The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-10

being indehnllely or per-
~ kxed upon the People. that liIls
n with approximations. Our great
Iecs should Be % rs-eslablish > sound
Iarency. and thereby 10 restore he
exchanges. and revive the business Of The
:. esgntry.
y The FIRST impression which the mea-
snres brought forward By The Adminisira-
ton make is. that Ihey consist Of tempora-
~ expedienls, looking 70 the supply Of
ths necessities Of he treasury; or. 80 far
as any Of them possess permanent cha
racier, its tendency Is rather 10 aggrayaie
than alleviate the sutFerings ofthe People.
None Of them proposes 10 Tseiily The
disorders in The acinal currency OF the
country; bur the People. the States. and
their banks. are left 10 shift Tor themselves
rs they nav or can. The Administra-
ton. aiier having interviewed between the
Slsies and their Banks and taken them
into The Federal service, without the
consent Of the States; after having pulled
and praised them; after having brought
them. Or contributed TO bring them. into
their present situation, now suddenly
turns rs back upon them. leaving them 10
their faIe! II il mol content with thar;
j, must absolutely dtscrediI their issues.
And the very People who were told by
the Administration that these banks would
supply them with a better currency, are
now Left 10 struggle as they can with
The very currency which The Govern
ment recommended 10 Them. but which
II now refuses itself 10 received
The professed object Of The Administers
lion is 10 establish what il terms The
currency OF the Constitution. which IL
proposes 10 accomplish by restricting the
Federal Government, IN all receipts and
payments. 10 the exclusive use Of specie,
and BY refusing all bank paper, whether
convertible or not. II diselslms all
purposes Of Gripping or putting down
the banks Df the States; but we shall
better determine the designs or the effect
of ihe measures recommended. by con-
sidering them together, as one system.
l. The first is the sub-Tressuries,
which are to be made the repositories OF
all the specie collected and paid out for
the service Of the General Government.
dlscrediiing and refusing all the notes Of
the States, although payable and paid in
specie. de-
2. A bankrnp. law for The United
States. levellrd al all The State banks,
and aulhorIsing the seizure Of the efscts
of any ofthem that stop payment, and The
administration Of their effects under The
Federal authority exclusively.
3. A particular law for the District Of
Columbus, by which oil the Corporations
and People Of the District. under severe
pains and penalues. are prohibited from
circulating sixty days after the passage
of The law, any paper whatever not con-
vernble Into specie on demand, and are
made liable 10 prosecution by indici.
mepi
4. And lastly. the bill to suspend the
payment Of the fourth lnstslmen, to the
States, by the provisions of which the
deposite banks indebted 10 the Govern.
meni are placed at the discretion of the
Secretary Of The Treasury.
II isimpossible to consider this system
without perceiying that il is aimed al,
and, il carried out, must terminate in,
the total subversion Of the State banks;
and that they will be all placed a. the
mercy of the Federal Government. Il
10 in vain 10 protest that there exists no
design againsl them. The effect of these
measures cannot be understood.
And why this new experiment. or un-
tried expedient! The People Of this
country are tired Of experiments. Ought
no; The Administration itself to cease with
them! Above all. should not the Senate,
constituted as il now is. be the last body
TO lend itself to further experiments upon
the business and happiness Of this grea.
People! According to the latest ex.
preston Of public opinion in the several
States. the Senate is no longer a true ex-
poneni Of the States or Of the People. II
it were. there would be thirty-two or
thirty-lour Wings to eighteen or twenty
friends Of the Administration.
Is il desirable to bsnish a convertible
paper medium, and TO substitute the pre-
cious metals as the sole currency 10 be
used in all the vast extent Of varied busi-
ness of his entire country! ] think not.
The qusn,itv Of precious metals in the
world. looking to OR far iistribuive
share Of then. is wholly insufficient. A
convertible paper is grea, uine-savins
and Iabor-ssving instrument, independent
of lis superior advantages in transfers and
remitisnces. A friend, no longer ago
shan yesterday, informed me Of single
bsuk whose payments and receipts in one
dsy ahouDted 10 tao millions OF dollars,
What time would not have been necesss-
II To count such a vast sum! The pay
men,s, in the circle of year, in the sIty