The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-29

manner 10 which ihe Secretary had car 4
risd The deposile lsw into execution. in
making transfers ofspeeie between distant
places N such manner % 70 cFeaie
disturbance N business sifaifs, and lead !
% Gripping Of The banks. All these
circumstances. Nc. IT. commended. had |
produced The destruction Of confidence;
thls destruction Of con6dence flowed from
The acis Of Government itself: and Was
moi The fault Of the banks. nor errors be-
longIugio The banking system.
Mr.. j, proceeded, 81 great length. 10
examine The question Of The expedleaey
and policy Of adopting The sub Treasury
system. In The course Of his remarks,
he observed, in substance, as follows:
IL. The system, il carried into efert.
viii be the cause Of total ruin and peTdi-
ton 90 The country.
ID. ID is physically impossible 10 be
carried into execution in New York.
3D.. II will produce complete. univer-
sal. and far-spresd slagnalion Of business.
9Th. !, will rause The working men
10 be thrown oul Of employment all over
The country. making The manufactures
add every branch Of Business 10 come 10
siand-slIll for want of OF money % carry
them an.
5lh. Il will render The resumption Of
specie payments impossible.
oh. Il Will render money ruinously
scarce. -.
| 7lh. Il will cause property Of all kinds
10 fall ~ q ruinous degree of dePrecis-
ton. ~.
9Th. II will throw gold aud silver into
the hands Of cfiieehulders. giving them
| l0Or 10 per cent. more Than Congress has
allowed Ihem farihelr salary, while it will
leave to the People deprecated eurrea-
ey. s.
| 9th. The public funds have been AZ
ways safe in former Repositories; ihey
cannot be safer in The hands Of individual
officers. spread over the country.
| 10Th. The banking institutions Of the
country will be obliged 10 wind mp their
concerns.
| lIih. Il il an snti-~publiesn scheme.
dangerous To liberty; il is an alliance, not
q dryorce-a marriage within the uulaw-
ful degrees Of powers which are too near
10 kin, and ought no. Ia b married.
| When Mr. 7. concluded.
| Mr.. STRANGE. Mr.. CALHOUN.
and Mr.. RIyES each made some further
remarks on incidental points. aud in ex-
planalion. After which.
Mr.. BENTON took The floor. and
spoke until 4 o'clock. in support Of the
bill. &c. When he had concluded.
On mnlion Of Mr.. KING. Of Georgia,
the Senate adjourned.
! In the House Of Representatives., as
usual. a large number OF memorials were
presented, demonstrating against the an
nexa,ion OF Texas to the Union.
Mr.. Wise's resolution was then taken
up, and the debate continued until the ex
: piration Of the hour; when the House
proceeded TO the orders of the day, and
in committee o. The whole, resumed The
consideration OF the Deposite Postpone
menl Bill.
4 Messrs. G. Shepard. If N. Carolina
and SlbIty, Of New YnfS. s"crrss'rrly
addressed the committee against 'hr bull
The committee was further ah,ires set
, al length by Messrs. eastman. al New
hampshire. HoIsey, Fairfield, and Par
, ker, in its favor,
Mr.. r. q. J. Smith. having next OBJ
tanned the floor. moved lor the rising o
, the commiuee: when
: Mr.. Cambreleng urged The necessit,
, of proceeding: he stated that in conse
, quence Of the passage If this bill by III,
Senate, Important changes had takeI
: place in the financial attitude Of the Go
I vernment. and that should not The bill b,
passed by the House IN one week, tn
. Treasury must stop.
, The committee however, rose; aud
. Mr. Foster moved that The House ad
! journ. ~
= On this question Mr.. Cambreleng de
manded the yeas and nays; which. bein!
taken, resulted as follows: Yeas 90, Nay
IS. So the House adjourned. ..
n ~Uo@@
.fmsricn, Saiuary uarbie.---We hav