The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-05-12

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! fsneies and The decisions 70 which u has
given buah. Gentlemen. this 10 snhlsci
of delicsey, and one which IL 10 difhenli
20 treat with sufficient caution, in Q POI
POLAR and occasional address like this. ]
profess 10 be- bullionisf. in The usual
and accepted sense Of the word. ! am
for solid specie basis Tor our eirenls-
lion. as far - il may be practicable and
convenient. l am Tor giving no value
! 20 paper. merely - paper. | abhor pa
per: that 10 10 say. irredeemsbls paper.
| paper that may not be convertible into
, gold or silver al The will Of the holder
But While hold 10 all this. believe also
that On exclusive gold and silver circuls-
lion is an utter impOssibilily in the pre-
sent state Of Ibis country, and Of the
world. We shall none Of ns ever see ~;
and il is creduliIy and folly, in my opinion,
TO act under any such hope or expectation.
The states will make banks, and these
will issue paper: and the longer the GO
yernment Of The United STATES neglscIs
lis duty in regard to measures Tor regulsi-
ing the currency, the greater will be he
amount Of bank paper oSerspreading the
country. OF this ! entertain moi parIl-
Gle ri doubt.
While thus hold TO the absolute and
indispensable necessity Of gold and silver.
as The foundation nf our circulation, Vet
think nothing more absurd and prepnsie-
rnus than unnatural and strained efforts
10 import specie. There is but so much
specie IN the world, and its amount cam
not be greatly or suddenly increased
Indeed there are reasons for suppOslng
that its amount has recently diminished.
by The quantity used in manufactures, and
by the diminished products Of the mines.
The existing amount Oi specie, however.
must support the paper cireulslIous, and
systems Of the currency. not Of The Unl-
led States only. but Of other nations also.
One Of its great uses is 10 pass from
country To country, for the purpose Of
seIllIng occasional balances IN Commercial
: transactions. IL always finds il way. ma
turally and easily. 10 places where il is
needed for these uses. Blu, To take exc
trsordinary pains To bring il, where the
, course Of trade does not bring IL, where
. the state Of debt and credit does not re-
quIre il TO be, aud then 10 endesyOr. hy
other regulations. treasury orders, sccu-
mulalIuns al the mint. and other conITl.
vances, there 10 retain It, - . course Of
policy bordering. as It appears 10 me, on
political insanity.
II is breasted that we have ssventy-fye
or eighty millions Of specie now in the
country. But what more senseless, what
more absurd Than this boast, II there is a
balance against Us abroad, Of which pay
meul is desired. sooner than remittances
of our own products are likely to make
tina, payment! What more miserable
than TO boast 4 having that which is not
Ours,-which belongs to others, and " hich
the convenience Of Others. and our own
convenience also. require that they
should possess! II Boston were in debt
! TO n. York. would il be wise in Boston.
instead Of paying It's debt. To contrive all
possible means Of obtaining specie from
the New York Banks. and boarding u a,
home! And ys. this. as think, would
be precisely as sensible as the course
which the government Of the United
States at present pursues.
We have. without all doubt. q great
amount Of specie 10 the country, but IL
dues not answer its accustomed end, IL
does no. perform its proper duty. II nei
Their goes abroad To settle balances against
US, and thereby quiet those who have
demands upon US; nor is IL SO disposed
Of al home, as 10 sustain The circulation,
Ia the extent which The circumstances Of
the times require. A great part Of II lie
IN the western banks, IN The land offices,
on the roads through the wilderness, on
the passages over the lakes. from the land
Offices to the deposie banks. and from The
depOsite banks back 20 the land Offices.
Another portion is in the hands Of buyers
and sellers Of specie; Of men in the west,
who sell land office money TO the new
settlers for high premium. Another
portion, again, is KEEP, in private hands,
10 be used when circumstances shall
tempt to the purchase Of lands. And,
gentlemen, | am inclined to think, so
loud has been the cry abnu, hard mo-
ney. and 50 sweeping the Remuneration III
all paper, that private holding, or hoard
ing prevails TO some extent, IN different
parts of the country. These eighty nil
lions OF specie, therefore, really do US
liuIe good. We are weaker in our cir.
cula.ion, have no doubt, our credit is
feebler, money is scarcer with us, al this
moment, than If twenty millions Of this
! specie were shipped to Europe. and ge-
neral confidence thereby restored.
Gentlemen, | will not say that some
. degree Of pressure might no, have come
. upon us, II the treasury order had not been
Issued. | will not say, that there has
| not been ovsr.tradlnu, and over-prOduc.