The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-03-17

vernmeng cannot be perrDiiied % employ
ils iaeome II intsrnA improvements. Il.
forts viii Be made . ssdace and mislsad
the ciazens Of the several States. By bold
ing oui 10 shem The deceitful prospect Of
benefits % be derived from surplus re-
venue collected BY the General Govern
ment. and annually divided among Ihs
states. And IL. encouraged BY these fals
lacious hopes. the states should disEsgard
ihe principles Of economy which ough,
% eharacierixe every republican Govern
meni. and should indulge in lavish q
psndiIures exceeding their resources.
ihey will. before long. 6nd themselves
oppressed with debts which they are IN,
able 20 pay. and The temptation wall be.
come irresistible TO suppori > high tariff.
in order 10 oblsin surplus Tor dlsirlbu-
sion. Do no. sllow yourselves. nv eel
low citizens, 10 be misled on this subject.
The Federal Government canno. enlieci .
surplus Tor such purposes. without sio-
lsung The principles Of the constitution.
and assuming powers which have nol
been granted. ID 10 moreover. system
Of injnsliee. and. il persisted IN. will IN
esilsbly lead 10 corruption. and must end
in ruin. The surplus revenue viii be
drawn from the pockets Of The people,
from the farmer. the mechanic. and the
lsboring classes Of society; but who viii
receive il when distributed among the
states, where il is 10 be disposed " hy
leading Stale politicians who have friends
TO favor. and political partisans 70 gralIiyl
II will certainly not be returned N those
vim paid u. and who have most need Of
il. and are honestly entitled to il. There
is but one safe rule. and that Is. 10 cons
fine the General Government rigidly
within the sphere Of rs spprapriase du-
ties. ID has no power TO raise revenue,
or impose taxes. except Tor The purposes
enumerated IN the constitution; and Il rs
income is found 10 EXCEED these wants. u
should be forihwiih reduced, and the bur
dens III The people so Tar llghlened.
IL reviewing the conflicts which have
.aken place between dlfFeren, interests IN
tn United States. and the policy pursu-
ell sinee The adoption ii our present form
Of government. we End nothing that has
produced such deep seated evil as the
course of legislation in relation 10 the
Currency. The constitution Of the Uni.
ied States unQuesnanably intended 20
secure TO the people circulating medi-
um &c gold and silver. But the establish
menl of national bank BY Congress.
NJ privilege Of issuing paper money re
eeivahle IN The PAYMENT Of the public
dues, and the unfortunate course Of legs
lalipn in the several states upon the same
subject. drove from general circulation
CHI constitutional currency, aud substitute
ed one Of paper in its place.
Il was not easy Tor men engaged IN the
ordinary pursuits Of business. whose al.
tenlion had not been particularly drawn
10 the subject. 10 foresee all The conse-
quences of currency exclusively OF pa
per: and We ough, not. on that account,
70 be surprised at the facility wiIh which
laws were oblained 10 carry into efTeel
the paper system. Honest, and even
enlightened men are sometimes misled
by The specious and plausible statements
Of the designing. Blu. experience has
now proved the mischlefs and dangers al
paper currency. and ]. rests with you
% determine whether the proper remedy
shall be applied.
The paper system being founded on
. pubic confidence. and having Of itself no
Intrinsic value, IL is liable 10 great and
sudden fluctuations; thereby rendering
! properly insecure, and the wages Of labor
unsteady and uncertain. The corpora
= lions which create the paper money can
moi be relied upon to keep the circulating
medium uniform in amount la time'
Of prosperity. when confidence is high
they are tempted. by the prospecs o
gain. or by The influence Of those who
hope 20 profit BY il. TO extend their -
sues Of piper beyond the bounds Of dis
screrion and the reasonable demands o
Business. And when these issues have
4. been nushed on. from day 10 day. uni
pubic confidence 10 at length shaken
fhen reaction takes place. and they i'm
medisseIy withdraw the credits they hsv
gwen; suddenly curtail their issues; an,
profuce an unexpected and ruinous con
trsction Of Tie circuisiing medium, whicl
is felt by the Hhole community. 'Ih
banks BY this means save themselves
and the mischieyous consequences Q
their imprndence or cupidity are vlslle'
upon the public. Nor does the evil sloI
here. These ebbs and flows in the cur
rency. and these lndiscreet extensions 0
credit. naturally engender a spirit Of spe
eulasien injurious % lhe habits and cha
rac,er Of ibe penpla We have alread,
seen us effects IN he Wild spirit Of specu
lauon in the pubic lands, aud varIou
kinds Of stock. which. Within the las
year or Two, seized upon such multi
iude of our citizens. and threatened d
pervade all classes nc society, and d