The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-20


sphrre, .lsas o. afording temporary credit
u commercial and business men. bank
nodes wnnld furnish safe and convenient
eireulaiian 10 lhe range o. The circle Of
eanmerre and business, within whieh
he Banks nav be respectively situated.
exempt almost entirely from those Ruciu-
slions and cansulsians % which they are
nos sa exposed: az il they should occa-
sianally b. sabieci % them, Ihe evil would
NJ lncal and temporary. leaving nRtsisiurb-
"A the action nf tie Government and The
general currency II tie country. On The
stability NJ shirh the prosperity and sale
~ NJ the community 50 much depend.
| have now stated my objections 10
The reunion af the Government and The
Banks. IfIhey ARE well founded; if ihs
State Banks ara al themselves ineomPe-
lent. agents: IL Bank III The Uniled States
be impractrahle. or IL prarlleahle, would
al this time BE- the deslruelInn of large
PARTON 81 the existing Baaks. aud al
renewed and severe pecunisry distress;
IL u would he against the seilled eonTIe-
lion of an old and powerful party. whose
appOsiiinn time esnnoi absie; II the un-
ion of Government and Banks adds 10 he
unfiiness of their notes for eiTeulsiinn,
and he unjust aud unequal bs<ween citizen
and citizen. and one portion Of the union
and another; and finally. il iI would ex-
rite an implacahle and obstinate war.
which could only terminate in the nIeI-
throw Of the banking system or the
institutions Of the country; IL then remains
that the only alternative would he perma-
nfnily 10 separate the two, and 10 Teor-
ganiZe the Treasury 50 as Ia enable il 10
perform those duties which have hereto
FIRE been periurmed by The Banks. as
its fiscal agents. This proposed reor-
gauizailon has been called sub. Treasury
an unfortunate VOID. calculated tn mis-
lead and cnniure up difficulties AMI
dangers thai la no, in reality exist So
FAR from IN experiment. ar s0re new
device, II is only returning To the old
mode Of collecting and dishursIng public
money, which, lor thousands ii years.
has heen the practice nf all enlightened
people iill within the last century.
In what manner II Is intended 10 reor.
aanize the Treasury by the bill reported.
| do not know. have heen too much
engaged 10 read II; aud ! can only say,
that for one. shall assent To M arr. ngt-
meni which provides for a Treasury
Back, or that can be perverted into one.
II there can be any scheme mure fatal
Than a reunion with the Banks al this
time, 1t would be such a project. Nor
will ] give my assent To any arrangement
which shall add the leas, unnecessary
patronage. lam the sworn foe To patron
age; aud have done as much and suffer-
ed as much in resisting il, a. any one.
Too many years have passed over me 10
change. at this late day, my course or
principles. But will say. that II is
impossible so 10 organize the Treasury
for the performance Of its own funrilons.
as to give In the Executive a tenth part
of the patronage it will lose by the propos-
ed separation. which, when the bill Tor
the reorganization comes up, may have
an opportunity 10 show. | have ventured
this assertion after much reflection. aud
With entire confidence in its correctness.
But something more must be done be-
sides the reorganization Of The treasury.
Under the resolution OF 1916 bank notes
would again be received in the dues Of
the government If the banks should re-
sumo specie payments, The legal. as
we'll as the actual connection. must be
severed. But am opposed to all harsh
or preclpits,e measures. No great pro.
cess can be effected without a shock but
through the agency Of time. ] according
ly propose To allow time Tor The final &C.
psralion; and with this view. | have
drawn up an amendment to this bill,
which | shall offer at the proper time,
10 modify The resolution Of 1916, by pro-
yIding that after the Isl Of January next,
lhree-iourIhs 81 all sums due to The 90
vermont may be received in the notes Of
specie paying banks; and tina, after the
Isl Of January next following oHe-half;
and after the LIST ol January next subse
quen, one.four,h; and after the Isl Of
January thereafter nothing bul the legal
currency Of the United States, or bills,
notes, or paper issued under their aulho.
rily. aud which may BY law he aurhoriz-
ed 10 be received IN their dues. II The
time is not thought to be ample, AN
perfectly disposed 10 extend it. The Pc
rod IS Of llIIIe importance in my eyes, so
thai the objec. be effected.
In addition to this, il seems To me tina,
some measure. Of a remedial character,
connected with The currency, ought To be
adopted 10 ease of the pressure WhiIe the
process is going through. Il is desirable
that the government should make as lev
and small demands on the specie market
as nosslhla dntin,Y the ,s,ne a.. ms A.. IL ..,