The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-13

proposes TO supp y By - issue Of Co
EernmenI nnies.
lie calls this collateral aid 20 the mea-
sure Of poslPonement. but this evidently
reEerses the Arder Of lhIngs. for The Tree
snry notes are his main reliance: 10 them
only he looks for immediate relief, and
this inslil'nenI now 10 be withheld is
sas productive source of reyenuel only
subsequent and collateral To the issue Of
the nOles.
But nov, sir. what sort 0f notes does
lhe Secretary purpose IN issue! tie pro-
poses. sir, TO issue Treasury noIes Of
small denominations. down even IS low
as twenty dollars, not bearing interest.
redeemable at 40 fixed period. They
are 10 be received in debts due 10 the Go
yerDmeht, but are not otherwise 10 be
paid until. at some indefinite time, there
shall be certain surplus in the Treasu-
~ beyond what the Secretary may think
IFS wants require. Now, sir, this is
plain, authentic. staIutable paper money;
u Is exactly new emission Ol old c0nli-
mental. IL The Genius Of The old Con-
federation we're now TO rise mp in the
midst Of Us, he could not furnish Us from
the abundant stores OF his recollection,
with more perfect model Of paper mo-
ney. II carries no interest, il has no
fixed time OF payment, IL is TO circulate
as currency, and is 10 circulate On the
credit If The Government alone. with no
fixed period Of redemption II this be
not paper money, pray sir. what is il!
And, sir, who expected lhis! Who ex-
peeled that in tie fifth year Of The ex-
pertinent for reforming the currency. and
bringing IL 10 an absolute gold and silver
circulation, The Treasury Department
would be found recommending To US a
regular emission Of paper money! This.
sir, Is quite new in the history Of this
Government; IL belongs TO that Of The
Confederation which has PASSED away.
Since 1889, although We had ISSUED
Treasury notes on snndry occasions, we
had issued none like these: that Is 10 say,
we have issued none nol bearing interest,
and intended for crcuiation, and with no
fixed mode of redemption. | am glad,
however. Mr.. President, that the CON-
miltee have not adopted the Secreiary's
recommendation. and hat they have re-
commended the issue Of Treasury notes
Of description more comfortable TO the
practice Of the Government.
think (said Mr.. w. there are ways
by which the deposiles with the States
might be paid by the funds in the bank;
there are large sums on deposile in some
Of the States, and an arrangement might
be made for the States to receive the
notes of their own bank in payment of
this ins,almeni, while the treasury is at
the same time relieved by its own mea-
sure. and all the Inconvenience, disap-
pointment, and disturbance which this
bill will necessarily create. would be a.
voided. At any rate, the payment Of
this dop0sIle could do no more than in
some measure to increase the amount Of
Treasury notes necessary to be issued; IT
is question of quantity merely. Much
Of the instaIment, believe, might be paid
bv iudicious arrangements, out of those
funds now in the banks, which the Sec
rotary cannot use for other purposes, so
that the whole might be provided for. by
no great augmentation Of the proposed a.
mount of Treasury notes. am therefore
of opinion that this instalment should not
be withheld; LIST. Because the Withholding
Of i, viii produce great inconvenience TO
the States and to the People. ID. Because
provision may be made for paying it
without any large addition TO the sum
which it is proposed To raise, and which |
a, all events mus. be raised for the use
OF the Treasury.
In relation to the general subjects Of
the Message, there is one thing which
intended to have said, but have omitted;
it is this. We have seen the declaration
of the President. in which he says that
he refrans from suggesting any specific |
plan for the regulation OF the exchanges
of the country, aud for relieving mercan-
tile embarrassments, or for interfering
with the ordinary operation Of foreign or |
domestic commerce; and that he does
this from a conviction that such measures
are not within the constitutional province
of the General Government; and yet he |
has made recommendation to Congress
which appears to me 10 be very remark |
able, and it is of a measure which he |
thinks may prove salutary remedy a.
gainst a deprecated paper currency
This measure is neither more nor less
than bankrupt law against corporations
and other bankers.
Now, Mr.. President, it is certainly
true that the Constitution authorizes Con-
gress to establish uniform rules on the
subject Of bankruptcies; but it is equally
true, and abundantly manifest. that this
power was not granted with any reference
to currency questions. 1t is a general