The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-07-07
DR.. MONTGOMERY.


Institution. he Is desirnns thai llle fiaan-
eial concerns Of The Federal Government,
shall be separated from al Banks. His
opinions are decidedly in favor ofihe con-
slliuiIonal currency; he would have The
Government pay and receive no bill, ex-
eeps the notes Of IFS own Treasury. (or
such paper, as would be an equivalent 10
the national currency,) which he is in IA
yor Of issuing for the convenience Of
those having dealings with The Govern
menl. and for the accommodation Of the
public Al large. He is unwilling 10 see
any corporation trusted with controlling
power over the currency VI The Govern
menl, BY which its uniform value or guam
uiy can be regulated; that being power,
he thinks, not only unconstitutional when
so entrusted, but TOO near and dear 10 The
people, ever To be placed any where, ex-
cept where the Constitution has directed;
viz: in the hands cf The Representatives
Of The People. in the Congress Of the
United States. Should Congress be 80
unwise Is TO delegate this power To be
used OF abused by others, u pleasure;
We assure the people. that Mr.. MOnlgo-
merry will mol be found among those " no
will adopt go suicidal, a measure. He
will not oppose, but favor the emission
of Government paper, IN SUNS moi less
Than sIO; based upon q specie deposiie,
10 be provided by Congress; which body
IL pledged for the retention Of The paper
when demanded. lie u opposed 10 any
eonnexion with individuals, or JOINT stock.
holders. incorporated 10 give the nation
acuHency. These are his cardinal points
in relation 10 the cunency; and in detail,
he is willing Ia carry them out, aud ex-
tend them, ~ the way and TO the extent,
best calculated 10 promote the interests OF
the country aud 10 meet the wants OF the
people"
The above article is copied from the
Raleigh Standard. We publish il for the
tASo-fold purpose ofmrking known TO the
pcoule Of this congressional district the
Dr.'s .aai1ei sentiments in regard TO the
hes, step to he taken for relieving the
country from the great inconyeniences OF
exchange un,ser which the people labor;
and Of exposing the fragile basis upon
which the, have been founded.
A short tin,e since the DIR. made some
expression of his opinions then held, in
our presence: lie stated distinctly that
his opinion was that we could not get on
without National b'ank--tor that had'
been tried. lie went ol' further TO state
a plan for the formation o. bank. lie
proposed that the stock should be diyid-
ed in proportiona,c shares amGng the Sc
veral states; and that there should be a
a branch in each siate.--the directors, &c.
Of which, to be appointed BY the stats;
that there should be no individual stock |
holders; and the capital to be 100000,
600 millions of dollars. This was OBJ
jected TO upon the grounds Of the liabili-
~ Of party politics controlling the elee-
ton OF officers, and the probable want OF
uniformity in conductin the whole; which
would be quite as bad as the Pet Bank
system. The Doctor then somewhat mo-
diied his expression. so as TO allow the
states but two-thirds or one-half Of the |
stock. This met with less opposition.
In further conversation il was remarked
by one Of the dispu,ants, that he would
rather the whole of the public treasure
was sunk to the bottom Of the ocean, than
il should be formed into National Bank,
and be under the control Of the President
The Doctor responded ." would too"
He expressed his decided hostility to the
late Bank Of the United States, which
was founded on the charges made against
that institution!
This is the sum and substance Of the
Dr. exposition Of his sediments in our
hearing; it would seem from the Stan
darl's article that his specializing genius
has noe matured his opinions and that
he is ready to join the " experimentalists'
in prosecuting another grand design set
forth by that great financier, prophet, &c.
Francis P. lBlair;- but which the editor |
Of the Petersburg Constellation thinks
must have been suggested BY instinct, or
its own intrinsic mcrits!--it being some
what remarkable that himself, the editors