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

metallic currency. The utmost limit Il
any reasonable expectation was that a
sound mixed currency ought 70 be eslsb-
lished. II vas The duty Of The Govern
meni 70 provide such mixed currency, 81
coin and of convertible paper. The Prac-
lical effect Of an unreslrained circulation
Of ineohEersible paper wss 70 Danish coin;
and - the banks were the crealoEs q the
paper, il vas idle 70 talk of divnrcing
them from the Government. while ihe
restraining power Of he lslser Vas requl-
site % prevent The banks from issuing
that qualify Of paper which would exPel
the coin. II was one Of The firsl duties uf
the Government N provide sound cur
rency. and whenever u permitted an IN
convertible paper circulation 90 food The
country TO the Punishment Of coin, Il
proved dereIiel from is duty. To re-
strict The issues Of The banks, 90 As 10
prevent = dimInution Of The coin, was IN
cumbeni on the government: and this
might br effected by an United States
Bank (Nhlrh was the best m0del ar by
affixing stamp duty 10 the notes. There
was no constitutional provision which
would prevent the Government from re-
sorting 10 direct taxation in ibis CASE
He quoted facts irnm The history of the
Land Office aud me Post Office TO show
the abuses which would be pFacllsed, If
the bill now under consideration should
pass.
Mr.. Calhoun said few words in ex-
planatlon &c his course on a formeT &C.
caslon, 10 which reference had been made
BY the Senator from Delaware.
Mr.. Wright spoke At large in favor Of
the sub-Treasury scheme. and the sepa-
ration Of Government from the banks,
mainly arguing from leading facts and
general principles, AMI replying to some
Of the principle objections which had
been made 10 those measures.
The bill was Ihen informally laid aside.
The amendment Of the House TO the
joint resolution liking the time Of the ad-
journmen,, substituting the Ieih for the
9th inst. was taken up, and after slight
discussion, agreed 10.
On motion of Mr.. Calhoun, the Senate
adjourned.
In The House Of Representatives., Mr..
Ewing, of Indiana. by leave. introduced
+. the following amendment to the resola-
ton OF the chairman of the Committee OF
Ways and Means, in relation to the re-
solution declaring it to he inexpedlent to
establish a National Bank:
.'For the purpose of obtaining dis
tinct expression of which, in rrlaiion to
an Executive sub reasurs scheme, in
tended for Government use only, and an
instimtion To collect and disburse the re-
venue OF the Government, and to furnish
TO the people Of the union general, uni
form, convertible currency, free Of all
Executive control, AM responsible 10 the
peoples representatives, in Congress as
sembled, il is hereby recommended to the
proper authorities of the several states
forthwith TO call for rote of the quallfi-
ed voters, in the manner established by
local laws for holding elections, and the
returns in behalf of an Executive sub
Treasury scheme, and for a national
bank, free of Executive control. or the
late United States Bank. now of rrnn-
sylvania, for the nucl"us Of state b7nk
system, one bank auh branc,.,s IN each
! state, duly guaranteed anl enait7@l% pro-
vided for. to he duly cerillicd 10 ine Sc
,.o,,... 20 s,,sa s.f arnb .T.s.. ,,.bnsn IA,
y il will become TO transmit. as soon as
: practicable after the first Monday of de.
cember next, an authenticated statement
Of the aggregate vote of his state for each
system, to the Speaker Of tie House o
Representatives of the Congress of tn,
United States, to be laid before that DO
dy."
The resolution reported BY the com
mittee Of WAYS and means, declaring
inexpedient to establish National Bank
vas taken up, and Mr.. Sergeant proceed
ed to address the House, in continuation
of mis- remarks, left unfinished on Saiur
day. and spoke till the hour arrived 70
taking up the special order
The joint resolution from the Senat
fixing on day for adjournment, was ia
ken up and amended by striking out tn
9th and inserting the 18th inst and a
thus amended, passed BY vott of 1873 t
IS, and sent to the Senate for concur
renee.
Taeatsy, October 3
The Senate resumed the considerably
Of the bill to provide for The collection an
keeping Of the public money. with tn
amendment offered by Mr. Calhoun.
/ Mr. Calhoun spoke more Than Nv
hours in favor of the amendment and Nh
bill, further arguing mostly on point
. which he had already adduced. and RI
! plying to the remarks Of various Senator:
especially those If Mr. Webster.
4 When he concluded, MIR. Webster ros
, in explanation, and replied at some lenpt