The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1836-04-15


points 10 hose nearer home. where ~
! was menaced with . pressure, without
The impuiaiion Of unworthy motives
!: accounts Cor The facts which the Senator
referred 70.
| And, sir. there is jast a. great mis-.
take in regard 10 the motives alIrIbused
70 The members on this door who were
opposed 90 the measures taken BY me
President in relation 10 the Bank. am
really. sir, almost tempted 70 get oui oil
humor with the Senator from Missouri a.
the small compliment he pays 10 our
common sense. when he asserts thai the
course pursued BY us Was prompted ny
the hope Of influencing elections. ard
promoting party ends. ! beg the sena
Tor 10 understand thai defruing 10 ham.
Is am sure dion this side ofIhe House
readily would. TO his superior skill 10
eIec,ioneering. and "a . knowledge Of
al topics by which the passions and
prejudices ofihe multitude can be inham.
ed. we were not quite so ignorant Of
these Ihings as to ever fsller ourselves
| The Bank could be made popular with
the people. Reason and experience sir,
both taught US another lesson.
| We knew perfectly well. sir. that an
institution Of this kind never could BE-
acceptable 10 the mass. Banks always
must be disliksd by lheius because ihr
benefits which they confer on sncirts
are indirect. and the philosophical their
utility out 0f common reach, while the
advantages which they .confar on the
owners Of them are great aud pslpasllss
and odiuus because they are exclusive.
We knew all this. SIR. and, IL we had
not known il. experience had taught Us
| the lesson. We saw the old Bank nf
the United States. which was wisely
conducted. which had gwen US a sound
currency. and whose whole operations
had been beneficial 10 society-we saw
il, sir. Frustrated before public calmor
and public prejudice, and that, too. at the
moment We we're about entering on war
with one Of the most powerful nations on
earth. when its assistance was most i'm
pOrtant to the fiscal operations Of the
Government. We knew. sir, that all the
causes which produced this result we're
in active operation again: and we fore"
saw just as tDsH as our opponents did,
that the same conclusion was extremely
probably. There was no difference in
our PERCEPTION of this matter. though
there was a wide difference in our view
Of the consequences. We saw distress
and ruin TO society in the measure, and
we resisted il without any regard to its
effect on our popularity. They either
did not see them. or, il they did see, they
disregarded them. | wish, sir. we had
been false prophets. | would with cheer
fulness give up lhe.praise Of wisdom aud
foresight, TO avert the sxarm Of evils
which this measure of the AdmInlsira.
tion is about 10 bring on the country. or
rather which it has already brought un
the country.
We clearly foresaw. sir. wha, would
take place, and we as distinctly warned
gentlemen on the other side of the Iueyi
table arrangement Of the currency which
must follow the measures they were pur-
suing. We enresled them TO look back
on the events which ensued on the refu-
sal, 10 1911. to charter the old bank-to
reflect on the destruction Of credit and
prosIralion Of morals which flowed from
the multiplication of State banks soon af
ter that period--to remember how at last
one.third OF the property Of the country
had changed hands in the space of few
years--aud TO think how many families
had been reduced from affiuence to po-
verify by similar measures We beseech-
ed them to look at those things. but we
beseeched in vain. The then Secretary
Of the Treasury told US State banks could
furnish as good or better currency than
the United STATES Bank. The President
endorsed the statement. The Senator
from Missouri talked of his metallic cur
rency, and the golden age which was ap
preaching; and under these errors and
misconceptions, the work OF mischief was
done.
But now, sir. when all these decisions
have passed, OF are rapidly passing away,
is it no. meet and proper that we should.
from the eminence on which we stand,
look al the full extent of the evil which
is approaching usl We NAV draw from
the past and present some saIulary les.
sons for the future.
| shall not, sir. fatigue the Senate by
going back to that period Of our history
a, The close Of the Revolutionary War.
when there was such rapid deprecia-
ton Of the value Of the currency, though
it furnishes strong examples to illustrate
the views | entertain on this matter. |
content myself with recalling the atten.
lion of the Senate TO the circumstances
which preceded, accompanied, and fol.
lowed the destruction of the first Nation
al Bank, and am greatly mistaken If .ha