The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-09-06

Iron tl,s uh..le. tlaen. ,l.oush | l'rlls'e
a vel regulated and u ell conducted haha .
II The United States the test means Oi
securing sound and uniioEm banA-psPsr /
currency. I should regard The establish !
men, AZ a National Bank under The exist !
ing auspices. as highly dangerous. and
raleulaled 10 increase instead Of diminish
ing The pseuniaEy entertainments OF The
county.
As 10 the Independent Treasury Sgs-
TEN. 50 Ear as IL proposes 10 withhold lhe
rublie deposiles from the banks, | entirely
spproEe Of il. Thus Ear il Is simply an
abandonment Of the Pel bsnk system.
hieh an parties have condemned. and
our fatal experience has confirmed she
sentence. The affection that Il lnsress-
Is lhe'pairanage and influence Of The Go
xernmenl, is wholly Without foundation.
| believe an The contrary, that the PnWer
Of The executive 10 select favored banGs
at discretion. 10 receive the Government
funds ON general depOsi,e. would give u,
speaking within bounds. one bundled
times as.much patronage and influence as
the appointment of any probable number
If Official Repositories would confer.
As To The requirement that sll dues 10
the government shall be paid in specie ex-
rlusisely. I have been opposed To il from
The beginning. believing that II would Ia
crease the pressure at The times. and rem
der il mo.e difficult fer the hanks IN IT,
sumo specie payments. As lar as Il goes.
u would tend To diminish both their
means and their motives 10 resume.
though | believe lis effects both for good
and far evil, hare been excessively over
estimated. Mr.. Calhoun contends that
the bills Of the Banks derive their prinei-
pal credit from their being received by
the government. which he regards as an
endorsement BY The government. and Mr..
Webster aud others, seeing upna this
idea. drew The inference that IL The CO.
vernment wiIhdraws this endorsement,
bunk credit will be entirely snnihilated!
Now ! think both the premises Of Mr..
Calhoun, and the conclusion Of his Op
ponenis. extraTagani. A practical view
Of the operations Of the treasury will make
This plain. Though the annual revenue
should be thirty millions. and IL ought
not To be more Than half that sum. there
would not be at ans one time IN the Trea-
sury, or in the hands Of collecting or dis
bursting officers. more than five or six
millions Of dnlisrs. 0fcourse five or six
millions Of money. whether Of metal or
paper. would perform The fiscal opera
lions Of the treasury. Suppose first. that
the Government receive the sum in bank
notss-can il be conceived that The go-
vernineni, by receiving six millions Of
the paper 0f The banks. located where the
government revenue is collected. can ape.
rate As an endorsement giving credit io
the one hundred and fifty millions OF bank
paper 0I the various banks throughout
the United States; or on The other hand.
that the withdrawal Of this endorsement,
by refusing 10 receive the six millions
nf bank paper, will destroy the credit,
Of one hundred and fifty millions III that
paper. which, under no circumstances.
would ever reach the treasury! I'M
doubleday the banks Iocaled where the
revenue is collected. are greatly benefit
ted by The receipt Of their bills BY the GO
vernmenL The esscuon nf specie in
payment Of this revenue. would Withdraw
this benefit, but | cannot perceive that a
corresponding beneds would accrue To any
body else. IN the objection that the re-
ceipI Of bank bills violates that clause of
the constitution which implies Ihh the
revenue sh I'll be elected IN a uallnrn
currency, | will only say thai If specie is
a uniform currency, so are bills that can
be a, any moment converted into specie.
! To be sure il is not as sale, ba, the GO
vernmeni may demand specie a! any mo-
meni when Il has cause ID apprehend dan
ger. But though | am opposed to ex1cI-
ing specie exclusively. | have breu very
anxious IN see treasury bills or ceriIi-
ra,es, hearing nn Interest, substituted em-
t,rely in The place Of bath specie and bank
: bills. To accomplish this result, It would
be necessary l" provide that nothing shall
he received in payment Of public dues Ia
/ the government but this treasury paper
or specie. The result would evidently
he that very llI.'e would in fact be paid
but treasury paper. This would be We
rs great Improvement in the first oIera
tons Of The government, and regret that
! Mr.. Calhoun did not make il n part oi
his plan. instead Of merely suggesting II.
/ IL would have en,itely removed every ra-
! Iional objection 10 the sperie feature al
his scheme. u has been wholly misap.
pretended by Mr.. Webster and his asso'
cIa,es. As believe | was the first per
sun in the United States to sugses, IL.
will nov briefly explain my view Of H.
II Is no, designed I" furnish general cur
rency, but merely currency i"r the fi''
cal operations Of The government. Thi:
! H. its essential character, and it results
from il that no more of this paper ongh
ever to be issued than will perform thi: