The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-10-04

isifs oil Tie people, BY Jndieions at
rangelpeni Of Ihe state banks. do mol
~ all doubt; and the failure Of The INA.
chine constructed out Of them, is no more
conclusive against them. Than Ihe break
ing Of an engine is against The use Of
wood aud iron. But. sir. while I should
sdnpi. as . matter Of expedieney and con-
sentence, the Use Of bank agency. select
ed on some general principle. so as to e.
elude Executive patronage, IN preference
20 that ii officers holding their Offices 81
HE Presidents will. and las our Own dai-
ly experience shows us) dawn 10 village
Posimssiers. deyOling themselves To elsc.
pioneering lar the dispenser Of lheiI bread.
| do moi regard the question as To what
sort nf agency shall be Used 10 keep and
transfer the public funds as Of sufficient
magnitude 10 produce any very intense
interest, or at ell Comparable ia its con-
sequences 10 the proposition that The CO.
Eernmenl shall exact in al its dues gold
and silver, 10 the exclusion Of the notes
Of specie paying banks.
l cannot conceive Of any Thing more
preposterOus and revolving. than that the
Government should have one currency
and the people another. Until tie pre-
sent period of intrepid speculation. such
a notion has never been aEOwed, much
less been acted upon. in the whole histo-
~ Of The world. No Government. bar
baTOus or civilized, has ever pretended 10
separate lis currency from that Of lis
cilizens or subjects. Such a project
would have been considered equally
prePoslerous aud dangerous, even in those
times when government was regared as
something self-exisleni. independent. of
the people, belonging 10 a superior and
privileged race. and having rights and
interest, in opposition to those Of The COM
munily al large. What. then. should be
thought Of il when Government is under-
stood 10 be but an emsnatOn from the
people, and the governors but their ser.
wants!
IL is admitted on all hands, that there
cannot be in this country an exclusive
specie circulation. Paper credit is our
currency, and IFS destruction is not The
GpOrsd purpose Of even The most infuriat-
ed parllsans Of the new theories OF f.
nance. Their declared objec, is 10 leave
all the vast moneyed transactions Of
society 10 be conducted by paper, while
the Federal Government is 10 protect
itself by the use Of peculiar medium, in
which the citizens do not participate.
Does The Government Withdraw itself
from the currency Of The country because
i, is not good enough for il! Is the Co.
vernnenl better than the people! Are
its interest and success more 10 be consul
ted than theirs! Is the Government to
have one inleres. and The People an.
other! Shall the government prosper
while the people suffer! These are ques-
lions which ought TO be answered. In
my opinion, the government and The peo-
pie should be bound up in the same des
tiny, fnr good or for evil; or, il we must
discriminate. save the country. and let
the government perish. For my own
part, can perceive nothing in the nature
of things, or III our constitution, which
demands or authorizes this separation of
the government from the governed; bat
on the contrary, the whole spirit Of our
institutions is hostile 10 such a policy.
Unqueslionably the fiscal arrangements
Of the general government should be made
TO work as portion Of The financial ma
chinery Of the country. lis but a part
OF il. aud should always be preserved in
harmonious CO operation. Instead OF that.
il is proposed il should rsvolve upon an
axis Of its own. striking occasionally. and
al certain points, upon the great complex
machmery which is conducting al our al
fairs, ia such way As 10 jar and discom-
pose il. The result would be eternal dis.
.strbance andconlusion, Inconsistent with
The well-being of The country. It's very
obvious tia. the channels Of circulation
being filled with hank bills, answering all
the purposes Of society, except the sia-
gle one Of paying government dues, for
which alone specie is competent. this. ar
iicle will be used exclusively for thai pur-
pose. IL will cease to be money, and be-
come commodity in which government
taxes are exacled, LIS price, therefore,
will tluciua,s according 70 that demand.
Heavy importaiions viii make it dear;
with light importalions il will become
cheap; aud this operation. i, has been said
by the advocates Of the experiment. puts
the banks in an antagonist relation 10 !
large revenue. Uuquesiionably ildoes. by
placing them in opposition 10 commerce,
A large commerce will produce run up.
on them for specie 70 pay The duties, and
thus direct opposition 70 commerce ii
engendered. Now, unless commerce be
considered an evil. and 10 cramp and Grip
pie il be wise policy. this result is 10
be deprecated. | am aware that many
who regard the late endorsements As
the result Of overlrading are not unwit
ling that system Of finance shall be a
i u - a. a -.