The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-06-16

law requires q b made with the states
on the Isl n July, noa % Be mades We
must 90 bark o he beginning, and take
new star. Every step in our financial
and banking system since ls32 has been
false step. II has been step which
has conducted us farther and farther from
the path of safety.
| The diseoniinuanee Of the national
bank. the illegal removal Of The deposiies.
the accumulation q the public revenue in
hanks selected BY the Executive. and
for long time subject 10 no legal reguls-
iion or restraint. and finally the nnauihor-
Izsd and Illegal Treasury .rder. have
brought rs where we are. The deslrue-
ton of'lhe national bank was the signal
Tor the creation Of an unprecedented
number Of new State banks. some Of them
with more dispropnrslonale. and even
more nominal capital lllan The national
hank had possessed. These banks. "
ing under no restraint from the General
Government, or any Of is Institutions,
issued paper corresponding To their own
sense of their immediate interests and
hopes Of gain; the Opposite with the State
banks, Of The whole public revenue, then
accumulated 10 ! vast amount. and max
ing this dePosiIe wiihonl any legal re-
sIraInl or control wha.eEer. increased bnih
The power aud disposition II tlrese banks
for extensive issues. I'm that, tie Co
vernmeRi seems to have administered
every possible proy0eaiInn In tie hanks,
TO induce them 10 extend their circulation.
Is uniformly. zealously, and successfully
opposed the land bill. mosi useful
measure. by which accumulation in the
Treasury would have been prevented;
and. as if IL desired and sought this accu-
mutation. IL finally resisted, With all its
power, the dernsiie AIMING the States.
II is advanced As a rPison for the present
overthrow. that an extraordinary spirit of
speculation has gone abroad. aud has been
manifested. particularly aud strongly. in
the endeavor 10 purchase the publlcslaHds:
but has not every scl of the Government
directly encouraged this spirit. II aecu.
mulated revenue which il Did moi neeh.
all Of which II Jeff TIA the deposile banks.
The banks had money 10 lend. and there
were enough who we're ready .n borrow,
far the purpose ot purchasing lhe pubic
lands at Government prices. The public |
Treasury was thus made the great aud ei- !
clent means of et9ecuug thuse purchases
which have since been 50 much denoun-
"ed a. exlravagant speculation and exlen.
slVe monopoly These purchasers bor-
rowed the public money: rhey used The
public money to buy the public property;
they sfeculaled on the strength Of the pub
lIe money; and while all this was gong .
on. and every man saw II, the A,llninlstra. !
ton resisted To the utmost nf its power ey. |
er! attempt to withdraw this money from !
the hanks and from the hands of those /
specula'ors. aud distribute IL among The |
people to whom IT belonged. II there
has been over trading. the Government
has encouraged II; II there has been rash
speculation 10 the public lands, the CO.
vernment has furnished the means out Of
The Treasury. These unprecedented
sales Of the public domain were buasled
Of as proofs Of happy state of things,
aud OF wise administration of the &c.
vernmenl, down to the moment when
Congress, in opposition TO Executive
wishes. passed The distribution law, thus
Withdrawing the surplus revenue from the
deposle banks. The success of tina,
measure compelled change in the Elk.
ecu,ye policy. as the accumulation of a
vast amount of money in the Treasury
was no longer desirable. This - the
most favorable motive To which | can
asrrIbe the Treasury order of July.
II is nov said that that order vas lssu.
ed for the purpose Of enforcing a strict
execution OF the law which iorbids the ;
allowance Of credits upon purchase. of
the public lands; but there was no such
credit allowed before; not an hour vas :
given beyond the time of sale. In lhr.
respect the order produces no difference
whatever. It's only effect is tn require
an immediate payment IN specie. where !
as, before. an immediate payment in the
bills oi specie-paylng banks was demand |
ed. There is no more credit IN the one !,
case than IN the other; and the Govern.
ment gets just as much specie in one case !
as in the other; for no sooner Is The specie.
which the purchaser is compelled to !
procure, often al great charge, paid TO the |
receiver. than 1t is sent TO the Deposit j
banks, aud the Government has credit !,
for IL on the books of the bauk; bur The !
specie itself is again sold BY the bank. or ,
disposed Of as it sees fiji. Il lie e,idert
that the Government gets nothing by all !
Tins, though the purchasers. and especial
ly the purchasers of small tracts, are pu, !,
to great trouble and expense. No one
gains any thing but the banks aud the
brokers. IL is moreover, most true. that
the art Of man could not have devised a
plan more efTectually 10 give The large