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

and no system which prndaees such .
result can be expecled b receive The pub
lie eounlenance. Nothing cnuld be gained
BIZ Il. even II each individual Who eonlri
bnled PARTON of me tan. e0ud receive
hAck promptly the same portion. But q 10
apparent thsi no system Of The kind esn
ever &c enforced. which sill not absorb
considerable portion e he money. 10
be distributed n salsries and commissions
10 the agents employed in the prU,ess.
and in the various losses and deprecia.
lions which arise IRON other causes; and
The practical effect nf such an attempt
must ever be 70 burden he people with
taxes. not Cor purposes brnr6eisl 10 them.
but 10 swell fhe profits ofdePasiIe banks.
and suPpOn . band Of useless Pahlie
officers.
A distribution TO the people - inprae-
iieable and unjust in oaher respects. u
would be iaking me mans property and
giving IL 20 another. Such would be the
unavoidable result At . rule af squailly.
. (and none other Is sPokea nf. OF would
be likely 90 be adapted .Iassmurh a.
there is M mode Nv which me amount
Of The indiridaal contributions AZ. our CD
Iizeus Ia the public revenue can be
ascertsinrd. We kRou that they con
tribute unequslly. and . rule therefore,
that would distribute 70 them equally,
would hs liable IN al the objections which
apply TO the pnaeipls of an equal division
Of property. To make the general 60,
vernmen, the insiumen. ef carrying this
odiuus principle into effect. would be ~
oncr tn DESTROY the means Of lis useful.
ness. and change the character designed
Tor IL by the trainers Of the constitution.
Rnt the more extended and injurious
Consequences likely 10 result from .
policy whieh would col!ect . surplus
revenue for he purpose &c distributing
il. may be farcibly illustrated by an ex-
animation Of NE effects already produc.
! ed BY The preseas deposi,e ACT. This
oct. although certsinly desIgned 10 secnrs
! the safe keeping nl tie pablie reyenus, is
not, entirely free in lie tendencies iran
many of the objections which apply 10
this principle 0f distribution. The 20.
seTnmenl had. without neressily. receive
ed lrnn the people large surplus. which.
inslrnd oi being empI"yea A. heretofore.
and returned 10 hem BY means OF the
public expenditure. was deposited With
sundry banks. The banks proceeded TO
make loans upon this surplus. and thus
converted IL into banking capiIAi: and in
this manner has tended IN multiply bank
charters. aud has had great agency in
producing . spirit ot wild speculation.
, The possession and use Of the property
ous vi which thus surplus was created
belong Z" the renple; bu, The eovernmen,
has transferred us possession tn ineOrpo
rated banks. whose ineresi and effort i,
is 10 make large pr"hI. out Of i,s use.
This process need nnls he stated 10 show
IFS 'njusncs and bad policy.
Aud the same observations apply ia
the influence which is protlured by the
steps necessary 10 cnlleci. as we'll rs 70
distribute such revenue. About three
fifth. ut all the duties on imports are paid
IN the city oi New f,Tk. but m is oh
vlnus that the means to pay those duties
are drawn from every quarter &c The Uni
on. Every cIIizen in every state aho
purchases and Consumes an aTlIcsle winch
has paid a duty at that port. contributes
10 the accumulaiing mass. The snrplu.
colircied Their. must. therefore, be made
up sfmo@eys or Property sithdrawn from
other p"luts and other states. Thus the
wealth and business at every region irom
which lies surplus iu..ds prucced. must
he 10 sonr extent injured wuie that ol
the place where the iunds are rnncenirai-
ed, and are emplovpd m baGkmr. are
1 proporIionably extended fnt bnth N
making the transfer ot The iuuds WHICH
are first necessary ~ pay the daues aud
Collect the surpius---snde Va mlS.ng the
re.uaasfer which .brcomes nrr.ss AIRY
when The time arrives Tor the Distribution
Of that surPlus--lh-re is d cvnsIdrrab.s
period when funds cannnl be bgonehr
into nse;and IL is manifest that, b.srties
The lnss inevitable from such aa uprra.
ton, ils tendency is IN produce hueua.
lIons in the business Of the country,
which are always prndnCtive of sp-cuIa.
ton. and detrimental tn the mt rests 81
regular trade. Argument eau scarcely
be necessary 10 show that a measure oi
this character, HughI not In receive Iurlhpr
legislative encouragement.
by examining the practical opera
tons oi llIe ralID for Distribution, adopted
IN the dPp"siIe bill of the last session,
we shall discover other features that
appear equally objectionable Let II be
ASSUMED for the sake Of argument. tba,
the surplus moneys la be deposited with
the states have been collected. aud hrIopg
10 them in the ratio If their federal re-
preventative populati"n- an assumption
founded upon The fact that any dtficierce
IN our future revenue from inposls and