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

venue hy Congress. either Il BE- ssaxsol
she people. Is 70 be considered ; aao.r
she prahibifions 81 the eonsliseisua. A.
alrsdy lnsi0sled. nv views have usde,.
aone 4 change. 50 Car % % bs rsasin,,s /
lhal no alteration q The cnnsslsasioa Il /.
lhis respect i wise or expediens. r.
innuence u an accommodating surplus -. d,
| on he Legislation Of de general govern. q
| men, and he states. lis sffres teaa 4,
ereda system a. he country. rf.idueias
dangerous extensions and TpiEass eoa.
FRACTIONS and hueluaiions IN ths pnre a
property. lash speeHlsnnns. ldlrns.,.
erlravaganre. and drleTiars,ins Il mon.
ais. have taught ne tllr nnpnrtsnl Isss.n
thai any transient mischief Shicli nav
sllend he redactinn ~ our rtssuue . A.
wants 81 onr gosernmenl, 10 70 n busne
in prelsrtnee Ia an sserilsw ihg lIeAsdty
| bss leave 10 eali 'S"ur at,rnii.sa 10
another subject inmnssly associal.,i uss
the preceding one--ghs eurishey II ~
country. ''"# -a~
ii is apparent. from ihe whole era.,u
/ Of the eons,ilulion. - Ven ssihe his ory
| Of The times ahlrh gave bifih 10 II. lh;,
| il Was The purpose Of the ronsehlria %
establish currency CONSISTING Of ne ono
ciaus metals. These, from lheif pse,l,a,
properties. which rendered them Tie
standard Of value in all mher enuhiries.
we're adopted in this, - weIl u establish
its eommrrelal standard in 'relrEsaee q
foreign coaHlries BY psrmnnea, rule. %
" exrlude the use 81 . mutabls medism
of exchange. sneh Is Of certain sgn1illr.
raj e0mmsdIlies. recognised BY the sal.
uies Of some sites ~ lendeE fos debu.
or the snll more pernieious expedien, Of
paper currency. The last. iruln riIs e.
perienrs of The evils Of the issues II papsr
during The reEolulson. had become Justly
Obnoxious. as not only 10 suggest lhs
clalse in the eonsnGiinn fnthid,hbg he
emission Of bills Of credit by the .ials.,
bui also % produce lhaI vote IN The con-
veRlion which nrganSed the propns,bas
70 granl power 10 Coaawss ~ e1afiss
earporslioas-a rrnposliian well Under
stood al The tine a. irtsndrd ~ aughmts
the establishment Ol = national bark.
which Was 90 establish . currency IL bAik
notes. Oh q capilal tn w. created 10 sams
extent out Of the government ssoeks -
Although this propnsIiian vas refused by
direct sole Of the roasrnlion. the obiI,t
was allsrwafds IN eject obianrd, hy IN
ingeniou. adyocairs. through STRAINED
construction nf the consuhiusn. TIE
debts ol the revolution were funded. .,
prices which Iormed no epgsalen, CON.
psred with The nOmihal amount q the
stock. aud under circumstances shichtr
posed The motives Of sone of those shS
participated in the passage Of the &C. 70
disirusi. '~ |
The facts lhs, the value 81 the s.nck
was greatly enhanced BY the creation q
the bank that u was ~sli understood
that .uch would be me case, and Iha
some III the advocates IL NE msasrs
srre largely benefited BY H. belong 10
the history II The times. aud are wea
ealeul Ted 10 diminish the respec, whlch
nigh. Otherwise have been due To the &C.
,i"h III lhe Congress which created u,
institution.
! On the es,ablishmeu, Of q nations,
bank. II became the iulerss, II h. eredr
tors, that gold shnuld be superseded By
Ihe paper 1T the bank. 40 general cur
reuey. Avame Vas soon attached to tho
gold coins. winch made their expectation
To foreign countries. Ne mercantile csn-
modify. rnoFr profitable than their rsieB'
iior and use 81 home - money. ], lob
lowed. o. . matter of course. h not De.
signed by Iiinse who sslablished,h the hank.
that the hank became, IN effect. q subslr
mIe for the mint oG the United States.
Such vas the origin Of National bans
currency. and such The beginning 81 those
d'fhculiies which now appess IN The CT.
cessi'e issues Of the banks incorporate
BY The various s,a,es. Is So - .....s
: Although IL may MT be possible. by ans
Legislative means within cur poser. b
change Al once the system which has
tins been introduced. and has receltd
The acqniesceuee of ah portions of Tho
country. u 10 certainly our duty To do oil
that is consistent with our constitutional
obligations IN preventing the misch'sis
which are threatened BY Us undue exien-
sion. That the efforts of the fathers oil
our government TO guard seains, IL by
constitutional provision were founded 20
an intimate knowledge OF the subject, has
bern frequently sllesied BY the better ex-
perTnce VI the country The same eau.
ses which led them To refuse their sane
non 10 power authorizing the establish
men' OF Interpretations lur banking Pur'
poses. nov exist IN much stronger de-
gree "a urge Us 10 exert the uimest vIgI'
lance IN ealing into action The means
necessary to correct the evils resulting
from The unfortunate exeyeise of the pow
nR NNrI - L. 4 II Il