The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1836-12-16

braaeh OF he general and slaie govern
menls 10 adopt al legitimate and proper
| means 20 produce that ssiusary edeci.-
Under this view Of nv duty, | cireetrd
the issuing of the order which wIh bs
laid befare 700 BY the Secretary 81 The
Treasurv. requiring payments Tor The
public lands sold % be made N sPerlr,
with an exception until the 18Th 81 me
! present month in favor NJ aranal settlers.
Tins measure has produced many saln-
Iarv Consequences. IL checked the CO,
reer Of the western banks. and gave Ihrm
additional slrength in anticipation Of the
pressure whIeh mas since PerrAded our
eastern ~ well "a the European eam
mercial cities By preventing the ex-
iens,on IL che credit system. II messura.
biz cut aT the mesnS Of speculation. and
retarded is progress 10 m,napoliZlns the
ms, valuable ri the pubic lands. u has
tended 10 save The new states from non
, residsn, proprIelnrship. mr. u the great
! esl obstacles 10 the advancement Of nss
! country. and the prosperity ot an old one.
Iihas tended 10 keep open The public lands
far entry by ,mlgranIs Al gnErunmsrl prl'
l ces. instead of l',eir being compelled 10
purchase VI spsculaIors Al double or treble
! prires. Add il is conveying Inla The ~.
terror large sums N silver and gold, there
TO enter permanently into the currency Of
the country. and place IL IN . 6rmer
foundation. his confidently believed that
the country will End in the mativrs which
induced lha. order. and the happy conse-
. quences which will have ensued. much
10 commend and nothing N condemn.
Il remains for Congress. If they ap.
prove the policy which dictated this or.
der, 10 ioIlow il up in It's Tarl"ns bear
ings. Much good. IN nv Judgment,
wenId be produced BY prohibiting sales
Of public lands. excrp, to actual selIler.
Al a reasonable reduction nf price, and
10 hnl, The ausnllly which shall be sold
! to them. Although IL Is believed the &c.
u~fal government never ought Ia receive
any thing bnt the constitutional currency
IN. exchange lor The public lands. that
pant would he Of less importance IL the
lands wsre sold for immediate settlement
add cultivation. lnderl there is scarcely
mischief arising out If our presrnl land
system. including the accomplishing sur.
plus oi revenue. " hlrh would M he rene
died nj once by a resWIcuon on land sales
% srmal settlers; and It pramIsrs other
advantages To The country III general. aud
to the rev s'ates. IN particular. which
! cannot fall II receive the most profound
consideration of Congress.
Experience Continues IN realize the
eEpsrtauons entertained ss tn the capS.
civ al re state hanks tn perform the do.
ties ~ fiscal agents inr the government a,
the lime nf the removal of The .drposiles
IL was alleged BY the sdtocales Of The
Bank ii IN. United States. that the state
banks. what,vr might he the pguia-
tons of ihe treasury department. could
no! make the transfers required by the
government. or negotIaI= tie dom, ste
exchanges If the country. II is nov
well asreralned that the real domestic
exchanges. pei 'rmed through discounts
b, the United States Ba,k and It's twenty
i've branches. were II least me third less
L.aa those II HE drposl'e baaks e. an
equIl per"h # time; and u rnm parlsnn
D. instituted between The amnnnts Of ser
wees rendered by these institutions, on
the broader basis which has been used
b, she adync 4les of the United Sla'es
Bank. IN estimating what they CONSIDER
the dniDesur exchanges transacted bs Il
the result will b. still more favorable 10
the deposlir banks.
The whnt'' amount af public money
transferred bc the Ban ri the U9,,etl
States IN 1882 sas Id 0uO. $50 .inllats.
The amount ssaasf rel l,,d ,rtually r.It
by the del0stt banks ~ TIE wear en-. "
the 1tsI al October last. Na> 80 3I9 S3J
dollars; The auiUpii Irsnst"rt. aud :,A.d
briwPen thai pen Vi AM The 6.h II ~
venhrr was 5 399. 900 dollars; anj The
amount vi wanslPj Warrants Uitslaud,ng
on that dat H4s lii5j 000; making an
aggregate If 50 los. s9i Ioiars. These
ennrmpus SUM- ri su"ne. first mentioned
have been transferred with the creates,
pr"'npI,u!e and regularly: aud ne rates
at winch the exchanges have been neao
tinted previously To the passage of The
dep"sIte ACT ~rte genrrail, below those
charged ny the Bank Of A,e Uuitrd States.
Independently nG these. services. which
are lar greater than those rendered b. the
United States Bauk aud lis iweDl, five
branches. i number al ,he dep0sIle banks
have. VITA "A commendablr zeal Ia AID IN
the improvement Of the currency. uupn,.
ed from abr"ad. At their own EXPENSE,
large sGpls Of the precious metal. Toe
coinage aud cireuIarrrn.
la. The sspe msuner have nearly all the
i'r'dlcuons HIrncSl oul IN respect 10 the
efeci oi ths removal nf the dsposi.es--a
step aqu"stinnabIy neces-ar, to prevpn,
the evils which u was iDrrsern the bank