The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-23

20 be auxlliaEiss in oEerlhr0wlng he Bank
OF me United States. and because saeh n
ann1ncislion you'd have been Io0rzshand
shocking upon the people Of me United
States, Cor even ms tremendous influence.
II Vas necessary % proceed IN the work
with caution. and 10 begin with lhal instr
Union against which could be embodied
the greatest amount Of prejudice. The |
refusal 10 reeharter the Bank Of ihe United |
States Vas followed By . determination 10
tem0Ee from iis custody the public money
OF The United States. That determination
Was 6rsi whispered in this place, denied.
again minated. and finally in Seplem-
Der. 1888, executed. The agitation Of The
American public which ensued, The warm
and animated discussions in The country
and in Congress. 70 which thai unconsniu-
sional measure gave rise. are al fresh in
our recollection. II was necessary 20
quiet the public mind, and 10 reconcile
the people 10 what had been done. before
President Jackson seriously entered upon
his new career OF hostility 10 The state
banks. Az the commencement Of the
session Of Congress in 1884. he imagin-
ed sufficient calm had been produced,
and, in his annual message Of that year.
the war upon The State banks was open
ed. In that message he says:
"Il seems due 20 the safety Of the
public funds remaining in that bank, and
70 the honor Of the American people. that
measures be taken % separate The Govern
menl entirely from an institution so
mischieyous 70 the public prosperity. and
so regardless oflhe Constitution and laws.
By transferring the public deposites. by
appointing other pension agents, as Ear as
IL had the power. by ordering the discon-
tinusnce Of the reeelp, Of bank checks in
payment Of the public dues after The 6rst
dsy OF January next. the Executive has
exerled all its lawful authority 10 sever
The connexion between the Government
and this faithless corporation"
In this quotation il will be seen that the
first germ is contained If thai separation
and divorce Of the Government from The
banks. which has recently made such
conspicuous figure. II relates. il is true.
10 the late Bank Of the United States. aud
he speaks Of separating and severing The
connexion between the Government and
tina, institution. But the idea. once de-
veloped. was easily susceptible Of applica-
ton To all banking institutions. Ia the
message Of the succeeding year. his
ineditated attack upon the State Banks
is more distinctly disclosed. Speaking
of sound currency, he says:
Z" In considering the means Of obtain.
ing so important an end, that is. sound
currency we must set aside all calcula-
lions Of temporary convenience, and be
Influenced by those only that are in har-
mony with the true character and perma-
neut interests Of the Republic. We must
recur TO first principles, and see wha. /.
is that has prevented the Legislation oi
Congress and the States on the subject
Of currency from satisfying the public ex.
pectauon, and realizing results cores.
pondlng 10 those which have attended the
action Of our system when truly consis'
ten, with the great principles oil equality
upon which II rests, and win that splr
of forbesrsnce and mutual concession and
generous patriotism which was original
", and must ever continue 10 be, lht
vital element Of our Union.
son this subject, am sure that
cannot be mistaken in sscribing our wan
Of success 10 the undue counlensnc,
which has been afforded to the spirit o
monopoly. All the serious dangers which
our system has yet encountered may b,
traced to the resort to implied powers
and the use Of corporations clothed witt
privileges, the effect Of which is to al
vance the interests Of the few a, the ex
pense Of the many. We have fel, bu
one class Of these dangers, exhibited il
ihe contest wsged by the Bank OF III
United States against the Government. 10
the las. four years. Happily they hav
been obviated for the present by tn
indignant resistance of the People, bu
we should recollect that the princlpl
whence they sprang is an ever active one
which will not fail to renew its efforts il
the same and in other forms, go long a
there is hope ofsuccess. founded eithe
on the inat.ensIon Of the People, or on III
treachery of their representatives to th
subtle progress Of its influence"
I'VE are nov to sc
whether, 10 the present favorable cond
ton Of the country, we cannot take a
afectuaI stand against This spirit of INC
nopoiy, and practically prove. in respec
70 the currency, as well IS other impol
tani interests, that there is no necessil
for so extensive a resort 10 il as ihs
which has been heretofore practised."
at has been seen lhs
without the agency Of great moneye
monopoly the revenue can be collected
and conveniently and safely applled 4