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

wauid suppose. j. very sollri,ious :. !.
point
Bnl ! "a farther. an nf she;
sinn. % make tlis great measure - -
iui, end secure i sgsinss rssrlise
safe snd sisble mFliua. n eirrul,,,a.
take the place u hank notes IN N. =
operations II gnf@rnmenl. oush, 4 -.
sued. | inIshd II pEnpase no,hi,s
1.ald b. impossible. aiih 50 "a,
weight ~ opposition. % pass M
sure wilheai The entire support ni,ls.s
mlnislr.llnn. aud. II Il were. Il ou,l,
10 hr attempted where 80 much mn, =
pend IN The mode of execution ~
hest measure thar could Be- devised 80.
ls,l, aud impose heavy respoaslA,l,s /.
rs aulhnr. unless u nset with ll,e k,.,-
Appreciation If ihnse y h. are h s,...:
IL. |, ihsn. lnlend m.rely 70 I'm. -.
suggestions. in order 10 excite he -.
ilan ii others On 4 sublsel 50 deiie.,s
II 50 much importance, acting on !.
principle thai il 10 Ihe duty ii IN IN
great . junetnfe, 10 present their t,.w.
without reserve.
It's. then, nv impression Thar /,
present condition nf The world, ! ~.
currency IN some form, II not Esse.s,,,
is almost indispensable. in iiusnt,,l ~
Commercial operations pf civilized a.
extensive communities. II many rsss.r.,
il has a vast superiority nssF mel
currency, especially 10 great and Ell,
ed transactions, by It's greater eleass..
llghlness, and The facility II determn
the amount. The great desmera.ur, j.
to ascertain wha, description oil o..
has the requisite qualities of being IN.
from furtualloh ~ value. and liability IA |
,huse in the greatest perfection. IL.
shawn. ! trust that the bank nu,es d. 81,
possess these requisites in q trprse a.
tisieG,ly high for this purpose. igo IN.
Iher. u appears Co me, afler b,slawnr
the hest rrfleeiion ran give the .uhlfe,
that no com erill,le paper. that is, 10 n.
per whose credit rests upon promisf 70
pay, Is suitable for currency. Ilis he
form ri credit proper in private lrasae.
hons between man and man, but moi In,
q standard Of yaine To perinrm exehar.
ees generally. which constitute the a.
proprlale functions ri money or cure.
cy. The measures of safety in the ,aa
eases are wholly different. A PRONE.
soIy note, or convertible paper. is con-,
dered safe. 50 long as The drawer has sul.
pie means tn meet hls engagements, and
IN passing from hand to hand. regard il
had only to his ability and willingness 10
pay. Very different is the case in cur.
rency. The aggregate value Of The cur.
rency Of country necessarily bears a
small proportion 10 the sggIegale value
Of lis property. This proportion is nOI
well ascertaIned, and is probably sub.
Jecl to considerable variation in dlileren,
countries, and al different periods in he
same country. Il may be- assumed con.
JecIurally, ~ order to illustrate what |
say, Al one TO thirty. Assuming this
proportion 10 be correct, which probably
Is not very lar from the truth, il follow,
thai IN a sound condition Of the country
where the currency is metallic, the sg
gregale value Of The coin is not more ihan
one IN thirty Of the aggregate value Of
the property. ], also follows, that an 10.
crease in The amount OF the currency, by
the addition Of paper circulation ol 10
intrinsic vslIe, but increases The n0nInsl
value OF the aggregate properly Of tie
country in the same proportion that tie
increase bears 10 The whole amount Of
currency. 80 ths, il the currency be DIT.
bled, The nominal value OF The progeny
will also be doubled. Hence il is, that
when the paper currency al = country is
IN the shape al prtmissory notes. lhtre is
a constant tendency 10 excess. WeloCk
Tor their SAFETY TO the ability Of The draw
err, and so long as his means are ample %
meet his engagements, there is no dis
trust, wi,hou, rejecting that, considered
as currency. il cannot safely exceed ere
in thirty IN value con pared TO properly
and the delusion is further increased ty
tie constant increase ia value II properly
with the increase Of the notes in clrrpIs'
lion, so as TO maintain the sane ielsu'e
proportion. I, follow that government
may safely contract debt many unt'
the amount Of It's aggregate circuIan'hi
but. il ii were TO autmpt ,o pot It's I1o'
mlssory notes in ejaculation IN amt'r'
equal 10 us debts, at explosion IN the cur
Ttney would he inevitable. And hfFrr'
with ether causes, tie constant Tendency
10 an excessive issue Of bank notes 10
prosperous times, when so large porn0O
OF lie ctnn uri'y RE tnx'ous 70 chan
acct q mediation, ~ dwhu are disapIoIhHa
when negotiable paper is refused By III
banks. not Ieileclng that il would pol u
safe to discoun. beyond the limits b'''
assigned lcr a sale circulation, loHe'e'
good The paper offered. .*+
H.. fK