The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-03

lhai whenever IN situation % expires
bic AVA deliberate eaasirbaas upon
his i,npnrianl -ubjeei they have uafara.-
IL been ~ our fasar
AZ member II Ihr fifss eshlnei form
ID under aur Cnasnla,iop. M. rr-ammsn-
ded Plan similar 81 ours 70 Pr siient
Washington. and IN . rnmpsFshFelv re-
rent letter ~r,Irn upon lhls subject his
srntimesls are III 9Th u. III, iake
The liberty Of reading portion afhl let
Ter tIhe Senate. and all read lie
more nf IL because some few setlrrees
have a bearing upon subtle d'srus-
sed . Few DAYS ago. relative 10 the lssue
of treasury nniss. Here Mr.. S. sad
from ihr Gonrih volume "f NJ. JPlfersan's
works. letter me 9Oih, 10 John w. Eppes,
which is published . ~ appendix 10 lhls
speech. Wnen " = had iinIshed read.
ing. be proceded.) have lnrs. VIZ. Pre-
sideni, read frnm tins ieiler, for ne dnu-
hle purpose of showing VI. Jsiersan's
views upon Sc matters ia question. and
Of fortiil lne as self with hIs authnn,t 10
an opini"a EXPRESSED nv me some time
ago, iha, The banking system as nnw .,sac-
used IN this cOurlry, Is a manifest .,,ur-
di,y. have non closed all Ina, nave
tn say upon The matters under cunsisisra-
non, as touching merely the n.eal con-
concerns III the government ard viii pro.
nco1 Ia he Ian .fla.
Them as sfec,lng The currency Of tie
country. and its commercial prosperity.
am nexi A. buefi, - possible 10 con-
slider The subject as rslsics to The currsn-
cy; ard upon this point, | agree fully
With ,m President that there is nn con-
snsnlI"nal power in Congress 10 rrgu-
b late the paper currency Of the Sialss.
The Constitution Tuly has gwen The pow
er IA Congress To coin money and relu-
late the value thereof. aGd oi forelgG ra,n.
The power conferred then Is over c"in
only; and whatever verbal dissgrrsmrnts
may have arisen among Us. no ont pee
sumo will contend that any spscies Of
paper money is included under lie irrm
coin. SO much for the leiIer It The con
su,uiion; and the spirit &C u, lhlnk re
gentlemen will insist Ihss IL has sp'n1
is equally against H. Any QUE VITO will
examine us various provisions. eanHot
lall ID perceive that its Wise and ssgaci-
Gus trainers looked With the nlus, il slous
eye upon paper currency and fiAed .heir
hearts upon the precious metals. as the
only proper circulating medium for his
Great Union. as sanctioned by public au-
thoriiy., To the General Guvernment no
power was given land as Ibe h,s,nr, "f
The tine shows Us, was purpossis' With
held 10 create COMPUTATIONS witln.u' lie
District, where its Legislative power is
absolute. TIE same power never na,ing
been taken from the States, (as has been
expressly decided WI. lett 10 them vItIl-
IN their respective limits. aud all If them
have exercised It. To ihen therefore,
p, il belongs to regulate, II they can, these
? creatures Of their own hands: certain it
is no power IS conferred upon US BY The
Constitution To do So, Il. is c"nten-
+! ded, however. that although we have 20
direct power to regulate the paper curten-
cy Of the States, we NAV do So indirectly.
admll that if in The pursuit Of our iegit.
innate objects We should incidentally a.
doPtmeasures affecting the curreney, We
shall not be subject to blame, and Il they
| affect 1t beniicaily so much the better.
But we have M right. under the mere
pretence OF furlhering an objec, placed by
the Constitution within our control, III be
J aiming in fact at the regulation Of another
not SO placed. |, is fraud upon ,heua-
ton, upon our constituents aud ourselves.
Such was the process by which the obi
Gus, unjust, and unconstitutional mea-
sure oil tariff for protecuon was fas,en-
ed upon Us, in the resistance of which
portion Of this Union was placed in hos
| lille altitude against the remainder. Akin
to this. IS the proposal of imposing a
stamp duty on all bank notes below GER
tain denomination, and all other mea-
sures far the potential exercise Of powers
suds VIC oduuN upeuty CidtWs
But ifyou had the constitutional power,
you have not the physical power, Ia con-
troll currency furnished by corpora
tons. | have already made myself
Ineligible, | trust, upon ina, point. and
shown that bankruptcy law, the mos,
probable means of control, is not within
your reach. The plan proposed by The
Senator from Virginia is altogether made
qua.e; il wants both vigor and quickness
of action, and in my judgment he nigh,
as well attempt to sweeten The bitter
waters Of the Dead Sea, by dropping in
Jumps Of sugar, as TO infuse health and
soundness into the diseased paper circals-
,ion by his feeble process. II can only
operate upon those banks who agree to
eceive your deposi.es aud whose paper
you agree to receive in the paymen. Of