THEY ARE DECEIVERS."
The Standard has an article under this head, in which a flimsy attempt is made to show that a national bank would augment rather than diminish the pecuniary embarrassments of the country: and that the Whigs are deceiving the people on the subject. The Editor puts his chief argument in this form: "If the banks caused the hard times, how can a bank relieve the people?" He might as well ask, if eating too much pork produced the cholera, how can a piece of bacon afford wholesome nourishment to the Body! But his question is answered, and well answered by his favorite candidate for the Presidency. Mr. Calhoun, who, in his speech in 1834, in favor of continuing the charter of the United States Bank, says:
"I see none, I can conjecture no means of extricating the country from its present danger and to arrest its further increase, but a BANK—the agency of which, in some form, or under some authority, is indispensable. The country has been brought into the present diseased state of the currency by the banks, and must be extricated by their agency. We must, in a word, use a bank to bank the banks, to the extent that may be necessary to restore a safe and stable currency just as we apply snow to a frozen limb in order to restore vitality and circulation, or hold up a burn to the flame to extract the inflammation."
Snow and fire are both not only good in their places, but indispensably necessary; but they may be used or tampered with injuriously.
Star.
The Standard has an article under this head, in which a flimsy attempt is made to show that a national bank would augment rather than diminish the pecuniary embarrassments of the country: and that the Whigs are deceiving the people on the subject. The Editor puts his chief argument in this form: "If the banks caused the hard times, how can a bank relieve the people?" He might as well ask, if eating too much pork produced the cholera, how can a piece of bacon afford wholesome nourishment to the Body! But his question is answered, and well answered by his favorite candidate for the Presidency. Mr. Calhoun, who, in his speech in 1834, in favor of continuing the charter of the United States Bank, says:
"I see none, I can conjecture no means of extricating the country from its present danger and to arrest its further increase, but a BANK—the agency of which, in some form, or under some authority, is indispensable. The country has been brought into the present diseased state of the currency by the banks, and must be extricated by their agency. We must, in a word, use a bank to bank the banks, to the extent that may be necessary to restore a safe and stable currency just as we apply snow to a frozen limb in order to restore vitality and circulation, or hold up a burn to the flame to extract the inflammation."
Snow and fire are both not only good in their places, but indispensably necessary; but they may be used or tampered with injuriously.
Star.
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
National Bank
Currency Crisis
John C. Calhoun
Whigs
Banking Regulation
United States Bank
What entities or persons were involved?
The Standard
Whigs
Mr. Calhoun
United States Bank
Editorial Details
Primary Topic
Defense Of National Bank To Fix Currency Issues
Stance / Tone
Supportive Of National Bank, Critical Of The Standard
Key Figures
The Standard
Whigs
Mr. Calhoun
United States Bank
Key Arguments
National Bank Is Necessary To Extricate Country From Currency Dangers Caused By Existing Banks
Calhoun's 1834 Speech Argues For Using A Bank To Regulate Other Banks
Analogy: Snow Restores Frozen Limb, Fire Extracts Burn Inflammation
Critics' Argument That Banks Caused Hard Times Ignores Potential Relief From A Central Bank