The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-15

W jus AAlAaA - 49, ~ PIT Asln4SS ~
The Federal constitution IN relshos :.
he currency. - far - relates Is IL =.
liz re- enue. a. the time Laai ins,r,s.e
was framed. there aeFe bur sl.ree - -,
banks in tie United States; am r. ].
eSieEsion Of tie banking system. 49,
IL growing oni of i, been lores,ea
they would probably have i0en sDer,,r
guarded against. The same ps.lier ~
lei 10 me prohibition IL Ills II rre.li, :
the states, would. doubtless. in li.at e,,,!
hsse .lso inierdieled their Issue Is : -
rencs in any other form. The Ons,s.
ton. however. contains no such nrn,as
ton: and. since the STATES have esereis.S
far nearly hrlf century, he power n !
gulaie the business OF banking. i, i
10 he expected thai II nill be abando,s1
The whole maiier Is now under ,!l.srs.
sion hf,re the proper iFihnnal-ile -
pie If the Sgaies. Aeser before Las y.
pnhlic mind heen so thoroughly ausker.
cd 70 proper sense Of its impor,snes.
never has the subject, in III H. he.rinr.
ben submitted 10 81 searching an nm.
a.. II would he distressing lie i,,.iI..
genee and 'iTtne NJ tie people q TO-.
he speedy and efficient ADOPTION ofsp,s
measures Of rsinrm ~ the pulli,. gooI
demands. Alitaat can nghii, II, ~ -.
by tire Federal Government. t. mr., =.
the accomplishment Of ihai inls., :,
object, " III, without doubt, b. periormes
: In tie mean time, il is our dnly to pro,
vide Ill tie remedies against a tennei.
ated paper currency which the 1'onsd.vs
lion enables rs 10 afford. The Tressv.
~ Department, on several former oee
sions. has suggested The proprieiy az
importance of uniform Law eOnremr
bankruptcies of corporations. and o.:
bankers. Through the inslrumcntaliiv
such Law, a sslulary cheek NAV dOas:
less be imposed on the issues Of PATE
money, and au effecIual remed, giyen !
the citizen, in aMsy at once equal in !
pats Of the Union. and fully authorize
by the Constitution.
The indulgence granted by ESecuns,
authority in the payment Of bonds ID
duties, has been alrpady mentioned
Seeing that the immediaie eniofcemg
Of these Obligation. would SUBJECT larg
and hight, respectable portion of our d
tzens n great sacrifices, and beiie,r
that temporary pos,ponement could
sd. ,...sl .N..s 1nsrtu,nt, 60 nsh.r 4. ss.a.
and nth increased certainty Of uluma.
payment. did not hesitate to cong,
with the request that was male OF nd
The terms allowed are N the full extent
liberal rs any thai are TO be found in u
practice Of the Executive Deparimtaa
IL remains for Congress to decide whs
Their further pos,ponement may no, wla
proprieiy be allowed. and, II 30. their ]
gislation upon the subject is respectful
invited.
1 The repor, Of the Secretary ofthe Tr1
surn will exhibit the condition Of ihe]
debts: the extent and effect oil the pres
indulgence: the probable result Of It's id
Their extension on the state OF the Treas.
~, and e,ery other fact necessary to
full confederation OF The subject. Sim
lar information is communicated in reea
to such repositories Of the public monsg
as arc indebted TO the Government,
order that Congress may also ador N
proper measures in regard TO their.
The receipts and expenditures br Ii
first half OF the year, and an estimate
those for the residue, will be laid befcSS
yOu by the Secretary Of the TeasUryI
In his report Of December last was q
tlma,ed that the current rsceips wonl
fall short of the expenditures BY abOu
three millions Of dollars. II wal be sec
/. that the difference will be muo gresIer
This is To be attributed not dnly to III
occurrence OF greater pecunhry embaT
rassment in the business oil he counr
than those which were theI predlc'e
and, consequently, n greater diminuha
in the revenue, but also To ibe fact th
the appropriations exceeded, by ness
six millions The amount which vas asse
for in the estimates then submitted. I'D
sum nect ssary for the service ofthe yel
beyond the probable receipts, and t.
amount which it was intended should
reserved in the Treasury at the en-
mencement Of the year. viii be about 81
! millions. Ii the whole Of the reserve
balance be not at once spplied TO tn "t'
rent expenditures, but toSr millions
still KEEP! in the treasury, as seems III
expedlent, for the uses ofths mnL d.
to meet CONTINGENCIES, tie sum needa
! will be ten millions.
In making this estimac, the rcre %
are calculated On the supEosiion OF ,rn4
further extension of the Indulgence CT ai
ed in the payment of bond. for dutIe'
which will affect the amtuntof the re'e
nue. for the present yearto ne extent
two and half millions.
1t is not proposed ID pncure the 70
CURED amount by loans br Increased taI