The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-03-17

Some ~ The eTils mhlrh arse If0@ lhis
system n papsr press wiih peenliaf
hardship upoa Ihe class Of society lsssi
able % bar IA. A portion q his eusrens
cy frequently becomes depreciaisd o.
worthless. and al ON 10 easily counter.
feiasd. - such . manner - % require
peculiar skln and mnrh experience 70
distinguish The counterfeit from the gene.
inc aoie. The frauds are most general
" perpeiraled IN the smaller nolrs.
which are used in ihe daily uansaeiions
ol ordinary business; and lhs losses ocs
casioned by them are COMMONLY ihfown
upon the laboriae elssses 81 socleiy.
whose situation and pursuits pul 4 Oui Of
their power 70 guard themselves IRON
these imposiiions. and whose daily va
ses are necessary for their subsistence.
Ii 10 msre especially The duty ofshe Uni'.
led States, wherr lhe Government = en-.
phancally the Government II The people.
and where ibis respectable portion q cor
citizens are % proudly disllagulshed
from The laboring classes Of all other No
tons. by ,hetr independeal spirit, meil
1--we Of liberty. their Intelligence. ana
their high tone &C mnral character. Their
industry. IN peace. j. the source oil our
wealth: and their bravery. N war, has
covered u with glory; and The Govern
. menl &C The United States will hul Ill DIS,
charge lis duties il il leaves Them prev
% such dishonest impnsil0ns. Nei MS
evident that their interests eaana1 Be e
! iecIually protected. .unless silver and gold
are restored 10 circulation.
: These views alone. OF the paper cur
rency. - sufficient to call Cor immediate
reform; but there is smother consideration
| which should sill more strongly press u
upon your attention.
Recent events have proved that the
papermaney system ofihI. country mag
] be used as an engine ie.nndefmine your
!, free insliluiinns; and that hose Who dc
desire 10 eugrass all power N The hands
Of the few, and 10 govern by eorfupilpn
or force. are aware Of ils power. and pre-,
pared 10 employ " Yunr banks now
| furnish your nnIy circulating medium. and
money j. plenty nr scarce. snd. Accord
ING 10 the quantity Of notes issued by
them. While they have capitals no.
! greatly disprnporiioned 10 each other.
i they are competitors in business aud no
one of them can exercise dominion over
the rest. and although. IN The present
state of the currency these hanks may
and do operate Injuriously upon the hah-
its VI bnsiaess. The pecunIsrv concerns,
and the moral time Of society; yet. from
their number and dispersed situation. thew
cannot combine Cor lhe purposes Of poll
teal influence; aud whatever NAV he, the
dispositions oi some oi them. their pow
err Of mischief must necessarily be con-
6ned To q narrow space. aud felt only IN
their immediate neIghbnrhoods.
But when the charter for The Bank Of
the United States was obtained IRON
Congress. Unprotected the schrmes 81 the
paper system. and gave % it, advocates
. the position they have struggled 10 ob-
tain, irum the commencement Of the Re.
deral Government down To- the present
hour The immense capital. and pecu'
liar privileges bestowed upon il, enabled
il to exercise despo,Ie sway over the OH
er banks in every part ~ ,he county
From lie superior strength. it could serI
= onsly injure, il not destroy, the business
OF any one Of them which might incur
lis resentment; and i, openly claimed for
itself the power If regulating The curren-
CIV throughout the United States. In
other words. il asserted land il undoubi
edly possessed) The power IN make mo-
ney plenty or scarce. al It's pleasure, al
any time, and in any quarter Of the I'M
ion, by controlling the issues oi OlheI
banks, and permitting an expansIun, ri
compelling general conir tclIon, Uf the
circulating medium according 10 its owr
{ will. The other banking institution:
were sensible Of its strength. and they
soon generally became its ohedient in.
slrumen.s, ready. a. all times. TO execute
its mandates; aud with the banks neces'
rarily went, also, tina, numerous class q
persons in our commercial cities. who de-
pend altogether on bank credits for then
solvency and means Of business; and whC
are, therefore, obliged, for their own safe
", 10 propiIIale The favnr Of the none,
] power BY Distinguished Zeal and deyo'
lion in its service The result Of the Ill
advised legislation which established hi,
great monopoly was. 10 concentrate III,
whole inoneyed power Of the Union
with its boundIess means of corruption
and lis numerous dependents, under th,
direction and command OF Que acknOw
) ledged head; thus organizing this parli
cular interest a. one body. and securlB,
TO il unity and concert Of action through
out the United States. and enabling il Il
] bring forward. apon any nccasiun. lis en-
tire and undivided strength to support o
. defeat any measure Of the government,
|, In the hands Of This formidable power
J thus perfectly orgsnlzed, was also place,