The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-15


20 The EKrcnnFe 5ul what : necessary
70 he discharge of ne daies lnPosed On
him: ard whsieEer plan nay Be nlsimaie-
IN established. nv 0an fsFl shall De 50
discharged = 10 give 10 !. fair trial. and
the best prospect n success.
The eharaler Of The fuasis 10 be reeelF-
ed and discussed in The sanssenoas "iihe
Government. like~lse demands your
most careful eOnsid@raIius.
There can Be NO doabtIhsi those Who
framed and adopted The Constitution,
having in immediate view the depreeiai'
ed paper Of tie conlsdergy-"f Shish
Eve hundred dollars IN P4'fT were, 81
times, only equal le one ddlar in COLI
inlezded 10 prevent The recurrence OF ST.
mllsr evils. so far Al least a. related IN
the Transactions Of the new Government.
They gave to Congress expesss powers
10 coin money, and ~ Tsgulae The salue
thereof. and 0f foreiga cam; they refused
10 give il power 10 establish corporations
the agents, then as now chiefly EN-
ployed 10 create a paper currency; they
prshihilrd the States from Making any
hing tui gold and silver legal iender IN
payment of dehs; and ll,e 6HI Congress
directed. by positive law, thai the rsre-
nue. should be received in soIhlng hut
gold and silver.
Public exigeney a, Ire outset Of the
Government, without direct leglslaiiEe
authority. led to The use al hanks IS It's
cal aids 10 the Treasury. In admitted
deviation from the law, At the same PERI
cd and under the same exIgsncy. the Ne
cretary Of the Treasury rfeelyed their
notes in payment Of duties. The sale
ground on which the practice thus COM
menCed. was then, or has since. heen
justified, is the certain, immediate, and
convenient exchange of such notes for
specie. The Government did indeed re-
ctive the ineonveFihIe notes of State
hanks during the diiiicuilies 81 war; and
the community submutnd without mur-
mnr To the unequal tax5llon and mulnpll-
ed evils Of which such a course was pro-
ductive. With the var. this indulgence
ceased, and the banks we're obliged again
90 redeem their notes in gold and silver.
The Treasury, IN accordance With prsvI-
ous practice, continued 10 dispense with
the currency required by The act Of 1889.
and took the noles ri banks in full conf
deace Of their beng paid in specie on de-
mand; and Congress. to guard against The
slightest siols,ion of this principle, have
declared, by laV, that il no notes are
paid in transactions Of the Government,
il must be under such circumstances IS
TO enable The builder to convert them into
specie without depreciation or delay.
OF NV own duties under the existing
Laws, when the oanks suspended specie
payments. I could not doubt. Directions
we're ImnrdIa,ely given tn prevent The
reception mIo the Treasury of any thIng
but gold ard silver or is equivalent; aud
every pracsit qble arrangement, VAS made
IT, preserve tie public faith. BY sImllar nr
eqwNs,snt payiaents TO the public credit
ors The revenue from lands had been
for some Time Substantially so collected,
under the order issued b. the directions ol
my predecessor. The effects oil tina, Or
der had been so salutsry, aud tie forecast
IN regard 10 the increasing insecurity Of
bank paper had become so apparent, that.
even before the catastrophe. had resolved
not to interfere WIN lis operation. Con-
gress is now to decide whether the rese-
nue. shall continue 10 be so collected or
not.
The receipts into the treasury, Of bank
notes not redeemed in specie IN demand,
will not, presume, be sanctioned. II
would destroy without the excuse Of war
or public distress, that equality ofinports
and identity Of com .ercIal regulation,
which lie at the foundation OF cur conied-
erscy. and would offer 10 each state, a
direct temp,stIon to increase IT. foreign
trade, by depreciaiing the currency re.
ceived for duties in its ports. Such a
proceeding would also, in great degree,
illustrate the policy, 20 highly cherished,
Of infu,lng into our circulation larger
proportion Of The precious mataIs; a poll.
cy, the wisdom Of which none can doubt,
though there may be different opinions
as 10 The extent to which Il should be car.
riud. It's results have been too susplcioss
and ns success i. too closely interviewer
with the future prosperity Of the country
10 permit Us for mnmen, 10 contemplate
lis abandonment We have seer, under il.
Influence, our specie augmented beyond
eighty millions; our "olnage INCREASED su
as TO mike that of gold 4muunt. h''ween
Augu-i 1894. and Decnmher 1896 to
! ten IN lh9as nj dollar; exceeding the
Whole c0Insgr at the mint during tie
thr'E -nne prPvious years. The pros.
pes II further improvement. continued
without sbatt menI, unill the moment oi
'be snspehs,on Of Specie payments
This policy has now indeed been sudden
ly checked; hut Is stll far 4 I'M being u