The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-30

" resume specie payments, as long as
the government Is in The field making
war upon them, and in the market de-
handing specie.
Another conclusive evidence Of the
hostility 10 The Slale banks. on the part
~ Mr. Van Buren,, 10 20 be found in
that extraordinary Recommendation OF .
bankrupt law contained in bis message
az the extra session. According 10 all
the principles of any bankrupt system
with which am scqusinted. the banks.
by The sloppage Of specie payment. he'd
rendered themselves liable 10 lis opera
ton. Ii he recommended law had been
passed, commissions Of bankruptcy could
have been immediately sued out against
all the suspended banks, their assets sei-
zed, and The administration Of them trans
ferred from the several corporations, 10
which il Is now entrusted, 10 eommis-
sioners appointed by the President him
self. Thus, by one blow. would the
whole Of The state banks have been CON-
pietely Frustrated, and the way cleared
for the introduction OF The favored Trea-
sury bank; aud is IL moi 10 the sane spi-
rit of nnffiendliness TO those banks, and
with the same view Of removing all OBJ
siacles TO the establishment Of govern
menl bank, that The bill was presented 10
the Senate few days ago by the Sena-
Tor from Tennessee, (Mr. Grundy.)
against the circulation OF the notes Of the
old hank OF the United States! At time
when there is too much want Of conf
dence. aud even every Thing that can be
done should be done 10 revive and
strengthen il, we are called upon 10 pass
law denouncing the heaviest penalty
aud ignominious punishment against all
who shall reissue the notes Of the old
Bank II the United States, IT which we
are told that shout seven millions oil doll
lars are IA circulation; aud they consII-
tule the best portion OF the paper medium
Of the cnlntry; the only portion Of il
which has credit everywhere, and
which serves the purpose Of a general
circulation; the only pOrIiun with which
man can travel from one end Of the
continent 10 the other; and | do not doubt
that the Senator who has illuminated these
severe pains and penalties agsins, tha,
best parl Of our paper medium. provides
himself with q sufficient amount Of IL.
whenever he leaves Nashville, To take
him to Washington. Here Mr.. Grun-
DIV rose and remarked: M sir. ALWAYS
travel on specie. All! continued Me-.
Clay. my old friend IS always specious.
| am quite sure HAT members from a
distance in The interior, generally find Il
Indispensable 10 supply themselves on
commencing their journey, with an ade-
quate amnun,oi those identical notes 10 de-
fray us expenses. Why, sir. will any man
in his senses deny that these mites are
far better than Ghuse which have been is
sued by tia, government banker. Mr. Le-
vi Woodbury., aided though he be BY the
chancellor Of the exchequer, lbeg his par
don. i mean the ex-chanceliur, the Senator
from New York, Mr.. Wright ! am mol
going 10 stop here 10 inquire into the sir'cl
legality OF the reissue Of those notes: thai
question, together with the power OF the
governmental pass the proposed bill, wall
be taken up when il is considered. am
looking into the motive Of such mea.
sure. No body doubts the perfect safety
Of The notes; no one can believe that they
will not be fairly and fully paid. What,
then. is the design Of The bills II Is q
assail tho only sure general medium
which The people possess. Il is because
il may come in competition with Trea
sury notes, or other government paper
Sir, If the bill had no, been proposed bs
my old friend from Tennessee. ! woult
say its author better deserved a penlien
tiary punishment than those agalns
whom il is directed. remember TO have
heard Of an illustrious individual, now ID
retirement, having, on some occasion
burst into the most patriotic indignation
because Of waggish trick played of up
on him by putting note Of the late Bani
of the United States into his silk purse
with his gold, ~ .
But il is unnecessary to dwell longe
on the innumerable proofs OF the hostlli
~ againstthe State banks. and the delib
crate purpose Of those in power TO over
throw them. We hear and see daily
throughout the country, among their par
,isans and presses, denuncialions agains
banks, corporations, rag barons, the spi
rit Of monopoly, &C.; and the howl 70
gold, hard money, and the constitution
al currency; and no one can listen TO III
speeches Of honorable members. friend
OF the administration, in this House an,
the other, without being impressed VIII
perfect conviction that the destructio
Of the State banks is meditaled.
i l have fulfilled my promise, Mr.. Pres
dent, to sustain the first four proposition