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

ore Mare sHd za0iasFs thEs cluaaAfsi
ana n..k,rr nnrerlain shr Marih u prop
auy and IL prlre a lsb0f, and iailingio
snbssrrr. except u > hessy l0ss. me pur-
pa@s. NJ business. With eack sueerfd-
,us dav he metallic currency decreases;
NJ some il j. boarded IN The nsinrsi lear
tial, oare parted Elih. 4 cannot be re-
n aced: whl!e hy olhers II i diverted from
a. more legliimsls nsss for the sake. 81
cain. Should cnagress sanriion i''Is
condition ol ihinss. by making lrredeem-
able paper money receivable ~ paymfHs
ni pnhIic dues. a temporary check 10 =
use aid saluIaEs policy vii IN al Prohs-
b,lsly, BE- converted inla lie sbsolu'e de-
slrariinn,
4, q true that hank noles. actually ron
yerlaale inio specie, may he Tre'ered IN
rayn,eni al the TeseEne. wI'hoRI hr'ng
iisbe 10 Ill these nhjfeueas; ard ihai
sneh q course may. 10 some extent. pr"-
mote indlrldnal enuvenisnee--an ohIseI
alssys "a he rnnsldeFsd y hFFe Il does
noi ccnilici with lhs pliOripifs 1t "nr
Government. or she general welfare 81 'he
rnnn,ry. l.such aates eaiy were Tecsisti
and always under circumstance slow
ing their early pressntllon for pay mfT';
ard, IL al sholI and ixrd perluds. lhss
were concerted into specie. 4" bs kept
by the officers Of the Treasury, sone III
the most serious obstacles Ia their rseeP-
ton would perhaps be removed. Tore
,sIn the notes IN the Treasury, would he
to renew, under another lOTm, the loans
Of public money To the bsuks, and the e.
wills consequent thereon.
Ilis, however, q mistaken impression
that any large amount oi specie u Tsqri-
ed Tor public psymsnls. Cd the seven
~ or eighty millions nov esWmaisd Ia he
10 the country. ten millions would he -
bandanlly sufficient Tor .hs. purpose. pro-
vIded an accumulation 81 a large amount
nj revenue. beg ond lie necessary wants
of the Government, be hereafter preEen-
ted. II to these considerations be added
, the facilities which will sTise lrOm eBa-
! bling the Treasury 10 saitsi, tile pIblic
, crrdiiors. BY lis drafts OF noies receivable
/ in payment Tor the public dues. ~ msy be-
! safely assumed that no mouVs Ut conEe-
, nience To the citizen requires 'he recsp-
! ton oi bank paper.
1 To cay that the refusal Of paper mo-
I nsy By the Government, Introduced sn
unjusi Discrimination between the cuTren-
, c. received By q, and 'ha. Used BY IndI-
yilusls in their ordinary affairs, is, in my
! judgment. 10 view II in a very erroneous
light. The constitution prohibits the
states from making any thug Get gold
and silver a tender IN paymen ii debts.
! aud thus secures 10 every cIizen right
TO demand payment in the legal Currency.
I To provide BY law thai The Government
sill only receive is dues in gold and sill
. yer, Is not TO conler on II any peculiar
privilege; hut merely to place u on an
J equality with the citizen, BY reseTslng 10
! it right secured to him by the Consil.
, tuGiou. II - doubtless Tor this reason
thai the principle hss been sanctioned by
successive laws. iron the time OF the lirst
Congress under the constitution down "a
the last. Such preeedshls, never object,
ed To. and proceeding from such sources
afford decisive answer 10 The iDpulauor
Of inequality or injusuce.
= But, 10 lsc,, the measure is one Of re-
strlchon. not Of favor. TO forbid the pub.
lIc sRent TO receive in payment any 9th.
er than certain kind Of money. is 10 re,
fuse him discretion possessed by every
citizen. Ii may be left TO those who
have The management OF their own trans
actions, 10 make their own terms; but nc
| such discretion should be given 10 him
Who acts merely as an agent Of the peo
pie, who IL TO collect Whist The law re,
qulres, and 10 pay The appropriations il
makes. When bank noIes are redeemed
on de mand, there 10 then no Discrimination
in reality, for the individual who receive,
them may, at bis option, substitute tn,
specie Tor them; he takes them from con
venIence or choice. When they are no
so redeemed, il will scarcely be commended
that their receipt and payment. by pub
lie officer, should be permulec, though
none deny that right to All individual; i
it were, the effect would be most lniuri
Gus to the public, since their officer coulC
make none OF those arrangements TO NEE
or guard agalns, the depreciation. Which
an indIv,duaIis at liberty 10 do. Nor can
inconvenience TO the community be al.
legged as an objection 10 such a regula'
ton. Its object aud motive ate their con
! veuIeEce and welfare.
! II. at moment Of simultaneous ant
unexpected suspension BY the banks, i
adds something to the many embanass
ments of th*t proceeding, vet these ar,
far o'erbalanced by its direct tentency Il
produce wider ejaculation OF gold ant
silver. to increase the safety of bank pa
per, to improve the general currency, ant
thus to pre- snt altogether such occurred